info when it bought merril lynch during the financial collapse. and fed chairman ben bernanke will speak at an atlanta fed confrence. he will highlight findings from bank stress tests. well, the market sold off on friday on that disappointing jobs number but then bounced back. ben lichtenstien of traders audio.com joins us now. good morning to you ben. > > good morning. > > and do we see some follow through this monday from that rally momentum? > > that's a great question right now. again, we did see an enormous amount of energy coming out of the late day trade on friday. but for the most part there was a lot of energy basically off the open to the upside. the energy that we saw was all in the overnight to the downside. basically, when i came in on friday morning about an hour ahead of the number, we were already about 9 handles lower. after the disappointing number we sold off another 10 handles but bounced off some major support. that 1533 level. right now i think as long as we're below 1552, which i think was the low for monday of last week i t

scott, back to you. >> pelley: kate merrill of wbz. there are a number of hospitals in the area that had received victims of this terrorist attack. the latest we had from the leston police was that two people had been killed. we don't know of any more than r. j. vt dr. jon lapook has been talking to the various emergency rooms. doctor, what do you know now? >> reporter: well i know the number is closer to 60 or 61, scott. we have 22 at mass. general. we said there were 26 at the brigham and there are various other hospitals involved, also. as we heard, the injuries range acywhere from a punctured eardrum to lacerations to very serious wound injuries i spoke to the head of the emergency department dr. walls at brigham and women's and he said there was a serious leg injury serious head and neck injury, and of course punctured eardrums that they're seeing. but most of all he said in llyition to the serious injuries, people were really shaken up. ge said people were just in ndock at having seen these pieces of body parts and u kething they

of merrill lynch and deutsche bank she's also a contributor now to the nation where she just wrote an article about the issue she began by explaining why she believes these people are not receiving the compensation that she says they deserve. it's a slap in the face right so if you're someone for example who receive what's called a loan modification so that means the bank said ok we're going to work with you we're going to lower your monthly payment and you were still foreclosed on you get between three hundred and five hundred dollars for your troubles and your tragedy and that's about sixty percent of the people who will be receiving money for this so it's just a paltry amount and explain and put gotten that kind of money into context how much more these people actually out. well there out you know they were foreclosed on they lost their homes so it depends on the value of their home but we're talking hundreds of thousands of dollars you're talking six strikes being made homeless because of an error that a bank made right these are not people who didn't make their payments there's a

of merrill lynch and deutsche bank she's also a contributor to the nation thank you so much for giving us your insight thanks for having me. well ever since the american public began to understand the scope of u.s. drone operations abroad we've begun questioning how often these you have these are used who they target ad where they operate now up until this point there have been more questions than answers we've essentially been forced to take the obama administration at its word particularly when it comes to who these drones target here's how president obama explained u.s. targets back in september. it has to be a threat that is serious and not speculative. it has to be a situation in which we can't capture the individual before they move forward on some sort of operational plot against the united states but copies of these top secret u.s. intelligence reports actually were obtained by the clachan newspaper discovered that the scope of the drone targets it's much larger than a larger than top officials and includes low level members as well and the new york times article over this week

bank of america and merrill lynch picking up the tab. the spins and space center, the contemporary jewish museum, the deyoung museum and the legion of honor all through tomorrow. >>> baseball is back in san francisco. business was booming around china basin for the giants home-opener yesterday. a sea of orange and black flowed through at&t park where the giants hoisted their new championship banner before the game. the team returns after making big off-season investments in star players like buster posey and matt cain and fans coming to the ballpark are finding they have to do some big spending as well. san francisco's metered parking around the stadium now tops out at $7 an hour. >> $7 an hour? >> yeah. >> that's like a little too much per hour. minimum wage is only $8 an hour. right? the u.s. government, state government -- >> well, the giants made it worth the expense, hopefully. they shut out the cardinals 1-0. we'll have highlights from the game in our next half hour. >>> today catcher buster posey will receive his 2012 mvp trophy a

this is the example of lehman brothers and bear stearns and merrill lynch, where no one knew how much risk they had on their books. it turns out they had all sorts of risk and nobody in the market knew or understood them. this is the big danger of business being done in an opaque fashion, in the dark, in a very complex nature. i would argue that ultimately you need to bring began pulling out of the dark room and bring it back into the light. in exchange, where everyone can ee what is going on. to continue a little with the analogy. this is what i think is the most dangerous part of the way business is done on wall street today. the dealer. when you are playing blackjack, i think everyone knows the rules. if you get more than 21 you are bust. there are certain statistical probabilities you should and should not bet on. when you go to a casino, does anyone in the audience expect the dealer to give them bad information? for example, where the dealer is actually telling you when you are on 19 that you should take another card? o one would expect, at least when i have been to casinos, -- t

mary ann bartels joining us from merrill lynch.y. >> when we come back we'll keep the heat on one of the top suppliers is here to weigh in on their quarter and we'll find out how much market share broadcom is gaining for the smartphone boom. scott mcgregor will join us for an exclusive next. citi hosting its annual shareholder meeting today and who better to speak on the headlines than the cfo, sallie krawcheck. she will join us in a bit. >>> the street may not have liked apple's numbers, but they did like the numbers from the supplier of broadcom. the tablets and handset parts increased and joining us now for a cnbc exclusive broadcom's president and ceo, scott from palo alto. good morning. >> good to be on the show. thanks. >> the stock's having a heck of a day. up almost 7%. people were worried about this space and i wonder if this dwarty of yours that maybe the worries were unfounded. >> we did have a great quarter and it was better than expected driven by a number of innovations, 5g wi-fi and new base bands all going into smar

. >> outside, police say one of the men in the group stabbed two of the merrill tourists and badly beathim. they robbed them of their cellphone and took off in a blue

>> no, i wouldn't say that. >> well, sooner or later, merrill lynch should benefit if the individualf that happening. >> i think it may have been a head fake. we thought the retail investor was coming back and then we had that disappointing jobs report of big decline in the treasury yield which is kind of the bell weather for our faith in the u.s. recovery as well as eps estimates for the banking industry. there's probably no one variable that's more meaningful now. >> volume's not great. it doesn't -- we're trying to gauge where we are in -- since we've set a series of new highs and feels like the bubble in the stock market. i don't know, the stock market doesn't feel like -- after 12 years we finally get above the old high, doesn't feel that frothy. >> i think we're stuck in low gear and i think we have brief periods of renewed optimism. >> what's your sense on where the stock could go? it obviously took a huge run and sort of treaded water for the past couple of months. >> 15 is certainly a reasonable target. one year from now, that'll be tangible book. and at that point, one year

. >> i think the merrill point points to ambiguity.oming into the quarter a lot of hedge funds were net long to a larger degree and they took some of that off, reflecting concerns perhaps that we could have a hiccup here or later this summer. they put money in the dollar and commodities which have not been strong. they made wrong moves in the short term t at least. we'll see if it bears fruit later this year, of course. >> loeb is feeling good about himself? >> this not even his best years. >> misconception. >> right. >> he's had a number of, you know, 20 and 30% years. so actually compared to that he's underperforming. but, of course, he's doing much better than the average right now and really interesting ideas. it will be interesting to see if they can sustain their performance this first quarter. virgin media obviously great timing there. >> yahoo! has been one of the big tech stocks that has done well. >> of course, in a successful proxy as well. >> kate, thanks, as well. kate kelly. >>> coming up, two big names falling on down gr

this is the example of lehman brothers and bear stearns and merrill lynch, where no one knew how much risk they had on their books. it turns out they had all sorts of risk and nobody in the market knew or understood them. this is the big danger of business being done in an opaque fashion, in the dark, in a very complex nature. youould argue that ultimately need to bring the gambling out of the dark room and bring it back into the light. in exchange, where everyone can see what is going on. to continue a little with the analogy. this is what i think is the most dangerous part of the way business is done on wall street today. the dealer. when you are playing blackjack, i think everyone knows the rules. if you get more than 21 you are bust. there are certain statistical probabilities you should and should not bet on. when you go to a casino, does anyone in the audience expect the dealer to give them bad information? for example, where the dealer is actually telling you when you are on 19 that you should take another card? no one would expect, at least when i have been to casinos, -- the

we got the view from michelle meyer at bank of america merrill-lynch. >> gdp growth in the u.s. came in below expectations for the first quarter, showing growth of only 2.5% versus the consensus of 3%. this is an acceleration relative to q-4 growth where we had only seen 0.4% expansion, but much of the swing between q-4 and q-1 was due to an inventory cycle. looking past inventories, final sales, which is the underlying demand of the u.s. economy, actually slowed from 1.9% in q-4 to 1.5% in q-1. in reality, when you look at fundamentals of the economy, it shows a slow down of momentum at the beginning of the year. that was driven, in part, by government spending contraction, particularly defense spending was down sharply, which potentially could have something to do with early cuts around the sequester. we also saw a slow down in business investment and a widening in the trade deficit. the bright spot of the report was consumer spending, where growth was up 3.2% driven by autos and other durables. also, services spending was stronger. looking ahead to the next few quarters, we t

the college probably has one i'm being merrill because he'd be absolutely impossible to replace.the hardship involved as they are. i want to ask you, that's just one story of what they do. you up for another one? you know jim cramer on mad money? you ever see this guy on tv? talks faster than me. used to run hedge funds. he ran it for 10 years and its rate of return, his percentage of return average was 23% a year every year. so you write this book called confessions of the street junkie and describes how he does it. it's actually an entertaining book follows his woes and everything else. but it's not a confession. he then does in every later on a website he partially owned and says what he does. i read this thing about my god, this guy saying this stuff? here's what he said. he works for cnbc and even when he ran his hedge fund, he stood. cnbc. so what would you do if you're trying to manipulate the market? them to see how devious you are. [inaudible] there you go, lie about the stock market. he knows if he says that -- he slips it to other reporters. he says they got a tip that

morgan, merrill, and goldman. >> supervisor avalos: how many of those were part of libor manipulation? >> if i were the chart it was j.p. morgan, just one. >> supervisor avalos: do you know how our airport swaps differ from the h&r museum swaps? >> i don't know the nature of the asian museum swap. that's all the information i have. thank you. >> good afternoon. jay hugy from the san francisco retirement system. retirement system staff and our consultants have been evaluating the potential libor related losses in the portfolio since the city of bawlt more filed its suit in the summer of 2012. we initiated this investigation or the evaluation pursuant to the retirement board's securities litigation policy which it adopted in 2005, and is an ongoing policy where we have consultants and staff routinely monitor securities litigation related to any potential holdings that we would have in the trust. the scope of our evaluation included all of our assets, all of our holdings that would have any kind of index to libor including but not limited to investment rate swaps. for the time period aug

do remember martha stewart and her broker at merrill lynch? strasbourg was his attorney.the case. of huge debates and what this means with changing lawyers it is key for the feds to develop their case against steve but they sold a huge position in the stocks. they said they should have known that he got inside information and right before that there was a telephone call between the two. of the they can find out what was said between the telephone call and he gave him fits inside information then they will in die steve cohen and also with this case the statute of limitations is ticking and believe it is july. every day that he does not cooperate is a good day for steve:. liz: charlie gasparino thank you i just got 275 people to follow me maybe that will get me closer. he is definitely beating me. the dow and the s&p have beaten everybody is expectation coming doubletalk at raymond james with dow jones industrial average down 53 it is the big big comeback being down 172 points. on the trading floor they started to see the turnaround at 11:00 in the morning when the smart mo

citigroup, morgan stanley, all of them, merrill lynch, then, guess what, they will lose the financialroblem. bear stearns was not the cataclysmic event. liz: we still have too big to fail. if something happened, there was too much leverage at one of these names. charlie: he is saying there are still vulnerabilities. we can still have another financial crisis. we need dodd-frank. you cannot get rid of it. liz: we are on it. charlie will put his story on fox business.com. charlie: i have to do actual work here? [ laughter ] charlie: go to my twitter page. liz: no, go on my twitter page. closing bell ringing in 26 minutes. 2013 could be one of its best years yet. they have made it through thick and thin. the company reported better-than-expected first-quarter earnings this morning. shares hitting all-time highs. how the company continues to keep on trucking. david congdon will be here. he is grandson of the founder. boy, did he work his way up. he will be here in a fox business exclusive. ♪ ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ge has

. >> comcast is managed by merrill. >> that's the decision, merrill versus ubs. >> next and still ahead will be here. yeah, the guy who it is named after. case schiller. he is co-founder of case schiller home price index. the american dream is of a better future, a confident retirement. those dreams have taken a beating lately. but no way we're going to let them die. ♪ ameriprise advisors can help keep your dreams alive like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. and that's what they can do with you. that's how ameriprise puts more within reach. ♪ >>> welcome back to "squawk box" this morning. your hands are going into the camera. the futures right now are down. dow opens 16 points. nasdaq off one and a half. s&p a little over two points. shares of avon. a van helped by cost cuts and improved sales in brazil and russia. >>> markets rallying to records. our next guest says he's not just bullish but he is in his uptick the next seven years. quantitative management associates. ed, you have been bullish for a while.

. >> he's merrill mccullough, an army veteran assigned to infiltrate a black power group for the police had just driven up to the lorraine when the shot was fired. mccullough said he ran up to the balcony to attempt first aid. >> i never did see mccullough again. i understand he got recruited by a federal agency, but i don't know which one. i heard secret service. >> no, not the secret service. mccullough finished his career with the central intelligence agency. however, the cia said mccullough did not join the agency until six years after the assassination. the justice department later said mccullough had passed a lie detector test, clearing him of any involvement in the murder. when we look closer at conspiracy scenarios like the military spies on the firehouse roof, cracks begin to show. >> they were not up there when dr. king was shot. because i carried them up there and brought them down. they came back down and that was the last of them. >> fire captain wheaton originally said he took the agents to the roof on the morning of the murder. now he thinks it was not even that particula

we see merrill lynch has $600 deposits to roll over the coral 1k. tells you right away they make money if they give you $600 up front how much are they making? >> more than that. >> the total pot was 28 percent of retirement benefits so there is a lot of money at stake -- at stake. but it is the i.r.a. necessarily more expensive witches the i.r.a. is the other tool you would use. >> not all iras or expensive there are low-cost alternatives but it is buyer beware. go with an institution you are comfortable with. 41k verses i.r.a. 41k8 fees are less expensive with a larger company because they have negotiation tactics and buyers discount but a smaller company could be higher. so are you going up or down? so they could be more expensive with the i.r.a. gerri: so no your own plan for cry worked for companies that had great for a one ks with investing options and others that have a lousy choices. those are the decisions you have to make purview to be that many there for how long? >> until you retire. there are some options what you could do. we but in th

. >> katie: new this morning, bank of america and merrill lynch are running a program. they will have free access to several bay area museums with them picking up the tab. it included chabot and contemporary jewish museum and legion of honor. and given how damp it is outside. nice day to check out a museum. >> great day to go to the museum especially when it is free. [ laughter ] >> and live doppler 7-hd which has been somewhat busy. it is picking up some rainfall and moisture in the air but a lot of it is not making it to the ground. the rainbow in ukiah and we're getting light rain falling over parts of the coast in the north bay. san francisco had about hundredth of an inch in the last six hours. other reporting stations not getting much rainfall at all. you'll find some light rain over highway 1, marshal, south of tomales bay. low clouds over the golden gate bridge and fog along the coast with some possible drizzle. currently 54 in san francisco, 59 in oakland and 49 in santa cruz. also other parts of the bay area around the 50s as well. we are looking live from the

we hope that is also true for the rest of the hundreds of merrill lenders up there in boston. twitter, we're getting the latest report -- 100 people are being treated for an injury, six and critical condition and to people are dead. >> this is still a developing story because there's conflicting information as to whether these explosions were bombs, natural gas explosions, not sure what happened on one of the buildings. >> i think it has been ruled out that it was a natural gas explosion. we have someone on the phone the right now. can you hear us? >> hello? >> i'm here. >> can you tell us what you saw and where you are from? ami lived in columbia and i here and boston. just a couple of minutes after i finished the marathon, we heard a loud boom here. it almost sounded like a cannon. from where we were, all we could see was smoke. at that point, we were about two blocks away from where the explosion happened. group goingave a there? they were all finished well before me. i was the last in the group. at that time, when we heard the noise, we did not know what it we, but in a mi

i mean, i think beyonce probably thinks the merrill boat lift is a cosmetic procedure. follow the propaganda path and visit all the right places. for a savvy rapper you come off as kind of gullable. i have a conspiracy that all those shirts that were sold 10 years ago were dipped in a substance that makes your iq drop 40 points so all these edgy hipsters when they wear it become complete idiots. >> if i can make a point the best thing that could happen in cuba have more exposure to americans with money. i know they put money in the system and they are worried about that this thing -- what the treasury department did was to okay for a group asked them to go. i don't know the more -- i think eric is right. the more open travel we have the more cubans see that. >> get the celebrities to do a little bit of homework. >> the communist regime used their trip, just like when dennis rodman went to north korea, all of us said that was outrageous because dennis rodman. the regime used it against the americans to say, look, dennis rodman loves me. okay? so that's exactly what the c

>> yeah, i thought it was interesting that merrill lynch upgraded them. it's not undiscovered.een in warehouser for a long time. i'm starting to look at the housing stocks. we were talking offline, back down to $31. it's a fabulous company. if you can get it on sale, that makes a lot of sense. >> you want to be a liquidity provider on days like today. >> and the bottom line is you continue to do that and you will continue to do that if you get these kinds of days? >> we had, about two months ago, running a little higher cash than i intend normally to do. we've been chipping away at it, and some days people look at me and say, why are you sitting on cash? today, i felt better. >> pain for some opportunity for others. thanks for coming in. >> thank you. >>> you asked for it on twitter. we'll deliver. four plays, four stocks. you can make your next smart move. we're back right after this. ♪ [ female announcer ] you're the boss of your life. in charge of long weekends and longer retirements. ♪ ask your financial professional how lincoln financial can help you take charge of your fu

bank of america's merrill lynch's neal curly will join us to talk about key levels to watch. we'll be right back. >>> welcome back to "worldwide exchange." i'm kelly evans. >>> and i'm ross westgate. >> the toll rises from monday's bomb blast in boston. three dead, more than 140 injured. president obama vowing to bring those responsible to justice for the incident that u.s. authorities are treating as an act of terrorism. >>> gold stabilizes after suffering the biggest one-day sell off since 1980. stocks fall and germany's zew index suggesting sentiment is weaker than we expect approximated. >>> and spain's t-bill auction not impacted by market jitters. madrid just over 5 billion euros in three years. >>> softbank defending i ining for sprint in the wake of dish's offer. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> for the latest out of boston this morning, as we said, three people are dead, more than 140 are injured after two explosive devices went off just seconds apart near the finish line of the boston marathon

bank of america, merrill lynch cutting goldman.all a fair valuation, relative, and they do note, however that goldman investment citigroup, with hotels is being questioned by manhattan federal judge. other news on city. with the banks, and they raised citigroup's eps estimate to a buck and a nickel. next up, exxon mobil, opco cutting the rating to perform. they also removed, just yanked the $100 price target on xom. saying barring any unlikely major acquisition, they don't see a catalyst in the next 12 months that could list the performance. they do note that exxon is so efficient that further cost savings are unlikely. that stock has not participated. exxon is actually lower than it was last october. stock number four, qualcomm, raymond james upgrading to a strong buy from an outperform. they believe qualcomm will maintain their advantage in high-end smartphone chips in things like lte. looking huge patent company, with more than 70,000 patents. that generates two thirds of the pretax profits. and near a historically low relative

technology evolution continues as a bank of america, merrill lynch report says it's -- what are they worried about? they're worried about competition. i've gone over every technology we have. it is patented. and no one else has it. is someone sticking up for you that we don't know about? >> we sure don't know it. when someone talks about competition they always point to competition in the reservoir description area. one interesting note on reservoir description, that for its tenth consecutive year-over-year quarter margins have increased. so if there's competition out there we really don't see it and we see marge pinz in that business going up again next quarter. so that will make it over 11 quarters in a row. so almost three years where margins have expanded. that's usually not a business that's under attack from competition. >> there are only a couple companies -- i often mention a lot of companies have buybacks and then you'll look at the number of shares that they have versus, say, the last two years, and it's unchanged because they're issuing a lot of stock options. your buyback

the university of chicago and working as a teaching assistant come even captain of his indoor into merrille booze trappers, until he suffered an injury. david: the kick to missions. also "off the desk" in 80-year-old woman accident is well above $5,000 diamond and a shared -- charity function. the idea behind it is pretty simple. at $10 a cubic zirconia stone was blasted the bottom of all but one champagne glass. the lucky winner took a bigger than expected gulp. down it went. luckily the diamond was led recovered. really that's your imagination. liz: this weekend itunes celebrates its tenth anniversary , so we asked you what was the first song or album you downloaded. the people still say album? and know i do. jody wrote in to say, a desire by bryan adams. i heard a play, search for the name, but it immediately. liz: john said to all you need is loved by the beatles. liz: were they on there by then? and well on facebook said, i still have not download the single song. david: no, my goodness. yours? liz: hotel california, the entire album by the eagles. david: jeffrey baker street. liz: je

. >> and i think the problem you may have is coming back from the merrill lynch conference, a lot ofnstitutional money went out of apple, went into facebook. so went from one party where in essence the music was turned off and the food was lousy to another party where it was perceived to be good music, good food. it's not. the warning that you may have here is that the money now comes out of facebook by frustrated institutional investors. i would suggest right now in the technology space when you look at social media, again, it just goes back to linkedin. >> you would not be a buyer? >> i tried the facebook trade. i got out of facebook quickly and the concern i have is that larger players that made the move out of apple will do the same. >> simon, why wouldn't they? >> for the same reason. i think they're making strides. the big question with facebook, can they make money in mobile. yes, they can. they are are's showing evidence of it. ads are improving. early reviews i've been reading, it could be revolutionary. >> theoretically it sounds wonderful. in the practice of the market, wo

this is the example of lehman brothers and bear stearns and merrill lynch, where no one knew how much risk they had on their books. it turns out they had all sorts of risk and nobody in the market knew or understood them. this is the big danger of business being done in an opaque fashion, in the dark, in a very complex nature. i would argue that ultimately you need to bring began pulling out of the dark room and bring it back into the light. in exchange, where everyone can ee what is going on. to continue a little with the analogy. this is what i think is the most dangerous part of the way business is done on wall street today. the dealer. when you are playing blackjack, i think everyone knows the rules. if you get more than 21 you are bust. there are certain statistical probabilities you should and should not bet on. when you go to a casino, does anyone in the audience expect the dealer to give them bad information? for example, where the dealer is actually telling you when you are on 19 that you should take another card? o one would expect, at least when i have been to casinos, -- t

the wounded are now being treated in hospitals across boston and kate merrill is at brigham and women's hospital. kate? >> reporter: scott, 28 of the injured are being treated here at brigham and women's hospital. they're seeing all range of blast injuries from severe head and limb and leg injuries to broken bones and burns. the youngest victim three years old, the oldest 62. it's a very frustrating night for people here because the hospital was put into lockdown today meaning nobody who is not a patient or worker here can get into the hospital. they have very tight security here. the a.t.f., the f.b.i., swat team all surrounding this hospital tonight so we're seeing people crying, trying to get to family members. some of the injured, minor injuries are coming out an emotional scene, frightening scene for a lot of people getting back with their families. i want to bring you back out here live to the streets of boston in front of brigham and women's and show you the scene outside of brigham and womens. you can see the swat team vehicle is parked out front. that's the main waiting area an

came from merrill lynch, david. david: can't beat that. liz: what are you doing? you're right here.o scare you. liz: thanks very much. david: most iphones cost 100, 200 bucks but there is one that actually costs millions. we have the details you want to hear about the world's most expensive iphone. liz: can we hear from you guys? we love to hear when you weigh in. given gold's extreme volatility do you think the yellow metal is no longer that safe haven play? remember goldman sachs is saying forget it, go with natural gas. do us a favor log on to facebook.com/afterthebell. let us know what you think about this. david: say yellow metal again. liz: yellow metal. ♪ girl vo: i'm pretty conservative. very logical thinker. (laughs) i'm telling you right now, the girl back at home would absolutely not have taken a zip line in the jungle. (screams) i'm really glad that girl stayed at home. vo: expedia helps 30 million travelers a month find what they're looking for. one traveler at a time. expedia. find yours. all stations come over to mithis is for realhis time. step seven point two one tw

since speaking earlier in the corner, if you look at their valuation, earnings, what they get from merrillthey're in a much better place. bank of america, no question. >> tim's 100% correct. >> really? >> when you look at what's happening with google, spent it in the first quarter, big run-up, pulling back, alleged issues with the android. i think you have to go with bank of america. i like what the financials are doing. i still think many of these names can double. >> giddy-up. >> we're going to sudden death right now upon twitter votes have to determine it. we tally the twitter votes. and you all out there, picked -- bank of america! bank of america. >> yeah, baby. >> i thought you guys had google to be honest. >> just raise it like it's supposed to be. >> it's filled with champagne by the way. >> are you guys taking credit for the whole bracket? >> we did what we could. we played within ourselves and didn't try to do too much out there. >> it's a very nice trophy. "fast money" madness, it's very attractive. >> hey! [ all speak at once ] >> you should apologize. >> come on! >> that's rea

dan cummings, bank of america merrill lynch. kate. >> u.s. prosecutors have charged sac capital michael steinberg with insider trading. he's the most senior employee of steve cohen's hedge fund to be indecid indi indicted. it alleges he used inside information related to dell and nvidia to generate $1.4 million in illegal profits during 2008 and 2009. after being arrested by the fbi agents, steinberg pleaded not guilty to charges of securities fraud and conspiracy to commit securities fraud. >> you know, you're an expert on this and you know these guys. there's a couple of quick things that come to mind. one is they have gains smaller than i thought they would be. but the $600 million fine that sac was levied with that hasn't paid yet, are they done? that's what everyone is asking. is steven cohen still lible for more here? >> the short answer is yes. and the tricky thing about this story, brian, legally speaking it's a bit like whack a mole. the sac settles on civil stocks ared to other trades. >> right. and you're seeing pictures of steinbu

so many other stocks, whether it be yum, kfc, which respected reported a good number tonight after merrill lynch cut the stock to a sell and therefore soared on the back of that negativity which was wrong. or broadcom, the chip maker, which came back to life tonight because it beat the expectations after, well, beating them before but not by enough. or by caterpillar the day before which absolutely stunk up the joint with its earnings. but it simply wasn't so horrible that the stock could go down anymore. and instead of you turning bad news, it was down so long, it looked up to me. is this the beginning of apple's next big move up? not so fast. here's the good and bad news. there were three components to why apple fell so hard in these last few months. by the way, one of the worst -- top ten worst performers since the year began. the first had to do with an earnings progression that was one of the worst out there, with three missed quarters and a host of questions about slowing growth. tim cook, the ceo, made it abundantly clear that both growth and gross margins are slowing. obviously, th

this is the example of lehman brothers and bear stearns and merrill lynch, where no one knew how much risk they had on their books. it turns out they had all sorts of risk and nobody in the market knew or understood them. this is the big danger of business being done in an opaque fashion, in the dark, in a very complex nature. i would argue that ultimately you need to bring began pulling out of the dark room and bring it back into the light. in exchange, where everyone can see what is going on. to continue a little with the analogy. this is what i think is the most dangerous part of the way business is done on wall street today. the dealer. when you are playing blackjack, i think everyone knows the rules. if you get more than 21 you are bust. there are certain statistical probabilities you should and should not bet on. when you go to a casino, does anyone in the audience expect the dealer to give them bad information? for example, where the dealer is actually telling you when you are on 19 that you should take nother card? no one would expect, at least when i have been to casinos, --

equities for merrill lynch. welcome back. nice to see you again. >> great. thanks for having me on. >> how can you remain bullish in the face of all of these worry signs that we just talked about? >> yeah, you know, i think there's a couple of reasons. i think valuations are still supportive of equities. they're not expensive. i mean, so everybody points to the fact that the s&p has made this new high, but all of the economic data today looks a lot worse than it did back in '07 when, you know, we breached that former high. and i just want to kind of redirect attention to the corporate sector of the united states, which actually looks pretty great. you know, corporations have tons of cash. leverage ratios have been cut in half from where they were in '07. we've got lots of dry powder for, you know, creating opportunities for growth, be it buybacks, dividends, cash return, or, you know, pipeline growth. where we're starting to see companies spend a little bit more on cap-x, r&d. these are starting to percolate. so long term, i am still bullish on equities. you

this is clearly not what we have seen in places like pakistan or what we saw in the merrill buildingh timothy mcveigh where a truck bomb, van bomb does tremendous damage to buildings. my guess is we are looking at smaller backpack size in terms of sophistication, it's difficult to say, but clearly they are reporting about items in there like ball bearings, b.b.s, a very good indication they were clearly intended to maim and kill. >> is bombs of that size and of what we know of the description about what was there, as you mentioned in terms of what seems to be deliberate shrapnel, to build something like that, does it take expert knowledge or is that the kind of thing people can find easily available public sources? >> regrettably, it is much easier to find information on this than officials and the public would like. if you get online, not all the reports on the internet are perfect. with any sort of comfort with chemicals, access to things like nitrogen based fertilizer, an individual who a relatively handy can make these bombs. that can be dangerous for the bomb maker. they are tho

certainly obviously as you know the indexes are high. >> 800 at merrill lynch. 800 on the dow.. >> that will be this dow going to 140,000. do you know how many new highs there are from 14,000 to 140,000. is that coming some day? >> well, i like to break it down into a reason that happens. and you really have to have pure entrepreneurial activity in the country with the large companies and also the small companies. you see truly the entrepreneurial like activity across the country. you see it not just in the valley, you see it in austin, texas. >> if we become europe, it may never come. because they will never have a bull market like that again. >> technology-based companies are coming to market and certainly looking to the u.s. as the eco system that will support their growth. so i agree with your assessment there. but the point is the market can go higher but only based on solid economic progress. >> it's not a given. we can screw it up. >> i like to be more positive than that. i see in my travels that there is tremendous energy developing in this country. what's fascinate to