and drug tueting ultra high cholesterol and he likes japanese stocks with a focus on mazda and john paulson of paulson and company sat down with cnbc for his first tv interview ever saying he's satisfied with his long-term performance. he was asked about gold, of course. he said, listen, the rationale for gold has not gone away. there will be inflation. just hard to predict when and there is more to calm. remember, carl icahn will be talking to our own scott wapner. that's later today. stay tune. mandy, back to you. >> indeed, some very big names making very big waves there. let's get back to one of those big names. john paulson is still speaking at cnbc's delivering alpha conference. let's have a listen. >> one is trying to anticipate which of the announced deals could get a competitive bid because then if you get a competitive bid you can make, you know, a very, very high return, and secondly in trying to anticipate consolidation trends within an industry and then to acquire a stake in a likely takeover target before an announcement is made. we've had several successes. the biggest one wa

. >>> hedge fund manager john paulson famously bet against housing before the bust. now he's calling it the best investment anyone can ever but is it? how commoditiecommodities, trea currencies faired today. >>> the housing market has been red hot lately, and that may be why a california builder decided to go public on wall street. ucp began selling stock to the public for the first tyime toda on the new york stock exchange. it's the fourth home builder to go pubcli this year. the shares tumbled nearly 7%. looking at the three other home builders that also went public this year, william lie gone and try point. >>> despite those disappointing ipos some are bullish on it like mooreson. he's now talking up housing in a big way. listen what he said yesterday about individual investment in housing. >> feel buying a home is the best investment any individual can ever. afford bt is at an all-time high. it costs less to own a home after tax than it does to rent. if anyone bought a home last year, let's say for $100, you put down $20, today that home is worth $112. so you mad

this hour we have john paulson, legendary investor. it's perhaps the best lineup in financial news history, and it is only here on cnbc. plus, europe versus corporate america. it seems like there's a new case against our companies almost every day. today the europeans are zeroing in on credit -- on american credit cards in particular. tyler is at delivering alpha and he's going to join us in just a second. simon is at the ny sze, but we begin with the man that wall street and investors all over the world were waiting to hear from. ben bernanke testifying before the house committee on financial services. the ten-year reacted this morning to that. right now it is down below the 2.5% mark. we're at 2.493%. that's significant. we've not seen that in some time. senior economics reporter steve liesman joins me with some of the details on what mr. bernanke said. >> probably a dovish bent to bernanke in that he's saying fed policy is not on a pre-set course. most of the economists who commented on this say they think the fed is on track to tap

john paulson, 7.8 million shares, a major win for john paulson when his funds are having difficultiesecause of the price of gold as well as gold miners. this is a big victory here for john paulson tonight. at&t buying leap wireless. big jump on leap here. tim, what's your take on the deal? >> i think, again, you're seeing the competition and a place where at&t is reaching out to whatever premiums brian said they have to do here. i think the underlying investment community on top of this deal are people that are seeing a macro call making a consolidation call on an industry where i think there's going to be two or three players and i think you've got to get anticompetition issues. >> interesting trader. you take a look at today's session up 2.5% a fresh 52-week high on a day when the markets are doing not too much. raises some eyebrows. >> look it's a tremendous deal. so 90% premium. so wait a second why do you have a 90% premium? and then you realize this was a stock. you go back only four or five years ago, this probably had a $75, $80 handle on it. so knowing nothing about the deal

. >> about two years ago we capitalized -- >> we'll leave the john paulson interview momentarily because we have breaking news with brian sullivan and mandy. over to you guys. >> thanks very much. stocks are up. gold is down, and we are downtown in the beige book delivering alpha wednesday. looking at the wrong camera. live with news, info and top level tips from our amazing delivering alpha conference all day long. right now breaking news on the beige book with steve liesman. >> thanks very much. brian, a beige book that in my opinion is a bit at odds with the weaker economic data. you just don't see it. the beige book a bit stronger than the economic data we've h.overall the beige book saying the economy increased at a mod toast moderate pace. manufactured which has been weak in some of the other data is said to be expanding in most districts according to the beige

john paulson, another case that he didn't properly disclose when he was selling this stuff john paulsonthe hedge fund manager who shorted the market back in 2007, 2008, was helping goldman put together this deal that was destined to fail. liz: helping john paulson came to them to have the subprime. they knew a bigwig like that was doing that. on the other hand they would have unsuspecting clients say i would like to go along with stuff. they paid a huge fine. they were not disclosing. charlie: the guys on the other side were sophisticated. they didn't bait switch what was inside the portfolio, they did not take it out. liz: it does not pass the smell test. charlie: do you think it should come down to this guy? liz: absolutely not. no top banking executive has ever even come near the paper trail is my problem. charlie: i am trained like pavlov dog to mention my book. there is a connection, that is why they went after inside trading. i know this for a fact. it was a case that was on their doorstep when they couldn't bring or didn't want to, spend the resources to go after high-level wall

it's a very bullish comment today from john paulson that was earlier. let's send it over to our pal josh lipton. go ahead. >> hedge fund billionaire john paulson became famous when he called the subprime crisis in 2008 and now he's very bullish on housing. take a listen. >> i'm not sure if housing prices will increase 10% every yore, but it's likely over the next five years they will increase by at least 5% to 2%, so there's still a lot of upside. it's not too late to get involved. housing starts were up 50% from the trial, and that's what created a lot of excitement. in order to meet demand you're going to meet new home construction so i think that the rate of new home construction will continue to increase, and that's going to benefit the overall economy. >> art hogan, not only went that far, he said if you can buy one house, come back and double up and buy a second house. you ready to do that? you want to go partners? >> start looking at some property. i think there's a reason that -- >> because i've got a lot of winnings coming from abigail. i'm sor

the risks then they run fifty pages of risks the absolved of my law bill it will be like here's john paulson the worst hedge fund manager in the world buy into his fun and here's thirty pages of disclaimers absolving anyone from any risk of buying into this ridiculously overpriced junk fund now speaking of the political proffer here in the u.k. so people are very confused they think the welfare bums are their normal neighbor next door joe sixpack next door whereas in fact it's the banking sector they're the ones that suck out and lead to pon the economy of course now we're going to turn to this headline about bankers and what bankers think about the population confused by puffery europe's rich could face up rising similar to peasants revolt europe's rich baby boomers are behaving like the nobility in the peasants revolt and could face an uprising by the younger generation if the situation doesn't change h s b c's chief economist has warned so here's a chief economist of h.s. . b c one of the more notorious global banks around the world well the chief economist there is saying that just like

headlines from them. >> john paulson this was his first television appearance. he was interviewed live during the luncheon. he had a bunch of interesting points but what i honed in on was he's very bullish residential housing. he himself has been a huge buyer of residential properties in the dessert states mostly through a private equity fund. i think we have sound on him talking about the current scenario. >> housing starts from 50 percent from the trou. that's creating a lot of excitement. however, the peek was 1.8 million. we estimate you need about 1.2 million new single family homes per year to meet population growth and replacement demand in the u.s. while we're up 50% for the lows, we're still only half, we believe, is the long term trade. >> in other words, that's a trade that other people can get in on because there's room to run. on dupont he acknowledged that he had a large stake in them. this was news as of today. it really sent the stock soaring. he released a 59 page white paper on his plan for pepsi co. he things they should buy the business mond

other witnesses expected to be called, john paulson, the hedge fund giant.ll we when he testifies. maria, back to you. >> thanks, mary. we'll keep watching that. all eyes on earnings tomorrow. 30 seconds on the clock for even of our next guests telling us what we should be watching for tomorrow. gentlemen, good to see you all. chris you're up first. 30 seconds on the clock. what are you prepared for for tomorrow? >> thanks, maria. really what we're watching is the housing market index number. expecting something between 48 and 52. anything north of 50 is positive. anything south of 50 is softening in that market perhaps related to bernanke's markets in the last couple of months. we're keeping an eye on financials, looking at 21% increase in values there. goldman sachs going to be reporting. we're expecting 2.82 earnings per share. anything above that would be nice, anything lower would be bad. >> adam, 30 seconds on the clock. what are you prepared for for tomorrow? >> netflix, amazon, apple and also wells far go. where the four we like. amazon is a juggerna

today, i was listening to john paulson as my partner chatted with him in new york. and on a day when the average is led by housing related names inched higher, the dow up 19 points, nasdaq advancing a point 32 percent, this is a perfect time to expound on the interview because everything that's happened now and that could happen in the feature into perspective and i think it can make us a lot of money. first of all, paulson's been in the money management business for about ten years. you probably never heard of him until the housing hey day. he sorted everything subprime housing. it made billions upon billions of dollars. you may have heard about him late. the foreign fund that represents 2% of the gold fund. even you professionals out there, i know jealousy -- and many are jealous of this mild mannered man because of his amazing success. now that you know how he made it big, if you were in the room when carl posed his questions, you could hear a rush because he's the most bullish man on earth. not only was his first idea, but his second best idea. buy a second home

why not target john paulson tax guest: that's a good question. pursued in this. is structured, the sec alleges itemsourre put together that lie about paulson's world. paulson did not go out and lie about his role. money from it.f this is the person they can put a figure on and say here's a guy we think lied to investors and who we think -- i think that is why he is in the cross hairs host: who is paying for his legal fees? guest: goldman sachs is paying his legal fees and also paying for his pr team which has been attending the trial. they are interested in the case. this is an issue that goldman sachs had hoped it had put behind it back in 2010 when it settled. that trial over the past couple of weeks is making headlines and bring all this back for people. host: the next call is from nick in california. caller: i watch c-span a lot. onre is a lot boloney going i am absolutely amazed at how people really believe that the people running all these brokerages did not know what was happening. with home mortgages. if they did not know, why would they put them together

plus john paulson, the man who made over a billion dollars in housing. plus we're keeping an eye on all the movers. the microsoft conference is getting under way now. here at fidelity, we give you the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surprisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade. i'm monica santiago of fidelity investments, and low fees and commissions are another reason serious investors are choosing fidelity. now get 200 free trades when you open an account. will soon be responsible for paying bills, managing credit-card spending, and applying for loans... but most of them don't have the financial skills to handle it. pwc is doing something about that. i'm bob moritz, u.s. chairman of pwc. pwc's earn your future is a 5-year, $160 million commitment of funding, volunteer hours and curricula to help prepare students for the financial realities that await them. pwc's e

at the cnbc's delivering alpha conference, john paulson said he's bullish on housing.ght, invest in real estate, invest in stocks before real estate, or i think real estate's on shaky ground. only 45% think real estate is on shaky ground. yikes. >> we head to the nation's capitol. what your money buys you in north arlington, a very close-in suburb to washington, d.c. i grew up there. joseph zork is a 30-year veteran with the office of coldwell banker. mr. zork, welcome. let's go through the stats about north arlington right now. homes under $800,000. there are 23 active listings. the average price a little under 700,000, the average number under contract, 16, and sold 308. 200 have been sold every year. how would describe the market there? >> i would say it's sizzling. thank you for having me. the market is very intense, and you need to be on the top of your game to get a good property in this area. >> arlington has really had a renaissance as people have sought those in-close locations. lots of condos. it's got a lot of hip places, right, mr. zork? >> absolutely. they

now folk, hedge fund john paulson's bullish comments about housing yesterday are still a very hot topic4 hours after he made them at the cnbc delivering alpha event. is mr. paulson right? should you not only buy one home but think about buying a second one? we'll begin our great real estate debate up next. and this will be your premium right here. sorry to interrupt, i just want to say, i combined home and auto with state farm, saved 760 bucks. love this guy. okay, does it bother anybody else that the mime is talking? frrreeeeaky! [ male announcer ] bundle home and auto and you could save 760 bucks. alright, mama, let's get going. [ yawns ] naptime is calling my name. [ male announcer ] get to a better state. state farm. a friend under water is something completely different. i met a turtle friend today so, you 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. that your mouth is under attack, from food particles and

john paulson's keynote is about to start. heard from jack lew and also richard perry along with preet bharara today. >> one of the most interesting moments i thought this morning was, of course, as you mentioned listening to u.s. attorney preet bharara talk about what he's been doing of late. there were questions, of course, about his case against sac capital. he issue what had appeared to be a series of warnings to them and any other perceived wrong doers without actually commenting directly on them. during the course of a half hour he told jim cramer that despite the words to the contrary from other justice department officials, nobody is too big to jail. that was definitely one of the big takeaways and the statutes of limitations or the time period within which he must bring certain cases is actually longer in many situations than some people seem to think. on bank fraud, wire fraud, and other types of fraud. that no matter how careful you are, just about any method of communication can make a bad actor vulnerable to charg

to many fabris tour is accused of misleading investors and secretly helping hedge fund manageer john paulson construct the mortgage sec coursety he could then bet against. it's the highest profile trial to come out of the financial crisis. investigations by the civil commission. the civil case is getting a lot of attention because the government is basing the case on many e-mails sent by tourr. in 2007 he referred to the financial markets as the whole building is about to collapse any time now. today in a manhattan courthouse he took the stand to testify in trial. marry joins us now. mary, what stood out, what did tu tuorr say? >> reporter: he was energetic and he was so full of energy, he knocked off water off the table. paulson's hedge fund actually had a large position in the security in question, the cdo called abikis. tourr said i wasn't trying to confuse anyone but again the fcc counts because as you suggested, the fcc is trying to convince that tourr dell remembmiss led n purpose post and allowed him to profit considerably basically to the tune of a billion dollars. >> mary, let's fas

also, john paulson, the guy who they say had the greatest trade of all time, nelson peltz talked about holdings and then computing the day with carl icon. take a listen. >> tomorrow is the scheduled shareholder vote about dell. >> right. >> what will happen? >> i'm not allowed to tell you. let's go onto the next one. >> yeah, right. >> i think we're feeling pretty -- i mean, you know, we obviously have some insights about it and we feel pretty good but the fcc doesn't want you to go and comment. sand ranch hidge has the potentr doubling and they could go bankrupt. so risk -- risk and reward -- >> we are shorting caterpillar. iconic american company. leader in the class but tied to the wrong products at the wrong time in the cycle. >> i still feel buying a home is the best investment any individual can ever. affordability is at an all-time high. it still costs less to own than rent and get locked in the rates and gets the benefits of depressionuation. if anyone bought a home last year, let's say for $100, you put down $20, today that home is worth 112 so you made $12 on a $20 investment

john paulson, he is exacted to testify as well. this will be a three week trial.the case is saying to keep it tight. back to you. connell: thank you. elizabeth and donald grout the day. dagen: stay on goldman sachs. connell: drivers are really feeling it. gas prices spiking over the last few weeks. we will talk about that and see whether it will continue. here are some of the winners on the s&p 500. ♪ i want to make things 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 solutions fromt&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ dagen: bottom of the hour. stocks now. nicole: earnings will be our headlines constantly. especially for some of the major players. two dow components reporting. johnson & johnson actually hitting a new 52 week high. they did well with d

dollars for harvard's money i'd like to point out grace was kidnapped a pop and was kidnapped and by john paulson the hedge fund manager and lloyd blankfein over c.e.o. of goldman sachs put a gun to either except their credit default swaps are going to blow your frickin head off he then took a billion dollars but it is mother's day so larry summers he's qualified to be the fed chairman now because he's shown himself to be easy to extort money to manipulate to print to counterfeit money he's a serial financial killer he's the these the you know the charles manson of banking so he's perfect to run the fed of course when he was in the clinton white house he was part of he was considered one of the biggest brains out there right he was the guy who set us on the course along with robert rubin to regulate everything and he was also here ahead of president of harvard so a guy who's supposed to be smart he's the guy who's known to be smart and yet he engaged in these derivatives that blew up into a disaster so these are the same things being sold to passive funds across the world that have blown up passi

john paulson the billionaire hedge fund manager shorted deal, cherry-picked the asset.in the deal documents. goldman sachs paid a 550 million-dollar fine. that is the weakest part of the sec case. they didn't focus more time on the deal documents. we have more information coming out soon. fabrice tourre talked to us inside the courthouse. he again said to us he is feeling very good and feeling very confident. i asked him about the sec case. he said we'll see about that. sec basically wrapped their case. fabrice tourre's side wrapped their case not calling any witnesses. more information coming out about this, the reason why is the judge on the case is moving it rapidly. she told the sec an fabrice tourre that you can't repeat, witnesses. can't recall witnesses that already taken the stand. the sec called six of eight witnesses. six of their eight witnesses, who the fabrice tourre side was going to call. the sec dramatically undercut pellegrini in their closing arguments this morning. he is with the paulson fund. he also basically said he didn't, basically was talking ab

we're also hearing from hedge fund executives john paulson a billionaire hedge fund executive and willtestify in the trial. the executives are saying they sold the idea to goldman sachs to build a derivatives deal builds on some private mortgages from places like arizona and california and nevada. 99% of the assets after it was sold were downgraded. that happened within one year's time. at the time goldman sachs started to reverse the position and mortgage-backed securities but they started to short the deal and then with cherry pick the assets that would shorted so that information was not given to investors. but he faces a lifetime day and as well as sec finds the judges already saying he said chile to keep it tight and short the sec will also introduce a lot of e-mail's and gogol's. one of the e-mail's the century says if he is joking he does not feel guilty about said deal the lucky to capitalize it also choking -- and joking selling it to widows but there is one with no sitting on the jury. >> just put the $550 million fine into perspective they paid to go to the case go away that

also john paulson, the hedge fund guy who cherry-picked the assets to put in the bond deal and john paulson testify. at the time of the deal, you have more details how goldman sachs reversed its bet on housing and started to go short on mortgage-backed securities deal. it had been long. we'll be hearing some embarrassing details affecting goldman sachs. we have inside line from the sec on their case. the e-mails will present to the jury. the jury we have here is essentially four men, five women. we have a high school special ed teacher a priest here who may be doing god's work right now. remember lloyd blankfein joked he is doing the lord's work and will have e-mails sec is looking at. goldman sachs e-mails inside were saying the cdo business is dead. we don't have enough time to capitalize on this. you have got to move now. fabrice tourre is e-mailing saying i'm not feeling guilty about this at all, joking he was selling the deal to widows and orphans. there is a widow on the jury. this is starting to look ugly for fabrice tourre. the judge on the case is telling the sec, wrap it up. keep

john paulson made his billions during the 2007, 2008 -- lori: putting portfolio and putting in toxichorting it. >> he shorted the subprime market. paulson is on the other end of this trade there is a lot of murkiness whether that was disclosed properly. there is someone from aba, abc financial, the bond insurer who, she thought paulson was long. there is also some testimony, and it will come out there was some disclosure about, how it was disclosed. you know, who knows. it is kind of nebulous. this will be an interesting trial. i think, on a lot of levels. but, you know, the sec will have to answer this. no fuld, no jimmy cayne, i'm not saying they should be charged but you have fabulous fab. lori: record settlement in 2010, 550 million? >> they chose to settle. okay? that was the whole thing. no major financial institution that is heavily regulated is not going to settle. they didn't settle for fraud, by the way. lori: they're zeroing on the guy just because of his e-mail. he is midlevel executive. >> they do that. dennis: we spanked him, spanked him, finally, the meltdown has been@

speaking at the delivering alpha conference yesterday, john paulson said he remains bullish on the u.sal estate market. >> housing starts were up 50% from the trough and that's what is creating a lot of excitement, however, the peak was 1.8 million and we estimate you need about 1.2 million new single family homes a year to meet population growth and replace demand in the u.s. while we're up 50% for the lows, we're still only half what we believe is the long-term trend. >> still with us is hugh grieves, manager at cf mitan opportunity funds. a third of s&p revenues from oversea, we're talking about china, is this china related? is that why you don't want to go near the exposures? >> it is part of a wider theme. a third of the revenues come from overseas. half of growth comes from emerging markets. so emerging markets slow down, which they are, asking questions about what the growth rate is going to be for s&p stocks. >> so why are small companies with domestic concentration, why not some of the larger companies doe midwee domestically focused. >> you had the rise of the multinational o

look at the institutional buyers like john paulson. they're staying in the stock.o the condition of the company. >> before you go, prices still going up through the end of the year? a lot of people e-mailing me wanting to know where prices are going? >> yes, sir, they are. demand is outstripping supply, so pricing is reacting to that. you can listen to lennar, there's another 9% to 10% price increase between now and the end f of the year. >> thank you very much. it's been a huge day for earnings. ford caterpillar, boeing, and pepsi some of the major companies reporting before the bell. our earnings squad will tell you what you need to know when we come back. of the year. announcer: where can an investor be a name and not a number? scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best

john paulson will not testify in the tourre trial. >> look, your interview was seminal, that's why i he loves the mortgage -- >> it's been heavy. >> a lot going on. we'll get 6 in 60 in a moment. 53 million worth of diamond swoeand other jewels from a luxury hotel in france. got to hear the details when back in a minute. [ male announcer ] i've seen incredible things. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ ♪ >>> let's get "6 in 60" with cramer. 6 stocks in 60 seconds. ppg. >> if you have sunshine, put on the transition glasses that ppg has or had. they vested their interest, think company's a heavy buyback company. >> cabot. >> enough already. this is marsalis shale, the highest production growth of any oil company. >> this is the oil stock. everybody's deciding it's time to exit. be careful. oop think think oil's okay. >> w

. >>> john paulson. a man who made more than a billion dollars in housing talked about the alpha conference, and it seems more americans may be taking his advice and investing in a second home, if only for a little while. diana, please explain. >> i will do that, brian. for years the in investment in homes have been buy, sell, rent. that is changing because home prices are rising so fast, so home flipping is back and better than ever. 136,000 homes were flipped in the first half of this year, according to a report out tomorrow from realtytrac. that's up 19% from a year ago and 74% from 2011. the houses bought and were flipped again in six months. flippers made an average $18,000. that's up 245% from a year ago. of course, flippers will put money into the homes for rehab. >> they're really just exponentially leveraging that increase in home prices, and the other thing, i think, is that they're targeting markets where home prices are increasing at a much faster pace than just 5 to 10 or 12% you're seeing n

john paulson made billions bething against housing six years ago. now he's the biggest housing bull in the land. if rates go up again between now and friday, these stocks will sell off no matter what they say. let's keep an eye out for them. here's the bottom line. there's a lot happening next week. the thing you need to keep in mind is while most techs have been awful, many other sectors are absolutely on fire. i won't be surprised if they don't continue all next week. jim in washington state. jim. >> caller: jim, how are you? >> all right. how are you? >> caller: great. hey, listen. thanks for your sage advice on stocks. it's helping pay my daughter's tuition. >> that's fantastic. if we can help you to raise or save money for that kind of cause, i know we're going a good job. >> caller: my question, united health care, unh, is that a buy or too high? >> still a buy. it's still a buy. i read a terrific note today by my favorite analyst on it who said even though the medicare advantage program could be cut back a little bit in 2014, the numbers are

i agree with what i heard during my partner's terrific interview, john paulson. remember, he made millions betting against housing six years ago. now, he's the biggest bull in housing in the land and these are two of the highest quality housing plays out there. if rates go up again between now and friday, these stocks will sell off no matter what they say, but let's keep an eye out for them. there is a lot happening next week, but the thing you need to keep in mind is that why most techs have been awful, most are on fire and i won't be surprised if they don't continue all next week. jim in washington state. jim. >> boo-yah, jim. how are you? >> all right. how are you? >> great. hey, listen, thanks for your sage advice on stocks. it's helping pay my daughter's tuition. i appreciate it. >> that's fantastic. we can get it so you're able to raise or save money for that kind of cause, then i know we're going a good job. >> my question is, united health care, unh, is that a buy? >> it's still a buy. i read a terrific note today by cheryl scold -- reimbursements in 2014

. >>> also coming up later, john paulson head funds manager is due to speak.d out how his bet on gold stocks is playing out. >>> welcome to "worldwide exchange." i'm karen cho. these are your headlines from around the world. when ben bernanke speaks, global markets listen. european stocks are now mostly in the red, despite policy moves in asia and for u.s. futures. as investors await the fed chairman's testimony today on ma monetary policy. novartis says it is not part of china's probe into bribery in the pharma sector. this after the chinese cracks dune on foreign companies. the swiss drugmaker raises its outlook on the back of strong q 2 sales. the u.s. energy regulator fines par clay barclays and traders for allegedly manipulating energy prices in california. investors shrug it off as analysts call the amount not material. and it is a mixed picture for marissa mayer as yahoo! reports better than expected second quarter profits but revenues slide yet again. >>> if you're just tuning in from states, thanks for joining us today. let me get you up to speed with