at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. you walk into a conventional mattress store, it's really not about you.

i found bill through merrill lynch. i was walking through telling everyone i wanted to be a hedge fund manager. the guy was like, i know a guy who used to be a hedge fund manager. i came out to the class and i was like, i started learning a lot more, i started learning about how to evaluate companies, how to present companies, ended up giving me an internship at thomson-reuters and he also influenced me. he was a big part in influencing my taking the gmat exam, in the 96 percentile. -- 96th percentile. it means if 100 people took the test, i did better than 96% of them. 96 of them. [applause] i wanted to also throw in there, a 10% of the people in the united states go to business school. that is the top 96 -- 4% of 10%, you see what i am saying? i am cool with math. bill has been instrumental in telling me -- not telling me but advising me of what business school to apply to so i am applying to stanford, harvard, it may have heard of them. and warden. i grew up in hunters point. that is right. i think this program like

at merrill lynch, we understand the importance of your goals., our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> love this story. deutsche bank is going to claw back senior bonuses. not the first bank to do that. here is the twist. bankers often receive bonuses in the form of stock to be cashed in later. right? if they switch jobs, the new bank exchanges its own future shares for the old ones in the form of compensation. to lure them over. >> because our work -- i'm working here and i have all this vested stock. you want me to go over there? you are going to have to pay up a lot of money to get me to go over will. >> now deutsche bank wants to claw back that unrested stock even though it represents bound bonuses earned at the previous time. >> john calls this outrageous. several cases against deutsche bank. they are

that's merrill lynch. . >>> happy monday, everybody. let's get to "street talk" and starting with intel and an annual igs alyst is raising con about this company. >> cutting estimates this morning blaming weak consumer demand. he did note that intel's executing fairly well in gaining market share and slowing pc trends as well as falling selling prices hurting the name. a $24 target on it, about 90 cents lower and cut estimates on amd. >> indeed he did. tiffany's with earnings before the bell today. u.s. customers unfortunately spending less due to the economy. >> kind of a bad, not as bad as we thought news story. stock rising despite missing eps and sale consensus. not as bad as feared. some saw them dropping more and the company does see a resumption of earnings growth in the fourth quarter. you're going to open up five new stores in the second half of the year and tiffany up 7.5% on an earnings miss. >> yeah. bad but not as bad as feared and also amazing worldwide they're going to open 28 new stores by the end of the year up from 24

at merrill lynch, we understand the importance of your goals.oday, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. you walk into a conventional mattress store, it's really not about you. they say, "well, if you wanted a firm bed you can lie on one of those." we provide the exact individualization that your body needs. welcome to the sleep number store's biggest sale of the year. not just ordinary beds on sale, but the bed that can change your life on sale. the sleep number bed. never tried this before. this is your body there. you can see a little more pressure in the hips. take it up one notch. oh gosh, yes. when you're playing around with that remote, you get that moment where you go, "oh yeah" oh, yeah! ... and it's perfect. right now, every sleep number bed is on sale. queen mattresses now start at just $599. and f

and the foundation on which merrill lynch has been built., our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >> with 30 seconds on the clock, our next guests tell us what they think will move the markets. 30 seconds. what happens tomorrow, do you think? >> if the numbers show weakness, traders might bet on jackson hole speech being surprisingly aggressive. alts after we failed to hold a new four-year high, you got to see the s&p stay above 13 0 for the rest of the week. pandora outperformed and is going to beat consensus and you got to buy the stock in front of earnings tomorrow afternoon. >> we will have the numbers for you tomorrow. >> stephanie, you're up. 30 seconds. >> looking at three economic day a paints. the gdp revision. i do think it will be revised higher on better home sales. i think a 1 in 7 seven is mo

at merrill lynch, we understand the importance of your goals.advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> you're watching "worldwide exchange". these are your headlines. tropical storm isaac expected to become a hurricane as it approaches the florida coast. it's 180 miles from fort myers. >>> samsung electronic shares take a tumble after the tech giant is found guilty of infringing six of seven apple patents. >>> german's key economic index weakens and falls to its lowest level since march of 2010. >>> tropical storm isaac will miss most of south florida. heavy rains and winds causing problems in tampa which is the site of the republican national convention. gop will formally nominate mitt romney as its presidential candidate. the convention will be formally convened this afternoon and then go into recess until tuesday. joini

dollars to the estate of the late robert post tell the finding was against a postal former broker merrill lynch a subsidiary of bank of america one after another over a period of a year the arbitrators eileen gormley daniel kolber and fred pinckney received what are known as black spot letters from finra removing them from the roster of those empowered to advocate the thousands of lawsuits brought each year by wall street employees and customers against financial firms finra claims it has nothing to do with merrills complaint that it fired these people and is now rehired them just like bart chilton in the first story is denying that ever happened so thousands of lawsuits are brought by customers of these brokerages and two thousand and ten the total awards was only forty three million dollars well i worked on wall street i told you when you sign a new account that you binding arbitration with the panel of brokers and and the bankers you'll never get to go to a jury and they encourage you to break the law they say look break all the laws you want we've got lawyers we don't pay yet and we'r

we have wet weather pushing in on merrill's -- maryland's most powerful radar. the rain gear because we are seeing the heavier rain around tawnytown and walkersville and all this is sliding off toward the east and heading in new windsor westminster getting in on the action heading towards reisterstown and manchester getting in on that as well. so as we head through the morning we do have some wet weather to talk about. even as we slide further to the south we can see around virginia, culpepper recommendington and warrington and along i-66 dealing with wet weather this morning. it's going to be a mess on the roadways. we will talk about that coming. but in deer park owings mills around 72 and the dew points are up from yesterday. we can see the upper 60s so that means we are feeling it outside. 72 degrees right now in aberdeen. now let's check the abc2 timesaver traffic with lauren cook. good morning. wet weather is causing problems this morning. >> reporter: yes, you do want to be extra careful because the roads will be slick and we have a crash already in anne

wall street employees and customers against financial firms finra claims it has nothing to do with merrills complaint that it fired these people and is now we hired them just like bart chilton in the first story is denying that ever happened so thousands of lawsuits are brought by customers of these brokerages and two thousand and ten the total awards was only forty three million dollars while i worked on wall street i told you when you sign a new account that you binding arbitration with the panel of brokers and and the bankers you'll never get to go to a jury and they encourage you to break the law they say look break all the laws you want we've got lawyers we don't pay yet and we're insured we're already insured against all the payouts so there's no law they're totally hedge against law finally on this and this absence of any sort of justice in the financial sector. that you see this austerity and this financial collapse that the bankers themselves caused being used in the u.k. as a reason to cut the budget of the serious fraud office has been cut by over forty percent here in the u.s. h

at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. i bought the car because of its efficiency. i bought the car because i could eliminate gas from my budget. i don't spend money on gasoline. it's been 4,000 miles since my last trip to the gas station. it's pretty great. i get a bunch of kids waving at me... giving me the thumbs up. it's always a gratifying experience. it makes me feel good about my car. i absolutely love my chevy volt. ♪ >>> hedge fund manager john paulson facing his investors today during a conference call with bank of america's wealth management group. the call comes just days after citi private bank said it's yanking over $400 million from paulson's fund. kate kelly is here with what to expect. is he trying to hang on to more money? >

at merrill lynch, we understand the importance of your goals.our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >> sit the moment you have all been waiting for. our trade of the day. we have no idea what's behind that curtain. >> it's microsoft and here is why i like it. i mentioned that i wanted to get long in the market and i want it to be safe. i think it will do well. further more, there is nothing in it for windows eight. mobile phone marjt with windows operating system because other venn tors may be afraid manufacturers to design in the an droid system. >> why would they go to iphone? why not the microsoft nokia partnership. >> they are a premium priced product. not everybody can afford it. for teleco, iphone is very, very expensive. >> what about you? >> windows 8 is going to be a success for them. >> windows eight

that's merrill lynch. rsh we have had nothing but a very, very tight range.hat is where we have been for the month of august. now that we're getting towards september, i think you can expect to see this vix really move around quite a bit. so, what should be at the top of your september watch list. joining us now is michael. five star portfolio manager. 17 billion under management. michael, what is on your september watch list? >> diversification, i think, given all the factors you mention. i might take the opposite side of that argument and say with so much going on, we have had a light volume summer and maybe that continues into the fall until we sort out all of the various things from our elect n elections, the fiscal cliff and more. there is not a lot of clarity for investors right now. >> diversification could mean a lot of things to a lot of people. >> we would not advocate those two strategies. our portfolio holds a vierity of things. i think what we're trying to do is balt lance out inflation al reason value based on earnings. q2 earnings are not as ba

that's merrill lynch. >>> these are your headlines. isaac is on the verge of becoming a hurricane as it closes in on the u.s. east coast much some relief for spain and italy as yields fall significantly. bank of england adam posen tells cnbc exclusively the ecb should buy peripheral debt because its mandate is to stop panic in the sovereign bond market. >>> yeah, adam posen with us a short while ago. also saying the fed should be targeting more qe directly into the mortgage market. get more thoughts on that. knight capital has named three new board members weeks after it received a life-saving $400 million cash injection. "wall street journal" says the directors are td ameritrade, and two others. both firms played a role in saving knight. >>> knight capital stock up a third of a percent in frankfurt. >>> bank of america is hosting a conference call today with hedge fund manner jon paulson. it comes days after citigroup stopped investing that could thread a move of $400 million. bank of america says it has no plans to end its relationsh

that's merrill lynch. ddd#1 >>> now the republican national convention mitt romney made his case for american voters in a high stakes speech at the republican national convention accepting the gop presidential nomination. romney pledged building jobs and economy. romney said if he's elected he'll work to unify a divided country that once believed in president obama's campaign promise but since lost hope. >> wish president obama succeeded because i want america to succeed but his promises gave way to disappointments and division. this isn't something we have to accept. now is the moment when we can do something and with your help we will do something. >> and mitt romney is currently running even in most national polls against president obama and the focus is on competitive races end key swing states like florida and virginia where both he and paul ryan will examine later today. back here in europe the commission plans to bring eurozone banks under the control of the ecb. the ecb will have oversight of all b

which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> so as the labor day weekend kicks off, some people may be in for a little sticker shock. >> i'm story to break it to all of the drivers out there, but it is the truth and it's not a huge surprise. gas prices at the pump have gained 31 cents. that's up 9% and that's adding to a 5% increase from the month before. just about every week there was something that caused those to come higher. but the good news is it is a labor day wekt. we should see some relate at the pump very soon. >> thank you, court. >> meantime, no relief for facebook shares, hitting another new low and now down 52% since the ipo. where can they start to find a floor here? that's what we're going to aurn here in talking numbers. i hav

at merrill lynch, we understand the importance of your goals.advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. i bought the car because of its efficiency. i bought the car because i could eliminate gas from my budget. i don't spend money on gasoline. it's been 4,000 miles since my last trip to the gas station. it's pretty great. i get a bunch of kids waving at me... giving me the thumbs up. it's always a gratifying experience. it makes me feel good about my car. i absolutely love my chevy volt. ♪ >>> tomorrow we will continue to track isaac. we have former fema head and john hoffmeister who knows what it means to have energy shutdown. >> all of this in relation to the rnc. >>> if you woke up this morning a bit of a surprise, mario draghi, saying he is not going to go to jackhole, after all. what is so important that he can't even go,

e foundation on which merrill lynch has been built.r financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason serious investors are choosing fidelity. >>> just before the break as part of the dividend, we asked which company stock has climbed the most this year. delta airlines, toyota motor, or union pacific? now the payoff, toyota that has risen ab

we're also grateful to mark richardson and merrill corporation who contributed the printing of our luncheon program and menu, and i want to personally thank our friends at the recorder and "the daily journal" for their pro bono support in leading us up to today. i also want to thank the committee that worked on this and the honorary committee, all those people contributed to is. and now the only reason you really want to hear about from me is that i'm the guy that gets to give away presents. for the first time this year, we have compliments of our former chair, ken gurnsey, a silicon valley jawbone jam box. i don't know what it is. but i've been told by people who do that it's really wonderful. so what i'm going to do is draw -- hopefully you can put your name in here. i'm going to draw a name with the person whose name i draw simply stand up and raise your runners come out and present you with your present. here it is. wow, it's heavy. it's got a picture of a boom box on it and the cover says "that was then." this is now." and this is now goes to danielle johnston from nixon peabody. where

that's merrill lynch. there's natural gas under my town.t's a game changer. ♪ it means cleaner, cheaper american-made energy. but we've got to be careful how we get it. design the wells to be safe. thousands of jobs. use the most advanced technology to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ to experience the ultimate expression of power... control. [ engine revs ] during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. >>> so do you think the rich need to pay more in taxes? check this out, over in the u.k., they're debating a one time wealth tax. right now, the best paid people have a tax rate of 50% on their income. and it's not close to the income tax in france, but it's raising eyes in the u.k. and beyond. >> yes, let's talk about this. . we have one of the few people we could find who sports this initiative, we also have probt frank. seriously,

that's merrill lynch. >>> welcome back to "squawk box."orning, investors are waiting several key economic reports this morning. the labor department is out with its jobless claims, the weekly number that we see, that's about an hour from now, it's an important number. economists looking for a slight drop to 370,000. also out this morning july figures for personal income and spending. economists see income rising 0.3%, with spending up 0.4%. and fewer foreclosure homes are being sold but at higher prices. the value of homes and some stage of foreclosure accounted for 23% of total sales during the second quarter and realty track says that compares to 19% a year ago, however, the raw number of foreclosure homes sold was down 22% from a year earlier. in that claims number, you know, we're back to a week from tomorrow? >> yeah, i know for the jobs number. >> it was a 31-day month, wasn't it? january, february, march, april. >> may, june, july. >> you do your knuckles? >> me, too. >> i always get confused, you go over and come back. i do two han

at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> for those in new orleans, the threat of hurricane isaac is a glaring reminder of katrina. your next guest was a leader in the recovery of new orleans after hurricane katrina's destruction. tulane university president's scott cowen will tell us about this lesson and how he is preparing students. thanks for joining us. i know it was a very emotional time the last time you talked to cnbc. what lessons have you learned and how has it made you better prepared this time around? >> the most important thing is you prepare for every eventuality. everything that might happen you have to plan for. we have detailed contingency plans for every event regardless of the size or intensity of the storm. detail plannin

that's merrill lynch. between taking insulin and testing my blood sugar... is this part of your life? freestyle lite test strips? why, are they any... beep! wow, that hardly needs any blood! yeah... and the unique zipwik tab targets the blood and pulls it in. so easy. freestyle lite needs just a third the blood of onetouch ultra. really? yep, which is great for people who use insulin and test a lot. max and i are gonna run out and get them right now. or you can call or click today and get strips and a meter free. test easy. >>> well, apparently invisible big ben tweeted out. i'd be more in to quantitative easing if i was a recliner with cup holder. those chairs have the life. you can follow invisible big ben and might hear from time to time as i understand it. >>> we heard from bill gross following the fed. how should investors frame the portfolio wrapping up august and heading in to september which, by the way, since 1986, the worst month out of the year with an average loss of 1.5%. mark lasheni, scott, gentlemen, thank you for very much for joining us. ma

that's merrill lynch. this country was built by working people. the economy needs manufacturing.hines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making real things... for real. ...that make a real difference. ♪ >>> isaac knocked out power to half the homes and businesses in louisiana. the pictures really tell the story here, folks. from storm response to revere flooding around new orleans like plaquemines parish and that is exactly where we find our cnbc's scott cohn. scott, tell us the latest of the devastation in the area. >> reporter: after a storm like this, mandy, there's a whole bunch of impromptu engineering projects. that over there, looks like a hill. that's an earthen levee. behind sit the badly swollen mississippi river. workers are on top of the levee. come back to me here now. there's a flood w

that's merrill lynch.o the military, and commitment is not limited to one's military oath. the same set of values that drive our nation's military are the ones we used to build usaa bank. with our award winning apps that allow you to transfer funds, pay bills or manage your finances anywhere, anytime. so that wherever your duty takes you, usaa bank goes with you. visit us online to learn what makes our bank so different. legalzoom has an easy and affordable option. you get quality services on your terms, with total customer support, backed by a 100% satisfaction guarantee. so go to legalzoom.com today and see for yourself. as much advanced technology as the world around it. with the available lexus enform app suite, you can use opentable to make restaurant reservations. during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. >>> welcome back to "power lunch." shares of brown shoes, naturalizer and famous footwear, sales were a little soft

that's merrill lynch.hances are, you're not made of money, so don't overpay for motorcycle insurance. geico, see how much you could save. >>> time to analyze. i'm here with ed ponzi. good to see you again, ed. >> good to be here, sue. >> citi commenting on potential losses of hurricane isaac stating, quote, isaac dominate it is headlines and unlikely to be a capital event. the firm also noting that the personal line writers like allstate and travelers could see primary impact and let's look at the stocks right now. allstate up half a percent. fractional up for travelers. what do you think? >> both of the stocks hit multiyear highs last week and very good news that the damage estimates are coming down. those stocks are probably going to be going up again. they have come down just a little bit on the news. i would buy both. i think they're good stocks for long haul and of course just because the damage estimates are going down it doesn't mean there's not a lot of danger out there. be careful in that area. >>

at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> welcome back to cnbc. i'm kayla tausche. tree house foods getting an upgrade of citigroup to a bye. treehouse producing its own k-cups, the single serve coffee pods and green mountain coffee rosters have a patent. that's how they made their name and up on september 16th. see how the shares reacting accordingly. simon? >> thank you. >>> keeping a close eye on apple shares after winning the lawsuit against samsung late on friday. the jury awarding apple more than $1 billion in damages and may be the start. the stock slightly higher than that and still up on today's session. jon fortt is covering the fallout. jon, i guess we can figure out what means immediately for apple but what about the big players

that's merrill lynch.bble with the idea of hybrid technology, it's already engrained in our dna. during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. >>> it is time now for pops and drops. the movers and the shakers you might have missed today. first up, a pop, and a flash back, i guess. the gap popping 2%. guys, sales soared. >> they're crushing these guys. nobody realized it, but gps has been a monstrous stock. unless the tape collapses, there's nothing to indicate it won't go higher. >> up 96% year to date, old navy rose. pop, pandora. >> they caught about 29 million shares. they waited too long to cover that short. caught them in the after hours last night. i saw a million share block go off today right around an hour into trading at $12 a share. finished underneath that, but it was a nice move to the upside. mainly a squeeze, however. >> and a drop. a name familiar to "street signs" viewers, green mountain coffee. >> yeah, a recal

we have skidmore, merrill, and -- helping us do this. by the end of this summer, they will present that master plan to us for consideration. when you plan for success, you will be successful. that is what we have learned very simply in our city. i am excited to do that. i am excited to start out that planning and make sure that gets done. we share in the same level of excitement. how about that perfect game? that started excitement. [applause] how about the the excitement from the u.s. open? how about the summit we're having this weekend. happy pride month in san francisco. to continue that, and to build for the future with all of the success we have with our giants, with all of the offense that we create, with the offense that we just had with this fantastic icon, the year for our golden gate bridge. we have a few more things to celebrate in the future. what do you think about the warriors coming back to san francisco? we will have the nba working with us not just for great venues for basketball team, will also have another iconic as a

you can get free admission to museums if you're a bank of america customer or merrill lynch customeryou can show your debit or credit card with a photo i.d. and you're all hooked up. there are other free sample options. all you have to do is go to our website, abc2news.com. at the top of our page, lifestyle section is where you need to click and that's where you can find all the information. >>> time now for a check on our weather. let's send it other to lynette if she's not on our website right now. >> i was tempted. maryland's most powerful radar is dry right now, so that's definitely some good news. it's going to stay that way. it's the weekend, it's friday, so you know what? you definitely have to head out to the beach. that water temperature right around 79 degrees. we do have the chance for some showers and thunderstorms as we go into the afternoon. temperatures not too bad. atlantic city around 87. ocean city coming in at 88 degrees. if those thunderstorms hold off, you're looking at a fabulous day around the beaches for today. let's get a check now of the abc 2 time saver tra

that's merrill lynch. to experience the ultimate expression of power...trol. [ engine revs ] during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making real things... for real. ...that make a real difference. ♪ >>> this is potentially a very big week for bouillon. gold prices closing right now. courtney reagan with the latest. court? >> that's right. after the bernanke comments, we sold gold sell off and then after they digest it, we saw the prices move back up. hit session highs right around noon and looks like we're still about $13 shy of the $1,700 technical level and gold, silver and platinum are set to finish this month as