we'll see if the market decides to agree and takes prices higher. >> lee cooperman loved energy over and over again and he's been with sandrich for a long time. i like that. to discussion on those two areas you'll do well even if you buy related stocks. >> he put citi on his buy list which is an interesting choice. >> bank of america, i was very pleased this morning when i saw the numbers, when the actual numbers were more like 40 cents versus 25 or 30 which was my break even for cents per share on the earnings. when it came in around 40 after you figure back in that fine, i thought it was a great report. it turned out not to be. >> single nice thing about the company all he said is when you buy something this out of favor -- >> that's thing. they are part of a cyclical downturn. a lot of people think it's a good time to get in. >> citi, he likes citi stocks. >> thank you, guys, josh and kate. sue, back to you. >> great conversation. much more to come. news alert on general motors. phil lebeau joins us with the details. >> we have data that shows all of these recall headlines over th

lee cooperman said today the markets are in a zone of fair "valuation. he's maintained that many months. druckenmiller doesn't agree with those saying no bubbles. what do you make of this? >> in thor stages of the economic recovery. seeing pockets of inflation, in some food, in travel leisure, that sort of thing. but wages. that's what i come back to. wage growth only 2.5% on an annualized basis. when that heats up, we'll have trouble. depends how much slack you think is in the system. that's what it boils down to. out of the mind-set there is enough slack and the fed can be aggressive when they need to be pup push on the accelerator when they need to, as opposed to what josh said, start and then stop. that would really hurt confidence levels, in my opinion. >> doc, segue to the other big story i referenced about andrew ross sorkin, our colleague making the news of rupert murdoch trying to go after time warner and time warner giving mr. murdoch the heisman. >> at least for now. >> interesting story. a number of stocks on the move as a result of andrew's

coming up at 7:00 eastern time, we have lee cooperman.s the only investor that has been a part of every delivering alpha event.

last week we started by examining a pair of stocks blessed by lee cooperman, former goldman sachs colleaguebe the the preeminent stock pickers of the era, both of which are worth buying into any weakness although you certainly didn't get that today with either stock. tonight we'll do a deep dive into cooperman's alpha. a household bank, and a real estate investment trust you've probably never heard of, namely citigroup and gaming and leisure properties, and that's glpi for you home gamers and i had to look that up myself before i heard lee talk about it. let's start with the household name, citigroup. this is a company that spent years lost in the wilderness for ages, citi was perhaps the worst of the major banks. kind of a ward of the state, consistently delivering messy and frequently awful results and cooperman is a big believer in citigroup and viewers know i've come around to it, too, especially since the company delivered two relatively clean quarters in a row, especially the last one. first of all, the stock is insanely cheap. in pack, it's one of the cheapest banks out there and tra

people may have heard lee cooperman's ideas at the conference and recognized that they substantially outperform the averages. in some cases spectacularly so. but what they might not know is that lee's been teaching people ideas from way back and i was fortunate enough to glean some of his wisdom when he was running research and i was a kid at goldman sachs. lee could see i was an eager guy back then. he took me aside and told me that i ought to get this annual report for a company i don't know out in nebraska. sounded like a tech stock company. said there was a smart guy doing great things there. and his idea? berkshire hathaway. the price? $200. now it's at $192,000. got your attention? did i recommend berkshire? you bet. did my clients buy it? no, too expensive. i have never forgotten that mistake and when i hear his ideas i shout them from the rooftops. at the time, my clients were saying that the dollar price is too expensive. back then very few stocks traded over $100 and they always split. i don't want to start with lee's ideas, got to get there. let me begin by, plaining some i

what are the big news makers like kraurl icahn and lee cooperman to focus on?s changed since last year? follow the #deliveringalpha starting 1:30 p.m. today, just after the halftime show. kate kellie, jon najarian will be tweeting up a storm, so get the questions in now. we did the winner of the debate, even though the machine broke. >>> plus if the red kin are looking for a new pr strategy, we may have a man for the job. there's only one problem -- well, they're going to have to bail him out first. the worst trade of the day is up next. ♪ during the cadillac summer's best event, lease this 2014 ats for around $299 a month and make this the summer of style. ♪ once there was a girl who even in her laundry room.ry. with downy unstoppables, she matched her one of a kind style with one of a kind scents. downy unstoppables in wash scent boosters wash in the wow. if yand you're talking toevere rheuyour rheumatologistike me, about a biologic... this is humira. this is humira helping to relieve my pain. this is humira helping me lay the groundwork. this is humira helpi

. >> people like lee cooperman have made the point on this program and others on this network, bull marketsd. they end with some sort -- some form of a shock or -- >> exogenous shock. >> recession or -- >> josh went to say, i'm wise beyond my ears. >> what you wanted to hear. >> germany is the issue. hap happening in russia could impact germany and the averager, a positive way and benefactor. if they get hurt you'd see at least the recovery there come back. >> haven't mentioned the article tina story. yet another flash point of worry for some investors in the market. kate kelly, right? >> right, scott. >> they were trying to figure out a solution to broke aerosolution with some banks that want to the perhaps buy that debt and get the country off the hook or possibly get involved more directly a as principle details still fluid, but i'll be tracking and discuss it more in just a few minutes on "power lunch." >> thank you so much. wie watching the dow sell off by 200 points. worst day for stocks since tax day. and we're also looking for the potential of the first down month for stocks in six.

i don't know that -- >> that's something that lee cooperman, the times he's been on the show, hammered home, too. that's not present. the market may be, you you know, fairly or fully valued. however you want to interpret it, but it doesn't mean that the bull market is coming to an end. >> that's correct. i think the thing to watch out for is recessions. obviously. >> great to get your insight, watching a sell-off we've seen over the last couple of days. >>> assess what ed's point of view it, and where we really think we're going to go here. >> yeah. if on the cusp of the correction that's been long talked about, or if this is just a rest, and the bulls going to have a red bull add our senior produce shannon suggested. >> i don't think any of us are talking about a bull market unfolding. potentially talking a national correction. it's our job to identify and tradeoff of potential correction nap could be occurring. back to earnings. if we get strong earnings we are expecting, you want to see the strong price action. if you get a good earnings and stocks don't go up, indicative to me of a

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 be talking to what we've been talking about this morning. first, let's get you up to speed on today's headlines. are you ready for this? >> i'm gary owens. i've got one of these things on. it's like you're madonna, only i need -- yes. that won't look at good on me. you already hear some of the buzz? >> i realize again why we have these on. >> there's a huge thing going on behind us. not yet because it's early. but today, tech is the dominant. that was the dominant theme of this morning's stocks to watch. let's start with apple and ibm. the two teaming up on a partnership starting this fall. ibm will sell

>> cooperman and christie. >> lee was amazing. she didn't see chris christie. >> you missed one of my favorite moments of the day. multiple moments, really. >> but john was tough. john can be very tough. sometimes not quite as -- >> john harwood, right? >> i don't think he's quite as tough when the president copped a fly and he went oh, mied go, you're wonderful. >> he kept the equal lyilibrium. he said you were obnoxious enough to ask me again. but it was a very good matchup. anyway, one of my favorite moments of the day was ken griffin talking about how citadel came back from the brink. in 2008, they lost millions of dollars in a matter of weeks. and they managed, interestingly enough, not only to sole advantage the business in general, but to make back their high water mark and their hedge funds four years later. here is his recollection of what happened at that time. >> that was a very dark moment for us. as a firm, we had gone through almost 20 years of never experiencing a loss and as you're well aware, in 2008, we lost abou

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if lee cooperman wanted to message eddie lampert, you go on the system and message a name and it goes. >> but, again, it seems to me like it would be better if it was an independent -- just because bloomberg was that independent thing before. they lost that independence with the scandal that came through. are you going to trust a competing bank to not be using or looking through any of that information? >> one point of defense about the terminals. in regard to the allegations. it wasn't that reporters were somehow having access to the chat rooms. that's been a concern, whether they could potentially. but that wasn't what that particular issue was about. so unclear. what they could see, by the way, was whether people have logged on the system. >> in the past, you told me about private chat rooms, you were talking about something totally different, andrew. and i don't know that -- you want to do that -- if you're into that, that's fine. what whatever your cup of tea is. but, you see, i've never been in a private chat room. >> because you taught me about that incognito thing, i don't kno

. >>> lee on cooperman, larry robins, all talking about best ideas in today's delivering alpha conferencec chu monitoring details. how are the ideas for us? dom? >> right. mike novagrass, microplays what's happening. look at his theme, all about investing in regime change. talked how last year it was india and japan, india recenter with this change. now talking a be brazil and argentina as well. saying that brazil is so bad it's good. saying that he thinks the president there will lose the upcoming election in brazil and that will be positive for brazilian equities. also mentioning that the same kind of situation is going to happen with argentina as well, with the president there. he says forecast to lose the presidential election in argentina. so as she goes out, argentina may also be an opportunity to buy up some of that exposure, if you're looking for that regime trade play. so, again, an interesting concept. what we know, mike no virginiag saying arg taentina could be th next bing thing. that's what he's looking for and pitching at delivering alpha on the best ideas panel. back to you