pete, from sweet pete's, this is debbie. >> hi, pete. >> hi.nice to meet you too. >> want to head on into the kitchen? >> sure. >> the entire staff is working around the clock to get this order filled. in the meantime, pete is meeting with potential candy makers to come help. >> want to make some caramel? >> i want to make some caramel. >> okay. >> but it's obvious to me, he struggles to give up control. >> we're gonna need to cook 3/4 of a pound of butter. >> what's the best way to teach somebody? >> probably to have her do it. >> okay. he's gonna have to learn how to let go. how many more candies do we have to make right now? >> it's about 200 in each case. >> oh, my gosh. >> take out three tablespoons-- it's unflavored gelatin. it's on the counter. >> you want me to bloom it or just to chill this right now? >> go ahead and pour it in the cup and chill it. >> we need more clusters. we don't have enough. >> i think you can mix that a little more. >> you want me to try again? >> i think you can keep going. you don't have to stir it so vigorousl

the tablet that can replace your laptop. >>> sing it, pete. go ahead and sing it. >> you kidding me? >> we asked you to choose a sector for pete to discuss media or industrials. so you guys voted in full force. we're going to close the voting right now. watch as the percentages settle. there we have it. i think the people have spoken. 54% of you want pete to discuss industrials. by the way, this was a lot of votes. this is how many votes? 56,000 votes. >> wow. >> that's what i'm talking about. >> 56,000 votes. >> i didn't know pete had that many relatives. >> a lot of friends, a lot of relatives. >> pete, what to talk about? >> emr. an interesting stock. it's basically been hovering around some of the support areas if you look at it on a chart. that part stands out. then today the september 70 calls, very, very active. there was activity in july as well. but the september 70s, well above the open interest. over 6,000 of those traded. a lot of folks betting to the upside that this sector still has legs. you've seen the industrials move to the u

as pete said, it looks like the court hasn't done that. you have a limited ruling about these quasi public employees. again, to give people some meat on the bone here. we're not talking about teachers union. we're not talking about -- >> those are sciu. >> we're talking about the issue in this case is home medical workers. again, the situation where the court is looking at the particular thing and say do we want to go big? they're not going big and not using the case to roll back any kind of big balance in the way we regulate unions. >> a 5-4 decision we should note. 5-4 decision in that particular case. >>> let's turn back and talk about the hobby lobby case. the one we're expecting a decision on any moment now. i want to show our viewers at home and the listeners on the radio. some of the excerpts from oral arguments. i found it interesting. justice e lee that kagan. the companies have a choice in the matter. there's a choice. it's not even a penalty in the language of the statute. it's a payment tax. that's coming from justice kagan. th

pete? >> that's giving the stock a little pressure after the immense run over the last couple weeks. i think adam m jonas is probably the best in the field right now when it comes to tesla. that's who i listen to. morgan stanley analyst. he's very bullish on it. i remain bullish on it. we had activity the other day. july 255 calls. i think the stock is actually just pausing here before it goes higher. >> pete, the stock is only down .5%. it's actually pretty good price action given the enormous run. >> after this call when you listen to adam jonas, you can see all the reasons he's saying don't embrace right now. look forward. this is a very interesting company. >> let's talk navastar shares up. it struck an agreement with carl icahn. >> tesla, you need binoculars to look forward. that's huge. >> they're talking 2022s. >> i don't look that far over. navistar, the company shareholder rights plan. the big news is that carl icahn has been limited in erm thes of settlement terms of how many shar

i agree with pete. they're going to go the other way.ngs have gotten a little too carried away. way too much funding out in the market. not enough assets. we do see them making transactions on the sell side and if they keep doing that, earnings per share should look great and pete will be right. >> almost mid-way through the battle for trader of the year. steve weiss has made a move today. and steve, you've been gaining ground. i think there was a time you were in negative territory. you've made a good reversal here. a lot of time left. >> i get comeback player of the year. >> you might very well be. there's a good group here in the middle of the pack. joe's in first place still. doc second. murph third, then pete, josh, weiss, fighting it out right in the middle of the pack. >> not how you start, it's how you finish. >> what's the move today? >> move today, sold gilead out of the playbook. i still own it personally. haven't touched my personal position, but having the playbook and having to make up ground, i'm not going to make it up wi

thanks, pete. how are you playing this? markets, there's an opportunity to play it there. many of our viewers don't do that, and on the desk too, but it's active because a lot of the purchase is going to be done using the debt market. >> it's a really interesting setup because the stock here of the acquirer and the acquirery are going higher. you can see more mergers like this. you can look at the names in the industry, but on hillshire, one more shot. another bid, and game over. but there's still more upside. >> pete laid it out pretty well. i believe you mentioned unusual activity in hillshire from the get go. you have been keeping a close on on what's happening. >>> yep. and the original trades, we traded out of those, wish i held them until now. too disciplined. but pete and i got back in on the latest run. reminds me of what was going on between dell and hewlett packard bidding for the tech play. if indeed this does go one more leg, then i would certainly be out in a hurry, judge. i wouldn't wait for the ink to dry on

pete? >> a lot of boom for the energy stocks. i look at these names, performed well. i think plenty of upside. obviously shifting around, because when we say energy, talking about a broad swipe of what's really an entire sector. obviously solar even's throw that in as well. there are different areas of a it. break it down, many names still trade and very palatable valuation levels. the same about the chips. i realize that's not necessarily a sector's chips, energy, leadering the majority of the year. throw in transports, airlines, rails. rails have plenty upside to go. airlines seem they've hit a little holding pattern up here but i love the performance we've seen out of the airline so far this year. >> and selling winners like utilities? >> utilities, hard to see much gain going forward especially their yield oriented. we think interest rates will rise. probably putting pressure. but i agree with pete that the energy sector, really it's across the whole sector. refiners, oil field service

pete what is going on here? the rally just cannot get any love, down the s & p down for the third time in three weeks. >> it should be getting love, wither get, the participation from where we want it started off with energy, that the entire year. then luke over the chips, smh only in february did it dip. since then, all it has done to scream to the upside, look at intel, sandisk, qualcomm, moving to the upside, getting the strength there. now, yesterday, the last three -- four or five trading sessions, look at the way the financials participated as well. scott, it might be unloved. people have missed it. a lot of folks were scared, sitting on the sidelines with cash at 1880, now trying to decide, how do i get in? seeing conservative plays coming the options even now. look at the names like clorox, kraft, not name wes normally is he see hit with options, seeing some of that as well. >> josh, the low met with ta stocks that continue to lead the way, defensive names, utilities, the ones that tend to move less dram

. >> all right, nbc's pete williams. we will definitely be checking back in with you from the courthouse in d.c. thank you very much. again, we are standing by for that 3:30 formal arraignment today. but still, an important day as this suspect in the benghazi attacks has made his way to u.s. soil. we'll check back in with pete williams. >>> also need to turn to what's happening in iraq. right now, u.s. flying armed drones over the iraqi capital of baghdad. the unmanned aircraft and fighter jets as well part of an aerial umbrella that the u.s. is mustering to help protect the capital and u.s. advisers on the ground there. the u.s. amphibious assault ship is surging toward the persian gulf carrying 1,000 marines in case they're needed to evacuate american personnel in baghdad. richard engel is in baghdad. richard? >> reporter: the iraqi military is now trying to fight against

pete?> the stock has been very resilient because it's news story, after news story, after news story. every single day seems like she's up there trying to defend something, and that's where the problem was for me. it's a lingering issue. it just continues to leak out. we expect it to continue to leak out over the next several months. so many better opportunities right now. i'm a bear from a standpoint that i think the stock probably does trade a little bit lower but if nothing else i don't see what the upside is as of right now. everybody seems to have a position in the stock. look at fund managers and look at it down here. i think for those reasons want, it own it and i don't see what the catalyst is but you talked a lot of folks out of it, pete did, when it was north of 40, 41 and he was the bear back then t.knocked down to here, and i think it's better down here obviously, and i think a lot of folks have jumped back in, pete and are starting to get back in. that's the support that you se

the same kind called out by pete and john every single day on this show. "squawk" host andrew joins us with the latest on this stunning story. >> reporter: thank you, scott. remarkable to think that literally a quarter of every single merger that takes place that we see announced has some type of unusual activity, and not just unusual, but meaningfully unusual activity. the professors that did this study actually said that there is a, i think it's a 3 in 1 trillion chance the unusual activity was not informed by something else. not random. it was real. seen it anecdotically on your program, more than that, where you talk and go back at deals that get announced and what happened to the options before. bizarrely, the fec does not seem to be focused on options as stocks themselves. it clearly a place they've missed. in part of type of litigation they've pursue and more importantly, seem to miss regularly according to the study, activities that get announced and not completed. a deceit get announced, not completed, a 22% less likely chance they will go after t

it's amazing. >> if i can address pete's question. i did like the stock higher and i owned the stock higher. but after what management's done, i don't see a reason to buy the stock. and the key reason -- >> it ain't cheap. >> it is getting cheap. 20-something plus. based upon their growth. >> this is my key thesis. you and i have talked about it. i loved their clothes. but you go into the store at lulu, you touch it, you feel it, you like it, it's better. >> imagine mike murphy walking into a lulu just smelling their clothes. >> net sales are up 11%. gross margins were up 15%. when you look at some of these numbers, this was not an awful quarter. by the way, this will remind you of underarmour underneath 50. i trade the stock, too. >> mike made the most important point. none of this stuff matters if the consumer is no ng loer as interested in the clothes. my proprietary index which is the "real housewives of long island," which is my wife and her friends, so over it. the stores are empty. the brand has lost a lot of cache. >> how are

pete? >> well, i think so many people missed it. they all have been talking about -- first, the russell, then the ten year, and everybody had an excuse for why this thing is not going to go higher. if you look at the volatility, it is giving you an opportunity to stay into this market. even going into draghi, the jobs number, look at where the volatility index has been. it has been about 12 or less. so when you look at that, and the steady meltup we have gotten on the financials, not many people talking about it. look at the financials, how about the fact they're moving to the upside, 52 week highs. goldman sachs leading the way, the capital markets aren't as bad as everybody thinks. >> maybe tipper gave everybody -- grab you and shake you and make you look at this rally and get behind it a little bit. >> i think the primary reason the market hasn't gotten the respect and this is going open for years now, agree with pete, lack of volatility, lack of volume and people missing out on it, spec

pete is spotting unusual activity in the stock.going to tell you how he's playing it next. >>> plus, what will be the biggest story of the second half of the year? we ask our traders for their best ideas. and one by one, we reveal them this week. joe terranova is up after the break. ♪ ♪ ♪ ♪ [ tires screech ] chewley's finds itself in a sticky situation today after recalling its new gum. [ male announcer ] stick it to the market before you get stuck. get the most extensive charting wherever you are with the mobile trader app from td ameritrade. wherever you are with the mobile trader app peace of mind is important when so we provide it services you bucan rely on. with centurylink as your trusted it partner, you'll experience reliable uptime for the network and services you depend on. multi-layered security solutions keep your information safe, and secure. and responsive dedicated support meets your needs, and eases your mind. centurylink. your link to what's next. are the largest targets in the world, for every hacker, crook and nui

it's the principle of non contradiction, pete. so glad you pointed this out. >> i have no idea what you just said but you're right. >> anybody she sends the emails to, they'll be on their servers. there's a chance the emails only went to the six other people on which case you have them. >> why would lois have anything to hide? >> i want to run this past you. the reason why the i.r.s. actually stores their emails on these server $ because it provides backup and recovery of records to protect against information lost or corruption because it's very well known that spoilation of evidence would be the result of not holding on to any backup of these emails. so does it really matter that these are lost? shouldn't there just be some sort of legal action that takes place anyway? >> well, listen. can you claim the dog ate the emails? >> that dog would have to eat the emails, server, even if you went to poured acid on lois lernor's computer and lit it on fire, you could still recover the emails. fine. we'll go along with this little joke an

sessions jeb hensarling pete hoekstra dan lundgren and you guessed it eric cantor and kevin mccarthy make no mistake about it it's no coincidence that eric cantor and kevin mccarthy tried and true members of the caucus room conspiracy both have now held the position of house majority leader republicans may seem divided by right now but there's one thing that always unites them electing a leader who will sabotage the obama presidency joining me now for more on this is mike papen taddeo attorney and host of ring of fire radio a pap to great to see. i forgot i was going to lose the evan radio today and i never had to it's own open with you're going to come in and you've got a gig coming up in chicago and it's with our friends with the move to a men's group which i am constantly plug in i have no affiliation with but i think that there are probably the most important political move in america and tell us about that may be the only thing that saves lives the move to amend issue is so important right now as you talk about on your product on your on your program. constantly is we actually h

pete williams, do you have anymore? >> yes, it appears pretty clearly now andrea, that the person who fired the shots has in fact is dead. a federal official is telling us this. now as you are seeing this school, troutdale oregon is in noma county. according to this just released from the department, the shooter is confirmed dead. confirmed deceased is the term they are using. they don't say something though about the extent to which there are injuries or any other problems to other students. the initial word back here, andrea, was that the whatever trauma may be associated with this is pretty limited. but you probably are seeing this now. let me read this whole thing from the sheriff's office. 8:07 a.m. this morning, that's obviously pacific time, 11:07 eastern time. police responded to reynolds high school on the report of shots fired at the school. multiple agencies responded and tactical teams are currently evacuating students and staff. the situation is stabilized and the shooter is confirmed deceased. parents are

pete you were an infantry platoon leader.ou conducted multiple raids via black hawk helicopter and trained people on how to understand how to interact with the local afghans. when you watch this tape, what jumps out to you? >> well, it's a very telling exchange. every american is told, you know, special operators, especially, be polite and be professional and have a plan to kill anybody you meet. you see that. this is a serious, precise operation. they are not used to dealing in daylight. we own the night with thermal devices and night vision. we prefer to operate that way this is broad daylight, open field. you see the special operators getting sergeant bergdahl and remaining the right hand available and not carrying weapons. they are searching him quickly. he was carrying a plastic bag and pulling that out and putting it on the ground if there was anything suspicious and getting in and out. there is no trust, no love lost between the groups. the taliban are standing back because they are not looking for an interaction with

pete, thank you.in, we appreciate all your insight today. >>> a lot going on, including this. check this out. this live picture right here, world cup fever is hitting the usa. chicago fans are filing in grant park to watch the match. just about an hour and a half from now. the interest is huge as you can imagine. even celebrities are getting in on the game. >> crucial game, huge game. the eyes of the world are watching. let's do this. >> let's do this. this is a sign. soccer is here to stay, or is it? what social media has to tell us about that. >>> and a conversation with a former team usa player is next on msnbc. spokesperson: the volkswagen passat is heads above the competition, but we're not in the business of naming names. the fact is, it comes standard with an engine that's been called the benchmark of its class. really, guys, i thought... it also has more rear legroom than other midsize sedans. and the volkswagen passat has a lower starting price than... much better. vo: hurry in and lease the

pete? >> it's very interesting to see this happen. you can transfer your song list over to make that part of your play list. this is a direct assault on all the streaming but specific spotify. these guys are getting it free through their prime. amazon is getting very aggressive in the space. they're already in movies, in television. now they've got music. >> doc, twitter coo is out. what do you think about this? biggest shakeup since the ipo. >> when they found out he was selling a lot of stock that rubbed a lot of us the wrong way, not just insiders and twitter but the shareholders as well. the stock was being smashed by folks indiscriminately as it went down. i bought it too soon at 34. i bought more at 30 and now with it back up to 37.5 almost pushing 38, i like it. i don't know whether or not this gentleman did a bad job aspiratiaspirat coo but that was a bad message and i think twitter did the right thing. >> forget about the executive announcement but the fact if you look at the di verge ens between facebook and twitter, twitter

pete williams will discuss what they mean. first, let's get to our election day after dateline mississippi. just three weeks ago, the death nail was ringing for senator thad cochran. >> mississippi, where a six-term senator is in serious danger of losing his seat. >> hold the phone on mississippi. the republican senate candidacy is now officially a run-off. >> thad cochran is now fighting for his political life after an unbelievably close republican primary last night. a lot of people are expecting cochran can't pull this off. >> but pull it off he did. so just how did the embattled 76-year-old republican senator become mississippi's comeback kid? it's called creative campaigning, my friends. after their primary night drubbing, cochran's people shook it off, put on their man pants, and got to work plotting a three-week resurrection campaign. by yesterday, as politico writes, a collection of groups that might be dubbed the emergency committee for mississippi had spent millions of new television ads, knocked on tens of thousands

>> pete williams, tonight. pete, thank you. >>> late word tonight that president obama will name a new v.a. secretary as early as monday to replace eric shinseki who stepped down last month, following reports of chronic delays for medical treatment and veterans dying while on the waiting lists. tonight a scathing new report on the v.a. cites significant and chronic system failures. nbc's kristen welker has more. >> reporter: the new white house report says the v.a. is plagued by a corrosive culture. deputy chief of staff rob nabors and acting v.a. secretary sloan gibson told the president on friday, the v.a. needs to be restructured and reformed. whistle blower dr. sam foote was the first to reveal widespread misconduct. >> i was somewhat shocked in how dead-on accurate it was. clearly mr. nabors and acting director sloan gibson did not pull any punches on this. >> reporter: the reports' key finding, the v.a.'s goal of scheduling patients for treatment within 14 days is arbitrary, ill-defined and misunderstood.

pete, good evening. >> reporter: brian, good evening. a few days from now, he'll be brought here, to the u.s. courthouse at the foot of capitol hill, where he'll be formally charged. prosecutors secretly filed charges against him last july. killing people in a federal facility, providing material support that results in death. and using a firearm in a violent crime. if convicted he could face the death penalty. in spite of calls that the u.s. take him to guantanamo bay. officials say that will not happen. not a single person has been sent there since president obama took office. when the questioning is over on that navy ship by the intelligence officials. the fbi will give him a miranda warning and begin interrogating him to build a criminal case. one that will be presented in this courthouse. >> pete williams in washington for us tonight. pete, thanks. >>> it was just as we came on the air last night, we showed you the video of an extraordinarily powerful storm system in the upper plains, including dual tornado funnels touching down at

pete, what more can you tell us about this lunch? security advisor to the president, susan rice, is scheduled to be sitting down for lunch with secretary of state john kerry and defense secretary chuck hagel right now. a senior administration official told me president obama has not made up his mind about the next possible steps in iraq in terms of the potential military intervention in that country right now. we know based on his conversation with congressional leaders here at the white house yesterday that president obama has said he does not need congressional authority, new congressional authority to act. even as we're speaking to you right now we're learning that president obama is scheduled to make a statement that will take place at 12:30. that's the breaking news. we expect to hear from president obama today at 12:30 based on the conversation with congressional leaders saying he doesn't need new congressional authority to act. that would rule out any large scale air strikes and would seem to make it likely that the president

pete kardashian agrees with me. i think i'll be right here. >> because it only matters who wins in the market. and right now, josh, you're fifth. >> say it one more time. >> i'm just giving you a hard time. it's kind of fun. you want to check out all the moves traders are making, go to cnbc.com/2014-playbook. two big stories happening today in the financial world. kate kelly here with all the details. >>> big news firstly from nelson peltz whose $9 billion company has adopted bank of new york mellon has its new core position. combination of stock options and other holdings could make it one of their largest positions overall. it's number two after mondeleze. it's not an easy going investor. pressure from perform e pelts's led to the leaving of their ceo. and reduce banker pay. trian pressed for stough change at state street before they sold its open stake at which point state street's share price had more than doubled. so while there is no blueprint yet or we don't know what it is, it could be pretty interesting as

>> pete williams in washington for us tonight. pete, thanks. >>> it was just as we came on the air last night, we showed you the video of an extraordinarily powerful storm system in the upper plains, including dual tornado funnels touching down at the same time. after a long night and the first light of day today, we learned the extent of the destruction. the number of dead and injured. nbc's john yang is in what is left of things in pilger, nebraska. john, good evening. >> reporter: good evening, brian. this is what three quarters of the buildings here in pilger look like tonight -- absolutely flattened. two people died, including a 5-year-old girl and more than a dozen people were injured, all because of a devastating hit by a rare and deadly tornado. captured on camera, a twin tornado, sometimes called sisters. two funnels descending from a single storm cell, cutting a doubly broad path of destruction across northeastern nebraska. >> do you see the tornado? >> oh, gosh. >> reporter: veteran storm chaser ben mcmillan thought he

i like where pete is going.nk germany here, i think it has upside to 36. >> we apologize to our european viewers to dan nathan's remarks. they don't reflect -- >> come back as a european. >> up next, some slick unusual activity. plus trading the names lighting up our twitter feed. much more "fast" after this. 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. >>> let's take a look at shares of express. we pointed out the huge move. sycamore taking a stake in the company and may look at a bid for the entire company. now take a look. jumping after hours for aeropostale. in your bucket of crappy retailers. some unusual activities, ultra petroleum. >> today as the stock was moving to the upside, july 30 calls, over 4,200 traded by the end of the day. over 7,000 traded. went up to

pete? >> you know, this stock right before 2:00 today on the eastern side, when you look at sf the option activity, it really was interesting. these june -- they expire next friday, so june 13th expiring options, the 120 strike, mel, they were buying these for 25 up to 37 cents. towards the end of the day they are trading over $5. there was never anything out there exactly on green mountain, but all we could see is obviously we all know about the short interest. it's pretty high. and you can also see that as the stock was breaking out to the upside, that seemed to be something as well. a lot of people talked about technically. but you look at the options, 11,000, over 11,000 on the day traded. something was going on there. >> did you jump in? >> i had to jump in. how could i resist. i'm expecting something to happen. >> next up, ebay falling as an analyst says the company is getting less views on google. >> if they lose 80% of their top rated placement on search it will affect the stock. al

pete explained it beautifully. all intents and purposes, what the supreme court has said is the congress can prevent any recess appointment at all by simply refusing to be out of -- to be in recess for ten days. >> joy, i think that's exactly right and i think the implications of this ruling will be minimal for the rest of this year because democrats, remember, changed the rules to eliminate the 60-vote threshold for all nominees other than the supreme court. while democrats have a majority, they can pretty much confirm anybody that president obama wants. if republicans take back the majority no novembin november, power in january, that's going to get tricky and difficult for the president. theoretically not only would president obama have to deal with mitch mcconnell any time he wants someone confirmed, he won't be able to go around congress and fill positions when a hypothetical republican senator refuses to act. that's what the stakes are and that's the power of the presidency that the supreme court curtailed pr

let's start with nbc's pete williams, who has been working the phones. what is the latest you can tell us? >> we will get some more details out of this news conference, but it does appear to be basically as we have known it for the last couple of hours, that there were three people shot today, two of them killed, one student, the person with the gun and a teacher, todd, a track coach and health teacher, who received a very slight, superficial wound on his hip. he was not even transferred to the hospital. his friends say that he's otherwise okay. the shooting took place according to several witnesses and law enforcement officials in a locker room or at the -- near the gymnasium of reynolds high school, which is the second largest high school in oregon. so it's a big school, about 2,800 students total, though they were not all there today. now, officials say they're pretty confident at this hour that only one person was involved in the shooting. however, we've heard from several students that at least one student who was coming out of the building after th

nbc news's justice correspondent pete williams is outside the supreme court. good day. >> good day to you. it's one of those days i'm sure you would have want to have been here yourself. >> that's exactly right. reading justice roberts today, extraordina extraordinary, unanimous opinion. he says in 1926, it's a totally different thing to search a man's pockets and use against him what they contain from ransacking his house from everything which may incriminate him. that's no longer true. a cell phone search exposes far more today. it also contains private information never found in a home. pete, walk us through what he and the court are saying there. >> well, that's an interesting passage you cite because when this case was argued, there was some head skrachg by the justices, which raised concerns that maybe they were not fully hip to what cell phones do. but any notion of that is completely gone by reading this opinion. for over 100 years, the courts have said that the police, when they arrest someone, can search that person. they can look in their pockets, b

pete. >> i don't know what else is out there. temp per we the causes for concern seem to be abating. >> and i think the only things that i can see was an explosive move to the up side which would be followed up by selling pressures. and look how many bulls were out of mar are kket at 1885. completely missed almost 70 points. we need the financials to participate. if the financials can participate this, market got legs to the up side. they are still cheap. so i think when you say what are the legs that remain, chips still look cheap, financials still look cheap. and you look at some of the transports this, remain cheap, but getting more expensive. >> you hit new highs and you keep moving forward. >> what started to change last week, every single economic report was actually better than expected. and it's been a while since we've had that much clarity on that front. in addition, the small caps that we were also concerned about, they wepnt up 3.6% since last monday. you're seeing leadership from the more aggressive areas of the mark

pete thata -- pete najarian. >> el paso pipeline partners, epb. >> "power lunch" starts right now. >> half of the trading day start right now. >>> we welcome you to "power lunch." it's the data, big day for numbers. gdp down 2.9%. durable goods for may were terrible. today on "power lunch" we're doing a black swan check forrious. yes, the numbers are bad but there's more on the horizon that investors need to know about before locking in their trade. despite all that bad news in terms of data, the markets are actually up today. the dow, the s&p and the russell all with pretty decent gains so far. also coming up this hour, we are going to talk about the fast changing american breakfast. cereal companies are very nervous they're not making money. but if they're not making money, who is making money?

pete gets an a-plus. let me just, in addition to emphasizing, remind you of his points, remind everyone that this is just a statutory case. it's not about constitutional rights. congress could change the statute to broaden the interest or the rights on either side. and what the court did say is that they really are workable work arounds and that certain, only a certain privately held corporations founded and staffed by lereligious folk could be treated more like the law treats churches and other full blown religious organizations. there are work arounds. so maybe this looms -- this case looms bigger in the culture wars than in the actual world. it doesn't throw a monkey wrench in the system. more like a pair of tweezers. >> it really is. it's a balancing test on both sides. and one question also is, of course, how much burden the exemption places on these employees. and it is actually cynics argue, people who support this ruling argue, a modest amount every month that individuals would have to pay to get

you've already seen pete sessions announcing earlier, i'm in.y, and now it's time to grab the popcorn and watch it's like volcan mind games. when they say, this is my guy. i mean shouldn't he know better than to say i want kevin mccarthy to fill my spot in that's going to make the base and contingent party not to have mccarthy in there. >> one thing about kevin mccarthy that's interesting to note, he played a really big part with the new members. a lot of the tea partiers were supported by mccarthy, were given pep talks by mccarthy. he went to their districts sometimes when they were running in tough races when they thought they wrntd going to win. so mccarthy has been able to engrash yat himself over the longish term. he doesn't line up with them i'd lodge lick because he's from california and he can't so it will be really interesting to see how this shakes out, where loyalties lie and politics lie. it's like open heart surgery right now for the republican house caucus and everybody's going to watch it from the viewing area up top. it's going t

our pete williams among them. we're going to check in with pete. he's in the courthouse right now.we will check in live with him. >>> also, some other stories making headlines today that we are watching at this hour. rain in the midwest where the mississippi river has already spilled over into the streets. homes and businesses, st. paul, minnesota, a state of emergency there is in effect, remains in effect after the river crested. forecasters predict another inch or two of rain this weekend. south dakota, wisconsin, iowa all also trying to stay ahead of severe weather. not typically seen this time of year. >>> and a single engine, a small single engine lost contact with controllers and crash-landed in the delaware river. this happened just a short time ago. police say two passengers onboard were pulled from the water in new jersey and are being treated for what we believe are non-life threatening injuries. no word yet on what caused that crash. >>> and a year after her marathon filibuster against abortion restrictions, wendy davis has officially accepted the texas democratic party

pete williams is live outside the court juggling live shots and legal decisions today. pete, can you break this down for us and give us a sense exactly what we refer to when we say this is a narrow decision? >> narrow because while the supreme court said yes, a for profit corporation can they sat it's exempt from certain laws that would violate the company's religious freedom. it's only going to work in a few situations. when you have a family owned company, closely held, not publicly traded that has a clearly established religious view. and secondly, it's a balancing test. when the courts can find that the company's religious objectives on the one hand outweigh the government's interests on the other. and the government's interest on the other, in this case, were making sure that the women who work for these companies would get insurance coverage for contraceptive care. not all kinds but they were basically four kinds of contraceptives the company said would be the equivalent of abortion and violate their religious beliefs. what the majority says is there are other way

pete, good evening. >> reporter: brian, good evening. this court is deeply divided on the issue of abortion. but it was unanimous today in declaring that massachusetts went too far in trying to prevent violence at clinic entrances. massachusetts was trying to avoid scenes like this -- >> they're lying to you and they're going to kill your baby. >> reporter: patients at abortion clinics confronted and hassled, sometimes even violence. so the state passed a law painting a line on the sidewalk 35 feet from clinic entrances. inside that line, no protests. but the court ruled in favor of eleanor mccullen, a 77-year-old grandmother, and others who said the "no protest" zones violated their free speech rights to try to calmly suggest alternatives to abortion. >> when they need somebody to care for them and i care, i truly care, but then when we get to the buffer zone, i have to stop and then they keep going and i lose. >> reporter: writing for a unanimous court, chief justice john roberts said, a painted line on the sidewalk is easy to enforce,

adam: pete, let me ask you along that vain of the earnings -- vein. they're not paying attention to revenue. it has if revenue is flat a lot of way and they're juicing earnings during the last reports. >> well i absolutely agree there but the bottom line is, not only do we want to see earnings growth for the second quarter, we also want to see earnings growth for the first and the second quarters. this is a big problem going into summer. the other potential problem is the end of quantitative easing. i see two really big props with that. number one, u.s. markets are going to have to compete with investment dollars against the united states government, who is going to be issuing untold amounts of securities. and second, the stage is going to be set for increasing interest rates. this all has me quite quite concerned going into july. liz: if anybody is concerned about anything on the broader perspective it is oil. i get to phil flynn. are you worrisome to you that insurgents are within 40 mice of baghdad now? ing a bad -- baghdad is not where the oil is

nbc's justice correspondent pete williams joining me now from the supreme court. okay, pete. break down this ruling for us. >> okay. well, what the court said is you have a test that's laid out by federal law. when a company says that abiding by a law would violate its religious beliefs, then this test kicks in. first the court said, yes, a for-profit company can assert religious freedoms. the mere fact that a group of individuals choose to do business as a corporation doesn't require them to set their religious views aside. that's step one. step two, they say, is what the government wants them to do, an important thing. and the court says, yes, it is important to make sure women get contraceptive coverage. the court agrees with the government there. then the third question is where these companies win and the government lose. the court says, is there some other way to achieve that end, namely getting contraceptives, without violating the religion beliefs of the company? the court said the answer to that is yes. it said the government is already doing it. because people, wome

pete and squoe are happy because it is in their play books.somebody bought 10,000 calls for $14. that's a big bet. they jumped in here and bought 700 calls. they bought both. it's not a hedge. they bought 20,000 of these. it's a crazy number, a big upside bet on apple. who did it? we don't know. there is a loft oh talk about this. >> the bet clearly here is that apple will trade significantly higher. >> yep. >> just after iphone six comes out. that's expected in the fall maybe september or whatever. we are talking about october here. >> exactly. it's after when we anticipate it being roughly september 19. deutsche and others have hintd they have word from apple to keep the calendar open. they are buying october. that's a huge bet. >> good stuff. more unusual activity. still ahead on the half it's a hot hedge fund trade gone cold. one tiger cub says don't give up yet. we'll hear from david gerstenhaber next. when we arrived at our hotel in new york, the porter was so incredibly careful careless with our bags. and the room they gave us, it was b

so be careful. >>> pete rose meanwhile back in pro baseball's dugout last night.was a one-night only deal to manage the bridgeport blue fish of the independent atlantic league. rose received a lifetime ban as you know from major league baseball nearly 25 years ago. the atlantic league are not associated with major league baseball. and oh, by the way, the blue fish won, 2-0. >>> now your nbc 10 first alert weather. >>> it is a rainy start in philadelphia. citizens bank park is getting a little bit of moisture for that fine-looking field. clouds will break. it will be a hot afternoon. right now 73 degrees at 4:26. it doesn't look like a whole lot of traffic in south philly. >> not much traffic in south philly or chester county. thisç is route 202 out near roe 29. you can see a few drivers out there. we're not reporting issues on 20. the 35 pass is clear, so is route 422. we are dealing with closures in wilmington because of a fire that happened last night. jesse gary is at the scene. >> they're using heavy equipment to sift through the rubble after a building colla

pete williams will join us when we come right back. us. ♪ thoughtful combinations, artfully prepared. fancy feast elegant medleys. inspired dishes like primavera, florentine and tuscany. fancy feast. a medley of love, served daily. >>> we want to go back live to nbc justice correspondent pete williams. in the last half hour we've seen reports of major judicial actions on the same-sex marriage issue. in two traditionally red states, first indiana and now in utah. that seems to be the more significant one. that's the first time a federal appeals court has struck down a state's ban on same-sex marriage. is that right? >> you said it kristen. that's the important thing. this is the tenth circuit court of appeals ruling very quickly on the utah ban. as you recall, the trial judge in utah struck the ban down. the state appealed. now for the first time a federal appeals court ruled a state ban on same-sex marriage is unconstitutional. we expect to hear from the same court about the ban on same-sex marriage in oklahoma. it was argued a week af

pete is his father. nelson crew up in chester, was a star at st.oe's and currently plays for the orlando magic. the ymca wanted to honor nelson for his commitment and dedication to the youth of chill chester. nelson says having a ymca like this is very important for the mount in the. >> it helps out a lot. the y helps -- hopefully one day we can get the y... >> pete and jameer nelson foundation will benefit all ymca members through a variety of programs for youth, families, individuals and active older adults. >> turning back to your fox 29 weather authority now. let's check in with scott williams because we know we got some ran moving in to the area. scott? >> most of the rain is not going to arrive until later on this evening, iain, but if you are stepping outdoors, hazy, hot and also humid. 85 degrees right now but look at that humidity. upper 50s to near 60%. you can always slice the atmosphere. it's that sticky outdoors. winds out of the south right now the about 10 miles per hour. scattered showers and thunderstorms likely across the area. no

. >>> pete rose was back in a pro baseball dugout last night. was a one-night only deal to manage the bridgeport blue fish of the independent atlantic league. pete rose received a lifetime ban from major league baseball nearly 25 years ago but the atlantic league, they're not associated with major league baseball. and by the way, pete showing he can still win, his blue fish team won 2-0. >>> a rhode island home worth nearly $2 million will have to be torn down or moved because part of it was built on public property. the rhode island supreme court has ruled that the developer that built the home has to tear it down or move it. here's the back story. the water front home was partly built on property that belongs to another family. that land is designated for public use as a park. now the house has to go. >>> any dummy who puts their million dollar home on land without surveying it and making sure it's on their land. >>> who's to blame? the engineer who surveyed the property back in 2009 made a surveying mistake which has now become a $2 million m

we begin with our justice correspondent, pete williams. good evening. >> reporter: it is surprising and it is unanimous and so bold, and shows this that court which still gives out quill pens to the lawyers who argue here is thoroughly up to date on smartphone technology. so many people now carry cell phones that a supreme court says a visitor from mars might assume they are part of the human anatomy. 12% use them in the shower. but it's what they can hold that made the difference in the ruling. a strikingly unanimous court, chief justice roberts said that

. >> pete, why are we watching cbs? >> just yesterday jimmy cramer saw it as well but i'm going to give you a little more color on it. they were selling and taking profits in the june 55 calls. those were already owned. that's why we were seeing the in the moneys. they were buying the 60 strike calls in cbs. 37,000 of those. people expected something positive. they're getting it today. >> joe, bank of america maybe a snag in settlement negotiations? >> jpmorgan and bank of america, 15, 16 billion dollars. >> what was the number? 12? >> that was the original number. over all bank of america is fine. i know john najarian owns it. it will be okay. this is in the near term. sensitivity to a correction. it's warranted. >> micron upgraded. nearly doubling the price target. >> b of p and i believe credit swiss as well. yesterday we had the firm go from neutral to a buy. this is all good news for micron, a stock that both pete and i have in portfolios or at least traded. >>> if you are trying to catch a cab around the world, yo

we are going to go up in the sky and look for sneaky pete from the sky.eaky pete is literally setting real fires all over town. his job justice are at it. but it wouldn't take long for him to bring sneaky pete to his knees. i'm so happy. he saved the day. our city would be in shambles and it wasn't for him him. he came through once again. they wanted to make sure that he would be put away for good. and walking him into jail. the anticipation is building. and now were waiting for him to brief the media. a chew hero who doesn't hide behind it. he faces cancer have on. he knew he was in a fight that battle today. you go straighter boy. is he a sort loser. were here at the home of tom in jenin. the french air force team put on a spectacular show today over the skies of normandy. it was the 70th anniversary. about a thousand veterans in the 80s and 90s traveled to france for this special event. there urging him two make a world heritage site to protect them for future generations. a 14-year-old winds x. games gold. they went to the first gold medal in the bigg