this is the key to increase prices make america merrill lynch. i have an overview that summons the global markets i had the eye. it is. it is. means and it truly means to musicians. the concert in taiwan to think if people for supporting those affected by the two thousand and eleven disaster in north eastern japan. people in taiwan sent about two hundred million dollars in relief donations to regions hit by the earthquake and tsunami the concert was held in the city of times. the one thousand five hundred people attended including visitors from japan. as a junior high and high school students from me on a summer evening. she must be thinking. the sun the context of the construction. the farm to the taiwanese youth orchestra only the performers and audiences saying how my life bought flowers will bloom the song to encourage the building. it's similar to the ants. i am. i will keep for your teeth and can take deep in the end will find their way out of their troubles and have a bright future. really nice to snuggle her music events will help cement

equity and quantitative strategy at bank of america merrill lynch. savita, we've had some choppy trading over the last couple of days. but there was something -- >> we sure have. >> pardon? >> we sure have. >> but there was something different about today's selloff. what's changed? why now? >> you know, i'm not sure if it was sort of some signs of it building momentum in the economy. and i am terrible at kind of diagnosing one day's performance. but i do think that what we've seen over the last we'll call it a couple of quarters has been rotation out of stocks that have been helped by falling interest rates like your higher-yielding areas of the market or your super high growth areas of the market, into maybe some of the more beaten down, cheaper, cyclical names that could actually start to show some signs of strength in an economic recovery. in a way what i think is happening is that a lot of these stocks that are very expensive -- like today's move, you saw a lot of really expensive, high growth names get hurt the most. and in a way, that makes sen

>> no. >> and no restriction owes jpmorgan, goldman sachs, merrill lynch, bank of america merrill lynchany of these company that are are engaged in the sanctions program? >> no, because with the understanding it's not their game. >> not their game, no. >> whose game? >> this is a political story and there's nothing that the you want to do to take action against them? you don't see any need to punish them for what they're doing? >> as far as it comes to me, no. >> well, i think it's useful to spend a little bit more time analyzing what impact we may have seen on the russian economy from the whole ukraine crisis. bridget hansel is with me. she joins me from the world bank. she is the lead economist for the russian federation here. and has just put out a report on this economy. thank you for giving us your time. let me ask you, i mean, how much slower will economic growth be here in 2014 as a result of the ukraine crisis? >> russia is navigating an economic downturn. this is due to a loss of confidence of investors that happened during the last year but this lack of confidence, which was a

merrill lynch another bank that a little there are not used to american banking names so well ok when that happens if you say you want to buy something for a thousand dollars and you've got ten thousand dollars in your account then of course you go at the pass to do to sue to buy that object but what actually has to happen between its two banks is that one thousand dollars of money has to be taken out of your deposit account with bank of america and put into a wall not supposed to count with merrill lynch now that depends not on the money in your account but it is on the on the reserve now if it's possible let's say that because they want to minimize the cost of caring reserves of people many of their assets in income earning assets rather than stuff that whoppers as the does those then of watching come let's say that the old the bank of america only has five hundred dollars in its total reserves. it's the system in force that the reserves have debated to enable the exchange then even though you had ten thousand dollars in your account because there's only five hundred doubles of rese

they cost the city tens of millions to ubs and bank of america merrill lynch unit. the two banks will now be paid $85 million to terminate the deal which was used to boost municipal pension plans. >>> president obama wasted no time to replace the health and human services secretary kathleen sebelius who took a lot of heat for the botched rollout of the affordable care act. sylvia burrell will be the next secretary of hhs, he touted her as somebody who can handle even the toughest challenges. >>> just four days before your taxes are due, but the commander and chief and first lady reported a total income of $481,000. they paid $98,000 in total for taxes for an effective tax rate of just over 20%, the obamas donated $59,000 to charity and paid $29,000 to illinois where they still own a home. >>> and earlier this week, we talked about big bug chaos, exposing users to hackers, now the infection has gotten worse jumping from software to gadgets we use to the internet. josh lipton has more on what is at risk and what it means. >>> it started with yahoo!. okay, cupid, and t

liz: of bank of america and merrill lynch. see you next time. tell the gang we said hi. >> i will.d, over to you. david: thank you very much, liz. we all know cybercrime is a major threat and we're now in a new era of so-called megabreaches. we'll talk to a man behind the disturbing new report on explosion of hack attacking and how protect yourself. new orleans is it the next silicon valley? we talk to two new orleans based entrepreneurs that set an incredible task. to create a new business every week for a whole year. 52 businesses in a year. ♪ why relocating manufacturingpany to upstate new york? i tell people it's for the climate. the conditions in new york state are great for business. new york is ranked #2 in the nation for new private sector job creation. and now it's even better because they've introduced startup new york - dozens of tax-free zones where businesses pay no taxes for ten years. you'll get a warm welcome in the new new york. see if your business qualifies at startupny.com but with less ergy, moodiness, i had to do something. i saw mdoctor. a blood test showed i

b of a said it miscalculated the value of some securities in its take over of merrill lynch. the fed ordered bank of america to resubmit its capital plan for the fed's annual stress test after it corrects the mistake. >>> some good news for the bankrupt city much detroit. city officials reached a tentative five year deal with 14 municipal worker unions covering 3,500 employees. the agreement comes as detroit is close to completing its bankruptcy reorganization plan. >>> new mining ends its talks. last week we told you that the world's two largest gold producers were talking about combining. the deal fell through. newmont ended talks saying the two companies didn't have a respectful relationship. shares of both companies tumbled. newmont down 27%. barrick down 3%. the swedish drug make meta rejected a take over from mylan. shares of mylan went down 3% to $50.67. >>> corning's first quarter earnings slid. the maker of gorilla glass used in smartphone screens did post earnings but revenue came in shy. the company also said it expects lcd glass prices to decline more moderately.

separately there are reports the bank is in talks with the department of justice to resolve a probe of merrill lynch's sale s of flawed securities. shares tumbled 1 and a half percent in trading to close at 6%. and talks for a large investor, sending shares way up in today's session. pepsico, dr. snaple and starbucks all mentioned in the report as potential suitors. shares popped to $40.75. >>> shares of gap rose on news it plans to triple sales in china over the next three years, making that asian nation its second largest market. gap opened its first old navy store in china earlier this year. the plans were announced at the annual retailer's meeting, shares closed at a gain of more than 1 and a half percent. >>> and united health the worst-performing component today after a downgrade from city. the share is expected to be strong in the first quarter. but there are limited opportunities for earnings growth this year, the firm lowered its rating, shares fell to $78.19. >>> and the utility sector up 11% so far this year, but is there still more room to run and should you own utilities in your portfolio

dividend.at issue is how b-of-a calculated the value of structured notes after b-of-a's purchase of merrill lynch during the financial crisis in 2007. 3 u.s. based traders at british bank barclays face criminal charges in the libor rate rigging scandal. they become the first on american soil to become a part of the scandal to be charged by uk authorities. the 3 traders reportedly will stand before a london court next month. security flaws have aol and microsoft users on alert. microsoft is working to fix a bug that has been discovered in versions 6 through 11 of its "internet explorer" browser. at aol -- a rise in "spoofed emails" has triggered an investigation. fake emails were sent to a "signficant amount" of aol users, and contain malicious links that compromise user data. aol says all users should change passwords and security answers. toyota is moving its sales headquarters from southern calfornia to texas. it's one of many changes by the automaker to save money after paying a $1.2 billion to fine to the justice department over a delayed recalls for fautly car parts including steering wheels

>> this is something that's legacy from merrill lynch, not something that bank of america underwrote,d think during the merger you know how quickly they tried to do due diligence on this company so quickly that as of a few weeks ago they are still getting sued. >> five years, that's amazing. >> it is, but one of the things if you don't have to deal with it head on when you actually take it on, something you're basically just servicing and paying into and have in a portfolio somewhere, you don't have to revisit it all that often, so if you're not familiar with it when you buy it in the first place, no reason to go back and revisit it over the course of a few years. >> the question you have to ask yourself is are these banks capitalized enough in case there's a real shock that hits, and i think we can all agree upon that they are. not something where we don't think that they are solid enough to maintain. we don't know what the next cataclysmic shock is going to be, but i would say that our bank system is as strong as it's ever been. >> hear that quite a bit. the disappointment of some s

, so they are pointing the finger at merrill lynch, and this is causing waves in the financialt they are not the first big bank to report a problem. scenario, down 21 basis points from what they previously estimated, so it is still double digits, 11.9%. >> it is curious. you wonder if they discovered it and alerted the fed or if the fed discovered it and alerted bank of america and why it was not discovered during the stress test. >> and you think about what happened with citi and their failing of the stress test because of what we can assume is that accounting issue in mexico. you wonder what is going to happen next time. >> the big question is whether they will be able to pay that dividend. either way, pretty embarrassing. >> not much for corning, inching higher, posting first-quarter profits that beat analysts estimates. a supplier to apple and samsung and the maker of gorilla glass, they had it increase year-over-year. >> number three, newmont mining falling. the talks between companies have now ended. newmont, it sounds like, call them off. it was to combine the to large o

did you see the note from merrill lynch?r correction 10%, 15% this august, this fall, september when q e ends and the rate talk begins. stuart: when they quit printing money by the end of the summer and talk about interest rates going up that is when stocks go down. >> we have seen nothing yet but got to find the bottom and we haven't had a correction since 2011. sell in may go away. this is the worst stretch of the year. seasonally affects the market. also midterm elections. stuart: sell in may and go away. i have heard that a lot. this analyst says this is the time to do it. we are getting more prove this week that former irs official lois lerner knowingly targeted conservative groups including an e-mail that surfaced in 2011. here it is what it said. tea party matter very dangerous. joined by becky garrettson, founder of one of the groups targeted by the irs. you just heard me read that e-mail their sent by lois lerner. does that vindicate you? does this prove you were right all along that you were intimidated? >> that is

. >> merrill lynch we had 2.3 trillion in private klein the assets. >> you only have 2 trillion?chris wolf, chief investment officer at portfolio solutions for merrill lynch private banking and investment. do either one of you gentlemen think we're in a full-pledged tech bubble? >> i think if you separate it into old and new tech, you can look at new tech and think the valuations have gotten way ahead of themselves. some of the older tech is lots of cash, interesting ideas and opportunities. if you look at it as a big blob, you miss some things. >> are you mark or chris. >> i'm mark. >> so history rhymes, it doesn't repeat. there's no pets.com around. >> exactly. >> we were talking before. you remember what it was like back then. >> i do. >> it's not like that at all. einhorn is one of the smartest guys in the business, as you know, he's one of the nicest guys in the business but he's focused on valuation. if you look at the tech sector, cut it into the s&p 500 tech names, they're tried traading w% free cash flow. they are trading 10 below p/e average. if you look at some of the

it has been going on since they bought merrill lynch in 2009. notes for the structure.itigroup was restricted for qualitative reasons. resubmitachs had to their plans because of qualitative reasons. banks are still coming to terms with what the fed wants. there are some cases like this where it is just a simple error. >> go figure. black eye is this for brian moynihan, who has been trying to increase the dividend? >> it does not look great for in 2011 hecause promised the dividend increase and that got rejected. they finally got their dividend increases. they are going to bump it to five cents per share. that is on hold until they resubmit. >> are they still going to go for the five cents dividend increase quarterly? >> the total buyback will be lower than what they asked for originally. we also note that will come from the buyback or dividend. the feds have 30 days to resubmit. they look at the answer on that. our heads going to roll? >> it will be interesting to see. it is a really tough process. heat for taken some these processes because this is a major thing. inter

that is one the reason why bank of america and merrill lynch last week saying you should buy the stockte, thank you. the latest all ukraine. what have a full coverage on athens throughout. finance ministers meet to discuss the recovery. the former prime minister will join us for an exclusive conversation at 10:30 a.m. london time during "the pulse." we will be right back. ♪ >> i am anna edwards. streamingn the move," live on bloomberg.com. one stock on the move is metso. caroline hyde has ever been you need to know about this engineering business. >> sexy, isn't it? the number say it all. the game makes it sexy. it could be a .5 billion merger between a scottish company currently training and london. it could be eyeing up metso. both are engineering companies and have international on the ground. they have 70 countries. would operate within 50 separate countries. the scales would be there. we can see synergy. metso trading much higher on the back of this. we are in terms of m&a this year. more than 7300 deals have been announced around the world. comparedmore than 1/3 to this time in 2

we had that merrill lynch analyst talk about 10 or 15% correction. you're starting to see more real prominence in fear coming into the market. not to freak anybody out. it looks as though we're accelerating, not slowing down as we move lower. melissa: have we gotten to the point the fed respond to this do you think. >> fed responded last week where janet yellen said we'll keep upon the pace of tapering which is a meaningless taper. melissa: throwing away targets. >> throwing away targets. basically that was all dovish and bullish signs for the market. melissa: it was but didn't stick. >> here is problem. like pushing on a string. sometimes, this is where it gets really dicey. i don't think average investor, gentleman mentioned average investors, the average investor is not in the market. this is professional traders market. people in mutual funds, 401(k)s. >> i've not seen the outflows, what is going on with the outflows and inflows in certain mutual funds. here's the bottom line. this is, this is where it gets tricky for policymakers. at some point,

that bank of america is in talks with the united states department of justice on its probe of merrill lynchttlement in the works. you can expect it will be the standard line, neither admit or deny any wrongdoing but perhaps a billion dollar settlement. it was leaves $276 million compared to year ago in the first quarter where they had a profit of 1.48 billion. the earnings per share, loss was five cents. the street was expecting a gain of five cents. year ago first quarter, 10 cents profit but earnings per share loss of five cents. would be adjusted 14 cents if they had not had litigation expenses. melissa, adam shapiro thanks very much. jeep unveiling the first model at the new york auto show, the first-ever built in italy. it is renegade. they hope it will be replace unloved jeep compass and liberty models. joining us fox business correspondent jeff flock. he is with jeep president and ceo, mike manly. jeff, take it away. >> i will show you something you've never seen before, melissa. that is the new jeep renegade. is radical depart -- departure from what jeep has done before. what am i l

that ends a long-running legal battle alleging the bank misled investors over mounting losses at merrill lynchreed not to serve at any public company for 18 months and making you spend more money this tennis season, wimbledon doubles the price for a guaranteed feet at center court to $84,000 so that means you have a place to set for the next five years obviously it is worth it. $84,000. off session lows, nicole petallides on the floor of the stock exchange. you are watching bank of america, the department of justice probing mortgage-backed securities practices as well. take it away. >> there's a lot going on. friday afternoon, you would think people would be wrapping it up. the dow is down 141 points, 25 points off of the lows of the day but the sentiment has been to the downside the nasdaq down 1.6%. concerns about ukraine down for the weekend of 3 major average less with the moves we are seeing companies like mcdonald's squeezing out gains and in to land goldman sachs. let's get to banc of america. the fact that there are reports the justice department is looking into $13 billion of banc of

and merrill lynch and finally, the firm that became jpmorgan chase. >> any idea how much money the boysilies spent on legal fees? >> they spend upwards of $3 million a piece on the defense. >> apiece? >> total. they could have spent more at this point. it could have been more at the time. just a figure that has been thrown out. >> what kind of financial shape were the parents in? >> collin finnerty's father was a banker at bear stearns. he then worked at various -- they had the resources to do this. reade seligmann was left well off and the bail for each of these kids was $400,000. reade seligmann had to borrow the money from a friend. he had to appeal to a judge because the friend wanted it back. david evans' mother is a big lobbyist. his father works at a law firm. they clearly had the resources. by the way, their defense team did an extraordinary job defending these kids. whether these kids got away with something or not, we would never know. they exploited every mistake that mike nifong. they got the state bar to attack mike nifong and file a complaint against him that forced him to

citi was down like 12% with this rebound today it's going to be down 8% i think with ma merrill lynch provide, the boost that citi can't get, because they don't have that anymore. >> if they reinvigorated the bank trade, it's either going to be backed up by morgan stanley and bank of america, or it would be canceled out by those names. >> i think morgan stanley is a different story. i think it's a story unto itself. jimmy gordon is reducing costs, meeting the targets that they set in margin. i think morgan stanley stands alone. >> i think google -- >> quick. >> that's the nasdaq tell. if they don't have a great report, it will be very tough for the tech stocks trying to bounce. >>> up next, final trades from this desk, and is underarmour the real winner this weekend's masters tournament? that is next. into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today. a short wor

>> i can tell from going out and seeing merrill lynch client, everybody is looking for yield, whether yield or dividend grower. we see very high demand to bring equity. >> what about the place to get in and what about you guys? >> if you're willing to take on a little bit more risk, not a cheap part of the market, but what we find is when interest rates rise high-yielding bonds don't go down as much. we're recommending it for select clients. >> i find it interesting, two days talking about the selloff and we haven't mentioned the fed at all. are they to blame for the selloff as they continue to taper? >> i think the dot plot is when they put in their forecasts for '15 and '16 but it's not official. the market is focused on that, but i don't think the fed is really to blame for that. >> good to see you. >> thank you. >> we go out now with a clunk. we are seeing selling pick up pace here as we head toward the close. is this the end of it, a very save panel coming up to talk about that on the second hour of the "closing bell" with kelly evans and company. see you tomorrow. >> thank you,

when citi and merrill lynch paid bonuses, we get upset. we can't go elsewhere.ril 15th you're writing that check. i'm writing that check. we have no choice. >> it is interesting that you talk about deadlines and realities and they can delay a response to an investigation. if they demand documentation from us or information from us or payments from us we better not do the same but there does seem to be a real problem with the auditing process in the irs because to hear the commissioner and others tell it, they are, you know, they have had to cut back on audits. they have had to cut back on a lot of this stuff because they don't have the personnel. is there any argument to that? >> well, i'm not an accountant. i don't know the way they operate their business. it's pretty clear to me that if you're in a compulsory business then you are required to get people to do business with you. once again, we're not dealing with the irs because we want to. so perhaps in fact they do need the money to get more money from us. but, again, the issue of optics is ultimately irrelev

there was a note out earlier from bank of america, merrill lynch. one analyst said he sees a 10 to 15% correction in the fall as the fed stimulus winds town and the expectation for an increase in interest rates winds up. so, maybe we're just -- we just have to get ready to strap on our seatbelts bus the worst is not here yet. you talked about biotech and enter sunset stocks selling off big. already in bear market territory, netflix and trip advisor, maybe we'll start to see a rotation back to the old school tech names, ibm, intel, hewlett packard, they're outperforming the market right now. >> thank you very much. one day or a week does not a trend make. april itself, even though october was the scariest of all months but april is typically the worst of all the quarters so they might be seizing on this as an opportunity to get out of dodge. i hasten to add the money was going into bond. interest rates going lower. in fact right now you can fetch a mortgage if you can get approved for one, a little north of 4%. that's what my wife and i were paying p

the miscalculation revolved around the realize -- issued by merrill lynch, remember them?decessor of the current bank of america. dating back as many as five years, maybe more. when i first heard the news, i almost fell out of my chair. how could they be a bunch of bone heads? why did i ever trust them? but before and after the latest quarterly report, so excited about getting that dividend boost and a buyback. now, i am not absolving bank of america from this stupid error. the overstatement of capital is shockingly preposterous. although, if there's a silver lining, if you back out the silver statement, enough capital to pass stress tests. although, you know what, i'm no longer as comfortable with that level if the bank has to write a huge check to the feds for past transgressions, which i think they will have to. and unfortunately because of this mistake, shareholders like my charitable trust which bought more stock because of the expected good news of buybacks and dividends have been totally disappointed by these guys. because these enticements aren't going to come back

. >> joe has been a professional trader for over 40 years with a long career at merrill lynch and morgantanley after levin morgan stanley in 1998, he's been trading his own account for the past 16 years, and he doesn't like what he sees what he trades. >> to me it's one of the dirtiest environments i have ever seen. i have so much difficulty getting things done. i guess i'm not the only one that thinks so iflgts dirty as in rigged? >> i'm not prepared to say it's rigged. i don't really know if it's rigged. i'm getting compromised all the time, i'm getting taken advantage of all the time. >> reporter: he offers an example. he's looking to buy retail, the current bid is $34.38. the ask, what someone is willing to sell it for is $34.45. joe enters an order to buy 500 shares at $34.40. immediately the market moves. >> i put in a $34.40 bid to buy. immediately someone is now bitting 41, 42, 46, 47. the offering got taken, and i'm out there still, and once again i bought nothing. >> joe ends up cancelling his bid and has a definite opinion on what is happening. >> i'm presuming that someone is

seemed like that analogy i'm just going to change our merrill lynch to citi bank because i believe that b. of a owns merrill and somehow. the perfect analogy now i want to look at those central banks in this system what's the purpose of the central bank in the sovereign currency area and basically what i mean is it is it the government's bank a government lender of last resort to or both. well it's to both lender of last resort to the government but it's also the guarantee that the financial system won't break down if you didn't have a central bank backing the operations of the commercial banks in the situation of given you if you want to do you you borrowing money you having money to buy something from the shop the banks in another bank and you'll bank on having reserves and i have done i will transfer it over that would mean that on a daily basis you wouldn't be able to go shopping on the bank have enough reserves and that would cause chaos in the payment system so the fundamental role of the central bank is to back up the payment system of the commercial banks profit things the secon

. >>> game stop in the red despite an upgrade to buy from mutual at b of a merrill lynch. >> interestingarget is hiked to $56, that's about $13 and change of upside. the stock's down today. they cite improved risk/reward. earlier this week or last week, walmart basically said they are getting into game stop space? >> that's right. eating their lunch. >> apparently not. >> moving on to mylan, trading higher. the biggest gainer on the s&p 500 today, getting an upgrade to buy from neutral at citi. >> this land is your land. this land is mylan. don't shake your head at me. target hiked to $61 a share, shares still up despite the news they failed to acquire a swedish drug maker in a stock deal. investors don't seem to care. the average target is -- what's going on around here? everything is falling -- remote controls are being thrown. it's chaos. chaos, mandy. now, to talking numbers and the battle of the bold-faced names. today's name, msg, madison square garden. a j-lo led group outbids a sean diddy combs backed group to own the fuse tv network. did you follow that? let's follow msg stock.

this is on a day when merrill lynch says precisely when we'll see another 15% contraction. how could you two see so things oppositely? >> well you know, that's makes a market, david. we have differing views how things are going to play out. who knows six months from now. but what we do know right now economic conditions are improving. so long as that doesn't get derailed it will be difficult for the market to go down and stay down. when you look at, you know, stock valuations in the past couple of months, everything was going up at same level. doesn't matter what the valuation the company was. whether it was justified or not. so you're seeing stratification occur. that's good. if you look forward to directly answer your question, i don't think either of us know exactly what the levels will be. we're sort of making the best guess based on data we're looking at. i think the information suggests the opposite which is the market continues to go higher. david: by the way, nasdaq could not be closer to 4,000 if it tried. 3999.73 right now. it is absolutely as close to 4 to you bu

bank by assets, said it made a "incorrect adjustment" on its books tied to the 2009 purchase of merrill lynch, meaning the bank doesn't have as much cash on hand as previously thought. it will have to cancel previous plans to give money back to shareholders. that's why the stock is down. >> safe and boring, huh? >> safe and boring, boring and safe. >> i'm very, very dangerous. don't listen to her. 18 minutes after the hour right now. >>> nba players making clear they don't like those racially charged comments attributed to clippers owner donald sterling, protesting on and off the court. we've got andy scholes with all the details in his "bleacher report," next. ♪ [ banker ] sydney needed some financial guidance so she could take her dream to the next level. so we talked about her options. her valuable assets were staying. and selling her car wouldn't fly. we helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today...and tomorrow. so let's see what we can do about that... remodel. motorcycle. [ female announcer ] some questions take mor

a senior economist at banc of america, merrill lynch. i want to break down across the board.is your take? >> it goes out of business. i do not think you fight the $60 billion broadcast industry. i think it will get slapped out of business. >> the fact is the airways were granted to the broadcasting networks in exchange for free television for everybody. what they are doing at ariel is just capturing the free televisions and bundling it for you. i hope it does not go out of business. i think people want to be free of their cable boxes. courttt think the supreme will shut it down. you make it sound as if you think they have a fighting chance. >> i do think. a lot of it is political. there was an act of congress that said if you want to use public airwaves to have to give it away for free. >> it comes down to this. the legal term is public performance. have privacye it rights that go beyond the individual family. you might be right. they may get their day in court. even if they say it is illegal, the broadcast guys are going to shut them down and find a way to basically stop the

bank of america merrill lynch.5 million after a new york watchdog found a subsidiary solicited business misrepresentation to regulators. >> number six, united continental holdings. upgraded from fair to buy at ubs. made that based on accelerated unit revenue growth. a price target of $50. >> number five, medicines company. shares are plunging in the premarket after the fda voted in favor of antibacterial drugs that have the same use of one of the company's own treatments. a patent infringement case was launched. number four, wynn resorts. getting a boost from the premarket. gambling grows over 13% from a year ago. good news for wynn resorts. number three, blackberry. winning a legal battle against an iphone key start up -- keyboard start up. boourt order and the tae product from selling the keyboard while blackberry proceeds with the patent infringement case against the company. >> number two, hewlett-packard. agreeing to pay $57 million to shareholderttle a lawsuit. accusing the former ceo of making misleading sta

the former top executive at merrill lynch and citi wealth management.s well as now the owner of 85 broad. sallie, is it a ripoff? way michael lewis writes, it sounds like it is. he has done a great service, he is a talented individual bringing attention to an arcane area of finance that most people do not understand. he has presented it in an understandable way. now let the debate rage. >> the debate is raging. some companies are getting hit by the accusation. i know you are on the board of motif, an online brokerage service as well as other things. is it fair that this is happening to them? >> the market will determine that, that is what a market's p ole is. is this a big deal for the organization, are they going to lose clients ormone money? it is hard to argue against the this being shined on thing. i always used to ask the question what are the things that are going on within the business and within the industry in thee participants industry know about, the regulators and reporters know about. >> this is opposite. >> i do not agree with that, everyb

they are accused of misleading investors over the quality of the bonds, fold by merrill lynch and countrywidealready paid to resolve similar claims with the fhfa. there is a settlement in that silicon valley hiring case. intel, andle, adobe will settle a suit by employees. they charge that they conspired to suppress salaries and sought $3 billion in damages. and football players at northwestern university will decide today whether to change the face of college sports. there whether --they are voting whether to join a union. they say that players are employees and eligible to organize. >> there's one thing we know for sure about the proposed merger between comcast and time warner. there will be winners and losers. we will figure out exactly who they are. hn.h us now, peter co he isn't with the blackstone advisory group. >> thank you for having me. >> walk us through this time warner consortium. what makes sense? what does this mean for consumers? >> there are a lot of moving pieces. it is a tremendous deal. i think everybody is going to come out a winner and a loser. there has been a natural t

. >> bank of america had to take they had to take down merrill lynch, among others and integrate themce sheet. >> we will look at that much more. adam. >> in the u.k., unemployment will to 6.9%. that is under the seven percent threshold. that is the good news. 7.4%.gdp rose as far as data goes in the u.s., we got the weekly mortgage applications. they were up 4.3%. at 8:30 we are going to get house and starts. at 2:00, the fed is going to release its beige book. earnings after the bell, ibm and google. >> olivia sterns has company news. melissa and company raised less than planned. moelis keeps control of the firm on getting a handsome pay a lot -- payout. barra is under fire for an instant -- ignition switch fall that was linked to 13 deaths. deutsche bank is trying to and it's money losing venture. the want to sell cosmopolitan resort for more than $2 billion. the bank foreclose on the property six years ago after the developer faulted on a loan. that is today's company news. >> dow futures up 65. this is fun. i have goosebumps. brad delong will join us in a bit. the great disruptio

bank of america found an error in the valuation of the securities it inherited part of .he merrill lynchould be fine if this were 2009. this deal happened almost six years ago and you would think that over the past six years they would have found time to go through everything that they acquired. the truth of the matter appears whichthat they have not, raises concerns and questions about how well the bank is being run and whether it is too complex. if the bank is so complex that people like brian moynihan cannot find time to go through these securities, you do have to raise some questions about the business, the scale of the business, the size of the business, and management's ability to pay attention to the things it has to focus on. >> sort of the too big to manage syndrome. a real black eye for brian moynihan. >> could you repeat that? trouble hearing you. >> a black eye for brian moynihan if it is too big to manage. what would the capital plan b? like something is going on with the audio. i think you are asking me what brian moynihan is going to do right now. if that is the fact, mobl

bank of america, selling off brokerage, limiting merrill lynch.n different territories. mallon, we can go down the list. seemed to agree with them. come on in. >> thank you very much. mike mayo, our special guest for the hour, and bill george, board member on exxon mobil and goldman sachs, along with john stressant ski. >> this is your time, brother. that is a treat. thank you. ♪ h >> it has been an amazing hour here on "market makers." chaminade, we have time for a quick final thought. , but don'tred overreact. remember, you have to run the company for long-term. run the shareholder -- run the company for the shareholders who are staying, not leaving. the biggest risk is that we overreact. i tell my clients to wake up and pretend you are an activist yourself. separate your discussion of earnings from the division and give your media more time. in other words, spend more time with the media about your vision for your company. >> spend more time on "market makers," with erik schatzker and stephanie ruhle. that is john's final thought. [laughter] >>

. >> merrill lynch tried to put a value on bitcoin. the camera with a terminal value of $1200.k has the team at wells fargo done on bitcoin? >> we have done some work on the history of currencies and this as a latest iteration in a technologically advancing world heard at an oh-fer put a terminal value on bitcoin. tosonally, i think you have get to some degree of price stability just from a consumer perspective. if you know your buying power is of your currency and it is a very volatile that it changes drastically over time, how do you use a currency effectively? i think that is a bit? that we have yet to answer. when we going to find some stability? >> this is important. kill, can you separate out the innovation and efficiencies, which everybody agrees are tangible, from the theoretical underpinning or lack of theoretical underpinning? >> absolutely. within a year or two, when you use something that is based on bitcoin technology, you won't even know you're using bitcoin. you'll be on bloomberg businessweek page by page and all you delete -- and i had to do is log in with coin