scott thompson out, ross levinsohn, new incident rim ceo. daniel loeb now on the board, and roy bostock leaving immediately, fred a.m. ross oh becoming chairman. the story continues to change. yahoo having a hands on meeting today. we will continue to cover it tonight at 5:00 and 6:00. >>> this morning, governor jerry brown revealing the revised state budget and the news isn't good. he detailed numbers about an hour ago in sacramento. brown says due to lower than expected revenues and court rulings that blocked cuts, the budget deficit has grown to $16 billion. governor brown says raising taxes is the only way to avoid major cuts to public schools, colleges, and public safety. >> we're going to have to cut deeper, but cutting alone really doesn't do it. that's why i'm linking the serious budget reductions, real increase to austerity, with a plea to the voters, please increase taxes temporarily. >> the budget relies heavily on a proposed temporary quarter current tax hike on the november ballot. he also wants to increase income tax on those m

after reports surfaced of him llinn about hii college deeree.yahho's media chief, rrss levinsohn, ha aappinted some new board members.thompson aa withh yahoo forrjust four months. starting today... the pentagon will open more than 14-thousand combat-relatee rrles to women serving in the aamm.previously... femalee ssldiees were excluded frrm wwre eitherrclose to ground in ccmbat.buu advocates pushed lives by serving on theefront - lines in patrooss.. and in risky military police and security units.the defense department plans to assess the newwpolicy in 6 montts. ssving money is big business. companies effiiiency aae meeting n baltimore this eek to show off the latest prrddcts t save us money on our electric bills. joel d. mith is liveedowntown now to see if the savings arr really worthh ii. gooddmorning joel 33-3 3 3 3 calls foo change are growwng ... after an 18-month-old little girl was kepp off aa airplane because her nameewas on the governnent's áno fly listá. the americcn civil liberties union will be back in court &pthis week to argue thatt he list should be ruled unconstitutio

levinsohn and loeb a winning duo for you? >> absolutely.eeks has kind of been watching a character jump out of the bushes in game of thrones and take somebody down. it's been something to behold. and what's most amazing is the way that he got all of the 15,000 yahoo employees on his side on his side against their own ceo and board. so it's the biggest news coming out of the weekend as that loeb and two other nominees are on this board. shareholders can finally be happy that they've got a shareholder-friendly board. and ross levinson is a super media executive. what's better is he's been on the job for two years. this isn't some green guy that's got to figure out where the washroom is. he's got some specific ideas himself about how to turn around the company. i expect he'll do that. >> what should they do next? >> well, i think there's two parts. there's the internal side, obviously turning around the core business. and then there's the external stuff. on the core side i think ross has already spoken about, you know, how he thinks that the f

yeah, you have a new if possibly temporary ceo in ross levinsohn, but this is all about loeb.was the one pushing for changes at yahoo even before scott thompson got into trouble. he gets three board seats vacated by board members who had previously announced they were leaving, but now they're leaving immediately. and fred amaroso who was previously an independent board member is now replacing roy bostock. the new interim ceo's interesting, this new board is way more interesting. most yahoo ceos in the past bartz and thompson, dealing with that old board. yahoo shapes up ever so slightly this morning and the market's getting crushed on european worries. >> thank you very much. >>> 6:59. one last check with meteorologist christina loren. >> 70s inland today, by the bay, upper 60s, and at the coast, low 60s. the giants are back in town tonight taking on the rockies at at&t park, 7:15, catch that game on comcast sports net bay area, 52 degrees as they throw out the first pitch. let's check your drive with mike. >>> folks northbound 101 getting into pali out of sunnyvale have the a

ross levinsohn, yahoo!'s global head of media, will serve as interim ceo. >>> as yahoo! searches for solid ground another major silicon valley company is hoping to become stronger than ever this week. facebook. it's expected to go public on friday. as the company gears up for its ipo it's preparing to make changes again to its privacy policy to make it more transparent. before that new policy is finalized facebook wants feedback from its users so the social network is hosting a live q and a session tomorrow at 9:00 a.m. >>> it so happens tomorrow is also facebook cofounder mark zuckerberg's birthday. at 28 zuckerberg will be half the age of the average ceo on the s&p 500. most leaders at that level last an average of seven years. zuckerberg has led facebook for eight. although many of those years the company was a startup and quite small. wall street observers say his maverick style might have to undergo a shift in the coming months and years. he'll now have to answer to shareholders as well as more wall street investment firms, hedge funds and pension fund

says its media chief ross levinsohn, will be named the company's new ceo. >>> the $2 billion trading loss at jpmorgan is reportedly going to cost the top company executive her job, and it's renewing talk about how to prevent another wall street financial crisis. "the wall street journal" and "the new york times" report that jp morgan's chief investment officer could be out as soon as tomorrow. >>> lawyers for john edwards will begin their defense of the former senator tomorrow. the judge on friday refused a request to dismiss the case. the trial has been filled with testimony about efforts to keep edwards' then pregnant mistress hidden from the public. >>> a call for prayer for the president. his support for same-sex marriage at odds with teachings in many churches across america. ♪ in the pews and the pulpits some followers are open to the idea of two men or two women getting married, but many others side with republicans like rnc chair reince priebus. here's what he told nbc today. >> i don't think it's a matter of civil rights. i just think it's a matter of whether we'll adhere to

ross levinsohn was named interim ceo. he's been at yahoo for about two years and is in charge of the media websites. he replaces scott thompson who was ousted after a controversy about resume padding. for continuing coverage on this story, allie rasmus explains how the shakeup happen and what's next for the company. >> reporter: employees made their way to the yahoo campus week. scott thompson is out, following a flap about his resume. he claimed to have a degree in computer science when, in fact, he did not. >> blatantly lying about a college degree, the penalty for the crime fits. >> in this day in age with all. informs that's available to all of us -- with all of the information that's available to all of us, you can't do stuff like that. >> reporter: thompson said he was diagnosed with prostate cancer. and he said that's why he stepped down. >> when you have people that didn't do a good job with regard to a background check, typically, that's gonna cause a board shakeup. >> reporter: and that's exactly what happened y

. >> reporter: this is ross levinsohn, the seasoned ad exec who is in charge at yahoo!, at least for now. but let's be clear, even though scott thompson is out, the firm still faces big credibility hurdles. >> when you look at character and reputation, they are as important today as they are capital issues. and we can't have a company of any size, regardless of the size as yahoo that it plays in our economy and our culture when the ceo is falsifying information. >> reporter: the media giant's share price is now about half what it was in may 2008, when yahoo! turned down a bid from microsoft. revenues have fallen, as the company struggles to keep up with google and facebook in attracting online advertising. and now that thompson is out, his turnaround plan is called into question. >> there's a reorganization plan in place. what happens to that reorganization plan? what are the marching orders going forward at the same time? >> reporter: the company was able to reach a truce with dissident shareholder daniel loeb, adding three of his proposed nominees to the board. but th

ross levinsohn has been named interim ceo.ad been leading the probe into sothompson's background ha been named chairman. this is a resounding victory for dan loeb, who first called discrepancies into thompson's resumÉ. and u.s. equities have been under pressure this morning. stocks sinking to low ing ting levels in four months. and greek refuses to join the coalition. and angela merkel's conservatives suffered a crushing defeat yesterday. we'll get a report from our chief international correspondent michelle caruso-cabrera in a few minutes. >> and jamie dimon appearing on "meet the press" this weekend to talk about his company's $2 billion trading loss and the future of financial regulation. take a listen. >> we know we were sloppy, we know we were stupid, we know there was bad judgment. we don't know if any of that is true yet. regulators should look at something like this. that's their job. we intend to fix it, learn from it and be a better company when it's done. >> austan goolsbee is joining us now. he was one of the key w

and later, the british levinsohn inquiry investigates the relationship between tony blair's government and rupert murdoch's news corp. >> when immigrants start to show up in significant numbers, which is somewhat the case in the 1820s and 1830s, but really very much the case in the 1840s and afterwards, they're showing up into a political environment in which they're already qualified to vote as soon as they become citizens. just to give you a sense of the kind of politics we're talking about, this is an image from harper's weekly in 1858 around election time, or just after election time. and it shows a saloon and a polling place. if you wanted to vote, if you see the doorway all the way in the back, you had to go in there to vote. >> this weekend on lectures in history, from muncie, indiana, ball state university professor jame connelly examines immigration, voting, and the roots of pluralism in the united states, part of american history tv this weekend on c-span 3. >>> at today's pentagon briefing, acting assistant secretary of defense george little discussed thursday's meeting betw

48-year-old ross levinsohn is take over at interim ceo. that, alfred amoroso is now chairman of yahoo!'s board. all these come after scott thompson was removed yesterday as ceo. he had been under fire because of inaccuracies on his resume, including mention of a computer science degree that he actually did not earn. also late word that just before resigning, thompson told yahoo!'s board he's been diagnosed with thyroid cancer and is now beginning treatment. >>> and it's a big day for a famous ceo who didn't graduate from college at all. facebook founder mark zuckerberg is celebrating his 28th birthday. it comes just four days before his wildly popular social network goes public. the expected $100 million ipo will be one of the biggest stock offerings in history. and that means facebook will be worth more than iconic companies like mcdonald's, ford and disney. >> happy birthday. staggering. >> zuckerberg and his little facebook thing are going to take over the world. >> slowly, but surely. are you kidding me? $100 million for that ipo -- i'

ross levinsohn takes over with about 2% on the news. news.he company raised its first quarter guidance but shares are up almost 9%. and the wake of the $2 billion trading loss, j.p. morgan confirms its chief investment officer resigned. shares are down 3%. we will see if that move is going into the final trades. maria? >> court, thanks so much. we are in the final stretch of the trades today. a market under pressure from the get-go this morning. still 107 on the dow industrials right now. >> soon not just another pretty facebook. will the social network's ipo spur it to start selling your personal information in order to justify its soon to be sky high valuations? a lot of questions to be asked there. >> there certainly are. and ceo mark zuckerberg turning 28 today. let me ask you, how many 28-year-old males would you trust with your car for the weekend? in control of a gigantic public company. should investors be worried? send us a tweet. we will have some of your responses later on in the program. there is the question, tweet us. >> then af

ross levinsohn has been named interim ceo. >>> a big week for mark zuckerberg turning 28 today, the facebooker, friday his company expected to start selling stock to the public for the first time and begin trading on the nasdaq. the ipo could value facebook at nearly $100 billion making it worth more than disney, ford and kraft foods. >>> he's the star witness that could land a basketball legend in prison and today he took the stand. we have the courtroom play-by- play in the roger clemens trial coming up next. [ male announcer ] it would be easy for u.s. olympian mebkeflezighi to deposit checks at the nearest citibank branch. ♪ like this one. ♪ or this one. ♪ or, maybe this one. ♪ but when it's this easy to use citibank mobile check deposit at home...why would he? ♪ woooo! [ male announcer ] citibank mobile check deposit. easier banking. every step of the way. >>> lawyers for former presidential candidatedown edwards opened their case today. the defense -- candidates for john edwards opened their case today. a former edwards staffer testified the money was not reported because even the fede

has named ross levinsohn the current ceo. >>> it's been 284 days since the u.s. what are we doing to get it back? i'm sitting here in the senate, where is everybody? >>> our fourth story outfront, one of the biggest threats to this country and it's much closer than a lot of people think. you think of the middle east somewhere or you think of china. no, it's mexico. investigators are trying today to identify 49 bodies that were found mutilated beyond belief and recognition. stuffed in plastic bags in a small town of san juan, yesterday. that's less than 100 miles from the american border. the bodies are 43 men and 6 women were found headless with no feet and no hands. they are victims of mexico's drug cartel. more than 47,000 people, 47,000 people, just think about that for a minute, have been killed in mexico since president felipe calderon launched an offensive against drug cartels in 2006. 99 have been killed in brutal fashion like what i just described in just the past month as the two biggest cartels fight for control of mexico's border with the united states

the chairman of yahoo's board gave strong indication he'd like to see ross levinsohn take the job permanentlyce showed no growth in the previous quarter. francois hollande sworn in a short time ago. and what's the very first thing he's going to do? he's going to go see the german chancellor. we can be honest, germany runs europe. the one exception is greece because it appears nobody runs greece. and jackie is live at cnbc headquarters to continue the thought. good morning. >> hey, good morning, scott. well, the futures this morning, they are higher after the sharp selloff on monday. the selloff was picking up speed in the final hour of trading after investors continue to fret over europe's debt crisis, which you mentioned and greece still unable to form a new government. that was part of the problem yesterday. financial stocks pacing the declines, as well. european and asian markets, though, they are higher today and this morning in the u.s., we are going to get data on retail sales, consumer prices and housing and home depot reported earnings a bit ago. the dow falling 125 points to 12,695 y

and ross levinsohn. >> they've been under pressure and really for the most part overall haven't performedi look at this still. this is a stock that to me has such value that yahoo!'s trading for free right now based upon the values of most of the asset that is they have outside of the actual yahoo! franchise. for that reason, i love this name. >> okay. the next trade, housing market showing some signs of life as the data rebounds in april in terms of housing starts. should you be buying in to the housing recovery theme? will muggia is president, chief executive officer and chooef investment officer at westfield capital management and joins us now. >> good to be here. >> can you put everything in to context here and give me a broad market comment of where you think we are and heading given the news we get out of europe? >> sure. you know, at the end of the day, look. we are in a corrective phase. the market internals starting to deteriorate at the middle of april and i think it's a mid cycle correction. i don't think it's a bad bear market. one of the things to do at westfield is playing t

note at a company-wide meeting the chairman of yahoo's board gave strong indication he'd like ross levinsohno keep the job permanently. france showed no growth in the previous quarter, as close to a recession as you possibly can get. second largest economy in europe. francois hollande, what's the very first thing he's going to do? he's going to go see the german chancellor. political talks continue in greece. here you see politicians from the far right, far left walking into meetings, other video of them walking into meetings. this was on saturday. this was on sunday. they're walking into meetings and then on monday they walked into meetings. they have not been able to form a government. one outgoing official who lost in recent elections said he feared greek's problems would be solved with rifles. he said a short time ago, what will prevail are armed gangs -- >> wow. >> whether or not that's exaggeration, who knows, but this is the talk coming out of europe these days. >> and something to watch. thank you. >>> 6:23 right now. coming up, could be a rough day for jpmorgan chase's ceo. he'll be

scott thompson out at yahoo, ross levinsohn, daniel loeb on the yahoo board along with two of his alliesy bostock and others leaving immediately. believe it or not, the rest of the financial world continues to make news. let's go to jackie live at cnbc world headquarters. good morning, jackie. >> good morning, scott. well, the futures down sharply this morning on fresh concerns over, you guessed it, europe's debt crisis. talks between greece's three main political parties broke off without a deal this weekend. and angela merkel suffering a setback as her party lost weakening her position. european markets in the red today. asian markets were mixed overnight as china changed lending rules for its banks. no economic data here in the u.s. today. but we do get reports this week on retail sales, consumer prices, housing, and minutes from last month's fed meeting. we saw the dow fall 34 points on friday to 12,820. the nasdaq edging up a fraction to 2,933. mean tile, the fallout from jpmorgan surprised $2 billion trading loss claiming the first victims. three executives including the bank's chi

. >> levinsohn is a good choice.e saw it as a media company and terry semil and then carroll. that's been the theme. >> the key differentiating point is i think margins will be higher and profitable will be higher under levinsohn and his team. there's a lot to talk about the future here. >> from the investors' standpoint, if you take a look at making an investment in the internet space overall, when you say yahoo! is cheap, what metric are you using? one might look at google trading at a similar valuation, current and forward -- >> for sure. >> and say, maybe google is a smarter bet in the long run than yahoo! >> what most investors haven't done is played out the growth at alibaba group and try to flow it into yahoo!'s income statements. the metric i'm using is plain old price earnings ratio. yahoo! trades at a low teens p/e. and that will be ten probably if you give it a couple of quarters from additional growth from alibaba group. >> i'm worried by this goldman sachs note which has a price target of $15. they're ta

interim ceo ross levinsohn is popular. >>> hundreds of firefighters right now are battling five wild fires in arizona. altogether, more than 6,000 acres have been scorched. some residents were ordered to evacuate. >>> meanwhile, near los angeles, take a look at what one family woke up to. a lexus in their pool. the driver, apparently, what do you mean, apparently, failed to negotiate a turn, smashed through a cinder block wall. driver able to get out through the passenger window. the lexus had to be removed with a crane. the police say the driver was drunk. >>> and finally, just as they do to supervillains, "the avengers" beating up on the box office. the marvel comic superheroes taking in over $103 million. a record for a weekend. worldwide sales has passed $1 billion. >> whoo! >> tieing the record for reaching that mark the fastest. "the avengers" is a disney film. and we're just as happy they did. >> thanks, josh. >>> now to the race for the white house. both candidates dealing with the hot button issue of gay marriage over the weekend. they try to pivot to the top concern, the ec

ross levinsohn will now become the interim ceo. >> mark zuckerberg turns 28 years old. can you believe that? facebook is expected to start selling stock and begin trading on the nasdaq this friday. theism po could value the company at $100 billion. making it worth more than disney, ford and kraft foods. >> poor guy. this is his last birthday before being a super gajillionaire. >>> the biggest wildfire burning, the sunflower fire was spotted on saturday in arizona. by sunday, 2,700 acres had burned. >> the terrain is extremely rugged out here, lots of steep cany canyons, rocky. and the other variable is the dry, hot conditions. >> officials say extreme heat and dry vegetation have caused a higher than normal fire risk in some parts of the state. >> and a big day in the john edwards corruption trial. it is now the defense's attorney to present its case. lawyers for the former senator arked for a mistrial on friday claiming prosecutors failed to prove their case. the judge denied that motion. it's not clear which witnesses will be called today. edwards is not expected to t

interim ceo ross levinsohn is popular with employees and has experience with digital and media companies. >>> and we have breaking news from arizona where hundreds of firefighters right now are battling five wildfires. using helicopter to dump water on the flames. all together more than 6,000 acres have been scorched. at least three buildings destroyed in a mining community. some residents have been ordered to evacuate. we'll have news as it becomes available. >>> meanwhile, near los angeles, take a look at what one family woke up to. a lexus in their pool. the driver, apparently -- what do you mean, apparently -- failed to negotiate a turn, smashed through a cinder block wall. and then as you can see, sank to the bottom. driver able to get out through the passenger window. silver lexus, not so lucky. it had to be removed with the cranes. the police say the driver was drunk. >>> and finally, just as they do to supervillains, "the avengers" beating up on the box office. ruling in record fashion this past week. the marvel comic superheroes taking in more than $103 million. that is now a re