jpmorgan caught lennar. valuation call.als don't necessarily support the run-up in lennar. they're hot on the sector. "wall street journal" article talks about fact institutional investors, big money comes in and buys homes in bulk and certainly cases weaving out the individual. maybe, just maybe housing numbers we've been seeing are a little, skewed. good way to say it. >> interest rate sensitive that is a lot of talk. especially get all headlines out of the fed,e. ebay, we're about 40 second as way. elf bay seeing a nice pop thanks to apple. >> this is about the i wallet. there was a lot of anticipation surrounding the launch of i wallet. that diminishessed to a certain extent. ebay sup 3 1/2%. i have to say we had a very volatile stock market. we had a swing of about 90 points if that. some a virtually just one of those wait and see days. [closing bell rings] >> one of the things you're waiting and seeing for will be happening tomorrow. big day tomorrow over in japan. bank of japan will make announcement that is weighing

here is what jpmorgan chase's ceo jamie dimon had to say.s in place to provide our lgbt and all of our employees with equal benefits, respect, and fair treatment. this is good for our company and clients, but more importantly, it's the right thing to go. we believe the rights of all people are important and must be protected. then the president just released a statement calling the decision a victory, kel, he called the defense of marriage act discrimination enshrined by law and the country is better off with this decision from scotus. >> simon mentioned the support wall street had for this act to some extent. interesting to see those statements come out. now to the ongoing controversy over the keystone xl pipeline. >> yesterday president obama saying construction of the pipeline should not be approved if it will increase greenhouse gas emissions. let's get some insight from joe petrowski, ceo of gulf oil. thank you for joining us. >> thank you for having me. >> can you comment, first of all, on this latest decision to chi the keystone to gr

jpmorgan taking a step towards greater transparency.you what it's promising to report on a daily basis and where you can find that report. plus, airplane leaaing company, air castle, has the largest air carriers as its customers. this, of course, as the paris auto show unfold head lynns. where the ceo sees strength in the industry and why skip out on the paris air show this year. ♪ my mantra? always go the extra le. toat my low testosterone, i dimy research. my doctoand i went with axiron, e only underarm low t treatment. axiron can restore t levels to normal in about 2eeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast ncer. women, especially those who arorho may become pregnant and children should avoid contact where axiron is applied as uneected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all or increased acne in women may occur. medical conditions and meditions. serious sid

jpmorgan. let's had back to nicole petallides.s still on the floor of the new york stock exchange. nicole: there were some china related fears. jpmorgan are urging investors to buy on the pullback. as a result, that comment end in of itself has boosted they have now rated it a buy from a neutral. overall, the group that has pullback, you have jpmorgan sank by on these pullbacks. you see some of the arrows for the group. >> thank you, nicole. appreciate it. the s&p futures second away from closing. >> you are seeing a little down pressure. you are seeing some selling pressure on the russell futures. 1610 will be the temporary topper. i would not look for much. i think going into the holiday, you will see a lot of people scoring lighter volume. >> thanks a lot. good to see you. liz: gold prices tolerable to their lowest level in nearly two years. >> our next guest joined us on the show two months ago. he made a call on gold that was pretty spot on. >> gold will probably go steady. $800. i think we have another one- one-$200. >> he i

they don't have the same kind of banking like a bank of america or jpmorgan.story. >> scott, do you remember a couple weeks ago at the conferences -- financial services conferences and jpmorgan said capital markets were better than expected. so i think you will have a nice offset. >> cme is one of the stocks that are up. >> i mean, you mentioned net interest margin. i know it's hard for the market to see this today. it's like the talk to the hand market, just doesn't want to hear it, but rising interest rates are not bad for the banks. >> they're not bad for the banks and they're also not bad for industrial stocks because it implies there's better growth ahead, so those are the two sectors you want to probably be overweight. >> also think about the discount. we never, ever talk about schwab. that's been a market leader. we never talk about e trade. these names are actually out performing your traditional capital market plays and i think they're an important tell on activity and confidence and they also benefit from higher rates. they're not making any money in

so a lot of banks, like jpmorgan jpmorgan. they're still taking advantage of the great interest rates. the wealthy have the best of all worlds right now. >> securitizing proposalortfolios, like bonds and stocks. and there's an eager community that are willing to allow them to do things like remodeling and whatever. but they're not mortgages, they're more like a loan. >> these communities, it's hard for them to come in here and take advantage of this. some of the bigger mass markets, you can do that. palm beach, greenwich, carmel the home builders aren't there. you can't put up multimillion dollar mansions overnight. >> mr. and mrs. robert frank brought it big time on fast money today. >> thanks. >> which stocks saw the biggest moves in this week's trading. we crunch the numbers and we're naming names next. stick around. we're back in two. >> the entire trading day is the preparation for the show that night. >> it's idea generation all about giving you a framework for how to look at the market. as the world has changed our show

i do prefer jpmorgan because i like that steady stream of dividends coming.s go to jan in texas. jan. >> caller: hi, cramer, it's jan from dallas. >> how are you, jan? >> caller: i'm good. what's the deal with them? >> don't worry about it. right now there is a little bit of a margin squeeze. i've got to tell you, they can refine, they can ship overseas. they have a good edge. we have the ceo on. take advantage of it and buy. i need to go to john in new jersey. john. >> caller: jim, how are you? >> all right, home stater, what's up? >> caller: they raised a lot of cash between deals with amgen, a reverse split one for six. >> that's why i don't know it, because of the reverse split. i don't know the company. i'll have to come back. i wouldn't be normally covering it. it's a $10, it was a $1. i will come back and do work. i'm looking at my associate nicole. she's ready to do the job. lets go with paul in texas. paul. paul. >> caller: how are you doing, mr. cramer? >> i'm doing well. thank you, paul. >> caller: big boo-yah from corpus christi, texas. >> oil and

so names like jpmorgan and that type of thing are going to get hurt. but do you have specific banks that you're hearing that may have gone outside what they call in the hedge fund world style drift? start buying some of these risky things and are now really subject to problems? >> well, here's the issue. the big banks like jpmorgan have a lot of money into hedging their books. we have no idea how good those hedges are. because one of the big problems that still hangs over the balance sheet that everyone should be concerned about is the sheer opacity about the banks' trading books and their balance sheet. their hedging strategies. there could be a lot of basis risks still inside the big banks. but the question is the smaller banks, which for the most part don't use sophisticated instruments to try to hedge their positions at all. they historically are just trying to balance their liabilities and assets. and there isn't a breakdown in the fdic numbers of the specific names of the banks they're concerned about. but you can see it geographically. up in the

how about jamie dimon of jpmorgan. he told a tale of optimism as he said at the speech last night. quote, we talk about how bad things are, no one talks about how good it is. hmm. let me take off some of the good he listed. corporate world, first of all, in fabulous shape in terms of liquidity, profitability, leverage all perfect. the consumer's much better shape. fabulous balance sheet, housing, and i quote has turned the corner and it is still highly affordable. and he says we've got a developing home shortage. i know that jamie's been an optimist for ages. with the dow up huge over the last 30 years, was it wrong to be an optimist? no, it was the rigorous view. if rates go higher, jpmorgan will make a heck of a lot more money than it does now, which is why my charitable trust has a huge position in it. jamie says bring it on, i'm okay. let's put it all together. i think the market's shaky here. raising cash in the brief rallies is the right thing to do. if you went into those emerging market debt or equity funds, you will be whacked harder than you have been so far because they

how about jamie dimon of jpmorgan? he spoke yesterday about a tale of not woe but optimism.s he said at the morgan stanley conference last night, "we talk about how bad things are. no one talks about how good it is." hmm. let me just take off some of the good he listed -- corporate world, first of all, is in fabulous shape with liquidity and profitability. all perfect. the consumer's in better shape, fabulous balance sheet. housing, has turned the corner in every way, shape and form and is highly affordable and he says we have a developing home shortage. i know jamie's been an optimist for ages, but guess what? with the dow up huge over the last 30 years, was it wrong to be an optimist? no, it was actually the rigorous view. he points out that if rates go higher, jpmorgan will make a heck of a lot more money than it does now, which is why my charitable trust has a huge position in it. so if jamie says bring it on, i'm okay. let's put it together. i think the market's shaky. raising cash into the brief rallies like this morning is the right thing to do. if you went into the e

jpmorgan saying that rio tinto should be on the radars of value-focused investors.nalysts are really keeping a close eye on rio tinto. you see that they're jumping out some of the as tetes to gain that money back, and it's interesting to watch and watch capital management going forward. back to you. liz: thank you for watching it. s&p futures are closing right now. let's hhad back down to todd hour ritz -- horowitz in the pitts of the cme. how does it look? >> i think tomorrow we look at producer price index, but i think you really want to watch the 1640, 1650 level in the s&p and just remember, rallies in a corrective market always look really enticing, and i'm not a big, i'm not a big fan of this rally. 1640, 1650 look to be a ceiling in here. liz: got it. todd horowitz live from chicago @n the pits of the cme. david: well, what got it all started today were those retail sales rising more than expected in may, but excluding auto sales -- taking the auto sales out of it -- the core retail number really only met expectations so what does this say about consumer spen

i think that's not true. >> jpmorgan says it's true. i generally trust them. depend on which hedge funds you're talking about. of course, some are set up to, you know, trade rates and others trade volatility, and some do equities. so you have to obviously measure against the right benchmark. when jpmorgan does that work over 16 years, they say they do outperform, which shouldn't surprise us. >> what about the hedge funds short biassed? since the lows in '09, the hedge funds have underperformed, those that have a bias to short. >> well, of course that's right. the investor who's putting money into a strategy and a hedge fund is making a decision about their, you know, approach or bias or strategy they want to pursue. some investors have pursued being long rates, others want to be long emerging market, some want to be short europe. you can't blame the hedge fund for that. the investor's making a style decision, and the question is, then, does the manager, given that style mandate, do well with the mandate? >> but the funny thing -- the fun think thing, though, i

jpmorgan i'm told will fund it until then.unit separates but an interesting development for one of the last banks that was in this business. guys, back to you. >> and kayla, i'm wondering what your take is on some of the announcements we got yesterday regarding the change of the chief risk officer. you talk about those on the executive committee. how material is that to the way jpmorgan does business? >> i believe it's a positive development. john hogan stepped down for family reasons last year or perhaps it was early this year. when ashley bacon took over this role, it's a sign he's keeping it but he did a really good job and the executives were pleased with the job he was doing. the role john hogan will return to is a newly-created role. it seems at least the interim chief of the risk department at jpmorgan passed that test with flying colors. i view it as a positive development and because of a lot of the executive that is have left, there are some open seats on the operating committee, on the executive committee. the fact

jpmorgan not the only bank shrinking.ly 14,000 jobs related to its legacy asset servicing business in just the last year, as the portfolio of delinquent loans shrunk. these are positive moves for investors, because they mean the mortgage banking units at these banks can focus on underwriting new loans and not servicing bad ones. bill? >> all right, thanks very much. >>> we're watching the volatility here with vix moving higher today, and, bob, another triple-digit day. there's a sense, we were asking ann earlier, what's the tail here, what's the dog? >> and i can tell what you that is. it's interest rates. the take wagging the dog. look at the 10-year yield. put it up here, and you can see as we're moving down -- the 10-year yield moving upward, 2%, 3%, the markets have had trouble dealing with that. that's what's moving it the other issue is the dollar-yen, and there are relationships here that are pretty close. we can see it's moving to the downside. look at that. today, the dollar. and there's the yen. >> that's the ca

i will show you jpmorgan right here. it is down about one tenth.viously very carefully and closely watched on wall street. in his words, he is saying that it is scary and causing volatility. back to you. connell: thank you. dagen: global exchange in new york city today. charlie gasparino is there with the chairman of the commodity futures trading commission, gary gensler. charlie: think you. i will call you bob at least once. that is your brother. smart family. connell: speaking of many meltdowns, as we always say, we will get it back. these things happen. more on the verizon story, as well coming up. national security against your privacy rights. weigh in on twitter and we will talk to katie made marlinde talking about that. dagen: more on off the investments. let me just say this, jeff gordon four-time champion, baby. get excited. ♪ ♪ lori: i am lori rothman with your fox business brief. the sec is freezing profits for a thailand trader. smithfield agreed to a $4.7 billion takeover by a chinese company. chrysler issuing two recalls just two days

it is much different from a jpmorgan chase. it's an interesting environment. between regulatory changes and monetary policies, they are being squeezed. >> i would fully agree just because even a large number of banks failing would not have an impact on the overall economy. the impact on the local communities is tremendous. when you lose the small banks, you lose your community leaders. which makesmuch hole.own a whole -- >> i want to concur. we need all sized banks. small and community banks play an important role for all the reasons just mentioned. you see the industry including small andhat support community banks. there is broad-based support for community-based bank relief. >> a very radical thought. basel three implemented. pick banks, everybody below. >> i would like to thank our panel. [applause] david cameron takes questions from members. cybersecurity with homeland security secretary janet napolitano. q&a.er chance to see >> a he has been called " probably the most intellectual of the obama era." what does that mean? >> i wonder by whom.

jpmorgan, it was for since that were done when, in the bear stearns subsidiary that jpmorgan was forcedial crisis. there is case against greenberg which i can tell you it is bipartisan. mario cuomo, rudy giuliani, governor pataki, people saying this case is waste of taxpayer money. we should point out we have statements from schneiderman and greenberg and this is where it is interesting. they are like going at it. if we had sound effect it is would be like to get cats screeching. do we have statements from schneiderman and greenberg? they are interesting. they go at each other. here with go. attorney general schneiderman is new york state law to hold people accountable for their actions. take as shot at greenberg. no matter how many good friend in congress it will not stop him. this is interesting from greenberg. this continue ages of this, the admittedly symbolic vendetta he calls it is a waste of taxpayer resources. they're going at it. it will be played out in congress. greenberg not personally going to congress. i got e-mail. he hires people to do that. ashley: how nice. >> there we

. >> reporter: jpmorgan has outlined a round of up to 15,000 layoffs in its mortgage banking unit alone, to be completed by 2014. the bulk of those layoffs will center around the servicing of bad loans as credit gets better. but sources say a fraction will focus on origination two, as rates on a 30-year fixed mortgage hit their highest point in a year, applications to refinance fell 15%. applications to purchase down 1.6%. still some like bank of america are betting on more home purchases. wells fargo taking a similar tack. >> the business might be overall less. if it's less, we also have figured out how to adjust cost structure. >> reporter: being flexible is key. wells fargo's loan officers are paid on commission and tend to quit when business is slow. the bank's interim mortgage processors handle booms, but understand their jobs will be cut in a bust. he says strong underwriters are always in demand, but even they are vulnerable if the market falls off a cliff. that cliff could be ahead. the mortgage market is forecasted to keep shrinking, from 1.7 trillion last year. >>> as we menti

how long do you think that would last at jpmorgan?> forever. [ laughter ] >> it wouldn't last in the privatefo sector.t but of course, when government wastes money, it impacts us all and they have every incentive t keep wasting money because ifive they don't spend the money this year, i won't get it the next. t the irs has 100,000 employees. that's almost as many as johnson & johnson. their budget is almost as big al their profits every year. it's another example of how if we had a flat tax, we could runp the whole organization with a tenths of the staff and cut out all this waste of the taxpayer who is paying for it all. >> wayne, wine. $140 per person dinners, pornography, how about this one, romance novels and diet pills all things these bozos, these clowns put on the company credit card. our credit card. >> well, i think they should just spend it all. i'm all for this. the fact of the matter is, eric, to issue a credit card to a government employee in the firso place. that's the outrageous part. why should he have a card? what is

jpmorgan, that is down 1.4%. we're seeing financials coming under pressure.particular one of the reasons why i brought you there to take a look at that one. that is because wells fargo actually cut goldman sachs and their earnings per share forecast citing weaker at bank . bank of america is down 1.4% at the moment. of course, among the biggest losers on the dow jones industrials. so financials which are so economically sensitive, selling off across the board. back to you. lori: nicole, thanks so much. with this selloff in the stock market no surprise really, treasurys are advancing. with here how to invest best with fixed income. jeremy hill. great to see you. so bonds are coming off their worst month in something like nine years but just look at today's performance. stocks selling off. investors go back into the perceived security of u.s. government debt . what do you see is going on with the bond market and where rate levels are now? >> the upside for rates is definitely higher than we are but the bias is up longer term. bonds you have to trade them in a b

jpmorgan is not unique. banks across the country reacted to low loan demand put a bunch of securities on their books. the sensitivity to rates i think will be what is most volatile. melissa: that's why they're worried about but do you think in general the whole market? people are worried about these violent moves in interest rates, do you think that will happen? >> oh in terms of violent moves, it is hard to imagine that there is a replacement buyer to the fed, right? they really crowded everybody else out. melissa: right. >> so i think the next bid is a lot lower, yeah. melissa: interesting. meredith, we didn't get to talk about your book yet. we'll do it on the other side. that is fantastic analysis we're talk about so much. stay right where you are. the state of the states is coming up next..3 despite all the fiscal problems you heard about on "money," meredith said some of them are ready to make unexpected comebacks. she will reveal most surprising picks next. they surprised me. don't go away. more "mone

penney gained on a jpmorgan analyst note saying that july sales may compare with last year's turnover, he is expecting single digit in the mid dingell digit range for the sales growth in the fourth quarter, and j.c. penney gained more than 17% to close at $17.96. >> what your children have been watching in your living room has been the latest battle in the tv service wars. and amazon.com may be a game changer. for locking in those young viewers. >> for parents looking to entertain their kids, amazon prime just became a lot more appealing. getting a new advantage over netflix has kids programming becoming the new battleground for the future of television. amazon and viacom announced a multi-year video licensing agreement, giving subscriber's to amazon's primary plan access to many shows. amazon has out bid for some shows, this is the highest profile deal yet, as it spends big to take on netflix and drive viewers. >> amazon is similar to walmart, it's a volume game, the more vop it can pass through the system, the more profitability it should enjoy longer term. >> instead of renewing th

apple, jpmorgan chase. >> and i'm a big fan of michael holland.d president obama i hope he gets to meet nelson mandela. i wish him all the best. >> i thought you were saying happy birthday to me, david, anyhow. >> my birthday's july 17th. >> congratulations. >> see you later. >> we'll come back with the closing countdown and try to bring order to this in a moment. >>> should you reposition your retirement portfolio or stick to your guns as we stick to the second half of the year. two retirement experts weighing in on important topics. >> and a panel of financial advisers. you got a question, tweet us @cnbcclosingbell. ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [

we have john duffy joining us, ceo of jpmorgan's u.s.h oversees better than $900 billion in client assets. jim kramer is still with us as well, so we have a lot to talk about. ty is with us, too. great to have you here. you view this as an opportunity, correct, if you're looking longer term? >> absolutely, sue. if i had one of jim's bells, i'd be ringing it right now to wake people up. this is what we've been waiting for, an opportunity to take a step back from a trade or theme and see what my portfolios should look like. this is right risking your portfolio. >> explain what right risking is. people want to add to their portfolio, but they are not going a return. >> this is all derivative of post financial crisis investing. clients have been comfortable in cash, high transparency. they extend it to yield and they like that, too. those are all smart things to do, you know. last year high yield produced 15%. this year it will produce 5%, so equity market data that you thought you had by owning high yield, you no longer have now. thinking a

we're seeing bank of america on the dips people buying options, citi, jpmorgan, we aren't seeing that same kind of activity. when you add the emerging markets and the volatility index. i think it's reason to set yourself back, look for opportunities but i'm not seeing them right now in the financials. >> doc? >> to that eem trade, obviously some very smart money over the last let's say week has been very aggressive. in fact, they started buying these the 24th, just into the memorial day holiday. then they rolled thim down. we talked about it here on the show. pete talked about the activity that accelerated this week and pushed out to september. now, that's just the emerging market space, but volatility moving up like this, judge, when you're getting let's say 17 handle move out of the s&p 500, 17 big points out of the s&p, that's, of course, a 1% move. and that justifies a -- >> what are you watching more than anything else? is it the vix? is it the dollar? is it the yen? is it rates? >> you have to be looking at the yields, right? you have to be looking at the rates going up. that's

>> i think the most celebrated example was with jamie dimon and jpmorgan. that job in all likelihood jamie would've left, that would've hurt jpmorgan, it would hurt the shareholders. so i don't think splitting the role between the chairman and the i necessarily the right way to go. what i do think is a potential solution is the role of a lead independent director. and interestingly enough, mckesson approved the role of lead independent director in the beginning of this year. i think the lead independent role should be defined and give them as much independence from the rest of the board and from the ceo regardless of whether that ceo is chairman or not and they should really be working for the shareholders more directly and should have more independence than you normally find within a board. >> and aren't we at a point now very quickly because we're running out of time. where, you know, look, we used to be impressed by the amount that a ceo would make, you know. good for him or her whatever it is. but are we at a tipping point now after all we've been throu

now is diane swonk, chief economist and managing director at merzio finance and david kelly with jpmorgane you with us here today. ladies first on "street signs." diane, what are you expecting today? >> well, i'm expecting the fed to keep its purchase program at 85 billion per month for now. the u.s. economy has slowed since the beginning of the year, and i think they will acknowledge that in their forecast and also the sequester and fiscal drag will be a focus of what ben bernanke highlights when he talks about the forecast later on. >> what about you, david, do you think there's anything that potentially market-moving today? >> well, i don't think they will change much about their statement at all. i agree with diane about the pace of purchases. i do think that in this press conference ben bernanky will probably acknowledge within a few meetings they will begin to taper. we've got to desensitize the market. they cannot keep purchasing $1 trillion worth of bonds every year. they will try to gradually get markets accustomed to that but i don't see any policy changes. >> diane, maybe it wi

. >>> home builders stocks got hit today, that's after jpmorgan downgradable, one of the nation's biggest home builders making shares fall more than 3%. becoming one of the biggest losers in the s&p 500 along the way. some other big home builders followed suit, including kb, toll brothers and dr horton. >>> coming up, we'll take you inside the lab of a blue chip company that's inknow vating like mad, and it's not headquartered in silicon valley. a look at how treasuries did today. >>> an embattled hedge fun saw investors pull money out of the firm, in the wake of federal insider trading charges a standard quarterly period showed that nearly $3 billion in investor money was taken out of sac, which was in-line with expectations, as the justice department investigates the fund and its founder. >>> no one seems to be pulling out of mcdonalds these days. the world's biggest hamburger chain reported same store sales rose in may. it's late night breakfast offerings. including a new and healthier egg white sandwich. shares of dow component mcdonald's up more than 1% today. >>> another member of t

some of the bloom came off the rose of the jpmorgan situation.ing that citigroup got very hard-hit today. one of the worst performers. this is one of the best performing groups in may. it's part of the cyclical rotation, the money was moving into. we saw how this came unwound in the staples and the utilities. so, i don't think you want to jump in right now as far as the sector is concerned. let them come back to you. >> that's not just true here, it's true for the insurers, too. aig another one that looks fundamentally cheap. i think stock replacement makes sense there. >> our thanks, of course, to carter. >>> coming up next, building on gains in caterpillar. dan's got a winning trade on his hands and he will reveal his strategy for locking in even more profits when we come right back. stay tuned. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the m

i'm talking jpmorgan and morgan stanley.urse, we are putting more pressure on the small and midcap companies. why are we hurting such a huge job creator? >> that's a question all of us are asking, why so many opposed dodd-frank in its inception and it's an example of typical washington, will go and overreact to a situation where it should have had a much more sensible response. what we're trying to do, jeff and the financial services committee in the house, trying to take appropriate steps to bring back the regulatory action into a much more sensible vein so that we can unleash the job-creating powers of our small and medium-sized businesses, so we can compete. >> is it even realistic to think that we will see tax reform happen this year? >> i'm hopeful. chairman dave camp, the ways and means committee on the house, has done a great job, and his entire committee, in readying the playing field, if you will. we need a white house that's going to respond, a president who will embrace tax reform, and that is tax reform that will

. >> pretty pricey, but if you are looking for picks in the space, jpmorgan does have a few ideas forsideration. starbucks is their number one large-cap pick. as they see 20% eps visibility through 2015. this stock now up about 20% so far this year. in the casual dining space, bringer which operates chiles for its initiative and the operator of applebee's, the company arguing it's only beginning to garner the respect that domino's and dunkin'have achieved. >>> jpmorgan ceo jamie dimon getting tough. one of those thinking about suing him over the huge trading losses. and mark zuckerberg getting slammed at facebook's annual shareholder meeting. is he losing his touch? that's all next in the rundown. tdd# 1-800-345-2550 [ trader ] when i'm trading, i'm so into it, tdd# 1-800-345-2550 hours can go by before i realize tdd# 1-800-345-2550 that i haven't even looked away from my screen. tdd# 1-800-345-2550 ♪ tdd# 1-800-345-2550 that kind of focus... tdd# 1-800-345-2550 that's what i have when i trade. tdd# 1-800-345-2550 ♪ tdd# 1-800-345-2550 and the streetsmart edge trading platform tdd# 1-

jpmorgan once famously asked, where the mark was going, "it will fluctuate." is that your message now? >> i think it will fluctuate. the one word i want to take out of my vocabulary is correction. because correction says something fundamentally has changed. the only thing that's changed is the surprise with which economists tend to look at their projections and realize how they're also missing now to the downside. so since about april 15th, economists are getting surprised that the economy is not doing as well as they think it would be. and i think we're getting into the summer mode. so we're looking for the movie, and the movie from the fed will be the good, the bad, and the bernanke. we have the trailer, at which point we decided it was a hour or movie. we're scared to death. interest rates on the 10-year treasury went up, but nobody told us when the movie is coming out. i don't think the movie is coming out for a while, particularly when you see the unemployment numbers. you'll see we're be back up to 350 again, on the initial jobless claim, telling everybo

scary to me was jpmorgan and bear stearns. that was really scary. this does not scare me right now.o think that the fed will taper off. i think that is what they want to see. we have a bunch of top reports coming up. cheryl: we are not that to 2007. we are seeing the market pick up. >> i think the regulators would not want to hear these terms being used again we have corporaae balance sheets. the third leg is making a return. let's hope for a better transaction. cheryl: as you look overseas, the japanese market, the u.s. economy as well. thank you very much. dennis: edward snowden stepping in as the source of the week. rich: he says he is in hong kong trying to avoid u.s. prosecutors said. he admits to leaking information about e-mail and phone spy programs at the national security agency. snowden justifies his actions in an interview. >> the program needs to decide whether these programs are right or wrong. this is the truth. this is what is happening. you should decide whether we need to be doing this. they are looking at a billion phone calls. we face a very real asymmetric threa

jpmorgan ceo jamie dimon speaking at a conference last week said rising rates aren't a matter of if but when. >> as we go back to normal it's going to be scary and volatile. >> reporter: experts caution just because it's getting more expensive to borrow doesn't mean you should be in a rush to buy. today's rates are still low by historic standards. higher rates can also sometimes lead to lower prices. there is a silver lining in all of this. as interest rates rise, folks who have been getting nothing on the money they have sitting in the bank will gradually see interest on savings accounts and cds start to improve. >> that's good news for retirees. >> anyone on a fixed income benefits here. >>> now to riveting allegations about twa flight 800, that mysterious crash years ago which killed 230 people. tonight former investigators are speaking out for the first time saying the fbi covered up what really happened. these whistle blowers believe the plane was taken down by a missile and they want a new investigation. abc's chief investigative correspondent brian ross takes a close look at thes

jpmorgan is his numbee one stock pick. shares have risen 30% since november. be fair and balanced, back in november he also had another pick. >> yes, believe it or not, we don't get everything right always. >> what about the minors right now? >> it is amazing because the miners have been threefold, the damage has just been tremendous. there have been some specific issues related to some minds and through. the whole group has just been part of this. liz: would you buy or sell? >> i certainly would not buy. for example, i think the dividend yield has been close to about 4.5%. >> let's get to your new pics. you unlike many others are not panicking at all. there is a newsflash. let's get to the qualities. what are the top three qualities that you really look for when you're picking a stock? >> you are looking for strong balance sheets. liz: what is a strong balance sheet? >> well, we are not looking for overly indebted companies, we want them to be well-capitalized and we want them to act upon growth opportunities. we are looking for businesses with stable franchi

to the newspaper headlines but hillary hits the nail on the head a terrific ceo doing great for jpmorgan bet against the stock. >> i agree. keep in mind the 2008 crisis that we are years away but howuickly we forget. that was terrific and he was a acon of light in his firm was considered one of the healthiest of the nine largest. melissa: then we give a tougher one. steve cohen. the greatest writer of all time or something less legal? we don't know anything yet. but there's a lot of controversy. >> a strong buy 10 years of 20% returns melissa: you are now worried redemptions? >> i am not he is a spe goat by insider-trading laws that is not objective but they are arbitrary to punish successful businessman a rong buy for him and a strong sell for the sec. >> he is brilliant and singlehandedly has created a whol form of a dge fund management and is really successful it doesn't matter if everyone redeems he has $10 llion he can manage it and i respect that he is not a rketer but he really sets in front of his screen all day ani love that about him. melissa: he gets 3 percent so you don't hav

jpmorgan down 2%. next to it is goldman sachs down 2.98%.a-cola, two dow components with down arrows as well. you can see, obviously, a tough day for these markets. connell: the federal reserve says it is keeping interest rates close to zero. our next guest says a potential rapid rise is what presents the biggest threat. a perfect day to speak with sheila bair about this. what is your biggest fear? >> that this thing gets out of control. i am glad that they are at least signaling that there will be an and him putting some parameters around that in terms of timing. it will be a rocky ride. monetary policy gets into the corner of every system. the markets will correct a bit. hopefully, economic growth will be enough to counter that. it will be a rocky ride for a while. connell: what you said, and i think it is kind of interesting, you still think that we are focused too much on the past. we are trying to fix the 08 crisis. we are still trying to fix that years later. >> we should be more focused on what is going on right now. we are really in