pittsburgh based pnc bank is sticking with its sponsorship but wall street may downgrade the school's credit rating. >>> some virginians say they couldn't call 911 when they needed help the most. coming up an investigation is underway to find out what caused the massive communications outage during this summer's storms. >> if you see a story we should look into, give us a call at 202-895-3000 or send us an e- mail to fox5tips@wttg.com. i'm barack obama and i approve this message.

. >> members of occupy personal rallied at the pnc bank today. they demanded the bank rescind the sale of a home and reinstate her loan. they claim she was foreclosed on illegally after her lender sold her loan to pnc. they said the payments were not forwarded to pyn and -- pnc and her home was foreclosed on. >> they should go to jail. but you know that is not going to happen but somebody ought to pay for this. it destroyed her life. look what happened. >> with the support they met with bank representatives. >>> the average rate on the third year fixed mortgage fallen to the lowest it has ever been. freddy mac says the rate declined to 3.49%. that is the lowest since 1950. the average rate on a 15 year fixed mortgage dipped to 2.8%. >>> jc penney is changingilities pricing again -- changing its pricing again six months after they launched a pricing approach calling for lower every day prices, months long sales and periodic sales events. but they are bringing back the word clearance. >>> what do escalators and bath rooms have in common? the kov--

pnc wealth management. for the achiever in you.: tonight on cbs, back-to-back episodes of "60 minutes," "the good wife," "the mentalist," on america's most watched network, cbs. waiting for the players to make their way back to the 18th tee. kelly has just come out of the storage tent. this is what ted potter jr. did about 45 minutes ago, slinging one off the slope. what a way to back up the eagle three at 17 by kg the birdie for a two at 18. and then kelly, indecisive for a bit, trying to gauge the winds. this would have worked really well with last year's hole location. middle of the green back portion. he had to grind out a three-footer for his par. and the numbers, they are astonishing to think that you opened the week here, nick, and the excitement, the talk. it's about tiger and phil. and you get to the end and it's about ted potter and troy kelly. it's been fun. there have been other guys like charlie beljan. breakout performances. nick: these guys are throwing big chips. they've never seen a chip this big in their lives. th

. >> i've never had an overdraft with pnc before and i never had a problem with the ap misrepresenting amount of my account. >> officials would not discuss his situation officially but told us the ap provides up-to-date information. however, debits and withdrawals are processed overnight. therefore they say it's the customer's responsibility to independently maintain accurate records. the bank then refunded more than half of his overdraft fees. >> i was happy to get what i got. i feel like stsh still would like the rest of it back. >> they said the customers who keep accurate rords will never pay overdraft fees. on the upside his girlfriend did love her birthday present. >> who doesn't love tiffany's. >> we'll

the pnc will keep the state hospital and mission operating for 20 years.ahoo released its earnings today, down 4% from last year. net revenue totaled slightly lower than $1 billion slightly below forecasts. numbers took a hit in part to the charge for employee layoffs. they were down less than 1% on that announcement. both the mayor did not take part in today's earnings call that she is making headlines nonetheless were what may be a history making higher. word of her pregnancy as generating gender bending debate. >> yahoo's ceo is already delivering or about to deliver. melissa myers is to give birth to her first child, a boy, october seventh. she's married to an attorney turned the start of investor, and she knew about her pregnancy early on and show their evil thinking. >> i see it as a big step forward. >> the oldest women's college in the west, she graduated from. she said most women of her era who want to succeed usually didn't have children or have done long before they succeeded. >> 10 women have it all? this is a very bold statement, but yes they

i've added to pnc and texas capital. the reason you're playing these regionals is being the expectation is second quarter mortgages are going to be better. you're going to see in some cases 5 to 6% quarter on quarter growth. it's all on the back of the heart program, which many expect really has accelerated here in the second quarter. >> all right. let's bring in charlie, who's invested in financials, including a major holding in jpmorgan. charlie, great to have you with us 37. >> thanks for having me. >> have you added to your position at all since the last time we talked? i think it was before jamie dimon testified. >> yeah, the short answer is no. the reason is that jamie is the best banker in the space. jpmorgan has become the leading it's just not as cheap as a number of other financials. it's trading for about book value. that's cheap on a historic basis but not nearly as cheap as some other names we like more like goldman sachs and morgan stanley. >> it's karen. goldman sachs and morgan stanley are a little differ

you have -- intel, ibm, pnc, microsoft, verizon. overall, paul and -- josh, the -- people with money in the market here, are there companies out there this week you think will act as catalyst important the broader market? intel, goldman sachs, you have black rock, pnc, ibm, verizon, microsoft, google, xerox, ge on friday. what's the one we need to pay closest attention to? >> the next couple of -- this week, neck week, week after is the meat of earnings season. the biggest disappointment is everyone may be hanging their hat on some kind of catalyst right mere. i don't see it. i think it is going to be split. while earnings sentiment is so beaten down and negative, individual investor sentiment isn't. you are stuck in this range. i don't think anyone will the companies will bust us out of the range. after the conventions, i don't think is coming out of europe significant or bernanke. i think after the convention, in a couple of months, we will bust out of the range to both sides. i think -- right now shall one of the few times you ar

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certain moral principles that people can find out just through reason alone, th can reason about th pnc a c to s tou tt, ugheis ofson ohethate faarhatokes thity of natural law is the declaration of independence. at the beginni of the declaraton the statehat aln eedalardowinaenle gh t i t itas ecra said, laws of nature and nature's god. that is really the emphasis, the idea that there are cerin laws suchor principleshat t fro gov pennmennd cavem dpihe gontcen nt so is about weather are not the constitution written in 1787 wasro or ai slavery. u hs w gup a tritinripocs pe aue the tias aisve in itssce rick douglass said the constitution wasloou liy den e sol twa ss ghe nsti of te document. i go back to some of those guments. they maintain that slveas un bauseiothe tu and that is relevant their gument was always that theonstition oue inrpd inige arn ndde d w cold and the constitution was the silver from around it . thihire he s titn he fail written not to conceal or destroy the apple but to give a pride of place. this is always his argument. io a alfeides -roavntlary ew difnt causes. counte

pnc says it is the customer's responsibility to maintain accurate records including how much cash isthere refunded more than half of his fees. >> i was happy to get what i got. i would still like the rest of it back. >> customers to keep accurate records of their balances will never pay an overdraft the. is a costly record for shea has that little box came with a bigger price and plans. on the upside, is your friend did love her birthday present. you cannot put a price on that. >> you have to love tiffany's. seventeen magazine will no longer feature air brushed photographs of young women. she collected more than 85,000 signatures as a direct result to get the magazine to change its ways. magazines like 17 that use photoshop send the wrong the message to teens. >> i hope that seventeen would agree to do this but i did not think it what actually happened. it has been exciting for me. >> they will not only showgirls how they really look and feature models and girls who are healthy. they promised to be upfront about what goes into the photo shoot. she hopes other magazines will follow su

bank, you know, pnc financial, a risk way, and the way i prefer to do it, is jpmorgan, citi group and we'lls far go. >> if the loss is $6 billion, can we manage that, if it comes with a blooted number like a $9 billion, is that when we really need to be concerned? >> if they lose $9 billion pretax. it will still have 12 companies in the united states that makes more money. jpmorgan makes so much money, we're talking in the $20 to $22 billion after tax, that it can afford to take a hit of this nature. we don't want it to, it's extraordinarily bad what they did, but the fact of the matter is the bank makes more money than any other bank in the world, and there's only five companies that make more money than jpmorgan. so what you're looking at is if they lose 63 cents a share, which is what they would lose, what you're looking at is basically whether they curtail it. is it controlled? >> just real quick, i want to take you right back to the beginning of this interview when you said big banks are critical to the u.s. economy, do you think the economy lost their trust in those big banks? >

at the pnc in the 600 block of pennsylvania avenue yesterday. detectives say the robber walked into the building, demanded money from the teller and walked out. >>> the parents of an 8-year-old virginia boy are under arrest charged with child abuse, the young victim was covered in bruises when he rang a stranger's doorbell yesterday. here's the report now. >> reporter: amy sweeney and matthew sweeney, parents of six are charged with child abuse after their 8-year-old adopted son fled their house early wednesday morning and arrived on the doorstep of this home several blocks away. he rang the doorbell. they were up late watching tv. >> i asked him, can i help you, son? >> he said, i'm lost. >> and i said, well, where did you come from? >> and he said, i don't know. >> police say a few hours later at 5:30 they got a call from amy sweeney to report her son missing. based on the conversations with the 8-year-old both parents were arrested accused of abusing their son over a long period of time. >> some injuries were new and in sold, the abuse is par

nike, pittsburgh based pnc bank and the state's largest health ensurer, highmark.eir commitments. >>> a very brave 13-year-old girl is trying hard to cope after surviving the aurora, colorado, theater massacre. this is kaylan. she was at the theater with six other people including 6-year-old veronica moser-sullivan when the little girl and her mother were shot. kaylan was veronica's babysitter. she tried to perform cpr on the child but couldn't reach her because her wounded mother had fallen on top of her. veroni veronica, we all know, did not survive. kaylan is clearly struggling with that really painful reality. >> she liked to draw. and she liked to look at the -- i had a bunny -- well, i have a bunny in my room. and she always liked to look at the bunny. >> little veronica had just learned to swim days before she was kimmed. she was pretty excited about that. the child's mother is expected to survive. >> that's heartbreaking. >> it really is. it's just so wrong and so unfair and so sad. >>> other news, a new federal report says bp and drilling rig owner transoc

pittsburgh based pnc bank is sticking with its sponsorship but wall street may downgrade the school's credit rating. >>> some virginians say they couldn't call 911 when they needed help the most. coming up an investigation is underway to find out what caused the massive communications outage during this summer's storms. >> if you see a story we should look into, give us a call at 202-895-3000 or send us an e- mail to fox5tips@wttg.com. i'm barack obama and i approve this message. [romney singing]: oh beautiful, for spacious skies, for amber waves of grain, for purple mountains majesty, above the fruited plain, america, america, god shed his grace on thee, and crowned thy good, with brotherhood... >>> this is fox 5 news at 10:00. >>> what caused 911 service to be disrupted in part of northern virginia following last month's derecho storm? officials from virginia, maryland and the district gathered today in fairfax for a closed door meeting to search for answers. fox 5's tom fitzgerald has more. >> reporter: 911 is supposed to be there all the time every time you call. >> fairfax county

pnc. one of the regional banks i'm playing. came down, filled the price gap it had at the end of the month from june 28th, 29th. great low risk point of reference. 200 day moving average 58.70. i'm adding to my longs aggressively today. >> stephanie link walked in with a smile today. she sold out of cummins before they warned and really spooked the market. that was a big warning they had. you were nimble enough to get out of it before they did that. >> well, in full disclosure we sold at around 100. we missed it to 125. >> you can't get every last penny every single time. >> we didn't get a lot of news yesterday, right? cummins, applied materials, amd, across the board not great. i did like what i heard from general mills. reiterated guidance. talked about decent volume improvement. they're hedged at least for now. >> the ceo who was on cnbc yesterday said commodity price inflation wasn't going to be nearly as sharp as some people have been talking. i think he said 2% to 3% whereas the comparison was maybe some people were look

that is smentf pnc thonatisnip d ier i om esmebsel nstisall into the marketing generation stuff that the falls all politics. the ufoundde tad th ma iceorolit tavt fe o. 'tarticularly like it but it is funny in the joe klein review which is ain gt rdheays - covas reic vesectoondar ua asell,oldberg does admit this. so what is the point of saying this if i admit it. it is onage 9 of the book i say conseat ts to dfee yer nstiarmifr thncth es d is the idea that liberals i simply members of the reality based community. that they don't have an agenda. at they only want to do what works. idobthy bere he iured rly i imweaywhwe nes ewecra of independence from ideology, bigotry, prejudice and small mied. do iol b er rtarine le reinis o louty r ope' isthrmulation you get over and over again that conservative ideology and liberals don't. i try to trace the intellectual orngk m as aat beo d edbar chbleress e me a moemca no labels which i despise. >> host: why do you despise it? no labels in someayis tt redaman ts toi ey frd candidate. >> guest: this cult of the center. the whole thing -- bank as t

get numbers before the open from bank of america, bank of new york mellon, blackrock, honeywell and pnce close we'll hear from american express, ibm, qualcomm, ebay and yum brands. brian is still with us, chief income strategist at wells fargo and so is jim from american enterprise institute. brian, first to you. what's going to be the main report to watch today, do you think? >> well, you know, we're watching probably the beige book, look at the economy. any kind of economic data. i think critical more than anything are going to be the upcoming employment reports, both for july and august as we head into the september fed meeting. >> what's your base view, brian? what are you expecting to see happen as data plays out in the rest of this week into next month? >> well, i think the chairman is starting to lay out a consensus building within the fed. if the data does continue to deteriorate and we don't get an uptick in the employment data, you know, i think we are headed for additional easing at the september meeting. by no means a foregone conclusion. the data could point otherwise but t

the orgazatis ha ic pnc ti nd smar borders. but it's been discussed for quite a while. >> okay. mr. skinner? >> i agree with admiral allen, as a matter of fact, i thin cledou s gotillhat was itas brought out and dusted off, and i think that started the ball rolling for getting the bill that we now have through the congress so paris. so fast. quite frankly, i thk the whole concept was ve uty fortto bri tgethhe eruon within government so that they can work better together to not only protect or prevent another terrorist attack, b alsoo depilendn aby span ve a terrorist attack should one occur. so it brought together these different elements that would sit under one roof, one leadership with one common prt ed,ov a is to peven mitigate against natural -- terrorist attack, but also natural disasters. here's my concern. yo know, my bias having been part of a small company that got bought by a larger conglomerate thh mngceged, i'go faalral understand that. but i also understand when you go into the larger organization, so much of your effort is directed toward, basically, feeding the beast

. >> pnc park, home of the pittsburgh pirates. nice alliteration. >> you start with meatball mania.gger. the slugger is a steak sandwich piled high with cole slaw, french fries and provolone. you top that off with iron city beer. this sounds really good. i'll have to visit. at&t park home of the giants. >> this is cool. they've got great garlic french fries from gilroy, california. gilroy is the garlic capital of america. then, because you're in san francisco, not that far from napa, 35 different kinds of wine. >> are you going to have to pay napa prices for it or can you get a deal snoo. >> you go for an estimate for a diet coke. at least you can eat well and drink very well. >> last place, right here, city field. home of the mets. >> you got to go there. they sell -- 50 million nathan's hot dogs every year. they've got a shake shack out there. great burgers and fries. that's where you go. >> what do you order? >> you know what, the cheeseburger, the double cheeseburger, that's it. you're done. >> double. i always go for a double at shake shack here in new york. we have locations i

don't work very well, the one thing that has to work on the web and it always has be nctioninapw d ct i pnc>>s hewseta wngth sentt,it interests aside. and joined together, make common cause around some larger rpos eeh rmn an rai erl coy rge ee chy aou t and signoff on herbert hoover sharing what became known as the mission. this is a guwhoe understands will dsme the tiewl rstu rn. tr kbyi t as ho hnstin ntnaalsi and e-mail in a president needs the tools should be able to meet a crisis a especially in the postwar ulargv e s oriman an n rma red ho t a reorganization of the executives that would empower the presidents and is essentially the great gift they gave to other presidents who ll t oizd raalthece ch awhesis d lefuon e thcttho reenhesiy mo twacu b democrat mada difference. in the course of gathering information, who very found of so much was ronga asf ovenathehdl nyit kndu t etisas ineor ate later said it's amazing he didn't leak any of this eauty ke tohslfse la gwao sr tedeit w reenor pde whll. >>seroarllte time. >> we see it again when hoover and eisenhower, advisor to nixon not to ch

. >> it is, pnc park, fantastic. >> thank you, jeff.ext hour of cnn "newsroom" begins right now. >>> and good morning to you. i'm carol costello. thanks so much for joining us. just ahead in the "newsroom," when is the power coming back on? nearly 1 million people who have been without power since this weekend are asking that question. we're putting that question to a power company official. mauled by chimps. an american graduate student clinging to life after a couple of chimpanzees tore him up. what doctors are doing to save this young man's life. and take a look at this. this is a 16-foot shark. this pair of great whites have been swimming along the cape cod shores. could they ruin fourth of july beach celebrations? >>> but we begin with this. our top story. for much of the country this will be another day of blistering temperatures. it will be stifling and oppressive, but for some 2 million americans it will be downright dangerous. they still have no electricity and few ways to keep cool. the outages are still massive scattered acro

rather look at it from a more macro perspective and say that regional banks, your bb & ts, maybe even pncsea where you would buy dips in the s&p has crept up from about 1255 to 1279, to even 1300 even. stock pickers will win and i think the long side is the way to play it. >> thank you, bob. >> thank you, carl. >>> deputy attorney general james m. cole hosting a press conference any moment -- actually i believe we already did that. let's move on to banks. u.s. regulators are requesting resolution strategies for nine of the largest living banks, and how they could be dismantled if they became insolvent. you know, this idea, matt, of being able to say this is how it would go and therefore we wouldn't suffer the consequences, do you buy it? do you think it's really possible to dismantle any of these institutions so we wouldn't suffer dislocations? >> i would take it with a grain of salt. i have no confidence this will actually be implemented in a successful fashion. when you look at a living will in a personal situation, when you implement it, it still results in a death. if any of buff these

let's bring in john riding and bill stone, chief investment strategy of pnc asset management. to have you boetd with us. john, i want to start with you. your expectation according to your most rekroent know is for the fed to do something in the fall time frame. do you think it will be below consensus? >> i don't think the fed's necessarily going to do something in september. what we're saying is next week is too soon for the fed to do that. they did the extension of operation twist for the next six months. there hasn't really been a huge amount of data that we've gotten. there's been some slight positive signs within some negative reports, including signs of the housing market stabilizing and maybe a slight recovery. i think the fed wants more time. they want to see if this friday's jobs report, which we think will be 115,000, they want to see the august employment report as well. >> do you think there's a magic number in your view -- is there a magic number at which the fed will act? >> well, i don't think there's a magic number. i think unemployment is the key focus because

bancorp, pnc, bb&t, fifth third, all these stocks are extraordinarily attractive and should be owned.niversal banks, you have to have a very strong stomach. i would, for my own account, if i were allowed to buy them, buy bank of america and jpmorgan. but it's hard to assume these stocks are going to go up as long as people refuse to look at the fundamentals. >> yeah. as he said, as bank of america once again has a six handle today. dick, what a year we've had on that name alone. thanks so much for your time. see you next time. >> thank you, carl. >>> counting you down to the close in europe. we'll bring you the closing action live when it happens. a difficult day for some of these markets. in some dayses, the worst intraday of the year. back after a break. ♪ [ male announcer ] you've reached the age where you don't back down from a challenge. this is the age of knowing how to make things happen. so, why let erectile dysfunction get in your way? talk to your doctor about viagra. 20 million men already have. ask your doctor if your heart is healthy enough for sex. do not take viagra if

courts, ambassador kennedy and i got into a discussion about the ace or pnc ndgen fth ciesavnq. y tdoveh enatf o ininformation from your latest report as to what facilities we do and do not have land use aeements for? >> y. beefng iator 1 hackedge aprce through diplomatic notes, but there are still only 5 of the 14 fowhich we actually have explicit titlase em oas thayl t, c ist,ical, wose are, or is there some force of law to those notes? >> well, the notes are definitely not the same thing as having an plicagen atet,hs aden cre isuius nfe, diz ur sites, and that was at one of the sites where we did not have a land use agreement. and so, obvious, we're in a much more vulnerable pition when there's not agreement. mrrr i ae thsteloueus o aq nationals in overseeing some of our investigations. does that -- i mean, what's your dohariouoo , ba, th e k ee t's arne? eemsikouow ers d le more concerned about how thr tax llars were spent than the iraqi nationals who are the recipients of those tax dollars. ndf a uag nh iooik >>llerll i think it's like ms. rudman said, it's an additive sort

. >> let's bring in stuart hoffman for more on the data, chief economist at pnc.ing. we'll ask our panel of experts to comment. first put together what we see the better adp number, somewhat better than expected jobless claims number, does it make you any more optimistic, stu? >> i was a bit more optimistic even before these numbers, so i feel maybe a little more validated. our number for tomorrow was 135,000, so about 145 private and you know, 135 total, so adp gives me a little more hope that after two months of disappointment, double disappointment, because last month with the downward revisions, tomorrow i think the number will be over 100,000, and maybe we'll actually get a small upward revision to the two previous months and i think when you look at this, you have to look at the second quarter, add the last three months together, still not strong by any means but it doesn't look like the momentum is getting worse. >> we're still talking, stu, if i'm not mistaken about a 2% economy. is your forecast any different from that? >> no, i heard your discussion earl

specifically looking at the other bank results and pnc this morning, they set a lot more aside for mortgagereserves. the putback problem. granted a very low reserve in the first quarter of $33 million and then 438 million and then from your perspective does bank of america have enough set aside for that issue specifically? >> no, they don't. their mortgage repurchase -- the mortgage repurchase requests ju jumped to 22.7 billion in the second quarter. they've only put aside about 16 billion. that's far below an i would expect they'll have to put aside much more this year. >> eric, on the subject of what they might need to put aside, we are concerned of libor. the chatter in london is bank of america may be the most exposed. we do not know. $4.2 billion is a projection of where they might be and kbw said they're speculating. what kind of figure would youest snat. >> i don't have any estimate for the libor exposure. for all u.s. banks total about $10 billion but i don't -- >> that's lower than $morgan stanley was way above that. >> i think it's early in the libor investigation. >> interesting.

in association with pnc bank. >> there you go.re, you are the executive producer of this. you have a few people here. >> largest summertime balloon festival in north america. we're expecting 150,000 of our balloon aatic friends more than hot air. >> when you come out to the event and have this kind of crowd out here before the sunrises there has got to be something special. that's the if you inflate it they will come. this is just a precursor of everything coming this afternoon. 1:00 today we have the iconic. national dance troop. won all kinds of awards. 8:00 we have the balloons again at 6:3 o then it's a miracle tonight. we have the legendary smoky robinson. >> smoky. performing on stage signature events of the balloon festival. balloon glow. going to library up all the balloons. >> t rex how does this fly? it doesn't seem like a normal balloon. >> it's a lot harder to fly than regular balloon. arrow dynam particularly. 12 stories. comments from canada. we have balloons from three different countries from galaxy far far away. a