paul riley joining us, raymond james ceo.s dan niles puts facebook at the top of his favorite ideas list at the end of last year. find out if he is sticking to that in wake of the latest results. dan niles is up next. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. if you have high cholesterol, here's some information that may be worth looking into. in a clinical trial versus lipitor, crestor got more high-risk patients' bad cholesterol to a goal of under 100. getting to goal is important, especially if you have high cholesterol plus any of these risk factors because you could be at increased risk for plaque buildup in your arteries over time. and that's why when diet and exercise alone aren't enough to lower cholesterol i prescribe crestor. [ female announcer ] crestor is not

one raymond james put them on a buy list. they also have this i-watch.haven't heard -- liz: i-watch is certainly something. david: we don't know exactly why but it is definitely benefiting from all this stuff. go ahead, nicole. >> apple's i-watch. you also have positive comments from raymond james about apple with a $600 price target. two things combined really helped the stock today. liz: okay. onyx pharmaceuticals, we'll be talking pharma at least for the second half today, soaring as it reject ad takeover bid which is fascinating to see because the m&a activity is really heating up in this space. >> when you talk about onyx, onyx obviously has a cancer drug which is a big deal for them and the possibility of takeovers. look wha is gogn. 51%. amge w loing t ste in at $1. pele are talngbout 0-doar teove vid: pdoraup abo%. thook prey gd. ws %. the is qui a plbac why e puback on pandora >> obviously you're seeing a lot of volatility on pandora. big picture, analysts out there are touting the fact they will get the radio ad dollars for sure because they ar

. >> it went higher and not 1,000, but this raymond james, and google would be obviously, if they don't blow the number out this is going to be the disappointment of the earning season, and keep an eye on it,

ff saut, chief investment strategist at raymond james joins us now. think people are struggling out there, i still think the consumer not fully back. >> i don't disagree with that. i make the argument though there are a lot of transactions taking place for cash that don't get recorded in the surface figures like credit cards do. tracy: ah. you have the underground economy has been built as many predicted based on tax rates going up, all the rules and regulations. so everything is under the table now? >> no, i won't say everything is under the table. i just make the suggestion that cash transactions are proliferating and that those are not recorded in the official figures. tracy: that's a fair point. let's talk about your outlook on the market which you're looking for meaningful pullback which is interesting because you don't think this last dip was the pullback we were looking for if. >> no, i have not. i've been very constructive on stocks since you got the 90% up volume days january 1st, january 2nd of this year. back on june 19 and 20, you had reci

i tell you, i like raymond james a lot.search, and, obviously, apple's benefiting. thanks a lot. i want to talk about the troubles who continue for lois lerner. she's hauled back to capitol hill, butment question remains, did she waive her 5th amendment right? her attorney says no. in fact, here's the quote. there was no voluntary about her statement protesting innocence, invoking your right not to answer questions which is what she did is not a waiver. legions of authority are on our side. all rise, because we've got the main authority. judge, legions, legions -- >> depends who you put that in front of. there's authority, and i was discussing this earlier, there's authority both ways meaning by authority. there are judicial opinions interpreting what constitutes a waiver, and some opinions say in support of lois lerner that i did nothing wrong is not a waiver, but anything articulated beyond i invoke my right to >> this is a gray area because i didn't do anything wrong took you 30 seconds, but she had a statement that was

raymond james jeff sought. ur gol to execute your trade in one second.d trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. raymond james jeff sought. >>> the clothingmaker vf corp trading lower. the company profits showed a slowdown from a year ago. however, it did raise its full-year forecast, issued a dividend. we're keeping a close eye on this one. joining us on the newsline, the chairman and ceo of vf corp eric wiseman. good to talk to you. good morning. >> thanks, and thanks for having vf back on the show. >> interesting quarter. margins, man, i think i saw 240 basis points to the upside. good inventory control. what's troubling the stock today? >> i don't know what's troubling the stock today. we're thrilled with where we are. we're right on track with how we planned this year. our second quarter came in with 4% revenue growth which is what we expected. what was a little different is we earned more money in the second quarter than we thought. our earnings were up

i want to get your feedback on that. >> well, i don't think -- i think raymond james is a great outfitfic outfit. a lot of people have used them. i'm not buying the 10% correction but i do like the stock. let's go to robert in florida. robert. >> caller: ba-ba-ba-boo-yah, dr. cramer. >> thank you. thank you for that promotion. >> caller: mr. cramer. alr. alear. seems to be a lot of infighting due to the upcoming nominee for the board. what are your thoughts? hold them, fold them or go ahead and stack them? >> got a nice, nice run there. you know, i like diagnostics. i don't want you to sell the stock. i think the stock can go higher. it does very well. very well in affordable care. let's go to tim in california. >> caller: hey, jim. wondering about susq, susquehanna bank shares. buy, hold, or sell? >> you know, i know that area. i see this stock at a 52-week high, but i don't know what its book value is. so therefore, i have to make some calls. i've got to do the homework because that's how i'm valuing regional banks. i'm not ready to give you an answer. let's go to michael in new jers

joining us is bud, an analyst at raymond james, and upgraded it to outperform two weeks ago. reason was pretty much it had underperformed in the valuation, come back into an area where we thought for portfolio managers who have walmart in their benchmark, it was a time to overweight the shares. >> do you think it's a bit of a run-and-hide trade while we're looking more volatile in the markets today, it might be a defensive play? >> yeah. for most of 2013, the market's been seeking kind of a risk-on trade, and that's changing now with some of the situations we're seeing around the world. so walmart represents a pretty good place to park your money for a while. it's got a 2.5% yield, the valuation looks a bit more attractive, and we think that's a trade that makes sense. we did call it a run-and-hide trade. >> do you think it's the achilles heel, the international segment? i know the area needs improvement. when do you think we'll visibly see the improvement on that front? >> probably not in the second quarter. that's one of the things we think has held the stock back this year

. >>> davita healthcare was downgraded from out performed by raymond james after cutting pro vielder payments more than 9% next year. jp morgan notes says investors may mouse while the dialysis providers lobby to moderate. the shares were off 6% in the five times. they closed at $114 on the nose. >>> shares of creed the led lighting company touched a high as they touched $65 a share. just in time to see the shock go past that point at the open. cree did give back during the day but closed above at $66.64. that's the nearly 4% gain and one-year move there. >>> a third day in it's existence as publicly traded, noodles jumped again as the colorado based casual dining chain sets a source and investors lined up for seconds, thirds. noodles up 35%, just since friday. up more than 22% today to close at 4$46.20. >>> a set back for dennis today. a new york court rejected a request for a new hearing for the former ceo of tyco. he's accused of orchestrating a 100 million dollar fraud. he's best known for throwing a $2 billion birthday party for his wife and furnishing his apartment with a $6,00

raymond james has been trading down slightly in the wake of a downgrade.uld you bank on either of the stocks at this point? let's look at the charts and start talking numbers. on the technical side, abigail doolittle, and ennis is at risk reversal. welcome back to you. ennis, start with the fundamentals. do you like either of these banks at this point? >> i like the commercial -- the large commercial banks of which wells fargo is a leader. in fact, wells fargo is the mortgage banking giant in america. it's the largest originator of mortgages. the housing market, despite the back up in rates, is still relatively healthy, and on top of that, the valuation is consistent. on the other hand, jpmorgan a cheap valuation, but much more exposed to the capital markets side of the business, which includes the investment bank where international revenues are a big contributor. i think that could be a concern because of the increased volatility we've seen over the last month. i expect more earnings volatility and hence lower prices for jpmorgan. >> so you disagree with

raymond james talking positive about apple with a $600 price target. the i walked.ving ahead with the plans. what is all interesting is they are having the phase two. raymond james are really digging their heels. we will see whether or not it gets there. connell: thank you. the latest on egypt in the countrywide protests taking place there. with pictures from cairo. a 48 hour ultimatum to solve the crisis. mike baker, former cia operator joins us now. amazing to see these pictures yet again from egypt. the guy they put in is not the guy they want out. >> the absence of u.s. foreign-policy comment or influence. we have realll lost our leverage in that region geared the previous protest were more about inability of the average person on the street to buy bread then they were about self-determination. what we are seeing now is they are upset about an incredibly bad economy and no public security. connell: it speaks to the stability and region. we are seeing the default today. more volatility and that would tell you that people are worried, obviously. that is not a surp

>> first i have to say i love dan's pick of raymond james financial.market which is severely beaten up provides the most value. when you talk about 115 to 130% of taxable rates and you add onto that a taxable equivalent with a tax rate depending on where your tax rate is, it provides great value up and down that curve. >> thank you, have a great day. >> thank you. >> investigators are looking intoet deadly crash of air asia dlsh an airlines flight and questions are growing about the pilot who only had 43 hours of experience on this particular plane. phil lebeau joins us and we understand a number of those hours may have been in the similarity anyhow >> that's what they're trying to determine, how many hours in the simulator, and how many were flying an aircraft. we do know that he had 10,000 hours of experience in a number of special airplanes, just 43 however in the 777 and that thereabout the focus of a number of questions had they hold the briefing later today. the 777 that crashed here at sf 06789, the pilot as he was coming in did not issue a dist

our experts with two very different perspectives jefferies chief market strategist along with raymond jamesncome. we have the fed minutes ben bernanke speaking in 20 minutes we will take the cue with a and peter berndt is there but on friday coming in better than expected we see the 10 year yield jumped precipitously how dangerous is that for people's portfolio? >> if you look at friday's number in particular, it came on the day after the fourth of july almost like the day after thanksgiving. the velocity and the volatility was great. but then we dropped about 17 basis points because there is value and that move made a difference. it is hard to figure out if you're on a trend straight up or for the value that is created in the buyers stepped in just like today's options. there is still lot of value. liz: we should stress that kevin is a little bearish but david you are not. you feel that the prices are healthy? >> let's be clear i am bearish on fixed-income but not for the economic outlook for the risky asset stocks and real estate. take this in perspective. we drove nominal interest rates

jeff still with us from raymond james.s in tact for this year. you've always talked about july, mid-july being an interesting time, difficult time for the markets. you to sti do you still share that view and why? >> yeah, i do. we have been talking for the past three months that the s&p ought to be okay into mid-july. there are some minor timing points on july 11th and 12th, major timing point on july 19th that they're derived both quantitatively and from technical timing models. if you look for the news backdrop that might cause the first meaningful decline of the year, you've got ben bernanke speaking in front of the congressional finance committee on the 17th. the next day on the 18th, he speaks in front of the senate finance committee. i think he could rattle the markets again. you've also got as we talked about earlier earnings coming out, expectations have dropped rather dramatically from up 4.2% about three months ago for the s&p 500 to only up .8 right now. you have had this backup in interest rates, this caused so

also apple getting an upgrade to strong by from out perform at raymond james.alifornia has the highest gas tax in the country. the total tax is now 39.5 cents and up to individual retailers, though, as to how much of the burden they will absorb or pass onto customers. the owner of four gas stations in southern california joins us to talk more about this. andre, great to have you. you are no stranger to this game. you've had these for 20 years. the tax as i understand it is really the result of a very small board of state officials. how did it come about? >> the state board of equalization, there is five members of, it was a 3-2 vote, the vote for 3.5 cent increase and that was about six months ago. >> obviously you believe it is uncalled for. you say that nobody wants to deal with it. the question is how much of it are you going to take a hit on yourself or pass onto motorists? have you made that decision yet? >> well, no, and i think you're going to find that you're not going to see the impact for the next -- until about the next two or three days. basically i

. >> for a deeper dive on netflix -- david: aaron kessler with raymond james.nis kneale is still with us because he knows about all things involving entertainment. aaron, the number about subscribers is that the one thing investors were focused on? >> i definitely agree. that is the important metric to focus on here. ultimately, to justify the valuation at current levels you have to believe netflix can get 50 million plus domestic subscribers long term this is clearly subscriber story. they obviously failed to meet the high-end of expectations which is why i think you're seeing the stock fall in extended hours here. liz: let's look at the numbers. they have grown to near 30 million domestic numbers and eight million international members. i look at this, they have done so unbelievably well. they have recovered from quite the smackdown where they instituted price increases and a change in their business in a way that their customers absolutely hated. the stock plummeted. now it is finally getting close to its all-time highs. got a while to bo because that is up

you had positive comments on nokia from both deutsche bank and raymond james. had one of ratings companies downgrading them to certain extent. there was information from the marketing chief saying that her company will act like a challenger and be more bold in its ad effort and the emphasis on the nokia loom yaw ads will shift from trying to create awareness to demonstrating the phone's capability. everyone wants to know what it can do. i mean that sounds good to me. you can see the stock has done nicely up nearly 4% on the day. david: nicole, thank you very much. cheryl: well the s&p futures are closing. let's head back to scott shelllady in the pits of the cme. what do we know? >> what we know, highs going into the close. think that is pretty good. i would like to see us higher than when we had ben bernanke talk last time around. it is still a very healthy market. the rest of the world comes to the fact we've had our problems. we're getting through it. everybody else has a long way to got. cheryl: scott, thank you so much. 1627, a gain of 19. david: thank you

. >> today alone we had raymond james upgrading jp morgan. we had citigroup saying jp morgan might be positive on the up side. that makes me nervous. >> i'm most positive on jp morgan. >> i changed your mind? >> no. you got to go with what's working. that's working. everyone sees that. in a rising rate of environment who is the best bank? jp morgan, city. those are the banks everyone thinks are going to be the best. >> they're not necessarily the cheapest. >> they're not but you're going to go with momentum. i think the earnings power is probably not running out of gas. >> i agree with you but maybe the regional banks have some room to go. if you believe the economy is on the rise improving gradually -- >> and you do? >> i do. you're not going to see nim increases in improvement this quarter. you want to be buying them because i think by the fourth quarter and into 2014 you will see better nim and loan growth. the three rule that came out today for the banks with $250 billion in assets or below, the capital ratios -- the requirements were muc

raymond james is out with a note today downgrading the stock, that being linn, but saying the deal could be delayed by about a month or at least a month. it's also my understanding that berry remains committed to the deal. but can they really say anything differently at this point given that there's a binding agreement and an $83 million breakup fee? as for linn's reaction the company out a statement saying the s.e.c. has stated that the fact of the inquiry should not be construed as they indication that the s.e.c. or its staff has a negative view of any entity, individual, or security. although the impact of the inquiry on the timing of linnco's proposed merger with berry petroleum company is difficult to predict, we remain committed to the completion of that transaction. linn can't know how long any delay could be. the company had already been waiting for the s.e.c. to clear the financials of the deal and provide an official proxy. now you have to wonder just how this new development factors into that story. people i have been speaking with say the timing is now simply unpredictable, t

. >> jpmorgan chase, bb&t and raymond james all cutting ratings. cut on earnings forecast for the year on friday, of course, so basically just following up on what ups actually said. the company has grown 13% year to date and they see a slowdown in what they call the industrial economy, and there's a bullish market in air quotes. >> buy air quotes. j.p. hunt transport services missing analyst expectations. >> a trucking company. missed by one cent. revenue did increase 12% and operating earnings also rose. margins though were down about 11% so they are trucking a lot, so you can see a lot of price competition in the trucking world. >> always give a gift to our viewers in our under the radar stock, so under the radar that i called them in massachusetts to try to find out how to pronounce their name. >> an interesting story and been off the radar. removed from the short-term buy list at deutsche bank today but deutsche bank says this company is a long-term buy. got a radical new treatment for genetic disorder that's catapulted them into the crosshair

this is the best pure play exposure to the shift of radio dollars to online channels and apple, raymond james upgrades to strong buy based on valuation. they say near-term financial trends will stabilize and improve their price target on that one, $600. >> and who would have thought best buy? it was left for dead last year, right? >> absolutely, and now look at that. >> credit suisse, up 40 bucks. >> uptown to the nasdaq and bertha coombs is there following the big movers there. hi, bertha. >> top of the hour we talked about onyx and it's shopping around and intuit selling to a private equity firm saying it's healthy and it will also be on the block as it tries to concentrate more on its core tax business. meantime, netflix today leading the nasdaq 100. netflix renewing its orange is the new black original series, very much a part of its strategy. blackberry today to the downside. another 2.5% after that big plunge last week on a couple of downgrades to a sell today. tyler? >> all right. thank you very much. bertha coombs reporting. to the bond market now and mr. santelli at the cme. hi, rick

joining us to break it down is david sauerby, jeffrey from raymond james, joe and also warren meyers from dme security, just finishing up trading on the floor. he'll join us shortly. jeff, i'll begin with you. you've been warning the last several days that the market's overbought. so what's today? is it a breather? is it the start of what could be a downward trend for stocks? >> i've been targeting the mid-july through mid-august as the first point of vulnerability for a meaningful pullback, and the first meaningful pullback of this year. it's more of a trading call than an investment call. my longer-term stance is we have a high degree of probability that we're in a new secular bull market. so it's more of a finesse call than a sell everything and get out. >> david, where do you see the market going from here? i know volume played a big role in the market this month. the dow is currently up 4%. the s&p is up 5%. but it's usually when we have the low volume we see some of the big moves. do you think that once, you know, school's back in session we'll see a different story in the mark

as for some specific movers today, let's get to the dow, the biggest gainer is jpmorgan, raymond jamesans and rate this one a strong buy. their price target is 64 bucks. apple is also working back-to-back gains. apple saying it filed a trademark application for an iwatch in japan, and finally ford, gm and toyota report june sales all besting estimates. guys, back to you. >> thanks very much, josh. let's bring in kenny polcari as well as michael fax president of farr, miller & washington and cnbc contributor as well. michael, i'll start with you. we've had a very volatile past few weeks mostly due to the fed, so how are you investing? >> sue, i'm feeling a little bit smug, if you will, which is always dangerous, you know. only two types of people in our business. those who have been humbled and those who are about to be, but our conservative sort of sticking with the blue chip strategy is working really well now, so it feels pretty good. the flight from bonds into stocks, the flight from gold into stocks and the flight from the risk trade into the blue chip multi-national, with some div

raymond james took that one to a strong buy. their price target $600. maria, back to you. >> all right. thank you so much, josh. >>> the market starting off the second half with the gains. will it continue throughout the second half of the year? we bring in our panel of experts to break it down. danny hughes is with us, eric from russell investments and wasif from usaa, and our own rick santelli. danny, what kind of second half are you expecting? >> the s&p 500 truancy said we're looking for lower guide arrange looking for less in revenues in the second half, and the business community seems to be very consistent in saying the same kind of thing, where we're seeing signs of growth, we're seeing signs of goodness coming into the business. but, you know, we want to remain cautious very officially. you know, you saw some of the gains in today's ism's numbers. what that means is the business cycle is a little bit masked, and that has a lot to do with the trillions of dollars that have been put into the markets and the systems by the fed, the boj, the ecb, e

joining us now, jim moffett, jeffrey from raymond james and michael from destination wealth managementgentlemen, thank you for joining us. >> thank you. >> jim, let's start with you. look, thoughts on the day. we've seen this theme now for a couple of trading sessions, where stocks are actually paring their losses throughout the session. does that tell you real money isn't participating here? >> -- i think the trend is going up both in the united states and around the world. >> all right. i'm sorry, jim moffett, i have to interrupt you briefly because we have netflix numbers. julia, how do they look? >> well, bill, earnings per share coming in better than expected, coming in at 49 cents per share. that's up from 11 cents in the year-ago period and beating analysts' expectations. revenue right in line with projections at 1.07 billion. another key number is the total number of members in domestic streaming. the number for q2 is 29.8. that's sort of the midpoint of the guidance that netflix gave last quarter. and then, the other key number here is the number of paid streaming members. tha

we have matthew slaughter of tech business school, scott brown, raymond james, and, gentlemen, thanko much for being with us. i want to start with the part-time job phenomenon. i'm diving into the numbers, and i see that the number of people who reported that they took a part-time job, even though they wanted a full-time job, jumped by 332,000. it definitely seems like people want more employment is available. matthew, we'll send it first to you. why do you think this is happening, and do you think this is a normal part of the recovery? >> so part of the reason it's happening is a lot of businesses in america, both big and small, remain reluctant to hire. the affordable care act is part of that. it's the broader global business environment, as well. there's still a lot of uncertainty about europe, about the middle east, the slowdown in china. so you put all of that together, and one of the things you saw in this morning's jobs report was, say, manufacturing, traditionally created some of the highest productivity, high-wage jobs in america. america hasn't create the net new manufactur

on the other hand, you have raymond james and deutsche bank. that is what you have.tle push and pull. dagen: thank you so much. commuters and san francisco breathing a sigh of relief, for now, at least. they will resume service at 3:00 o'clock pacific time. it left 400,000 commuters scrambling to find another way to work. the current labor contract now extends for one month while both parties continued negotiations. boston university looking to take a bite out of apple. asking a court to stop the sale of the iphone5, ipad and macbook air. they say that they infringe on a patent filed from one of the professors back in 1977. the school was asking for a cut of all profits. apple made on those devices, plus interest, of course. boston university has filed similar lawsuits with both amazon and samsung in the last year over the same patent. advertisers, listen to this story, advertisers are clearly trying to get in your head. they are said to broadcast advertisers directly into consumer's heads. they are using a tag eight called bone conduction technology with transmit so

two tidbits of news, upgraded to a strong buy at raymond james and also apple applying to register i watch, the trademark in japan. since its all-time high last september, shares down roughly 40%. we'll be watching closely. back to you. >> all right. thank you. >>> we're in the final stretch of trading for monday, the first day of the second half of the year. this market has seen its games cut in half at this point, with just about 35 minutes to go. the dow jones industrials up 97 points. >> i saw art lurking a moment ago. he'll be wandering around and let us know what the bias is. >> it feels like it's to the sell side. >> it does. >>> shares of groupon up nearly 50% since andrew mason was fired in february. somebody here says the daily deals website is still a bargain. we'll look at the charts next. >>> also, the s&p 500 up 14% through the first half of the year, while gold is down 25%. which is the better bet in the second half of the year? that's coming up on "closing bell." stay with us. ♪ the world is changing faster than ever, creating new opportunities for those who stand rea

one earlier in the week from raymond james, 600 bucks, this is up 1/2 of 1%. >> that's weird and notgo we were talking a thousand dollars for apple and now 600 could be a big bold call. michael dell might lose his company. there's a race for a bid and carl icahn is getting more and more commitments and more people are backing his bid to take over the company. and j.p. morgan have downgraded alcoa, aa there the symbol. there's got to be aluminum deeand for our economy. and especially everyone here on the set i would suppose, avon sold their jewelry business, 85 billion, years after baying it for 650 million. they want to focus on the core products. nicole. nicole: which way do you think the stock is down 1 1/4%, right? you bought something for over $600 million and sold it for 85 million and that stinks. they're going to focus on the co-business and the turn around. we'll focus on that. charles: for a stock that was in bad shape, this is on the-- golly, talk about a bad move. thanks, nicole. we want to bring in our man keith fitzgerald from portland, oregon. the more i look at the glo

jpmorgan, raymond james rates this one a strong buy.back-to-back gain. yesterday apple filing a trademark application for an i-watch in japan. we'll end on ford, gm, and toyota all giving us their june sales. all above estimates. guys, back to you. >> thank you very much for that. >>> the protests continue in egypt as high ranking government officials quit their posts. we are live in cairo. yusef? >> the situation is very, very tense in downtown cairo. you can hear some of the honking and chants in the background. everybody is prepping for day three of these demonstrations. so we expect as we have seen in the last two days opponents of incumbent president mohamed morsi to come out and to show their discontent with the current way things are being dealt with, but the problem is, carl, that you also have those supporting the incumbent president planning competing rallies, and that is where there is tremendous risk of violence and clashes, and that is keeping people quite a bit on edge for today. now, the countdown is ongoing when it comes

a $54 price target and joining us is banking analyst at raymond james.d morning. >> jason, first, just off the call. >> we thought it was a solid quarter. progress on a lot of key metrics in addition to the company being top and bottom line results and you saw continued release loan loss reserves at the north american mortgage book and utilizing the dta and saw it control expenses down 1% and link quarter and continuing to build capital ratios getting to the 10% basel iii objective. all key indicators moving in the right directions and making progress and shares traded at discount to tangible book and we believe a premium is warranted. >> any change in view on the stock or price target as a result, jason. >> it is a name we are attracted to at the start of the year and one of our top picks and we continue to have that view. >> and anthony, what about you? . >> we continue to be bullish on citi. we've had a strong buy for about two years now and we think it is a $75 stock within two years. >> the interesting thing is citi is a company is way more exposed

some very positive analyst comments from raymond james with a $600 target talking about the fact we usemore things than anybody realizes such as autos and television and such. they think there is a lot of potential for apple. back to you. lori: nicole, thank you very much. ashley: our first guest says when it comes to the markets, well, the fed is only thing that really matters. james bianco is bianco research president. james, thanks for joining us. is it really all that boils down to? first day of the third quarter, first day of july, market surging again but you say it really all depends on the fed so where do we go from here? what is the endgame for the fed? >> i think it all depends on the fed. i would quibble with you about the market surging. this is the 16th day of the last 30 the dow moves up or down 100 points. that is what it does. we'll see which way it goes tomorrow. it is all about the fed and the market trying to figure out if the fed will do what referring to as the taper or not do the taper. now appears fed officials want to do it. and i have argued they do want to do i

. >> it went higher and not 1,000, but this raymond james, and google would be obviously, if they don'tthe number out this is going to be the disappointment of the earning season, and keep an eye on it, because it is the most price target raised since apple, however, i do believe that google is going to do a great job. >> they won't miss. >> they will have a great quarter. >> you might have a conference call that sends people in all sorts of directions. >> but this search business is a fabulous business and they take the advertising and we know that the advertising on the web continues to get stronger. it is just obviously what is called the cpms are coming out. >> and yahoo! and alibaba, and you have the effective tax rate and $15 of the tax price and then they trade at 3.8 times or 4.0 times and -- >> but great acquisitions and energized it. >> does she make great acquisitions? do we know? >> well, paulson -- >> and actually the one-year anniversary is today. >> yes, and it is amazing the memo that said that people have to come to work. what kind of culture do they have that you have

art hatfield from raymond james. carl? >> pretty interesting. by the way, they are back.st a moment. we're cracking down on medicare fraud. the healthcare law gives us powerful tools to fight it... to investigate it... ...prosecute it... and stop criminals. our senior medicare patrol volunteers... are teaching seniors across the country... ...to stop, spot, and report fraud. you can help. guard your medicare card. don't give out your card number over the phone. call to report any suspected fraud. we're cracking down on medicare fraud. let's make medicare stronger for all of us. let's make medicare stronger always go the extra mile. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or cha

joining us now in our "closing bell exchanges" joe hider from raymond financial, bob kaiser from s&p capital, and james bianco and our own rick santelli. jim, what's your take in the markets in terms of the flows that we've been seeing? $80 billion coming out of bond funds in the last month and a half. >> yeah, that's pretty typical for -- considering that we've had one of the worst sell-offs in the bond market, in ever. if you go back 30, 40 years. so you would expect a huge outflow out of the bond markets. so i'm not surprised by that. i suspect it's stabilizing right now given that interest rates have started to come back from their july 5th highs. >> joe, we've had a very good run the first half of the year. we're coming off the four straight days of gains for the major averages. the nasdaq up eight. you feel like we're not going to see as good a gain in the second half of the year. why not? >> i think we're going to see attractive gains, but i don't expect the markets to go up 18% in the last six months. but i do think it's a very positive market. we believe that equities are the place to be, and