chairman and our staff and all the work that they put into it, as well as the staff of the cnbc. now let us prepare to leave from this place. now unto him who is able to keep you from stumbling and to present you before the presence of his glory with exceeding joy to the god our savior who alone is wise, the glory and majesty, dominion and power both now and forever more, and the people of god said amen. >> amen. >> hey, sugar. >> msnbc host chris math use is the featured speaker this afternoon at the 25th annual gerald ford presidential foundation journalism awards. it honors coverage of the presidency and national defense issues. see live coverage at 1:00 eastern on c-span. >>> the u.s. senate gavels in at 2:00 eastern today. senators resume debate on pay discrimination and a judicial nomination. that's live on c pan 2. and the house returns tomorrow to work on more spending for next budget year. see the house live on c-span. >>> the atlantic council holds a discussion today on europe's financial crisis and how to get out of it. the ceo of deutsche bank will talk act european ac

the report of all that sent stocks up sharply within minutes. cnbc'swn brian shactman joins us with the details. good evening. >> larry, thank you. 72 minutes of global news whipsawed the markets today. it makes sense to make a little bit of sense of it. starting with 3:00 p.m. eastern time, dow up 95 points. a little bit off session highs. 3:05, reuters reported if the greek election shocks the markets central banks will provide enough liquidity to stabilize the markets. in three minutes the market rocketed up 200 points. within the next 30 minutes, things eased. at 3:45 england says it's prepared to make sure its own markets are protected from shocks on the continent. 15 minutes later king mentions the case for easing is getting stronger. japan says it is ready to defend the yen. canada says everybody needs to get their act together. these may not be reacting to each other, but that's a lot of action in an hour's time. look at the dow to see what happened. we are losing a little bit of steam before the headlines broke. you see the spike at 3:00 p.m.

the company's cofounder and ceo will join us for a first on cnbc interview in just a few moments, stick around and we'll talk about the outlook for that industry coming up, and phillip falcone and his firm getting slapped with a securities fraud lawsuit by the sec today. they say he used fund assets to pay his taxes and manipulate the market for bonds. lawyers for falcone say it's not supported by facts or law and they will contest the suit vigorously, and corn futures surging to a 9 month high as drought and triple digit temperatures damage drops in the midwest. they're in the worst condition they have been since the historic droubt baght back in 1. watch corn on wednesday because it could be a market of the day. don't go away, we have more ahead here. >> that includes a first on cnbc interview with the ceo of arena pharmaceuticals that just had their obesity drug approved today. >> and banked be halving badly. will barclays under mine confidence in the banking industry. we'll look at that. >> and earlier we heard from dave camp on his plan for tax reform, we want to know what you thin

mitt romney talks jobs and the economy right here on cnbc on "the halftime report." >>> i'm ryan sullivang down to atlanta for a town hall event on small business. we are going to be hosting some of the greatest entrepreneurs of our time. small business owners share their challenges, we'll look at opportunities and learn new strategies for success. join us for part of our studio audience. for free tickets go to townhall@cnbc.com. we hope to see you in atlanta. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ an accident doesn't have to slow you down... with better car replacement, available only from liberty mutual insurance, if your car is totaled, we give you the money to buy a car that's one model-year newer... with 15,000 fewer miles on it. there's no other auto insurance product like it. better car replac

. >> tyler mathesin, my partner, on the floor of the cnbc. it's a busy day. >> it is. not up that much. s&p higher by about 5 and dow up about 23 points at 12,526. some of the news this morning on housing a little better than expected. the kay schiller numbers showing a less dramatic decline overall on house prices than anticipated by some. the mid-atlantic manufacturing numbers not so hot and numbers on confidence not actually blockbuster and bold at all. and, of course, you know, you have the issues in europe still brewing and we await that summit meeting that kicks off on thursday. let's go back to headquarters for a market flash with sema. >> chemical makers hp fuller, one of the best performing stocks on the new york stock exchange raised its full year profit forecast citing cost savings from a recently acquires business. the company expects to hurricae0 to $2.15 a share. that's hp fuller trading today. back to you, tyler. >> uncertainty in washington is one of the big things holding back questions. one of the big questions gets answered thursday when the highest c

goliath favored over greece's david but we want you to make your own call because here is a tale of the tape cnbc style. germany first off, population 81 million, greece much smaller, just 11 million people. the unemployment rate in germany just 5.5%, pretty low, right, a fifth of greece is out of work, 22% unemployment. what about the markets? the benchmark dax index down 13% over the past year, greece's athens, 20 -- ooh, down 52%. the bonds, the german bund 1.6%, the greek ten-year 26%. perhaps it comes down to who they have in their court, right? their dragging rights, their claim to fame in the german corner, who else? david hasselhoff. >> the hoff. >> don't hassle the hoff. he's an american but he's the king over there. the greeks have ianni, the dulcet tones, double al bam, ianni. >> i believe you've sworn never to speak to me again outside of the news room since i bought it. this battle goes beyond the stadium, it's 17 countries, 17 cultures, one dominant economy, so it's type to rip the band-aid off and end this failed marriage or are these countries going to stay together and keep strug

the world leader in derivatives. welcome to superderivatives. >>> welcome back to cnbc. use has put out a statement saying that president obama has >>> welcome back to cnbc. the white house has put out a statement saying that president obama has spoken with german chancellor, angela merkel. the leaders agreed to strengthen the euro zone and growth in europe and continuing to prepare for the g-20 summit that will happen june 18th in mexico. you should see this as increasing evidence as the u.s. getting more involved and growing more concerned about what is happening with the european financial crisis. guys, back to you. >> all right. michelle, thank you very much. >>> well, outside of that, and in technology, google is revamping its mapping services, making it a full out map war between google and apple. who will win? let's bring in gene and some people don't have maps, jean, but not many. because they are on almost every smartphone. right now it's google on apple. is that over? is this the last rift between them? >> there's more rifts to come and it's definitely not over.

could lose as much as $9 billion on the so-called london whale trade. but cnbc from jp they're confident to contain it to $4 billion to $6 billion and then the european banks. they're all done. british regulators turning up the heat on barclays and maybe others in their investigation in the attempted manipulation of libor. joining us is fred cannon at kbw. all right, fred. is this an overreaction in the markets on the european banking side to the uk regulators comments? >> seems extreme. on the other hand, this is a serious issue. it's a big fine relative to barclays and the issue of the top guys to take zero bonuses this year seems to me to make it a bigger deal. >> it could be an overreaction. here's the thing. the markets hate volatility and uncertainty. we don't know, you know, how far the investigation will go. they're now a couple of banks under investigation and we don't know the impact of the litigation will be. until that is resolved in the future, are we going to see a rocky ride? >> yeah. one big overhang over the universal banks. libor is determined

and the congressional black caucus would like to express appreciation to the cnbc whose chair is dr. sief franklin richardson and the president jackie burton. we appreciate the partnership that we've had. [ applause ] it is important for me to say that the idea and the push to get this partnership developed and to have members of the clergy to come to washington so that we can present them with information came from congressman charles rangel. [ applause ] and for a period i did even hide from him on the floor because he was going to say, rev, how are we coming with the conference? is everything on target? and we in the congressional black caucus believe that charles b. rangel is the epitome. he is the consummate congressman. and we are all pleased and fortunate to just have the opportunity to sit at his feet and to learn from him. almost 41 years ago, 13 members who were -- of congress -- who were african-american came together and formed the congressional black caucus. and among those 13 was the gentleman to my left, charles rangel. and for over 40 years now, charlie rangel has been

here's more on that and the latest breaking headlines coming to the cnbc newsroom. to the newsroom? >> right here behind you. there you go. >> whoa! you snuck up on me. >> the story you were just mentioning. caterpillar dealers are reporting a reduced growth rate in europe, africa and the middle east. down to 4% for the three months ending in may from 14% through three months through april. the ceo said europe is a risk to be watching. the quarterly ceo survey shows fewer large companies plan to hire or raise spending in the coming months. 36% of the round table members plan to add members. most expect sales to increase in second part of the year. and the geniuses and other apple employees will see pay go up as much as 25%. the dow jones industrial average reports an internal apple review found wage levels at the stores a common complaint. apple confirmed the icloud users had access issues for several hours today. but icloud was back online by mid afternoon. finally the ama house of delegates, the policy committee for the big doctors group didn't endorse taxing sodas

the future. >> joining me now on a cnbc exclusive is the cnbc executive chairman and president, terry duffy.s for having us here. >> thank you for being here and welcome all of you to chicago. >> thank you so much. what do you think about the plan? >> i'm sorry? >> what do you think about the nasdaq's plan to set up the $40 million fund and they want to cut fees to make it more attractive? >> i'm not going to comment on the $40 million. if you look back when the mf global situation happened in our industry, cme group put up $550 million of a guarantee so customers could get their money. we live in a competitive world, just like everybody else does. exchanges are very competitive with others. we have spent a fortune innovating and cultivating lick k liquidity. i hear what bob is saying about the fee issue but i don't know why it's a big deal. the only one it's going to hurt is the shareholders clients. >> you mean in terms of the clients? >> right. >> maybe it's sour grapes and they want this controversy to continue but the new york stock exchange says it changes the competitive landscape if

chairman and our staff and all the work they've put into it as well as the staff of the cnbc and now, let us prepare to leave from this place and now to him who is able to keep you from stumbling and to present you faultless before the presence of his glory with exceeding joy to the god our savior who alone is wise be glory and majesty, dominion and power both now and forever more, the people of god said amen. hey, sue. >>> coming up next on c-span3, the kcato institute hosts a tal on the causes of the 2008 financial crisis. then a hearing on federal regulation of the oil drilling technique known as fracking. and later national journal looks at the foreign policies of presidential candidates mitt romney and barack obama. >>> mr. gorbachev, tear down this wall. >> sunday night mark the 25th anniversary of president ronald reagan's 1987 speech from west germany. also this weekend on c-span3 our series the contenders. 14 key political figures who ran for president and lost but changed political history this sunday at 7:30 james blaine, american history it tv this weekend on c-span3. >>>

we begin with the supreme court's decision on the arizona immigration law. cnbc's john harwood joins us with the details. good evening. >> good evening, larry. the supreme court decision was the most important thing that happened in the presidential campaign today. a mixed blessing. the court struck down parts of the arizona law, upheld the most controversial part. that's the one that allows police to check the immigration status of people they stop. you could see it in the reaction of the candidates. mitt romney said today he thought the court should have allowed more latitude for states but he trade gingerly on the arizona law. focused on the president for lack of leadership. he didn't want to offend hispanics. president obama's statement emphasized the part of the law allowed to stand. he said no one should have to live under a cloud of suspicion because of who they are and how they look. he's hoping to maximize his advantage among hispanics. in an appearance in new hampshire he hit mitt romney on a weekend report about bain capital's record of outsourcing and m

and you could pay -- if you could buy online just the espn that you want to watch or just the cnbc you want to watch for $10 a month, they would get more money than they are getting today and you just have the content you want. any time you have this situation where the amount you're spending is vastly more than what you're getting for it, the technology has a way of come pressing it out. and i think that platform is facing some challenges and i surmise but don't know is one of the reasons comcast wanted to buy nbc universal. content still has great value. what youtube is doing, what comcast did in buying nbc universal, we see it too. our audience has been growing terrifically in the last couple years. our digital audience -- this "washington post" social regard started in november is up to 18 million downloads, which is extraordinary in a few months. people are reading "washington post" content in larger numbers. >> let me pause there. there's another major shift that's about to be happening in what i would call internet or digital-based content, which is not only to social networks,

"the kudlow report" right here on cnbc. that's it for tonight's show. ndate is turned back tomorrow. i sincerely hope so and i want to see real free market health care reform. consumer choice and patient choice. that's the way to do it. we'll talk tomorrow about we'll talk tomorrow about obamacare. r(t&háhp &hc [ male announcer ] introducing a powerful weapon in your fight against bugs. ortho home defense max. with a new continuous spray wand. and a fast acting formula. so you can kill bugs inside, and keep bugs out. guaranteed. ortho home defense max. zagat just gave hertz its top rating in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. thin coffee shops. people who i thave been out of work. you can tell it wears on them. narrator: he's fought to pull us out of economic crisis for three years. and he still is. president obama's plan keeps taxes down for the middle class, invests in education and asks the wealthy to pay their fair

. >>> more on the latest breaking headlines come into the cnbc news room. ng, brian. >> i'll get to that in one second. t the former chairman of the swiss national bank joining black rock as vice chairman. resigned his post after a series of controversial securities exchanged by his wife. also, diesel fumes could cause cancer. the ruling could prompt more restrictions on diesel. the fdc says the company violated federal law by selling personal information on its website. ernst and young ceo james turley on the boy scouts is the highest ranking business leading denouncing the policy banning gay and lesbian den leaders. he says he'll work with the scouts on their policies. amazon got a $16.5 million state department contract to put 2,500 kindles in libraries all around the world. do the math here. it comes out to 6,600 per kindle. $16 million of that contract is going to shipping and customer support. and north dakota voting on eliminating property taxes. if it passes, the legislature will have to figure out other ways to get revenue. it's getting traction in

romney went on the attack. cnbc's chief washington correspondent john harwood joins us with all the details. good evening, john. >> this was a jobs report that hit the obama white house hard because it affirmed a spring slowdown, the third in a row at a critical point in the election cycle and it had president obama acknowledging this is not the recovery that he's looking for. >> the economy is growing again, but it's not growing as fast as we want it to grow. our businesses have created almost 4.3 million new jobs over the last 27 months, but as we learned in today's jobs report, we're still not creating them as fast as we want. >> now, gallup affirmed that this is going to be a neck and neck race. their three-week average, 46% obama, 46% romney. mitt romney hustled on to cnbc to try to move the needle on those numbers to point the finger directly at president obama. >> the president's policies with regards to taxation, regulation, as well as trade policies, labor policies, all of them have made it less likely for bu

. >>> the cnbc poll on yahoo! finance asks whether the facebook ipo problems would dissuade you from buying stock. vote yes or no. finance.yahoo.com. we'll bring you some results later in the hour. sue? >>> one of the big stories concerns arena pharmaceuticals, still halted. right now, the fda has approved its new obesity drug. arena may be halted but some of the competitors are moving sharply higher as a result. >> that's absolutely correct. moving sharply higher. vivus and orexigen. as you pointed out, big news today. the fda arena approving the fast buster. this is the first obesity drug to hit the market in over ten years and a global epidemic. impacting over 33% of americans and analysts at jeffries expect arena's anti-obesity drug to hit $1.5 billion in sales by 2020 and a big market opportunity for arena. back over to you. >> all right. thank you very much. >>> let's bring in jeff kilberg now. how are you playing fat and fat drugs, jeff? >> trying to cut back on the steak, too. on top of my suit being tight

checking my four square, i see hampton pearson is at the cnbc bureau this morning. ton. >> hey, scott, staying on message, four square is getting a makeover, the popular smartphone app letting people tell their friends where they are by checking in at locations like stores and restaurants. but starting today, four square will let you find other spots nearby without having to search for them. the app will recommend bars and shops based on the places you frequent the most or what your friends like. meanwhile, looking at stocks, futures are higher, stocks looking to build on yesterday's strong rally. markets surging on hopes that the fed and other global central banks will ride to the rescue with more economic stimulus measures. a pair of top policy measures say the fed stands ready to act if the economy takes a turn for the worst. fed chairman ben bernanke testifying before congress. we also get data today on unemployment and consumer credit. yesterday, the dow jumping 286 points to 12,414. it's back in positive territory, the nasdaq closing at 2,844. and scott, i've g

i go out to englewood cliffs at night and i spend time with the cnbc people. i love post nine. come to new york, go to the stock exchange. it's one of the most exciting things you will ever do. take your kids. let's take another from z28barnett. they say apple likely to buy micron tech. i'm floating the red flag. there is absolutely no way this will happen. if you own micron whether for rumor or not, sell, sell, sell. you don't want to be there. that is a nasty stock. stay with cramer. ♪ [ male announcer ] nothing will keep you from magnum. silky vanilla bean ice cream and rich caramel sauce all covered in thick belgian chocolate. magnum ice cream. for pleasure seekers. get two miracles in one product. tone rehab 2-in-1 foundation. covers spots, lines, and wrinkles. and helps improve skin tone over time. tone rehab from easy, breezy, beautiful, covergirl! covergirl! throughout our entire lives. ♪ one a day men's 50+ is a complete multi-vitamin designed for men's health concerns as we age. ♪ it has more of seven antioxidants to support cell health. that's one a day men's 50+ heal

>> me, too. >> just as an investment thesis, listening to the cnbc and hear something like this rim story one of these things and thinking, gee, maybe i have really got to get the ipho iphone, maybe not bad time to look at apple stock. i will. but looking at the companies with the large exposures to european sales, they're already down. and so, what, you know, we like to look at companies when everybody's hating them, they may go longer here and certainly this vote in greece this weekend is as you guys have been talkin this weekend as you have been talking about, cnbc viewers, you will learn a lot if you keep watching. you see these prices coming down, you get an opportunity next week. lots of cash flow, earnings growth, and great dividends. i think this is what you want to own and provides a good inflation edge. >> is that a don't by a lcoa? >> i think j and j is a european device kind of company, they have grown 11% for the last ten years. 13 times earnings with a 3.8% dividend when the u.s. treasury is paying 1.65. this is how you make money while you wait. alcoa is different because i

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the hot story for about an hour were the headlines coming out of president clinton's interview with cnbc which that he was for extending the bush tax cuts. he cautioned doing anything that would contract the economy now. here's what he said. >> they would have to probably put everything off until early next year. that's probably the best thing to do right now, but the republicans don't want to do that unless he agrees to extend the tax cuts permanently for upper income people and i don't have a problem with extends all of it now including the spending levels. they're still pretty low, the government spending levels, but i think they look kind because there's a recession. >> clearly the headlines were -- and he left it open for interpretation and clinton was forced to clarify in a statement. his spokesman said, quote, as president clinton said he supports extending all of the cuts in 2010, but does not believe the tax cuts for the wealthiest americans should be extended again, and the long-term agreement on spending cuts will be reached until after the election. you have to say that hilla

the hill. i'm tyler math son at cnbc xwloebl headquarters. >> i'm sue herrera at the new york stock exchange.t is the story that all of wall street is watching today and most of the nation, as well. jamie dimon testifying before the senate banking committee. investors watching the testimony this morning word by word and the stock tick by tick, up 3.5%. i was at the jpmorgan post. the volume is heavy right now. since releasing details of may 10th, shares are down overall about 20%. mary thompson just speaking with mr. dimon. she was the first to get him after the testimony. she responded to her question about the volcker rule. >> i think the very important part of volcker is finish the rules. we have the widest, deepest, most transparent markets in the world. those capital markets are one of the engines that built -- helped build this wonderful country of ours. let's be thoughtful about volcker. >> mary joins us now and literally just finished the interview with mr. dimon. nicely done by the way, mary. >> thank you. >> you covered a variety of topics. what struck you perhaps as the most signif

i go out to englewood cliffs at night and i spend time with the cnbc people. i love post nine. come to new york, go to the stock exchange. it's one of the most exciting things you will ever do. take your kids. let's take another from z28barnett. they say apple likely to buy micron tech. i'm floating the red flag. there is absolutely no way this will happen. if you own micron whether for rumor or not, sell, sell, sell. you don't want to be there. that is a nasty stock. stay with cramer. [ male announcer ] now you can swipe... scroll... tap... pinch... and zoom... in your car. introducing the all-new cadillac xts with cue. ♪ don't worry. we haven't forgotten, you still like things to push. [ engine revs ] the all-new cadillac xts has arrived, and it's bringing the future forward. [ female announcer ] life is full of compromises. but when it comes to what you really love, you shouldn't have to sacrifice. and that goes double for ice cream. now you don't have to give up. you can give in with dreyer's slow churned light ice cream. we churn it slowly for all the rich and creamy taste

the customers decide what they want to do. that's my point of view. >> very politically correct. otherwise, cnbcas learned, maria bartiromo that is, ubs has a big problem with facebook. the firm sitting on losses that could be as high as $350 million, some ten times more than the $30 million number that is currently being speculated in the market. the firm is preparing legal action against nasdaq as a result. the issue has to do with the failure to get confirmations and executions for the facebook trade. nasdaq shares down about .25%. maria will be on in just a bit more for more on this story that she's breaking as we speak. >>> well, the fear has been the facebook debacle would kill investor confidence. but did it really? steve liesman has a status update. >> and one guy tells us why he has sold every single one of his jc penney shares. is he onto something? the battleground stock debate is coming up next. ♪ ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of your life. in charge of making memories and keeping promises. ask your

i go out to englewood cliffs at night and i spend time with the cnbc people. i love post nine. new york, go to the stock exchange. it's one of the most exciting things you will ever do. take your kids. let's take another from z 28 barnett. they say apple likely to buy micron tech. i'm floating the red flag. there is no way this will happen. if you own micron whether for rumor or not, sell, sell, sell. you don't want to be there. that is a nasty stock. stay with cramer. acceler-rental. at a hertz expressrent kiosk, you can rent a car without a reservation... and without a line. now that's a fast car. it's just another way you'll be traveling at the speed of hertz. [ engine turns over ] [ male announcer ] we created the luxury crossover and kept turning the page, this is the next chapter for the rx and lexus. this is the pursuit of perfection. >>> lawlessness, utter lawlessness. that's all i can think after barclay's admitted traders tried to manipulate interest rates to make themselves look better and the employer seem more solvent. the london interbank offered rate is immensely

s&p up six and the nasdaq gaining 17 points. that's it from cnbc, first in business worldwide. rtin bashir after these messages. whoa. right? get. out. exactly! really?! [ mom ] what? shut the front door. right? woop-woop! franklin delano! [ le announcer ] hey! there's oreo creme under that fudge! oreo fudge cremes. indescribably good. diarrhea, gas or bloating? get ahead of it! one phillips' colon health probiotic cap a day helps defend against digestive issues with three strains of good bacteria. hit me! [ female announcer ] live the regular life. phillips'. thin coffee shops. people who i thave been out of work. you can tell it wears on them. narrator: he's fought to pull us out of economic crisis for three years. and he still is. president obama's plan keeps taxes down for the middle class, invests in education and asks the wealthy to pay their fair share. mitt romney and his billionaire allies can spend milions to distort the president's words. but they're not interested in rebuilding the middle class. he is. i'm barack obama and i approved this me do you guys ride? well...

speaking of the fiscal cliff part of the cnbc yahoo! nd for the economy right now. go vote, watch power lunch at 1:00 p.m. eastern time for results. >>> big news in the sports world. an announcement for an official playoff system for college football. darren ravel with rovell with a have talked about for years. >> years and years. might be tonight a four-game playoff -- four-team may have system for football. four teams face each other in a semifinal game with winners advancing to the final. as far back as 1966 there's record of talk of a playoff system for college football as a more complicated computer system for bcs emerged, and as you alluded to, confused for late '90s to today. the call to do something more fair like ncaa basketball tournament got much louder. then, of course, there's the money as there have been nothing hotter than sports tv rights. espn paying $155 for bcs package that expires at the end of 2013 season. projections a the four-team playoff could be worth between $350 and $500 million. there's so much controversy ab

the president again acknowledging it. while on cnbc, governor romney diminishing that part of the equation. is that the proper strategy? stick to the story line of what's happening domestically and ignore the impact of what could be happening in europe on our economy? >> well, you know, that's interesting. republicans do talk about what is happening in europe when they talk about the need for us to face our debt crisis. our own debt crisis. which is going to turn into something worse and greek-like if we don't address it. so that is often something they raise when trying to push for a plan and some urgency behind a plan to cut the deficit and attack the debt. so no, they know full well. mitt romney knows full well that this has an impact. as sue points out, the chinese do what their exports and imports do. it is all connected and it will have an effect us on. i'm saying our own numbers -- yeah. >> let me play what governor romney said while on cnbc regarding where we should be. let me play that, please. >> of course, the developments a

here's what we did myself and the cnbc data team was screen for high beta names only to the downside. stocks that whenever the s&p goes down 1%, these guys on average go down 3% to 4%. ten names made the list. financials with some insurance exposure seem to dominate taking up half the list. hartford, lincoln financial, just a few. hig is down 3.5%, if you believe history repeats itself and that the market is going down, heartford might be exhibit a on the avoidance list. another interesting one, harmon international. high end electronics with focus on the auto industry. great play last year but global slowdown could be brutal. the stock performs three times worse than the s&p on down trends. it could be a name to watch, but not touch. the highest beta name to the downside, qep resources, oil and gas play fairing slightly worse than the hartford. weak economy, weak stocks, weak energy prices could mean more weak underperformance for that stock. interestingly, sue, coal names, they're high beta didn't make this list. get this combination, potential one, they could be the ones to avoid i

here's more on that and the latest breaking headlines coming into the cnbc newsroom. >> that's right.microsoft story. all day the buzz built that the company would announce its own tablet or a system to access movies and video across a range of devices. microsoft's ceo steve bomber has announced surface, a tablet. elsewhere a washington jury found roger clemons not guilty on all counts of lying to congress. the case concerned his testimony under oath about steroid use. >>> adidas put out a picture of upcoming shoes. yes, those are plastic and velcro ankle bracelets. they are designing the quirky and light hearted style before being slammed by bloggers saying they looked like slave shoackle. stay tuned for the recall on this one. and how about a mop top? ♪ live and let die >> or live and let live. paul mccartney turns 70 today. fresh from a monster concert tribute to the queen last week, looking ahead to the olympics opening ceremonies. he's been on stage all over the world for more than 50 years starting in the '60s when the beatles created more mob scenes in airports and stadiums acr

we had the cnbc stock -- you ever watch "street signs"? >> yes. >> fine program, 2 p.m. >> wonderful host. >> we had our stocks draft and i picked this. i was one of the last pickers -- >> can we get a best buy chart up? when did you pick? >> i think my cost basis was 25 bucks. the only reason i picked it was the expectation that there might be a buy out. listen, you're the banking guy, right? if you look at cash flow on this thing, if people are buying sears on a real estate play, right, if you hear them say it's the real estate play, best buy is similar real estate play because of square footage, and expensive -- >> i think you should come back in six months, maybe richard will have bought the company and you would be right. >> it was that or stocks.com. remember those days? i do. >> remember when we used to talk about that instead of the ten-year bond yield. >> now it's all about the ten-years not only here but every single one of those european countries and how it measures up --. >> "squawk box" has evolved into a global view. >> it is

this will increase the expand of cnbc on the internet. you can guess this is a big way for yahoo to move into it's media strategy. >> content is king. >> ross levin is the ceo -- >> he's the good looking guy. after -- he had something on his resume and something that wasn't true. you know, what are you hiding with the facial hair? nobody has facial hair in the 2012s, do they? >> i see people. last time you talked to -- the last time we tossed to a guy -- >> he was a california analyst. i'm talking about people in positions of power. >> i think a lot of power has moved to california, into silicon valley lately, jobs act. >>> when we come back, politics of putting jamie dimon on the hot seat. andrew joined by a couple of special guests on the hill. >>> what kind of day should we be expecting for the markets? anything goes. we'll get word from the trading floor. >>> lebron james and the heat were thunder struck. omaha city takes game one of the nba finals. outplaying miami in the second half. [ male announcer ] citi turns 200 this year. in t

we want your thoughts, get into the conversation, tweet us your thoughts at cnbc closing bell, we'll n the program. as we ahead toward the close, the dow hanging on up 113 points today. >> jamie dimon feeling more heat today than last week in the senate. >> relative to earnings -- >> that's not the question, don't filibuster. you have more fireworks on capitol hill, we'll show you what he had to deal with. >> if you didn't see it before, we'll show you some of it now. jamie dimon back in the hot seat. they took off the kid gloves at the senate banking committee last week. here are highlights of some of the he's testy moments in the testimony. >> my compensation is 100% up to my board. >> mr. dimon you said there will be clawbacks for people responsible, it your compensation in the pot considered for that? >> they will do wha w they see t appropriate. i can't tell my board what to do. >> you're throwing darts at a dart board and putting a lot of money at risk in case you were wrong the first time. i don't see how that creates one job in america, how it helps the american economy. >> i

last week was really softball and the jig jamie dimon did in front of the cnbc cameras really set it off. how is the tone different today and what did we learn from last week? >> the tone wasn't that much different. broke down on party lines wanting to hear from jamie dimon what he thought about the regulation and the chairman came to his defense several times who kept pressing him on loss, he can't tell you right now. baucus did further and ran defense from him coming out of the hearing room, blocking him from reporters trying to get a shot at him. some of the democrats continue to press him on things like the size of the loss and risk management, including representative carolyn maloney. listen how she pressed him how changes in risk measures s as chief investment officer may have caused these greater loss. >> were the risk limit rules raised while the loss making position was on the books? >> no, they sometimes limit triggers and as you prefer the focus in details, some things you were told about when the limits were hit, they did that whey were supposed to do. >> did they raise th

amanda drury has the cnbc wrapup. >> after yesterday which was the second worst day for equities so fary on our hands for the end of the week. the dow was currently up by 87 points the s&p 500 up by 10 points and the nasdaq holding in with the gain of 31 points. that is it from cnbc. first in business worldwide. we'll throw you over to a break. ♪ ♪ you brushed with colgate total and you didn't. let's compare. germ party! eww! now the colgate total mouth. nice! [ female announcer ] colgate total fights 90% more plaque germs. i'm in. [ female announcer ] colgate total. less germs. healthier mouth. [ female announcer ] colgate total. syou know, i've helped a lot off people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep? (sfx: loud thud sound) what a strange place. geico®. fifteen minutes could save you fifteen percent or more on car insurance. all at 150 calories or less, there's definitely a temptations for you. unless you're one of those people

plus more exclusive data from the cnbc all america economic story. ere to defend his position on helping french people retire earlier. as we head to break, take a look at the dow futures. . [ male announcer ] this is the at&t network... a living breathing intelligence bringing people together to bring new ideas to life. look. it's so simple. [ male announcer ] in here, the right minds from inside and outside the company come together to work on an idea. adding to it from the road, improving it in the cloud all in real time. good idea. ♪ it's the at&t network -- providing new ways to work together, so business works better. ♪ there's natural gas under my town. it's a game changer. ♪ it means cleaner, cheaper american-made energy. but we've got to be careful how we get it. design the wells to be safe. thousands of jobs. use the most advanced technology to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ ♪ hot ♪ hot town, summer in the cit

the foo fighters. good morning and welcome to "squawk box" on cnbc. joe kernen and becky quick. the dow would open about 17 points off this morning. we begin in terms of headlines with the fed's latest moves to boost the economy and the market's volatile reaction. ben bernanke and company are still worried about the strength of the economic recovery. the federal bank stands ready to take more economy-boosting steps of steps if necessary and steve liesman is breaking it all down for thus morning. >> thanks, andrew. question was the fed talking like a lion but easing like a lamb? the fedex tending operation twist, when it sells short-term securities and buys long-term ones to drive down long-term rates but downgrading the economy may be more seriously than the market expected. here is some of the language that changed. employment said to be experiencing slower growth, household spending rising at a slower pace. the only good news is that inflation was said to be declining and growth will pick up very gradually. take a look at the forecast here, the fed s

the goals. from rio, cnbc. >> now, besides that interview with central bank president i talked about, we'll be joined by a couple of great guests on the beach. the biggest listed hotels group in brazil, 60,000 rooms. they hope to add another 20,000 on -- by the time the football world cup comes in two years. that would be around 1110 cet and investor in google earth talking about sustainability because they can map the deforestation. just an hour into the trading day in europe, over to you, and let us know what's happening with those markets. >> ross, thanks. let's take a look at what's happening in early trading here across europe. the stocks 600 is down 0.2% as decliners are outpacing advancers by 2 to 3 ratio. driving headlines this morning we have greek bank -- greece's alpha bank, second biggest lender, denying its in talks. we're following this story throughout the morning, after an earlier report the two were in talks. take a look at what's happening across europe. we have the ebex in green, up 40%. cac 40 down 0.3%. and ftse 100 down. the federal reserve may do something to further stimulate

let's bring in jeffrey grossman and on the cnbc news line, tom kloza. tom, how low will -- not can -- but will oil go? >> i think oil is pretty close to the low for the summer here. i think it will have a $7 handle. i hate using that term but in the 70s for wti and then in the 80s for brent. you get any lower and losing that great north american success story which is shale oil and coming to market for less than $60 a barrel and still a good story and still indicates much lower gasoline prices and diesel prices for the summer. >> jeff, what about you? i would imagine at 78 and change it's still quite high for what you're obviously seeing right now which is a global economic slowdown. how much lower do you think it can go? >> i have to agree, not much lower. we have reached pretty much the objective that anyone could have foreseen. this is a support level that goes back to about october of last year. and again, we're looking at a market here that if nothing else, when you look where we came from and where we are, we are probably looking at a market that's

first, the cnbc market wrap. good afternoon. >> no vacations here. we're on the markets.strong earlier in the day. triple digit gaming for the dow. most of those gains have evaporated. the industrial are up 47 points. standard & poor's, nasdaq has just turned negative by 12 1/3. they were at least working at that hour. from cnbc, that's first in business worldwide. you wouldn't want your doctor doing your job. so why are you doing hers? only your doctor can determine if your persistent heartburn is actually something more serious... like acid reflux disease. over time, stomach acid can damage the lining of your esophagus. for many, prescription nexium not only provides 24-hour heartburn relief, but can also help heal acid related erosions in the lining of your esophagus. talk to your doctor about the risk for osteoporosis-related bone fractures and low magnesium levels with long-term use of nexium. possible side effects include headache, diarrhea and abdominal pain. other serious stomach conditions may still exist. let your doctor do her job, and you do yours. ask if nexi

. >> of course comcast is the parent company of cnbc. and welcome everybody to "power lunch" as we begin with some breaking news. it is 1:00 p.m. on wall street. three keynotes just came out within the last hour or so showing that some wall street firms are souring now on the prospect of growth in the united states in the second half of this year. the first to hit our e-mail box came from barclays. they are dropping second quarter gdp estimates to about 2% because of concern over u.s. exports. moments later goldman sachs dropped its q-2 gdp forecast as well to 1.8%. their note "the downward revision primarily reflects weaker than expected real growth in april." and long-time bull at deutsche bank has just cut his rating for q-2 gdp from 2.9% -- that was a high one on the street, to 2.4%. his note" unexpected weakness in recent federal government spending which has primarily been due to significantly lower military outlays has caused us to trim our current quarter growth forecast." let's take a look at how the markets are fairing right now