ethan harris is with us from bank of america merrill lynch.get to the labor economy in a minute. here is a fact. argentina is not out of money. in fact, argentina is not in default. the nation is in selective default, that according to standard & poor's. the entire surveillance team has begged to lose the minutia of everything going on. give us perspective. it is a crazy political history, isn't it? >> it really is. the observation you have away from the minutiae? what gets your attention on this day of selective default? >> that argentina seems to be in a crisis every decade or so. with cristina kirchner, if she does not resolve this by the end of the term, she will leave and her husband will essentially come in to clean up. >> her husband is a marxist economy -- economist down there. is there a threat to the government? >> it's not the same as 2001. messconomy was a complete in 2001. there was a tremendous recession .or many years of aefault was a result financial crisis, currency crisis, and other things. this one was not related really to

. >> let's talk about the merrill lynch business. one of the biggest conversations i have had his execution has been tough. you said we helped bring in 60 billion swiss francs by the time it is done. .here is still a tough marriage the margins are suffering. one will that turn around? >> i think frankly it is going better than we anticipated. i cannot think of better words. we have people on both sides that have come together and are working very well in almost perfect harmony. others are coming from a historically different background. >> a harmony the between a broker and a private banker is something i find in congress. system wasthe broker more pronounced in the u.s. i think the step to the swiss market is actually relatively small. we disclosed for the first half of this year that the bankers are already at 84 basis points. we are running ahead of productivity. the other number we disclosed is they are winning again. i think in terms of pure withoutvity we are franchise. >> when are we going to see you make more of a concrete in

article about the ousting of a former merrill lynch c.e.o. stan o'neal two thousand and seven a critical piece of reporting perceiving the global financial meltdown google removing his article from the engine has sparked criticism that the right to be forgotten is actually an open invitation to rewrite history and censor the internet on behalf the powerful i mean to talk a little bit more about the larger implications of this ruling on the biggest threats facing a free and open internet internet user producer now and will probably go oh. man so let's start really quickly talking about this ruling what wire precedent do you think this sets i think like you said i mean it encourages the sort of white washing of history the sort of rewriting of history encourages censorship and even though that this merrill lynch story this article that was kind of scrubbed by a google you can't search on google you can still search on other websites what we need to look at is the fact that this isn't an isolated incident like you mentioned in the days following

for merrill lynch asset managers, es collusively sold its fund through retail brokers.e topic is hot as internet and technology was, like a fire hose like anything we've seen and probably ever will see. >> you got death threats? >> at that time i co-host add show with maria bartiromo. on television a lot. and would take my kid to princeton, new jersey, to starbucks on the way to little leagues. a couple years later said something on the air. a day trader hatched to be in los angeles, california, not eve a merrill client, up, very upset about something i said. even i was bullish on a stock he was bearish on or vice versa and threatened to kill me. >> wow. so what do you make of what's happening today in the market? does it feel at all similar to '99-2000 or no? >> there are similarities. but i think the overlap is limited. here's why. there are always going to be buzz words. today it's cloud computing. big data analytics, cyber security. and, of course, some of those stocks and some of the hot niches within the technology sector, probably have valuations that aren't sust

apatiently an article critical of former merrill lynch exec. stan o'neil removed from some google searches in europe as part of that new law. we'll get to that in a second. kara, i want to start with the idea that goldman sachs has this confidential client e-mail sitting on someone's gmail account, on gmail servers. do you think that goldman should have access to get that back or to force the user to delete it? >> well, it's an interesting problem, because here we are, there's a famous line from the facebook movie, the internet's written in ink. i think this is the problem. all of these e-mails and texts and everything else are out there and the question is who owns them, who has a right to change them if they sent them incorrectly? so many opportunities for error it creates all of these very difficult problems. you know, it is their e-mail and they missent it themselves. a lot of interesting legal stuff around, who owns what on the internet going forward. >> kara, i don't get this story, because i have missent e-mails, and i didn't know that i

you grag yaduated with the markg degree and you went to wall street to work at merrill lynch. to check, college, professional job. but then still having that itch, that desire to do something different in entertainment. tell us how you made that transition. >> i chose wall street because i wanted to be in new york. at the time, you know, the people that i looked up to, denzel, sam jackson, forrest whitaker, a lot of the big actors when i was coming up to, they had all started i. they did theater in new york. so i wanted to get whatever it is that they got in new york, i wanted to get that. i knew that i had to get there and the best way to get there was with a job. wall s i mean, i was there sometimes two and three days straight without going home to shower and change my clothes and i'd be in the same suit and sleeping under my desk. it was crazy. i had no idew what i was getting into. i decided that, you know, put my money where my mouth was and my side hustle. we all know that traditional path of taking acting lessons, but we have the new thing -- internet, whether it's vine

merrill lynch was on the brink of collapse. he says he only mentioned one individual in his blog.re hasible that -- been no comment from the individual. he said he knew nothing about it. says it the article, he is possible that somebody who commented on his article could have requested for something to be removed. therefore the link was broken. this ruling from the eu is quite wide and sprawling. it has raised or kinds of issues. -- all kinds of issues. if we do a search -- it is unscientific. a lot of the results have been scared by the more recent articles talking about the removal of him. >> we have the original article. is nots go back maybe -- easy to find at all. >> at some point, you see the intoes about today blend the past. >> but you can't actually see the link to the article. the topit as one of articles there. >> this of the actual blog on yahoo!. >> yes. it still exists on the bbc website. they can remove it from the bbc website. but the search engine can be asked to remove the link from the results. >> yahoo! is not under the umbrella? >> the law talks about search e

michelle meyer with bank of america merrill lynch.tious view than we have heard from a lot of other people recently. let's look at the forex report. quiet. sterling still elevated. scarlett? berkeley's chief economist will be the next guest. ♪ . . this is "bloomberg surveillance." >>this is "bloomberg surveillance." -- >> this is "bloomberg surveillance." >> russia prepares for communications with kiev. this bull market will surge ever higher. and u.s. authorities take on german banks. good morning, everyone. this is "bloomberg surveillance." world live from our headquarters in new york. it is tuesday, july 8, i am tom keene. joining me scarlet fu and adam johnson. our guest host for the hour, dean maki. the doctor with us this morning. >> tom, overnight, u.k. manufacturing unexpected jobs the most in three months. in japan, they posted their surpluses income form exports come up more than makes up for a weaker yen. we have a few items coming out. 7:30, small business optimism. 10:00, the job openings. we are gritting its a lot of job

the price for them is merrill lynch's private wealth. the european operations are bit by bit. that's given a few bumps and bruises on income, but the civilian numbers aren't quite light for light, but they are very progressive. we are seeing cost income ratio reflecting the fact they are bringing merrill lynch operations in and have to manage down the cost on those. >> i want to bring in the cost to income ratio dropping to 17.8. there's a report saying the private banks, as much as their income is raising, their costs are increasing more. and the industry right now as far as the cost income ratio is somewhere between 83%. so on a comparable basis, julius baer is looking healthy. >> this gives them the chance to move and integrate to merrill lynch. they knew it was going to be expensive. look at morgan stanley. they are doing something similar, selling out the european operations. that's a much bigger challenge as that integration has gone on. across the industry, you're looking at cost-income ratios possibly pushing up to about 80%. the -- that drops through to the bottom nin

economist michael hanson is with bank of america/merrill lynch.s the economy finally getting traction here? >> it looks to be. >> reporter: not only was job growth in june strong but the previous two months were revise up as well, may, 224,000 jobs created and april, 304,000. that's the strongest increase in two years. anthony says the economy is on its feet again. so we're standing. are we running? >> we're walking a little more briskly than we were six months ago. i don't know that we're running but we're getting there. >> reporter: the lowest is those with college degrees but many like elizabeth thompson still feels underemployed. a journalism major earns about $28,000 a year. >> the main thing i always worry is that i'm not going to ever be able to make a solid living. that's probably my biggest worry. >> reporter: a study by the new york fed found that 40% of recent graduates can't find jobs that fit their education level. >> you've got to work really hard because you're not to be graduate and say well, i have a bachelor's, so give me that jo

the margins are getting a bit better for the merrill lynch bankers that have come on board.wards targets. culture has improved. the cost of integrating the why the stocksis are reacting positively. those costs are coming down ever so slightly. a variety of institutions in zurich will do their deals with united states in regards to tax probes. they are buying assets in luxembourg. leads the legal issues behind. this is smart dealmaking. when it comes to the issues that you just touched upon, it is escalation in terms of what might happen between europe and russia and the consequences for this is clear. things are it on hold in regards to russia. >> we have the typical business of eastern europe. this is in the wrecked exposure. that there a risk in russianin taking citizens? >> from what i hear, the entire eastern european business and russian business is on hold. the russians are waiting to understand what directions the sanctions could be going. there are a number of activities going on in russia domestically with this new authorization that is happening. there is a clear t

henry and steve were analysts at merrill lynch and made bold calls on tech during the '90s. as the nasdaq nears record levels, we're going to ask them if it's a little bit of history repeating itself. >>> we're also going to hear from roger lowenstein who wrote about the warning signs investors could be missing again. >>> plus -- >> in 1999, you were probably listening to cher, tlc, monica, whitney houston and britney spears. who had the top five songs that year? you had these songs on repeat. but i bet you heard my voice even more that year. do you know why? i'll tell you later on the "halftime report." but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ she can print amazing thing

joining us from tokyo, a chief japan strategist at bank of america/merrill lynch.ou for joining us. why do you have that thinking? >> well, thanks. term, we are very on the yen. we expect the dollar/yen to rise to 1.08. thekey driver will be monetary policy difference between the boj and the fed and it leads to an interest rate between the two countries. corporate have japanese selling in the form of investment. spread, we could see more japanese money flowing into securities. is from the shift foreign exchange market perspective. >> you cannot continue sweeping the current siena hoping for prosperity. -- the currency and hoping for prosperity. >> well, it is certainly lagging. a little bit difficult to separate structure. the laged one year of of the impact of exports. we should see moderate recovery from july to september quarter. if it is true that a better economy and weaker exchange or do not go forever, i do not think we are at that point just yet. be structural to reforms in a place in japan and they start to work because it will it? -- and they will not sta

america had a mass if mortgage-backed security accusation, especially if you count the activities of merrill lynch, a mortgage broker company that it provided and some of the most egregious forms selling bad mortgages on in mortgage-backed securities. you can expect settlement in the mid to high teams. >> mark, what will you watch to come out of this? >> there was app important part of framework, that a third of this will go for consumer application, payments. then, you know, the larger part will be a pay out to d.o.j. i'll be curious with the numbers. i think b of a have been successful that it bought itself into the argument with country wide. i don't think it will be as high as mat mentioned. it's too early to tell. city and b of a - you have to keep in mind all the bailouts, the assistance provided in 2008 and 2009. everybody else was a minor in the scheme of things. this was about the two banks, the two most significant in terms of moving forward. >> what will the government get out of the settlement with bank of america as we look forward to the next steps. >> i don't have a thought about th

results,moving search a bbc article focusing on merrill ranch. -- merrill lynch.roundabout before the global financial crisis. >> he talked about how he forced out. the issues they were facing. have beene links removed. bbc received a notice of this from google. it does not say who requested it. >> he has not confirmed or denied it. a good day somebody else. >> it could be somebody else. they wanted their comment removed and the link to the story. it is not just the bbc. the guardian has had links removed. about are reports soccer athlete who did not tell the truth. that.es related to get -- itediately takes your interest. and find out more about these stories. the issue here is privacy versus freedom. it is a gray area. it is a fine line. >> it is. this ruling was made back in may. it is supposed to protect somebody who had something on the internet posted that they are uncomfortable with. especially with articles that are supposed to be in the public interest. >> what is in the public interest? how many requests does google have? >> more than 70,000. from the 29

says theet journal dealings of merrill lynch and countrywide financial are the problems. they are both being at paying a cash fine. today's company news. >> canceling an auction due to market conditions. coming up, my interview with israeli's financial minister. >> abysses "bloomberg surveillance." manager --nance minister, yair lapid, joins us from tel aviv after the extensive attacks overnight. wonderful to have you. you will have a security cabinet meeting in a few hours. what will be discussed by you, the prime minister and the rest of your leadership? no one within israel government is accusing secretary of carry of betraying israel. he is a devoted friend of israel and doing his best to help out. it side from that, we have to discuss the fact that israel has agreed to three cease-fires. against israel because this is what they do. do what, think and their organizations do. we have to deal with that and see what we are going to do about it. that they castay dispersions. we said it was the opinion pages of various media. >> i did not accuse you of anything. i just use

economist michael hanson is with bank of america merrill lynch. is the economy finally gaining onaction here? >> it looks that way. obviously there have been a lot of false dawns. >> not only was job growth in june strong, but the previous two months were revised up as well. may to 224,000 jobs created and april to 304,000. that's the strongest monthly increase in more than two years. hanson says the economy is on its feet again. so we're standing. are we running? >> we're walking more briskly than we were six months ago but godon't know if we are running just yet but we're getting there. >> reporter: the unemployment rate is lowest among workers with college degrees, but many like 28-year-old elizabeth thompson still feel under- employed. a journalism major, she earns about $28,000 a year as an editorial assistant at "staten island parent" magazine. >> the main thing is that i was worried that i'm not going to ever be able to make-- a solid living, you know. that's probably my biggest worry. >> reporter: a study by the new york fed found that 40%

elsewhere today, we've got bank of america, merrill lynch and blackrock.lso keep an eye on the share prices of apple and ibm. groundbreaking alliance for two former rivals. basically, ibm is going to develop software for business users on apple products. this is quite extraordinary given their rivalry over the years. it could mean bad news for microsoft, who's been desperately trying to woo business users to use their latest software as well. so, very interesting developments from the fed and indeed from traditional rivals. back to you. >> interesting tech bedfellows on that one. thank you, appreciate it. >>> still ahead on "way too early," two hits and a standing ovation for derek jeter, as he exits his final all-star game. we'll have highlights. >>> plus, disturbing, new details of the night sandra bullock came face to face with an armed intruder inside her home. what new court documents are revealing about her alleged stalker. that and a check on weather when "way too early" comes right back. stick around. see you in a sec. ♪ >>> a dark day for america.

towrote in 2007 and referred the ceo of merrill lynch. bbc thatformed the some search links to this article were removed. it was not mentioned and they did not tell the bbc who requested it. >> who could it be? that is the big question. >> they are not revealing that kind of information. privacy or freedom of information that is more important? >> it is hard to know some time. >> it is a quagmire. which one is it? a report aboutis a soccer referee called mcdonald who lied about a penalty he gained. removed. >> i will look for him. >> driving someone. >> couldn't it peaks your interest? are millions of searches -- tens of thousands of searches out there that you may not know about. you would never go looking for it. case, the original entry is there and the bbc has it on the website of stop the biggest search engine no longer has links to it. oryou search other words other combinations of words, it may come up. this is a gray area and the details surrounding the ruling have yet to be found out. it was supposed to protect privacy. under cir

economy are strong now calling rove spent several years at merrill lynch global wealth management and he is the founder of or cam financial group and a blogger at the finance site pragmatic capitalism dot com now column spoke to us about some of the problems he still sees despite the good numbers in the second part of our interview i asked him about inflation and if the excess reserves have led to the type of inflation that some analysts had feared here's what he had to say you know again i think this is you know we're in this sort of new paradigm here where you know we've we've had this huge explosion in the fed's balance sheet and i think a lot of people were working from a sort of defunct understanding of the way that that banking really works and you know what you see in a textbook model it is this understanding of the money multiplier that banks need reserves in order to make loans and what we've discovered in the last you know five years is really that banks don't lend their reserves in the reserves really have no way of escaping out into the economy in any real practical sense

michelle meyer's at bank of america merrill lynch joins me in studio. welcome back.ood to see you. trend,th does not make a we all know that, but how encouraging is the latest data? >> the third month of gains. that is encouraging. we have now seen some gradual the housing market. it comes after what was a string of really week data starting last summer. existing home sales have been trending down. it started in part due to the rise in interest rates, the harsh winter weather. does not feel like -- does feel like the data has gotten better. races, so off to the a lot of challenges but encouraged by the recent data. >> you talked about the fed. what impact has the drawdown in monthly bond purchases had? >> it is a good question. we heard that from janet yellen and her testimony. and it is a point of the economy that we have obviously had extraordinarily hard from the crisis. interest rate sensitive part of the economy. one that the fed feels like perhaps they have a greater ability to influence and the fact that the data has been weakening since the middle of last yea

of america very badly wanted a sword merrill lynch.ely say he back and his career is on the upward trajectory again echo >> when he joined the i.t. in 2010 it was to turn around the ofpany -- cit in 2010 a lot that it was to turn around the company and bring back his reputation. of thelmination turnaround, people in the market watching him for a long time have said the culmination of the turnaround would be a deal. it,ulation around selling he himself acknowledged it was a possible and likely situation so to speak. solidified areally comeback a lot of investors and analysts are saying. >> and makes cit a lot harder for anyone else to buy. no foreign banks are shopping and the big domestic lenders are effectively prohibited either fed and the financial stability oversight on full from doing deals like this. >> absolutely. when i spoke with him yesterday, he said it certainly is possible to take -- consider a takeover bid that not very likely. >> how does this transform cit group which has tremendous -- traditionally been a middle lender

the cost of integrating the business, the merrill lynch business they bought, the cost of that is comingn. that is giving a nice boost to the markets this morning. margins of the merrill bankers are coming into line. when i asked boris about execution risk come i he seemed execution risk, he seemed upbeat. >> i think it is going a lot better. today, i cannot speak to words of any more operations. we have a substantial number of people on both sides that have come together and are working very well in almost perfect harmony. >> topline, dealmaking with the bank, assets rising, profits rising, margins moving higher. russian business is on hold for the moment. >> thank you very much indeed. see you in a moment. ♪ . >> welcome back. you are watching "on the move." i am guy johnson. the markets, 30 minutes into the trading week. you are seeing rising in a critical yields. we will get more details. with the stocks. >> one stop on the move is north. it is tepco. the ceo plans to leave. what is that worth to the market? 10e market has gone up 4 million pounds. is worthn is saying it every penny.

talking today about bank of america and the mortgage problems with country ride and interesting with merrill lynch we want more customer release more bar were relieved but they say no. with the $17 billion problem we want more cash out of that what you think of that? >> it is very interesting to see how this will is an end escalation to be victims of these problems across the banks because there is a lot of attention paid but how much does that actually benefit the individual? for a lot of people of fox business is where that matters or not at all and it is different than what some people would argue it is a slush fund that it is a creating a recent. >> where does the 4 billion go? 3 billion goes to the of victims'. >> the argument could be this is a way to deter banks from even in gauging. liz: and setting that aside but joe, what it is interesting i know that you are smoking a cigar. [laughter] here is the thing. we see a government bailout of banks with regulation that seems to be made moot with the bailout then they take the money is this the template we are working with because these guys in

today about the bank of america settlement of the mortgage and the problems at countrywide and merrill lynche fight over that is that they are saying we want more customer relief. and they said no, if we hit you up with this 17 billion penalty, we want more cash out of it. >> it's very interesting to see how this can be over time and what it means for the individual who has been a victim of some of these mortgage problems we have seen across the banks. because there is a lot of attention being paid. but how much does it actually benefit the individual? and for a lot of people our fox business, that's what really matters,. >> the justice department, i mean, it's different than what some would argue. they would argue that this is creating this reason. >> three of that seven goes to the so-called victims and owners 4 billion that they just use for their own benefit. >> yes, this is a way to deter banks from thinking about engaging in a. >> let's get joe into this with us. what is really interesting and i love the cigar that you are smoking now. another you paid for that. [laughter] >> we see go

it almost did with merrill lynch. it almost did with morgan stanley and goldman sachs. cohen.s bring in bill his book "house of cards," chronicled the fall of bear stearns. he joins us via skype. ms. do greenberg believe that bears collapse was due to the fact that the company was highly leveraged. how responsible was he leading letting the firm build up some much leverage? on this relatively solid day for wall street, t y for having me on. -- thank you for having me on. alan swarts was actually the ceo of bare when it collapsed. ceo -- heeplaced as just gave that up in december 2007, before alan schwartz came. all of these wall street firms had too much leverage. bears case, at times they were leverage 50 to one. that meant a 2% decline would why got there at 20 -- wipe out their equity. that's what happened in march of 2008, when the mortgage backed securities they had built up on their balance sheet became worth a lot less than they thought they were. >> that correction unit at the beginning, and that misstep that i made, is that something that mr. greenberg was conc

. >> i looked -- work dash it merrill lynch but people were so excited to work their now nobody wantedn look at that situation if you fire a bunch of people don't you thank you have to go? >> there is no way to do it. >> the stocks rose on microsoft announcing layoffs proving barack obama theory of using wall street to show the economy up is fraud. charles: i was very convoluted. [laughter] investing is the key to your financial future and it is one of the only ways to go but you have to have some stocks but you cannot disagree with me more says the next best. he says get out there we never should have ben and the first place. i will wrestle with the real-life bear. ♪ ♪ she inspires you. no question about that. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical con

merrill lynch trading in the german markets higher by 0.3%.rants ceo is stepping down as the company tries to fix its olive garden chain following the sales of red lobster. they're splitting the top executive role. otis will state on until december 31st or a replacement is found. activi activist investors brought higher moves. >>> virgin america, the low-cost airline owned in part by richard branson looks to expand in the usair line market. phil lebeau filed the report. >> reporter: investors who pushed airline stocks to new heights here in the united states will have a new airline to invest in. virgin air leans are filing for a new ipo. for virgin america this comes just seven years ago it was first incorporated here in the u.s. its first profit was only last year and it was for $10 million. they plan to use the proceeds of an ipo to fund flights. remember, most of their flights are in and out of los angeles and san francisco on the west coast of the united states. why is the ipo coming dow? take a look at the returns for the airline index ve

nightmare for the comedy. 70000 requests of coming and even one from stand oatmeal the former ceo of merrill lynchwspapers are complaining and the guardian is saying why are you pulling down our articles? it's a gigantic mess with them. also, pandora and spot a five. artists and songwriters could see some really serious backlash and that could eventually alter their business model. songwriters are complaining on getting stiffed. bette midler tweeted in april the after more than 4 million songs in a three-month period pandora you paid her $140. wow. it's really unbelievable. bette midler got that many songs delivered in 14 months rex jeremy is a consultant on the sharing economy and he is saying monkey parking and some of these other guys that try to monetize public assets are not in the spirit of the sharing movement. you know a lot of people not space. is this in the spirit of it? >> people really kind of get rallied around this. the problem is when you're dealing with something like real estate and you start to do you die you wait your real estate options. people move to neighborhoods because th

economist at bank of america merrill lynch global research. michael, i'll start with you, is the market totally disconnected from the underlying economy? 280,000 sounds pretty good, that sounds like 17% on the dow, no? >> i think you are seeing signs that the economy is trying to get more healthy and the first quarter gdp was quite week, but a lot of other data. even payrolls weren't that week with auto sales strong, there's a lot of indicator that is show the economy was not contracting at 3%. and i think the markets are showing that now. >> so you don't think that the fed orchestrated this -- it is having some impact, but the fact of the economy is working. >> does it pull out 17% for the next year or make it two or three years, or are we headed to 1 18,000 or 19,000. >> i don't think 17,000 is the end. we are a ways away from the bull market ending, and a lot of things will happen before the bull market ends. one of -- we haven't had a pull-back yet, so from a modest 4% to 8% pull-back, which should eventually lead to a correction of 10%, w

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in the countrywide and the case and the merrill lynch case, it's a bit of a marriage -- what's the phrase when you get married overnight? >> shotgun wedding? >> shotgun wedding. >> shotgun wedding is not technically when you get married overnight, i don't believe. shotgun marriage, isn't that when you have to get married? >> when you get married quickly. >> within nine months. >> but this was a shotgun wedding that was much faster than that at the behest arguably of the government at least in the case of merrill lynch. >> i'm not ignoring you, andrew. i'm looking at earnings. etna -- i don't want to say they're boosting their forecast. that would not be correct. however, they're narrowing their 2014 full year view to 654 a share. they had previously seen 635 to 655. >> they are raising the mid point. >> yeah, they're definitely moving that mean up, if you will. so 6.54 for the full year, that's up about 19 cents off the bottom of the earlier range. i guess that's a fair way to say that. >> and we should point out that the street was looking for 654 before that. so the high end of the guid

deutsche pwavrjt merrill lynch and east solution that he co-founded.e will be arraigned next month. vic lee abc 7 news. >> texas blue legend johnny >> texas blue legend johnny winter has died about winter had a long career that began when he was just 15 years old. he was a fail us guitarist and he was named one of the 100 greatest 50 tarist of all time. he was one of the most popular live acts of the early 1970's when signature fast blue guitar solo attract add wide fog. he and his brother edgar were born with this and they grew the white hair long making them a striking presence on stage. winter played out woodstock and set to release new album this fall. cause of death not provided. johnny winter was 70 years old. >> opening day at levi stadium w.we show you some polices off limits to us until now. 7 news at 9:00 returns after the break. >> abc 7 a response are of aids walk san francisco. part of the news team at last year event. this walk is three days away now. sunday golden gate park to register call this number on the screen. down [ heart beating

for example, over at bank of america merrill lynch we saw fbr capital cutting it to market perform.rd kept the buy rating but had to bring down the price target to 4.50. that being said, advanced micro made a go of it. tried to expand in other areas, including gaming consoles. and low-end servers. it didn't help them with numbers they delivered in this latest quarter. there were high hopes, dave and lori, got great numbers from intel and pc demand. customer base for advanced micro devices different than business clients for intel. they didn't quite get quarter people hoping for. that is why you saw the 16% drop for advanced micro. lori: thanks for the explanation, nicole. david: we're 30 seconds from the close of futures for the week. let's get back to scott shellady. how do you think it will open monday, scott? >> if i knew i wouldn't be standing here. the last couple days shows the market resiliency with the price action on vix and equity indices. that could tell some folks the market is little too blase. the investing are nine inning game. the first three innings we don't like th

resume, barclays capital hong kong, deutsche bank, merrill lynch. he'll be arraigned next month. vic lee, abc 7 news. >>> san jose police looking for a missing 81-year-old man. silva last seen in north san jose at stratton place yesterday. silva has alzheimer's, and police are calling him at risk. seen wearing agray shirt, white slacks, gray full brim hat. if you see him, call san jose police department. >>> we got our first look at abandoned east bay school where five fires were set this week. this is some of the damage caused by the fire at adams middle school, which was closed five years ago because of budget cuts. investigators are looking for those who lit the fires either late tuesday or early wednesday morning. the fire marshall says vandals appeared to break in through a window and purposely set fires in five different locations. >> it was piles of debris that were ignited somehow. it's not possible where the fires were, it's not possible the fires started in one place and spread to the others. at least one in a completely separate room. >>> fire officials say sprinklers

merrill lynch, their target, $26, from street talk to talking numbers. let's talk pizza.have rich ross, and steve cortes. >> i would be a buyer on this decisive breakout. earlier this year. of course we have a bit of a meltdown. here's what i really like, brian. we hold that 200-day moving average, not once, not twice, but three times as lebron james might say. today you get that decisive breakout above the up side. that sets us up for a retest of the old high around $80. i think there's up side from there. one word of caution, brian. let's pull back and look at that weekly. the longer-term chart. you can see this is not an early call. we're up 2500% from the 2008 lows. we've been above the 50-week moving average, with the exception of a little run in there. you want to use that as your protective stop. a break below 71, you're out of this trade and i would not be a buyer, but absent that breakdown, i think there's still room to run. >> incredible. unchtsds manny, i agree with my friend. overall restaurant, same-store sales rote only 3%. domino's, though, same-store sales

bank of america has the issue with the forced purchase of merrill lynch which they didn't want. so they pumped money in. kept the entities alive and said to the american people, now we'll go after them. now they will take their money. capital reserves will not be there. that is dangerous right now going into the next deflationary scenario for the environment. melissa: yeah. >> i wonder where that numbers comes from. just -- melissa: thin air? >> seven billion, well, similar to the credit suisse nine billion for completely different set of facts. people compare it to the jpmorgan. i think these things are just pulled out of thin air. it would be great seeing the justice department actually have to explain them at some point. i really wonder, was any of this stuff, was it really illegal if all the banks separately, uncoordinated with high-priced lawyers were doing the same thing? melissa: yeah. i want to get back to consumers. we were talk consumers being in a funk at beginning of show. the contakenner store ceo echoing comments made by walmart's chief, sounding alarm on lackluste