quickly, alison, back to you, no word from merrill lynch reaction-wise? to the 2010 case, noting that these allegations were made before and thrown out by a federal judge earlier this year. now the same women are suing in a state court. so what they're basically trying to do is find a new way to move this case forward. merrill is standing its ground, also saying diversity and inclusion are a part of our culture and core values. we actively promote an environment where all employees have the opportunity to succeed. no doubt about it, as i sit here at the new york stock exchange, it's clear, if you do a quick look around the stock exchange here, the finance industry, brooke, it is a male dominated feel. women are slowly coming in a little bit more, but it is a male dominated field. >> alison, you bring it every day, and we appreciate it. alison kosik and ashley merryman, ladies, thank you so much for the conversation. i appreciate that. >>> coming up, ten former "american idol" contestants file a lawsuit charging racism. they want $25 million each. that sto

. >> a managing director at bank of america merrill lynch. what do you do? >> i cover media cable andainment and satellite. >> we are bullish on cable. -into the home with multiple services. obviously, initially, it was this video, and that has become most importantly broadband but also voice. onling out other services top of that, like home monitoring. they could be things like managing the thermostat, or a nanny cam, etc. there are new services rolling out on that platform. video,s also rolling out voice, and data. are seeing cable plans leveraged in many ways. another separate investment .4 cable is that the industry, finally, after years and years, has become free cash flow positive. over the last three or four years, we have seen significant return of capital to shareholders, mostly through buybacks but also through dividends. gigantic change for the industry. >> when did that occur? >> in the last five years, we have seen the industry go earnings positive. the cable name a misnomer anymore? >> there is still cable but it is a multiservice landform and

but merrill lynch got absorbed. merrill lynch went the way of wild buffalo and vaudeville. america. so now, isn't it funny, bank of america has had a sell or underperform on us from about five bucks. now we're 27, 28, they're still saying sell. i wouldn't be surprised if there is some political pressure within bank of america on that score. but it is already finra and sec already brought all kinds of actions and fined tens of millions of dollars against some players on wall street. liz: let me correct one thing just to be fair. bank of america, downgraded you to an underperform but they did have a buy. i want to get that out there, patrick. they did have a buy on the stock. >> they had a buy for a couple months. they had a sell from 5, to i don't know, 15 or something. liz: all right. you got a beef to pick. let's quickly go as we finish up on the website, david and i were looking at some products and you still have some really great offerings. you see the consumer coming back. how will the housing market rebounding affects you guys? >> the housing market is good for us. we

and so, the people at merrill lynch, bank of america/merrill lynch have looked at what they call the sale side indicator, and they find the sentiment on wall street is still not really very bullish about the market. >> so in other words -- >> so what happens -- >> yeah, they're going to get to 24% because it's a contrary indicator, because people are not bullish on the market and they're worried about it? >> right. so what they find is that in this reading, if the strategists now are saying that investors should have about 50% of their money, their portfolio, in stocks. when that reading is 50 or below, it's a bullish indicator, because it means that the sentiment is not overwhelmingly positive. when you see it get up to, like, the 60%, 65% range, that's when you need to be worried. basically, if you're an investor, if wall street is bullish and overwhelmingly so, that's when you want to be the most cautious. right now, we just don't have that. not that it won't happen, but it isn't there right now. >> mm-hmm. so, jeff cox, the dow up 14.6% year-to-date. what's your take on this 24%

what would a merrill lynch be? a company that will outperform when the retail investor comes back.n stanley in terms of the cycle is going to do well, and that probably is a 2014, 2015. when unemployment drops, retail investors begin to melt down grandma's silver and come back and the stock market. cheryl: talking about morgan stanley, one of the things they have been focusing on, focus on high net worth individuals and managing their money. wells fargo blowing it out when it comes to loan origination, mortgages. you do see somebody like wells fargo who wants to compete with wells fargo. >> and origination business, the rates are rising. remember they have the will call via business, which is number three. number one morgan stanley, number two is merrill lynch, but unfortunately these wealth management businesses are much more diverse organizations. difficult to believe i to incree the revenue is enough to offset what would be a weakening on the mortgage origination. cheryl: you may be the first person this week that has had a little bit cautious. >> they started expense control, t

so go to a museum for free in f.you have a merrill lynch account, or b of a acard you've got to have a card you can get in to a ton of museums here in the bay area and up in sacramento for free. if you've been lately you know they can be costly. some of the ones you can get into tech museum, and contemp rarey jewish muse seem to so get in on that. >> this weekend. >> right here all you've got to do is call that number. >> good enough, thank you. >> sure. >> less tense now. >> yes. we are. >> up next world leader who >>> state energy officials are giving consumers props tonight for reducing their energy use this week. a flex alert called this week asking consumers to cut usage between noon and 7:00 p.m. officials at california independent system operator running power grid noticed an immediate drop off at noon so i guess a big hand to all of them. >> yes. absolutely. >> coming up at 6:00 anger from the family of a woman killed when a tree fell on a summer camp near yosemite what. they say the camp needs to do. >> some cards promise to let you check bags free when you fly. but explaini

here's a view from michelle myer at bank of america merrill lynch global research. >> the employment report was better than expected with job growth of 195,000 verse the contentious forecast of 165,000. we had net positive revisions, the prior to months totalling 70,000 jobs. when you look at the trend in jobs, we're seeing a steady improvement. and that consistency is very encouraging for the federal reserve. six month moving average job growth now above 200,000. and it's been consistently above that. the unemployment rate held at 7.6%. by was a little worse than expected. the market was looking for 7.5%. but the reason that the unemployment rate held unchanged was because the labor force has expanded. and that's actually a good sign. it shows that people are reentering the labor force. and that ultimately will support healthier aggregate income growth. so on balance, it was certainly a good report, certainly the type of report that the federal reserve is looking for in order to start easing back on monetary accommodations. so we do believe if the fed continues to see data come in w

merrill lynch raised to buy from under perform. investors traded amd at nine times normal volume driving the price up nearly 12%. the stock closed at $4.45. >>> the sell gene reports the lynch pen cancer drug slowed cancer in a trial. they are looking to broaden the use to increase sales and says it will talk with u.s. and european regulators about those test results. celgnen closed at $134.92, more than doubled in a year. >>> jp morgan says the sale of assets will unlock up to $4 billion in value. shares gained about 3 1/4%. >>> growing demand for new phones sparked a virgining market for copy cat hand sets and seems like china where so many of the gad lets sold are made is also ground zero for the knock offs. >> reporter: this is what the chinese authorities don't want you to see, open selling of counter fit goods. >> this is not an apple. it's not an american made product, so where is your iphone? iq phone. >> reporter: the i clone designed assembled in china. like the ones at this electronic supermarket in beijing feed the perc

place glass steagall which said you have to choose if you want to be a bank either you're like merrill lynch and you're an investment house and you gamble in the stock market with your money and with other people's money or your like you know bank of america and we're used to be and you just take checkbook accounts that got blown up in ninety nine with graeme leach bliley and the consequence of that was that these two merge so now you've got banks that can take your deposits and go out and gamble with them on wall street and i think that's not only do i think that's wrong but that's what crashed the system we need to go back to saying to the banks you can be one or the other pick tom we're out of time i wish we had another ten minutes for this thank you so much for joining if you want to weigh in on today's show be sure to like us on facebook at facebook dot com slash prime interest and you can follow tom at tom underscore hartman you can follow me that english thank you so much for joining me on today's daily dose. and it was a day of connect the dots here on prime interest here is the tang

place glass steagall which said you have to choose if you want to be a bank either you're like merrill lynch and you're an investment house and you gamble in the stock market with your money and with other people's money or your like you know bank of america and we're used to be and you just take checkbook accounts that got blown up in ninety nine with with graeme leach bliley and the consequence of that was that these two merge so now you've got banks they can take your deposits and go out and gamble with them on wall street and i think that's not only do i think that's wrong but that's what crashed the system we need to go back to saying to the banks you can be one or the other pick tom we're out of time i wish we had another ten minutes for this thank you so much for joining if you want to weigh in on today's show be sure to like us on facebook at facebook dot com slash prime interest and you can follow tom at tom underscore hartman you can follow me that english thank you so much for joining me on today's daily dose. and it was a day of connect the dots here on prime interest here is the

merrill lynch has actually been performing pretty well.of a turning it around story and they're starting to perform better. the merrill lynch franchise has really done well for bank of america. forget about the investment bank and everything else. >> we have to go, but investment bank business has been less across the board. >> jeff, thank you. >> thanks, guys. >>> coming up, a lot more to come from cnbc's delivery alpha conference here in new york. we're like on fifth avenue and of 61st street. we're surrounded by mega bucks and elitists and old money. >> time for aflac trivia question. what does yesdoes yahoo! stand ? the answer when cnbc "squawk box" continues. f-f-f-f-f-f-f. lac-lac-lac. he's an actor who's known for his voice. but his accident took that away. thankfully, he's got aflac. they're gonna give him cash to help pay his bills so he can just focus on getting better. we're taking it one day at a time. one day at a time. [ male announcer ] see how the duck's lessons are going at aflac.com one day at a time. the pursuit of a bet

longtime one of the top people at merrill lynch. he ran knight capital.changed the business model a bit. although it was a trading glitch that got him into trouble. i would say that the timing is interesting. he was essentially an executive chairman. he was not the ceo. a lot of people expected him to leave at some point. i think that the timing is interesting. does he have a second act? you know, wall street is known to be somewhat forgiving. there are second acts. jon corzine had his issues running goldman sachs. he came back and ran mf global. we all know what happened there. the question is, does he come back and i think he does at some point. cheryl: great story. thank you very much. oil prices are spiking on a 14 month high. we are looking at how the turmoil in egypt is contributing to it. dennis: the lone ranger rides again. he gets knocked off his high horse ahead of tonight's premiere. that is all coming up in the media minute. ♪ the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at

and the two slot you have got tom brady who is a complete merrill lynch. to my wife is the hottest woman of this generation gisele. they deserve whatever they are getting. >> bill: 72 million. most of that has got to come from her. i think brady is in for 15 or 16 with the patriots. so she is the big bread winner there then we have victoria and david beckham. >> this one i don't get. >> bill: 54 million. >> the last time he hooked the goal was, you know, back in the early 60's, i believe. >> baby back up. >> and the simple fact is she appears to be one of the four or five least interesting people that ever lived in the history of the planet earth. she has that pinched look on her face like she tried to bite a xanax in half and didn't like it. i don't think anybody tightened the lid on that spice girl getting old. one chief harpooner on the p quad. the one slot two slot i don't get him. >> bill: brad pitt. jada pinkett. >> big heros of mine. brad pitt and his wife angelina jolie big, big heros of mine. i think they always do the right thing. i think they do

story is the story about tom joyce, a long time senior wall street executive worked many years at merrill lynch, worked a lng time at knight securities, knight capital for about a decade. a guy that a lot of people like on the street. it will be interesting to see even with this and a lot of people blame this on his -- on him in the sense that knight didn't have the controls in place much like m.s. global didn't have the controls in place to withstand what been down. a lot of people think he still will survive, he'll get another job just because he's considered -- you know, he has basically a good reputation on wall street. that's where we are right now. it's an interesting move on the day before the 4th of july holiday weekend. liz: seemed to long ago they had the massive trading glitch that came down to a technical problem they had. hope everybody learned from that mistake. closing bell closing in 55 minutes. other next guest says it's time to run to risk. he's got four stock picks he says safe to make a bet on right now. that's after the break. no matter what the headlines are. and fewer ame

according to reports, indicating the company has hired merrill lynch as a banker with bids being prepared for the company. you can see that intra-day spike there, about 45 f15.44 for the . >>> just 42 days until the start of football season. who cares? because we are halfway through the other great season, earnings season. so many names, so little time. herb greenberg frequently seen at bon jovi concerts joining us now. let's go through this. starbuck's, first name. >> no matter what they were to do, if they would miss in a huge way, then you have a significant problem. but i have to tell you something. this is a company that will continue to be a long-term story list. they're bringing yogurt into the stores, they're diversifying away from their basic coffee. >> they're becoming a restaurant, not just a coffee shop. liquor, they've got hot food, cold food, now they're talking about yogurt. they're becoming a 7 h-lerch. >> howard schultz will be on the squawk. posted notes, scotch tape 3m. they selling? >> they reiterated their guidance, but here's what you need to know. this is a classic

since the '80s, i mean, what, the central banks around the world according to bank of america, merrill lynch the central banks added around $11 trillion, $12 trillion into the global markets. is this really our future? when are we going to get off of the central bank fix here? >> not any time soon. >> not any time soon. i'm wondering at what time and point, melissa, this turns into a bad story. >> over time when we see interest rates go up that's going to be the problem, because we've seen housing recover quite a bit and interest rates -- >> precisely because interest rates have been going up. >> exactly. all of a sudden we see interest rates going up, it will undermine the recovery that we've seen in the economy that's been based in large part on housing. >> that assumes they go up a lot, you envision they go up a lot? >> when the fedexities, yeah, absolutely. i think they go up a lot. >> they go up, let me back up. the economy is growing at 1.3%, right, in the first -- >> who's counting. >> no, but the thing is if it goes to 3% you're talking about 5% on the ten-year note and interest and

>> so i started out initially with my heart set on finance, worked for merrill lynch for two summers,there i realized what i really enjoy is building businesses kind of from the ground up, helping that team build their book of business and that skill set, whether it's finance or anything else i think learning how to build a business from the ground up is the way that i learn, and i think that's what i'm good at so it has provided me the opportunity. >> what has surprised you as you work at the company and work with the entrepreneurs you've had the privilege of working with? >> the most surprising thing is just the availability of everybody in the venture for america so all the fellows in the program and the mentorses that they establish relationships with us and also the communities of the cities that we're in. everybody has been super welcoming to us and made us feel welcome the cities we're going to and made us feel like there's an impact. >> jim, you said something that you're bullish on america, that you're bullish on the job picture. tell me more about that. >> take a glimpse at

it echoes what we heard from the bang of america unit merrill lynch and i think it continues for more than just one or two quarters. >> can you really buy everything in this basket? can you buy morgan stanley here? can you buy goldman here? >> it's a small basket. there used to be ten of these. there's only a few. >> buy all of them. >> if you want real capital market exposure it would be goldman and morgan stanley. if you want a diversified basket, you buy jpmorgan. it appears investors are looking through their net interest margin weakness because it was liquidity driven and if you want to play the yield curve more as a pure play, you do the regionals. >> i was going to ask you about the regionals. >> i'm surprised that key is up so much. they had a good quarter. just imagine when -- if the economy improves and the yield curve steepens how profitable this company and the regionals will be. i think you can own a basket of all of these. >> doc, i haven't forgotten about you. i'm kind of lying there but -- >> i thought maybe you had, judge. >> we had a little thing called the fed chair

its that merrill lynch arm of it, scott. i think that's something you want. hits both of what he was talking about with morgan stanley and goldman sachs, you get a little of a mix there. and you are getting the housing return of the ref is. >> why do you think the banks are the worst sector today? >> i think leading into the earnings on friday, they had a huge run. a lot of people are saying, now may be time to be cautious. bank of america has been our favorite name. it continues to be our fate name. on the regional side, there are a lot of banks like key bank, a new york community bank, a lot of names out there you can look at. although the etf has hit new highs recently, there is still upside. >> let's get a quick market flash with josh lipton. >> scott. we are watching pandora here, which is under pressure today. remember yesterday the company reported slower growth. now btig's rich greenfield, he demoed itunes radio in his livingroom and posted it on btgi site and showed how easy it is to buy the sopgs, easy to customize, pandora down 6% right now. back t

it was also the day the bank of america bought at merrill lynch. debate the wall street changed forever. events that followed in this ugly weeks of the fall 2000 have been chronicled in a lot of books, and it sure most of us remember history, it's edgy, t.a.r.p., all these ugly bailouts and all these really economic calamities that was happening at that time. i'm going to focus on a couple aspects that are important in understanding what this is bonds was on a global level. so if in the 1930s the central bankers didn't understand each other, didn't communicate, didn't act with common resolve, that change by 2008, and by the time 2008 rolls around there is a sense of common purpose among these guys. they need many times a year, six times a year they could've also switzerland. there two days of meetings and long discussions of economic forces. they also they do that is the world's most exclusive dinner party on the 18th floor and basel switching. it's the most intimate opportunity for the links of the bakers the world exchange ideas. they eat delicio

. >> the joining us on the communicators, managing director at bank of america, merrill lynch. what do you do? >> i am a research analyst covering the media and entertainment in the cable and satellite. >> when it comes to the cable industry,. >> we actually very bullish on cable. they have a huge into the home with multiple services. obviously initially it was video and over time that has become most importantly broadband, but also voice. rolling out of the services on top of that. hall monitoring. it could be things like managing the thermostat a turning on your pool heater, but -- your nanny camera pet camp. news services are beginning to roll out on a platform. the same time, cable is also rolling out as in the os of medium enterprise business. the same thing, video, voice command data to be addressed starting to see it leverage in many ways. another separate investment point for a cable is that the industry finally they tend to have hundreds of billions of dollars in investment and become cash flow positive. of the ls three of four years we have seen very significant retur

you were with merrill lynch for over 20 years? >> forever. >> was it named after you? you don't have any other bernsteins working there? >> although, bernstein is like smith in new york city. >> it is. you are looking cool, just the hair is cool. >> the lack of hair. >> you may need a danger name. you look dangerous. you do. let's get a check on markets. all the earnings have been good. >> you have to count them up here. >> they're all good. >> united. continental. under armour. sirius, raytheon. >> intel. >> gm. >> gm beat -- >> the market -- >> gm is at a new high. >> nasdaq has improved big time this morning. >> facebook is helping the nasdaq make that much money. it's not a nasdaq stock. but it still is representative of club technology. >> becky, thanks to the dow the stocks are pressured by the ten year. >> yesterday, they're on the ten year gooeld yields. >> i looked at it a minute ago, it was 260. >> i hate it when it happens, it does look like the silly tail is wagging the dog this morning. japan or a part of the hang seng. >> china has serious issues. india h

well, i'll tell you this morning, bank of america, merrill lynch cut it, downgraded it, it used to be down to under perform. they are worried about inconsistent growth, lack of customer growth and potential over e evaluation. of the stock. >> ouch, thanks nicole. adp, private sector added 188,000 private jobs and 143,000 people filed for jobless claims for the first time, and all eyes on friday, the next guest says why we should ignore the jobs report. joining the company is chris, editor, founder of capital in crisis. chris, everyone is waiting with anticipation on the economic data, and you say, oh, terrorist not a big deal. >> yeah, from the standpoint of the investor, i couldn't care less what the jobs report is. better than expected or worse than expected, it doesn't companing what i -- change what i do one bit. too many people spend too much time talking about the ream of economic data that come in and less time figuring out where they should be putting attention which is what they own and what they are buying. >> i guess because, ultimately, when you connect the dots, you say,

. >>> the "new york post" says merrill lynch is facing a lawsuit.rs chris johnson and devin hester raced against an actual cheetah. they did so for a national geographic episode in december. no word on who won but the china can run 70 miles an hour. >>> dad jeans are making a comeback. the jeans are light blue loser fit, and high waist. they've been popping up in style blogs. some see it as a backlash against the skinny jean. even kanye west has been spotted wearing dad jeans. you don't wear dad jeans, do you? >> i will now. >> remember they attacked president obama because he was in dad jeans. >> he wasn't trendy enough. >> exactly. >> it is a summer box office bust. six movies have flopped. director steven spielberg predicted as much last month on the panel last month. >> there's going to be an implosion where three or four or maybe half a dozen of these mega budgeted movies are going to go crashing into the ground and that's going to change the paradigm again. >> a.o. thome scott is a critic for "new york times" and dana. >> this summer is coming

. >>> according to a new bank of america merrill lynch survey the top concern for the chief financial out of 10 cfos are more concerned about the impact of obamacare than they are about revenue growth, energy costs,3 even taxes. >>> according to the daily camera, the colorado rancher recording studio who hosted art its like elton john and youtube is up for sale. the listing shows 1600-acres of the ranch plus the studio. the price, $45 million. the producer jim gersio bought the ranch back in 1971. that's latest from the fox business network, giving you the power to prosper. dennis: gold was closing in on a one-month high earlier today but now suddenly it's in the red of the let's get the to the trading pits of cme to find out why. phil? >> i'll tell you why. chinese data kind of slowed down the momentum. china is big consumer of gold. we got a bad manufacturing number. news in the u.s. is putting down gold. the numbers beating expectations and coming out better than expected. it is causing interest rates to go up. it makes bonds a better investment than gold. on gold, the world gold c

. >> guys, if you think about it, bear stearns, lehman brothers, citigroup, merrill lynch, not a singlewas charged at any of those firms for financially-related crimes. what it comes down to, the fabulous fab tourre? why do we call him fabulous? it was in an e-mail. >> whole build something about to collapse anytime now. only potential survivor, the fabulous fab. >> what is he talking about? a synthetic cdo. a product made up of mortgage back the securities or sin threat dick mortgage-backed securities. we don't have to get into all that. he sold that to investors. aba capital, a bond insurance company that bought this pile of junk that he calls a pile of junk. the sec is essentially charging him with putting together and selling something that know was fraudulent. that he knew was going to blow up that is what it comes to today. i would point out, there is a jury selection this is a civil trial. what is interesting about a civil trial, the sec has a lower burden of proof. it is a preponderance of evidence. not the sort of high, intent, what is the word for out? dennis: beyond all reaso

it suggests the investment bank beat competition from deutsche bank and merrill lynch and its role couldunced this week. >>> the fine for not disclosing stake building rival comes on the back of an investigation launched in 2010 after it was revealed they built a 71% stake in the business. they are expected to challenge the fine at the paris court of appeal. >>> and the fed holds an open meeting to finalize the long awaited plans to boost u.s. banks required capital. officials say the new regulations are specifically designed as a incentive for banks to be smaller or less profitable for them to be bigger. possible the fed could adopt tough capital requirements and outline as some lawmakers have advocated. >>> taking on the topic of red tape, a survey has found that nine out of ten cfos and chief operating officers in global finance services firms are struggling to manage the wave of new regulation. nia lone joins us now. thank you for coming in. we know regulations have increased, having a meaningful impact on productivity. >> yeah, absolutely. we just commissioned a piece of research th

b of a barely broken even when it settled a class action suit over its acquisition of merrill lynch.rter it settled with fannie mae. the most recent quarter, settled a years long battle with mbia for $1.6 billion. bank of america took big strides in closing retail branches. investors are eyeing progress in that area as well. investors will be looking for insight on where the mortgage market is headed from here. in april, bruce thompson said, quote, we have more people, more training, we're up to speed, and we don't see the pipeline slowing down, i don't think there is anything honestly, any cap on where this could go in the month since then, interest rates on mortgages have skyrocketed and rival universal banks like jpmorgan have cautioned on a sizable slowdown. by the looks of the stocks, investors don't believe b of a put all its eggs in that basket. shares pierced $14 level, double where they traded a year ago. looking to some of their peers that reported like goldman sachs and citigroup, the group could see strength in investment banking but fears of thinning margins as rates sta

imagine a bank of america without a merrill lynch, much more pedestrian. ell you, a much better investment for a risk of an investor. that's what they want. they want stability. >> people might buy merrill if it was out from under bank of america. >> you will buy alpha. >> with the merrill trade, obviously. >> are you allowed to talk about merrill? >> i can taul talk about it. scars here and there, the makeup covers it. >> look. it's the same business model. there is a growth rate t. capital regulation isn't there. these are the kind of businesses we need to be healthy and to dproe from. i sold a couple of shares. >> look at the difference between regulated banks and the non-bank sect ore, which, of course, nobody in the media is paying attention to the small banks the carington, the nation stars, they're growing very rapidly, much better valuation than the bachgs, much better forward projections for revenue and earnings. eventually, they will get big enough the street will pay attention to them. they're still very small. if we do $100 billion and turn over

advanced, micro, a bank of america, merrill lynch. the target went to 250.ntum in the therk. target increased to $5, 3, you see it right there. they mentioned cautiously at ups, though, we're still a buy. the analyst cautions quarterly results and guidance are at risk. we had a big downgrade, given a weak macro, currency hit two points. channel checks suggest hardware, weakness, let's stop there. they used to out the analysts. >> it's cautiously. give us a pick. the analyst goes, give us one? he goes, no, maybe i'll talk about ibm. he didn't want to bring it up. he didn't want to bring up ibm. we have a global rally this morning. the futures at this hour call for much higher. we'll be right back i've been doing a few things for a while that i really love-- tdd#: 1-800-345-2550 playing this and trading. tdd#: 1-800-345-2550 and the better i am at them, the more i enjoy them. tdd#: 1-800-345-2550 so i'm always looking to take them up a notch or two. tdd#: 1-800-345-2550 and schwab really helps me step up my trading. tdd#: 1-800-345-2550 they've now put their m

i think it would be very healthy it take the merrill lynches out of banks of america.uld help the marketplace. the crazy way the regulators are trying to balance risk and return with all these regulatory structures that joe was talking about, it has the effect of actually making credit more expensive. and i think unfortunately, you know it a schizophrenic approach we have. we look at the crisis we just had. what was the problem? securities fraud. we have done almost nothing about that. we talked about capital and how we needed more capital in the banks. we needed to stop doing silly things and -- >> securities fraud, would have been able to prove that -- >> but, remember, we can't prosecute them because of systemic risk. >> lightning quick. >> there is a difference between believing aig can make good on its -- >> i'm talking about mortgage-backed securities, joe. >> it could be -- >> come on. >> someone would have been -- they get approved -- >> wells fargo and jpm ahead of the earnings today. >> flat revenues. no revenue drivers in this business right now. that's the

do you remember when schwab's market cap was larger than that of merrill lynch for a brief time? >> i remember when goldman debated buying schwab. >> those days are long gone. >> david, you have to hand it to the fact that there is someone in the industriy that actually is willing to speak up on this stuff. everyone, once the high frequency business. you're right. he wants the individual business back, but at the same time, everyone else seems to be cowed by the hftc guys. >> it's an important read in the journal today. cramer, as you can see, back in the starting blocks, he's got money-making advice for you next in his mad dash. one more look at futures in less than ten minutes. squawk on the street from the nyse straight ahead. i turn ed 65 last week. i turn the math of retirement is different today. money has to last longer. i don't want to pour over pie charts all day. i want to travel, and i want the income to do it. ishares incomes etfs. low cost and diversified. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. c

he is head of economics research with b of a merrill lynch.>> i guess you flagged the point that this is a housing and labor market driven recovery, that we haven't seen, for example, the industrial side participate that much, but frankly, the stock market up to this point has been ignoring that and going with the signs of the parts of the economy that does cost them momentum. >> i think the secretary gave a pretty positive spin on the date wra. we just got the data for the ism number that's about 50. that's not a rapidly improving economy. gdp growth so far this year is running at below 2%. both in the first quarter, the second quarter. yeah, we're moving in the right direction, but not very fast. i think the stock market, though, can look through the weakness and continue to look through the weakness, because the stocks know the fed is behind them. that they knew they were going to get good growth, and the fed is going it taper, or we're going to get weak growth and they'll continue to supply liquidity. the stock market can do okay even in t

. >> david is joining us now head of global rates and currencies research at bank of america merrill lynchortant releases in a long time. we say that every first friday that you need to watch that. they are all the most important. you really think this is the most important. why? >> i think as you know, a lot of people are talking about the fed starting tapering in september and market pricing that in. this number is going to exceed expectation one way or another. it's interesting despite the importance of this number, the market is not prepared to be pricing in a stronger than expected number. we can see that in option data. for the more than exchange market it's important. after yesterday the ecb and bank of england having forward guidance and with interest rate differential the most important driver in the foreign exchange market it means that there is stronger u.s. data and stronger u.s. dollar. given the market is selling the dollar in the last couple weeks we get a strong number. euro can really take a crack at 128 and be low. >> we've had people on for three years that would say whe

known her since merrill lynch. >> really? >> 1981. amazing, isn't it? >> it is.ge shares are up about 40 cents. >> yeah. >> initial reaction on this. >> people are listening to degan? >> i think they are. >> amazing. >> that's great. >>> we talked about microsoft and google earlier today. now other after the bell movers from yesterday and stocks to watch today. first up, chipotle shares getting a boost after the mexican chain reported better than expected earnings in revenues and same store sales. investors though are punishing intuit -- intuitive surgical, a disappointing demand for surgical robots and procedures. it also said that regulators issued a warning letter after an inspection of its facilities in june. you will remember herb greenberg has been raising red flags on intuitive surgical for a while. that stock is down 13%. >> you can't buy -- how would you like to come in and have one of your stocks down $55. >> yeah. you would be a little bit of a heart attack, you walk in the door. >>> capital one's earnings in revenue topped expectations and those share

northrup grumman is much better, and look at the gold standards, and northrup grumman is upgraded by merrill lyncheople were behind in the move. mcnerney said in the call that we are beginning to see the sequestration, and u.s. air talking about how sequestration hurt the airline industry, but the defense contractors and everybody was short and believed it was a laid up short, and it w wasn't. >> maybe not for now. but everybody has to believe. >> eventually. >> the defense budget over time will not rise as much as it has, and in fact, maybe go down. >> well, the government, and well telegraphed that a lot of the guys took out costs and you could see still some mergers and remember that the allies are coming, and the people who were not defending are buying stock. i know you want to be the world wide policeman. >> no, the cost of the joint strike fighter and for per plane. >> each one worth a gilead. >> yes, close to it. not quite $91 billion, but not far from it. >> and they are sell gene. >> and we will get to celgene and bios. >> the bears will say, but crocs, crocs. yeah, i went to the playgro

you can go into a full service brokerage like merrill lynch or goldman sachs.lot. their commissions are high. and you can go to an electronic trader like an e-trade or ameritrade. the commissions are much, much lower, but you have to do all the homework yourself. >> the general rule of thumb, the less you want to pay, the less help you get. >> so you should have a portfolio. you should have a mix, right? >> that's correct. you want to make sure you don't have all your eggs in one basket. you want to spread out your investments. >> i think we've got a couple that you can show side by side, melissa, and kind of look at the difference of asset allocation in two different portfolios. >> basically, what you want to keep in mind is, when you're younger, you want to go riskier. you're more leveraged towards stocks. you have time on your side. you have time to weather the volatility and ups and downs of a portfolio. age 30, we showed a portfolio of all stocks. the average return is about 10%. between 2006 and 2010, they did a study of average annual return. some years,

management at bank of america, a new division that was launched after bank of america's acquisition of merrill lynch. working in the immediate aftermath of the financial crisis, sally led the unit to 33.1 billion in federal governments in that -- profits in that position. she was ceo of citi global wealth investment management, ceo of citigroup, and chairman and ceo of stanford bernstein beginning the career as a research analyst covering financial services, a role in which she was consistently named first in her field by institutional investor and called "the last honest analyst" by "fortune" magazine. we have the founder and ceo of learn vest launchedded in 2009 to provide tools to help women be more financially savvy. learnvest has since grown to offer financial planning advice to empower people everywhere, men and women, to take control of their personal finances. alexa is selected as young global leaders by the world economic forum featured as one of the coolest young salesperson nears by -- intern euros and named to the young women's learning class of 2011. we are lucky to hear from two women