appreciate it. [ applause ] >>> boy, with all due respect to my colleague joe kernen, better than awesome. fantastic, that conversation, between joe and stanley druckenmiller. welcome to the "halftime" live from cnbc. delivering alpha conference, here live at the hotel in manhattan with wall street heavyweights sharing their best ideas's that was mr. druckenmiller of duquesne capital onstage nome with his best idea but big comments as well about where he thinks the federal reserve is at the given time. also whether there's bubbles in the market. we'll talk about all that, because the markets are in focus as they always are. the dow industrials and the transports earlier today hitting all-time highs. nasdaq 100 at a 14-year high. also all over the deal news of the day. the talker of the day. no doubt. our own andrew ross sorkin breaking the story. time warner rejecting an $80 billion offer from 21st century fox. we'll have him later with the latest on that developing and very interesting story. and, yes, even monitoring janet yellen's testimony on capitol hill, day two there. we're going t

i'm joe kernen along with michelle caruso cabrera and sara eisen.ng these weird songs and stuff. i had gender blind. >> if i'm playing andrew today, i guess -- >> you are. >> you know what they say in universities? gender is a social contract. >> i'm blind to everything. i'm blind to everything. >> politics. >> everything. and i get a lot of mail that says that i'm blind to everything. and the headlines this morning, britain's imperial tobacco says it's in talk toes buy assets from reynolds american and lorillard. our david faber -- >> our david faber? >> yes. has been reporting that reynolds and lorillard will soon announce a merger deal and that imperial is likely to buy and possess the assets. analysts say it could be worth more than $5 billion. sales of video streaming devices are booming. new figures show that roku and google's chrome cast are leading the way. roku and chrome cast each accounted for about 32% of u.s. devices held last year. al.tv was third. and the energy department says there won't be a repiece of the long gasoline lines that

i'm joe kernen with becky quick and andrew ross sorkin.ay we have the jobs report because tomorrow everything is closed for july fourth. polled forecasters say the economy likely add 215,000 jobs last month. the unemployment rate is seen holing steady at 6.3%. while average hourly earnings are expected to increase by 0.2%. can you tell me, is it possible to take something that i tweeted last year and retweet it? >> yeah. >> how do you do that? >> retweet it. >> it's my own wheat you can't retweet it. >>> to me, you know, july 4th is an important day. but for democrats, your day is april 15th. >> you know what? you can copy and paste the whole thing and retweet it. >> do you have to copy and paste? >> everybody radio for the tweet. >> in the meantime, let's get you caught up with corporate news this morning. on the front page of the wall strooel street journal, "the wall street journal" now reporting the facebook team behind its mood experiment operated with apparently few limits until recently. for example, if the researchers worked for a

i'm becky quick along with joe kernen and andrew ross sorkin. we have the june adp employment reports. forecasters say the economy probably added 208,000 private jobs last month. today's 8:00 p.m. eastern number comes up as a leadup to tomorrow's pregovernment holiday payrolls report. the dow coming in within two points of the 17,000 milestone for the first time earlier in the session. it ended up closing up still, but up at 16,956. this was its best day in more than a month. the s&p closing at a record high. check that out, 1,973. this is something like the 23rd record high close for the s&p this year. take a look at the futures this morning. check out the stock market in the early going. right now, the dow futures are up by about 19 points above fair value. s&p futures are up by 1.5 and the nasdaq is up by 3.5. if you were watching oil prices, you'll see right now they're down by half a percent. 104.85 for the wti. the ten-year note at this point is yielding 2.556%. take a look at what the dollar is doing this morning. you'll see right now the

i'm michelle caruso cabrera along with joe kernen and steve liesman. becky and andrew are off today. u.s. investors are waking up to a lot of red arrows this morning. european stocks are down sharply in early trading. among the reasons being cited, weaker than expected trade data out of china. disappointing trade numbers out of italy and now there are requests for help. portugal is now down more than 4 had%. u.s. equity futures are responding in time the. take a look. right now, the dow would open lower by 126 points, the s&p lower by 14 and the nasdaq lower by 29. yesterday, though, stocks did get a boost from last month's federal reserve meeting. the notes are suggesting quantitative easing will likely end in october. the central bank will move slowly to raise rates after that. today, the focus turns to the other side of the pond. we're waiting for a position decision from the bank of england. that's going to happen around 7:00 a.m. eastern time. bank of england expected to leave its key rate on hold at a record low 0.5%. as for the u.s. economic cal

i'm becky quick along with joe kernen. andrew is off. approximated israeli forces are carrying out ground campaign prayings inside gaza today. this comes after a ten-day air war. israel says it is targeting rocket launchers, tunnels and more than 100 other targets. this is the first large scale israeli ground offensive in gaza in more than five years. >>> and a malaysian airlines shot down over eastern ukraine, stoking tensions between russia and the u.s. lead remembers demanding an international investigation. kiev and moscow are blaming each other or the tragedy. >> and the global market -- >> did you watch yesterday? i remember i saw this happening. markets were still up 40. i didn't check for a while and the next thing i knew, down 50. gaza, the vix up 35%. the markets on high alert. we'll take a look at 2.50. the dow during yesterday's session tried to hold up. earnings have been pretty good. yesterday morgan stanley was pretty good. we're always going to move on geopolitical events and yesterday a lot of people were just saying, ca

i'm joe kernen along with michelle caruso-cabrera and wapner. above 17,000 on the dow but we're indicated down about 18 or so points. that could change before we do see the open and the ten-year still worth watching, as we live in this weird, never-never-land of central bank action around the world. especially here, 2.59. how that makes sense with where a lot of other things are, well we know that makes sense because the fed is buying everything that they can get their hands on most of the time. so 2.59 you just wonder where all these markets would be -- >> i feel like they outlawed recessions. nobody's allowed to suffer any pain anymore. >> you know what grant says, the fed can make things appear to look better. they just can't make things actually better. sooner or later you just wonder. you like volatility. goldman sachs -- >> we all like volatility. >> citigroup can't make any money trading. >> they're all talking about it. >> i know. your show is called fast money. half hour report and the money -- molasses. fast money and when it's going l

i'm becky quick along with joe kernen and andrew ross sorkin. we start this morning with the markets and the likely drivers of today's trading session. the big three, earnings, economic data and janet yellen on capitol hill. among the corporate names set to post quarterly results before the bell, we have goldman sachs, jpmorgan and johnson & johnson. this afternoon, we'll hear from intel and yahoo!. on the economic report, three reports of note. we have retail sales, import/export prices and the july empire state survey. at 10:00, we have business inventories. fed chair janet yellen will begin two days of testimony. what has long considered and can be called the humphrey hawkins semi address on the senate side will begin tomorrow. lawmakers are expected to press yellen for a timetable when rates rise for making progress. really to talk all things fed and the economy, we have paul macaulay joining us on set for two hours, starting at 7:00 eastern time. then at 8:15 eastern time, we have senator heidi heitkamp. also in our lineup, gard bernstein a

i'm becky quick along with joe kernen and andrew ross sorkin. today marks the first trading day of the second half. here is the scorecard for 2014 so far. the dow is up about 1.5%. but the s&p rising more than 6% here today is now up six quarters in a row. that is the longest quarterly winning streak since 1998. the nasdaq closed yesterday at a 14-year high and the russell 2000 has had eight positive quarters in a row for the first time in its history. ism manufacturing, we've got construction spending and auto sales. but as we've discussed, the real market focus continues to be thursday's monthly employment report. we'll talk more about the markets in the economy in just a moment. first, though, andrew has some of this morning's top corporate stories. andr andrew, welcome back. >> thank you, becky. it is now official, we've been talking about it for weeks if not months, but bnp paribas has pleaded guilty to charges and paid ads 9 billion fine to resolve violations. $9 billion i think is the most any bank has ever paid in a case like this. the b

i'm becky quick along with joe kernen and andrew ross sorkin. after a busy week of earnings news, it is a relatively quiet morning on the corporate calendar. but there is one key economic report of note here. we have june durable goods. economist res looking for the headline number to increase by 0.5%. check out the futures. you'll see right now they look like they're indicated to open dow. dow futures down by 40 points below fair value, s&p down about 4 points. it has been a strong week for the markets, but we'll see what happens as we get closer to the opening bell. we have a number of stocks to watch this morning. all names that reported after the opening bell. amazon posted a quarterly loss nearly double wall street's consensus. the results were hurt as the company continues a rapid pace of investment. amazon's cfo says the company is spending more than $100 million on original video content in the third quarter. we're going to be talking to an amazon analyst coming.up -- let's say that again. amazon analyst coming up in the next half hour.

i'm barack obama along with joe kernen and andrew ross sorkin. president obama slapping russia with some of the toughest sanctions yet in response to russia's involvement with ukraine. targeting now countries like russia's oil prizes rosnet and gazprom. those are close allies to russia's vladimir putin. >> we are blocking new financing of some of russia's most important banks and energy companies. these sanctions are significant, but they are also targeted. designed to have a maximum impact on russia, while limiting a spill over effect on american companies for those of our allies. >> putin quickly respond to go president obama's new round of sanctions, warning that measures would back fire and bring u.s. russian relation toes a dead end, causing serious damage. as for the russian market reactions, take a look. stocks in moscow were down sharply in early trading. you can see they're down by 4.3%. later in the show, senator bob corker will be joining us. he is a member of the foreign relations committee. he's been calling for tougher sanctions on

so "squawk box," our buddy joe kernen this morning, asking alan krub krueger, professor of princeton,economic adviser, how he thought immigration will affect the economy. >> immigration reform, tremendous missed opportunity. help in a number of respects. we're going to face a labor shoresage. look at demographics. we're going to be a labor shortage economy and we are facing demand constraints. >> now, maybe alan krueger is looking at the big picture, professor, but defending his views on immigration, or the administration's, because my big number today, 58 million -- that's the number of working-age americans that aren't working. so to think that the labor market is so tight that we need to look to defend bad immigration policy on this level makes zero sense. now, paul volker. so so suma cum laude, high inflation matter, as long as it's expected. his answer, sure does. if the market's stable, the responsibility of the government, have a stable currency. the stuff you're taught at princeton disturbs me. your teachers must be telling you if you got expected inflation, evy justs and it's

i'm michelle caruso cabrera along with joe kernen and scott wapner. becky and andrew are off today. stocks are coming off a second straight down session. the s&p logged in its biggest drop in nearly one month. however, the futures this morning are suggesting a positive open, albeit a slightly positive one. the dow would open higher by roughly 20 points. no economic data on the docket today. however, we will get minutes from last month's fomc meeting. that release set for 2:00 this afternoon. some economists are cautioning investors to remember that this fed meeting we're going to hear about took place before june jobs numbers were out. meantime, the start of earnings season is always a driving force for the market, as well. scott has the details on some of the first reports. >> alcoa beating the street on the top and bottom line. the company says it saw strong results in its engineered products business. meantime, it's looking to cut costs. shares are up nearly 40% so far this year and out after the dow last night, results from the container stores. the company posting a better than

i'm andrew ross sorkin along with joe kernen. kayla tousche is in today sitting in for becky quick who will be back tomorrow. joe mentioned earnings. today we have boeing, glaxosmithkline, pepsi, north grumon norfolk southern, dow chemical. now, the ceos of delta and dow will both join us first here on cnbc interviews. we'll talk to them in just a little bit. after the close, we're going to hear from at&t, qualcomm, facebook among others. we're going to talk about expectations for the social networking giants. a bit in just a little bit later this hour. also, we are watching shares of microsoft this morning, the company beating on the.top line, but missing on the bottom line. microsoft telling investors it ames to get its nokia unit breaking even in two years. we will have more on that in just a couple of minutes. >>> as for apple, revenues fell a bit short. asia, a key part of the story, ceo tim cook told analysts the company's performance in china was honestly surprising and we will have more on the street's reaction to apple in

i'm andrew ross sorkin along with joe kernen who is just getting into the picture there for a second. michelle caruso cabrera is joining us. becky is enjoying some time off today. earnings season hitting feefer pitch today. we're going to hear from a lot of people starting with dupont, then we have verizon, travelers, coca-cola, other earnings include lockheed martin, kim ler by clark, hardly david son and comcast. we're going to hear from apple, microsoft and electronic arts after the bell. that's what's going on in earnings central. we are going be talking about it literally almost every 15 minutes over the next thee hours. keep your eyes on attention on inflation. and the june consumer price index, economists say headline cpi likely rose 0.3%. also worth watching, existing home sales for june coming out at 10:00 a.m. eastern time and sales expected to rise by 2.2% there. a dip from jumps that we had seen the previous month. joseph kernen, i see you staring at a screen. what do you see? >> dupont. it's a couple of cents shy. $11.17 was the estimate.it's posting $1.15, but the revenu

i'm joe kernen along with andrew ross sorkin.ing some things you just saw boards again and again, because master control unable to run -- and not just us, i think. >> across the nbc network. >> maybe nbc. so with that in mind, you probably didn't see the latest thing about if you put something in your ear, have you seen -- you go ow! like that. so buy this thing -- i'm going to do my own commercials. this is like -- you stick it in and it actually sucks out the wax. the wax thing. >> i don't know if those guys -- >> but wait, there's more! >> so do not do -- like pretend like this is a q-tip. oh! don't do that. okay so now i've earned -- they can still pay us for that commercial. >> you know the name of the company? >> no. >> product. >> how many times have you seen the ad? >> 100,000 times. >> you don't know the name? >> do you? i don't. >> no, but i just know that it goes in and goes -- and -- >> don't you want them to still fiezing? >> yeah, i just did a free advertisement for them, did i not? because we were unable to -- >> y

i'm becky quick along with joe kernen and andrew ross sorkin.mer senator and nebraska governor, bob kerrey, who is joining us and bob we've got a lot of things to talk about with you today. thank you very much for being here. >> my pleasure. nice to be with you. >> more from bob in just a moment. first today's top stories from andrew. >> avm buying swiss based specialty ingredients company, wild flavors is the name. love that name. they're being bought for $3 billion in cash wild flavors is the world's sixth biggest flavor provider. if you didn't know there were flavor providers out there. a shipment of boeing 737 fuselages was damaged in a train derailment. take a look at this picture. this is in montana. the parts were on their way to boeing factories in washington state and ended up in a river. boeing has sent a team to assess the damage. there's no word yet though on whether the accident might affect production of those planes. joe was joking earlier that this looked like -- >> no, no. did they send them there or is that -- >> the whitewater

i'm andrew ross sorkin along with joe kernen. ayla tousche is in today sitting in for becky quick who will be back tomorrow. joe mentioned earnings. today we have boeing, glaxosmithkline, pepsi, north grumon norfolk southern, dow chemical. now, the ceos of delta and dow will both join us first here on cnbc interviews. we'll talk to them in just a little bit. after the close, we're going to hear from at&t, qualcomm, facebook among others. we're going to talk about expectations for the social networking giants. a bit in just a little bit later this hour. al,

michelle caruso cabrera is here sitting in for the vacationing joe kernen. futures pointing to a sharper low on wall street. they're off their worst levels of the morning. part of that is the argentina situation. they're trying to figure out what the fed is going to do. in any event, dow could open down about 80 points if we do it now. the s&p 500 would open about 11 points and the nasdaq would open off about 25 points. michelle. >> a busy morning for earnings, as well. time warner cable earned 1.89 a share for the second quarter. the company did see profit growth from a year ago thanks to a jump in residential broadband customers. this is going to trade, though, on deal prov, right? >> this is all comcast, our parent company, or not. >> aetna raised its forecast for the year. cigna's premium revenue grew in all its business segments. panasonic confirms it will invest $5 billion in tesla battery plants. >>> every day, 15 million kids leave school with no place to go. the boys and girls clubs of america is tracteling this initiative head on. it's called great

i'm becky quick along with joe kernen and andrew ross sorkin.the june adp employment reports. forecasters say the economy probably added 208,000 private jobs last month. today's 8:00 p.m. eastern number comes up as a leadup to tomorrow's pregovernment holiday payrolls report. the dow coming in within two points of the 17,000 milestone for the first time earlier in the session. it ended up closing up still, but up at 16,956. this was its best day in more than a month. the s&p closing at a record high. check that out, 1,973. this is something like the 23rd record high close for the s&p this year. take a lookth

i'm michelle caruso cabrera along with joe kernen and scott wapner. becky and andrew are off today. stocks take a run after yesterday. on the corporate front, we're going to hear from alcoa, bob evans and the container store. as is for the economy, 7:15 eastern time, the survey of small bus sentiment. at 10:00 a.m., the labor department releases labor turnover survey. this afternoon, the consumer credit data comes out. we're going to have more on the markets in the next half hour. deutsche bank's david vianco and jim russell of u.s. bank wealth management.. first, though, skos scott has some of the morning's top stories. >>> the ceo of walmart says the improving employment picture

i'm becky quick along with joe kernen and andrew ross sorkin.arks the first trading day of the second half. here is the scorecard for 2014 so far. the dow is up about 1.5%. but the s&p rising more than 6% here today is now up six quarters in a row. that is the longest quarterly winning streak since 1998. the nasdaq closed yesterday at a 14-year high and the russell 2000 has had eight positive quarters in a row for the first time in its history. ism manufacturing, we've got construction spending and auto sales. but as we've discussed, the real market focus continues to be thursday's monthly employment report. we'll talk more about the markets in the economy in just a moment. first, though, andrew has some of this morning's top corporate stories. and

i'm andrew ross sorkin along with joe kernen who is just getting into the picture there for a second.elle caruso cabrera is joining us. becky is enjoying some time off today. earnings season hitting feefer pitch today. we're going to hear from a lot of people starting with dupont, then we have verizon, travelers, coca-cola, other earnings include lockheed martin, kim ler by clark, hardly david son and comcast. we're going to hear from apple, microsoft and electronic arts after the bell. that's what's going on in

i'm michelle caruso cabrera along with joe kernen and sara eisen. yes, two ladies today. fist, the portugal bank and shock waves has been absorbed and now european are higher on the week. the futures are higher, the dow would open higher by roughly 37, 36 points. the s&p is higher by 3 points and nasdaq higher by 11 points. dow futures were down nearly 125 points. the dow did drop as much as 1830 points in the early trading and clawed its way back to finish down only 70 points. the s&p 500 fell briefly prosecute rebounding.

i'm becky quick along with joe kernen and andrew ross sorkin who is down at the nyse today.for the next hour is greg fleming. he is the president of morgan stanley's wealth management and investment management divisions, and greg, it is great to see you. >> great to see you again, becky. >> thank you for coming in. >> we wonder when he comes in, he decides this is like the big victory lap. morgan stanley's results, which were great -- >> wealth management. >> it's all him. >> that were actually -- >> we don't do this just to reward you although it is a plumb thing -- >> we do it because who knows more -- you will be able to tell us about what the people that you serve, the wealth management, how they're feeling, whether they're, you know, whether they're still worried. whether they're full-in and think the market's never going down, and that gives us a good read on consensus. where we are in terms of the age of this bull. >> it does. we have 16,400 advisers, 4 million clients and $2 trillion of client assets so we have great insight into what people are -- >> can they get th

i'm becky quick along with joe kernen and andrew ross sorkin. don't adjust your calendars today.sday today. tomorrow's july 4th holiday moves that june unemployment report up to 8:30 eastern time today. the polled forecasters say the economy probably added about 215,000 jobs last month. if that's the case, that would mark the fifth consecutive month of job gains of at least 200,000. the unemployment rate is seen holding steady at 6.3%. the average hourly earnings are expected to have increased by 0.2%. we have a lot on the line for the markets today. in the lead up to the payroll report, dow and s&p both closed at record highs again yesterday. there's only a half day of trading today ahead of the holiday. the stock market will close at 1:00 p.m. eastern today. if you take a look at those futures, you'll see at this point at least we see some green

i'm barack obama along with joe kernen and andrew ross sorkin.president obama slapping russia with some of the toughest sanctions yet in response to russia's involvement with ukraine. targeting now countries like russia's oil prizes rosnet and gazprom. those are close allies to russia's vladimir putin. >> we are blocking new financing of some of russia's most important banks and energy companies. these sanctions are significant, but they are also targeted. designed to have a maximum impact on russia, while limiting a spill over effect on american companies for those of our allies. >> putin

i'm becky quick along with joe kernen and andrew ross sorkin. who is reporting from the nyse today.a busy morning head on the corporate earnings front. among names set to report results today, we have caterpillar, ford, gm, eli lilly, nokia, under armour, southwest air, jet blue, american airlines and dr. pepper snapple. by the way, check out our lineup this morning, the eli lilly ceo john lechlbter, doug parker, greg fleming, all of that coming up, but there are few reports to watch this morning. weekly jobless claims hit at 8:30 a.m. eastern time. economists are expecting first time filings to rise to

i'm becky quick along with joe kernen and andrew ross sorkin. we are at the pierre hotel today.re getting ready for the delivering alpha conference. we've got a huge lineup coming up today, including a live key note speech with treasury secretary jack lew. secretary lew plans to call on financial firm toes be more vigilant on cyber attacks. there's the issue of tax inversions. we'll have more on that coming up in just a moment. among our other headliners this morning, the man who runs florida's pension plans, ash williams. nearly every hedge fund manager is in attendance at delivering alpha today, they will be clamoring to get his business. coming up at 7:00 eastern time, we have lee cooperman. he's the only investor that has been a part of every delivering alpha event.

i'm becky quick along with joe kernen and andrew ross sorkin.t this morning with the markets and the likely drivers of today's trading session. the big three, earnings, economic data and janet yellen on capitol hill. among the corporate names set to post quarterly results before the bell, we have goldman sachs, jpmorgan and johnson & johnson. this afternoon, we'll hear from intel and yahoo!. on the economic report, three reports of note. we have retail sales, import/export prices and the july empire state survey. at 10:00, we have business inventories. fed chair janet yellen will begin two days of testimony. what has long considered and can be called the humphrey hawkins semi address on the senate side will beg

i'm michelle caruso cabrera along with joe kernen and scott wapner. becky and andrew are off today.cks are coming off a second straight down session. the s&p logged in its biggest drop in nearly one month. however, the futures this morning are suggesting a positive open, albeit a slightly positive one. the dow would open higher by roughly 20 points. no economic data on the docket today. however, we will get minutes from last month's fomc meeting. that release set

i'm becky quick along with joe kernen and andrew ross sorkin. busy week of earnings news, it is a relatively quiet morning on the corporate calendar. but there is one key economic report of note here. we have june durable goods. economist res looking for the headline number to increase by 0.5%. check out the futures. you'll see right now they look like they're indicated to open dow. dow futures down by 40 points below fair value, s&p down about 4 points. it has been a strong week for the markets, but we'll see what happens as we get closero

i'm becky quick along with joe kernen. andrew is off.approximated israeli forces are carrying out ground campaign prayings inside gaza today. this comes after a ten-day air war. israel says it is targeting rocket launchers, tunnels and more than 100 other targets. this is the first large scale israeli ground offensive in gaza in more than five years. >>> and a malaysian airlines shot down over eastern ukraine, stoking tensions between russia and the u.s. lead remembers demanding an international investigation. kiev and moscow are blaming each other or the tragedy. >> and the global market -- >> did you watch yesterday? i remember i saw this happening. markets were still up 40. i didn't check for a while and the next thing i knew, down 50.

i'm michelle caruso cabrera along with joe kernen and steve liesman. becky and andrew are off today. u.s. investors are waking up to a lot of red arrows this morning. european stocks are down sharply in early trading. among the reasons being cited, weaker than expected trade data out of china. disappointing trade numbers out of italy and now there are requests for help. portugal is now down more than 4 had%. u.s. equity futures are responding in time the. take a look.

i'm becky quick along with joe kernen and andrew ross sorkin. we are at the pierre hotel today. we're getting ready for the delivering alpha conference. we've got a huge lineup coming up today, including a live key note speech with treasury secretary jack lew. secretary lew plans to call on financial firm toes be more vigilant on cyber attacks. there's the issue of tax inversions. we'll have more on that coming up in just a moment. among our other headliners this morning, the man who runs florida's pension plans, ash williams. nearly every hedge fund manager is in attendance at delivering alpha today, they will be clamoring to get his business. coming up at 7:00 eastern time, we have lee cooperman. he's the only investor that has been a part of every delivering alpha event. there's a reason to that. he has a near perfect record. >>> at 7:30 eastern time, marathon asset management bruce richards is betting big on europe. >>> coming up at 8:00 eastern time, we'll get political with former obama chief of staff bill daley. he's now working for a swiss hedge fund. a lot of them will

and welcome to "squawk box" on cnbc i'm joe kernen along with andrew ross sorkin.off today. she'll be back tomorrow. we have results -- the set ment. >> the citigroup settlement, $7 billion. that's official. >> we're also expecting some results, as well. attorney general holder in calling a mortgage conduct egregious said citigroup knew about, concealed serious and widespread defects in its precrisis mortgage business. the justice department and citi announcing a $7 billion settlement today, and we're seeing it right now. it will be a total of $4.5 billion in cash. and $2.5 in consumer relief as a result. it's going to take a second quarter charge of $3.8 billion pretax, pretax, and the cash portion consists of $4 billion civil monetary payment to the doj and the consumer relief it agrees to provide it by the end of 2018 which is actually the smaller part of -- now citigroup has resolved substantially all of the legacy issues regarding the rnbc and cbo investigation the company's been under. we're waiting for results from citigroup. the stock is up 20 cents on this