is separate from the company's employee stock ownership program has the workers participate in the company provided the stock to that pledge. that's right there separate entities that shares are held in trust for the employees. can the employee still their stock to diversify? only a limited circumstances when the employee has 55 years of age in the year to a company he or she can steal some of the stock but not much. diversification been working 2008 this we know but traditionally it has been a source of limiting volatility in investing for many investors. are there alternatives but still provide their retirement nest egg for employees and allows for diversification? who chore the 401k plan is one option as long as you are limiting the company's stock in bear. but there are there's the traditional benefit pension plan but that's a vanishing breed at this point but there are a money purchase pension plans and profit-sharing pool to like to see which comes to these employees stock ownership plans. well reforms would like to see? essentially i would like to see the aesop galway by way of limi

this is the company's fourth quarter at microsoft. seasonally i do think that the fourth quarter is a little lighter, but i want to get dan's buy-in on that in a moment. i know that dan morgan owns microsoft. so we'll check in on that in a moment. but the revenue a little lighter, 13.1 billion versus the estimate which calls for 14.37 billion. and 34 cents a share versus an estimate of 36 cents a share. we are looking at the stock trade down as you can see down about 2 3/4%. right out of the gate, once these numbers are all released. and the stock of course has been very strong today, and it's been strong leading up to these numbers. so i'm unclear whether this is actually a reaction to weak numbers and the expectation that perhaps things are not as robust as some of the market expectations have been suggesting or if this is actually just a referendum on the fact that the stock has traded up recently going into these numbers or a little of both. but microsoft certainly is a bellwether and it is going to set the tone tomorrow in terms o

and the oil companies will have a time time of it today. exxon made $12 billion last year. $4 billion to the same this year. bottom line earnings were below expectations. we heard this from other refiners like valero out there. royal dutch says the same thing, don't worry, they beat on the top line. they had earnings well below expectations. the ceo talking about the fact they're not banking on any kind of quick recovery. bp a couple of days ago said the same thing. ge, our parent company -- i think we're opening over $13 for the first time. it's around the corner there. i opened above $13. the first time in, what, six or seven weeks that will open above that upgraded to stocks. that's not anything they said. barney franks said because of the regulatory reform, likely ge capital will be able to remain with general electric. $16 million shares at $20. a bit below expectations. the talk is $20 million shares we're talking about here. it's a real estate investment trust. they restructure them with the idea that they'll make money in that partic

>> i'm certainly familiar with the company. i wasn't familiar with the work and school. >> subsequently that company defaulted on bonds and bank debt your and had chosen a federal regulator of its own choice because it was a holding company. how would you say the affect of what happened there with that particular company, is that a failing of the state regulation, state to state wax would that have occurred if we had a federal regulator in place? do you see any difference? >> the unfortunate reality in any capitalist economy is that companies will fail. companies, insurance companies led by individuals with ethical or a lack of ethics are companies that are more likely to encounter cash flow problems, and ultimately suffer the demise, or he denies demise of similar to alliance. a federal regulator would not have assisted or prevented that solution. i'm not a lawyer with a holding company challenges at reliance. the individual insurance compa company, those challenges occur and they have occurred for decades in the insurance indu

according to credit solutions of america, the largest debt settlement company in the country. ng a bell every time they persuade a credit card company to settle somebody's debt for less what they really owe. >> i want to discuss the bonn kerrful off -- wonderful offer we received from chase. >> when we visited the noise was deafening. but thousands have complained. karen moore says all she heard was silence. >> had absolutely no contact with them for over a year. >> karen moore appeared to be living a nice middle-class life in san antonio, but two years ago found herself deep in debt. that's when she saw something about credit solutions on tv. >> we dramatically reduce your debt. >> in this video, and on its website, credit solutions claims it can help customers negotiate with their credit card companies to pay up to half of what they actually owe. when you signed up with them, what did they tell you to do with your bills? >> they told -- well, they told me first of all not to pay anything. >> nothing? >> nothing. nothing to stop making payments. >> instead of paying her bills,

that's the world's largest i.t. company out there. it's going to take a lot to move the needle there. we think it's fairly priced. google, on the other hand, we do have a buy rating there. we think that's an attractive asset, obviously market leader in a growing space.. we'd put our money on google. >> gentlemen, we'll leave it there. great to have you on the program. thanks so much. we appreciate it. we'll be watching those numbers and have you back to weigh in. a ray of light in the newspaper business? yeah. find out why gannett was a big mover today. then some late-breaking developments regarding bernard madoff. and we're watching a very, very serious situation for cit group. back in a moment. who can give you the financial advice you need? where will you find the stability and resources to keep you ahead of this rapidly evolving world? these are tough questions. that's why we brought together two of the most powerful names in the industry. introducing morgan stanley smith barney. here to rethink wealth management. here to answer...

i spoke exclusive to the ceos of both companies. this is what they had to say on their ex-posh to the emerging countries, particularly china. >> most of the strength is in the emerging market theater, particularly china showing signs of an emergent be recovery that we think is -- and they never went negative but they should register close to 8% real growth they targeted for the year. china has been the source of copper demand globally in the face of weak demand in the u.s. and the western world. >> and for more on the earnings season so far i'm joined by portfolio manager at u.s. global investors. good to have you on the program. welcome. >> good to be with you. >> thank. >> you romeo, let me kick this off with you. what's different this earnings season going into the second quarter period, a lot of people saying this is the most important earnings period in a decade because of what we have all just experienced with regard to the global economic 0 slowdown. we're waiting to hear commentary about the rest of the year. what's your take

. $2.3 billion into the company and said no more money. you would think the market would be rallied by that. but the market largely yawned.. how about financials? of course we got the big news on jpmorgan. they beat. but there was lots of concerns on credit issues in the morning about credit cards, about commercial real estate. but guess what. look at these numbers. they barely moved to the down side despite those concerns. doesn't drop despite issues still out there. the big industrials names had a great day. big names like ups, the transports m h. transports had a great time. caterpillar, 3m. google intraday, google popped $10 in the last half hour in expectations. came down a little bit. >> tell you what, bob, we've got the revenue out at $3.07 billion on google. and the estimate was a revenue estimate of 4.06 billion. we're looking at about a billion dollars short on revenue, but let me not misspeak and get to jim goldman.n. he's got all the details behind the numbers. jim, what do you see? >> maria, that is the story here. as much as w

even as the companies aren't doing well. here's the question, let me ask it -- do you think it means that the underlying companies are healthy? no, i mean, most of them made their money by firing people. isn't that the game? i fire a lot of people. buy my stock. don't confuse the resilience of the market which is being propped up by money managers who are desperate to buy stocks with the resilience of the underlying companies and their earnings. they don't have it. it's not about the fundament ams at all which are in many case are just plain awful, it's about the fundamentals of the money management business, which is where i come in, isn't that what i know? had is only good for the managers that own the most stock. that's what i can teach you, the way the game has played. and i have played it. and i can tell you it's about the money managers and their exposure, not about the companies themselves. here's the bottom line. this market didn't hold up today because of the fundamentals. it didn't hold up because of the fundamental

, that'll be noticed by the insurance company. that business is up for renewal, and it typically is once a year for renewal, the underwriters will look at that. and they'll say, "we need to jack up the rates here, because the experience was"-- when i say "experience," the claim experience, the number of claims filed was more than we anticipated. "so we need to jack up the price. jack up the premiums." often they'll do this, knowing that the employer will have no alternative but to leave. and that happens all the time. >> moyers: so, the more of my premium that goes to my health claims, pays for my medical coverage, the less money the company makes. >> that's right. exactly right. >> moyers: so they want to reverse that. they don't want my premium to go for my health care, right? >> exactly right. they... >> moyers: where does it go? >> well, a big chunk of it goes into shareholders' pockets. it's returned to them as part of the investment to them. it goes into the exorbitant salaries that a lot of the executives make. it goes into

you are on the board because the ceo of this company and the ceo of that company is on the board. thing in many cases. the ceo in many cases helps select to those board members are. most of the times they had their run fish to fry. they have companies that they are busy with. complex financial institutions, there is no way -- like no possible way -- that most possible for members really understand some of the risks that are taking place. with a limited number of board meetings, even if they are on the audit committee, it is very difficult to do. some of these things need to be addressed by governance issues that we might address here. hopefully not too many. some of them need to be addressed internally at the company. i know you advocated that in the office. but that issue of the culture, of the weight boards in many cases -- i wonder if you might have a comment there. and then after that, i am familiar with the company a makes investments in large companies. one of the rules that they have is that they don't allow the ceo of them sell to actually serve on the board. the report to

the company reported second quarter numbers. and even though wells fargo reported an 81% increase in profits, 81% increase, investors are still concerned about the deterioration in the loan portfolio. joining me now in a cnbc interview, "first on cnbc" interview to break down the numbers and talk about the future is howard atkins, chief financial officer of wells fargo. howard, always nice to have you on the program. we thank you so much for your time today. >> good to be here, maria. >> i was speaking to one of your investors in the company and they said that credit ramped up, they did not beat as much as the whisper number, and it was a sell on the news because of the credit that was ramped up. how would you characterize the quarter? >> well, there may have been a little profit taking on the news. our stock has been pretty strong the last few weeks on the expectation of good results. we printed record results in the quarter. we're very pleased with that. there were very broad-based increases in revenue across the company. we di

does he have any comparisons with the other companies? they seem to be regrouping and going back to the old days, building a product that we can trust. trust. i have grandparents and uncles who have all worked in the industry in one form or another. are you lobbying to help people get out of their destituted -- looking into 401ks. maybe they can start some small businesses. just some comments on that. i think that would be a good question. guest: there is lots of evidence from j.d. power associates that look at the quality of the american automobile. it all seems to point very significantly toward dramatic improvements in terms of the quality of the cars, the productivity in terms of the company's being able to produce them, over the course of the past half-dozen years. we may have been in a situation where perhaps when i was young and first learned to drive in the 70's, american automobile companies were living on their reputation. they were not necessarily making as good cars as the reputation was. now it is a flip. in that sense, i am o

the company reaffirming its business outlook for the year. >>> one big headline from the call, the company is preparing to spinoff aol. the ceo plans to focus the company on its content business. this quarter aol revenues dropped 24% as they continue to lose dial-up customers and fight advertising downturn. as to the $7 billion in cash time warner has on its balance sheet, the company has once again started to buy back stock, purchasing $350 million in two months. acquisitions are a potential use of the excess capacity, looking for those that can provide strategic benefits and returns. but the economic downturn is taking its toll on the cable giant. >> the advertising markets where we operate have been more stable lately. but we aren't seeing major improvements. and because advertisers are holding on to budgets longer, our visibility remains lower than usual. >> the economy has also slowed dvd sales, despite very strong theatrical performance. and cnn, turner and tnt revenue grew. cable description increased and they now expect strong renewals. and they expect to steal market share from th

and to get there, it's going to be difficult for the smaller companies. so we're expecting probably two or three deals maybe as many as half a dozen deals in the h.m.o. space. >> reporter: burnett says he's not looking for health care deals until and unless a reform package is signed into law and the details are known. scott gurvey, "nightly business report," new york. >> suzanne: regulators want to turn up the heat on the energy market. the head of the commodities futures trading commission says his agency must seriously consider tough limits on speculative energy trading. gary gensler says the idea is to curb excessive trading, not eliminate speculation all together. the agency thinks too much paul, as you know, last year that same agency said supply and demand not speculators drove prices higher. >> paul: suzanne, the chicago mercantile exchange is also in favor of limiting energy contracts. now let's take a look at our stocks in the news tonight. >> suzanne: as we mentioned earlier, china said today it will expand demand to help revive its economy. it

but is the company buying it? alth and human services secretary kathleen sebalius will make reports from the white house. and we'll get comments from ohio senator george voinovich, kind of a republican, as a result. and then we have david fiscal. he's one of the wall street street street's. it's a nonpart son, this peterson foundation. so he doesn't have an ax to grind on this health care issue. we'll get some real facts on what is likely, if it happens and if it doesn't. "squawk box" will start right at the top of the hour. back to you. >> joe, just on that, what is the fear? is everybody sort of preparing for higher taxes generally, or not? >> oh, yeah. yes. and i'm hoping maybe the trend is definitely up. >> i loep r hope i'm near where the trend is coming down. are you in the public system over there, ross? >> puck system of -- oh, what, health care? >> health care. >> yeah. everybody is in it and it's a question of whether you choose to also have a private system, as well, on top. >> and do you? yeah. you get

the west? is there room for asian companies to come off better than those in the west? >> certainly companies have come off remaining term despite the recession. if you look at the retail sales numbers on technology, it's been quite good for the last 18 months for technology and that's now filtering in to the share prices. asian banks and properties are definitely on a roll, thanks to the chinese stimulus money which is now filtering out of china into hong kong and singapore and other markets, as well. so yes, i think asian companies' earnings do look better, the banks in particular. and what's interesting about this current rerating phase in the stock markets is that it's mainly the cyclical sectors that are running like property, etcetera and technology rather than the defensive sectors which you would have expected in a more defensive market. so looking forward, i'm cautiously optimistic. i'm turning more bullish as we go along. others have said the technicals look reasonably good. of course, there are signs of a bubble there which makes us a bit cautious about the we

the company is bms. it is a mild mannered packaging company, one that you would never suspect has what it takes to be a true predator. the kind that doesn't get killed by arnold at the end of the movie or by the alien in the horrible spinoff slash the sequel. bemis is like the subdued cary grant in "to catch a thief." heck, you probably never even heard of bemis. even though you interact with this product on a daily basis and the stock symbol, bms. that screams buy my stock with its very initials. don't buy immediately. they just announced a gigantic secondary offer. it is selling 7.5 million shares. what an opportunity. and that is why tonight we have focused on bemis. so you can do the home work and get in on what we think is going to be a great piece of merchandise at a big discount to where the stock went out tonight unless you're fool enough to buy it after hours and not participate in the secondary. now don't be fooled by bemis' soft exterior. they get 83% of the sales from flexible packaging making

she joined the company in 1995, one year after mary kay cosmetics entered the chinese market. her home features a mary kay statue, and mei recalls when she met the flamboyant texas entrepreneur on a trip to the >> ( translated ) i was not very good at english so all i can say is mary kay, i love you, i love you, i love you. >> reporter: the story of mary kay's triumph over poverty and transformation into a successful entrepreneur has inspired thousands of chinese women. the company expects china to overtake the u.s. as mary kay's largest market within five years. in 2008, mary kay china saw 50% sales growth over 2007. and despite the economic downturn, the first two months of 2009 saw a 30% increase over the year before. mary kay china's president, paul the year before. mary kay china's president, paul mak, says direct selling goes up sales growth when fewer chinese are joining the middle class. carol shen, general manager of estee lauders china affiliate, says the economic downturn heightens chinas importance in estee lauder's global strategy. >> i just think it makes china e

what are some of the company's the uc the scene to be heeding the bulls eye when it comes to those messages? i think you see a lot of companies that are reaching out and social media. one of the company's working with nationally is filled entertainment that's disney on ice and wrinkly and they're really getting the info source in all cities we've been working with them to bring them into experiment if there's any more discretionary spend it has to be watching and i show for three hours. because this case vacation if you can get all for four tickets for $44 it becomes a family adventure you may not be able to go for that long weekend to the beach but you can go see the ice show will cost the town would be really did is say how can we get people enthusiastic how can we the people applaud the leaders of that community groups who are reaching into their e- mail's were websites powerful groups in offline and all of a sudden and that particular campaign what happened is we are only six months into it but we sold over half a million dollar tickets and 70% to people what never been to the show befo

so, the company has a lot to look forward in that front. the mobile internet hear me roar error last night's conference call screamed out at me. they cited ultrathin new notebooks where they are making a splash. the end results, revenues will keep growing and growing and gross margins, how much intel makes from the sale, which is also the key metric, will go up huge. business should be better from both the consumer and enterprise. that means many more upside surprises and blowouts. how can this be generated if business is so bad worldwide, to quote the intel ceo, when you look at aging products that are out there, desktops in the corporate environment are about four years old, notebooks 3 1/2 years old, servers about 3 years old, jim cramer two years old with had -- no, and at some point those need to be refreshed. that means there's a huge impact for intel and the semis across the board. beyond the blowout for intel where commercial real estate unemployment, taxes, bankruptcies, foreclosures are all going bad, you can buy tech. the reason?

the funding for cit. geithner says we've got to help this company because it is lending to all the small and midcap companies, right at the sweet spot when the obama administration is saying small and midcap companies really need the help, because they are the job creators. >> all right, maria, thank you so much for that update. once again, the headline here is that we could be hearing what the resolution is for cit in the next 12 hours. so, by 6:00 a.m. tomorrow morning. >>> take a look at that chart in the after-hours market, cit not moving too much, although it has moved higher on this anticipation. but the interesting thing here is it didn't get access initially to the treasury -- to that fed lending because it was not deemed as a systemic risk. now, it is a systemic rink. -- rirveg. >> kind of comical to me that we're throwing this blanket out to the middle-class that needs so much help on health care all the things they're doing aggressively in the next two weeks and they can't throw out a line someone they've already thrown t.a.r.p. money to and who everybody claims a significant impact on smes, they

one way the company plans to do that is by selling its entire line of cars on the internet. gm is trying to hammer out a deal with ebay, for a pilot program that would initially be limited to california. but could go national if it proves to be successful. at a news conference yesterday, gm ceo fritz henderson says the company needs to embrace new business methods. >> we've deeply appreciated the support we've received during the historic transformation. and we'll work hard to replay the trust and the money, that so many have invested in gm. the last 100 days has shown everyone, including ourselves, that a company not known for quick action can, in fact, and indeed, move very fast. starting today, we want to take that intensity, the decisiveness, and the speed of these last several weeks and then transfer it, from the battlefield triage of the bankruptcy process, to the day-to-day operation of the new company. and this will be the new norm at general motors. >>> everybody wants to save more and spend less. and we have just the guy to help you. join hln money expert, clark ho

, the cable companies. we think it's going to be the best place to be-s in the media sector. >> scott? >> hey, john, it's scott wapner back here. it's funny that you're a chicago bull because our viewers are going to look at some interesting video of you actually going one on one with michael jordan. you're one of the few people i guess who could say they've beaten michael jordan going one on one. i want to ask you, what's easier, going head to head with m.j. or head to head with the stock market? >> the stock market is really the most difficult game in the world to play. it's the most humbling game in the world to play. at least in basketball every once in a while you can get fortunate and like i did get a lucky shot over michael at the last second. but this business can surprise you in so many different ways, that it's a much tougher game. >> i don't know about luck. you look like you had some skills there. i'm interested, though, in the fact you say you like the media sector, one of the sectors that's bee

this is the big oil service company out there. aton is reporting earnings well belove expectations. compared to last year. top line, they did beat for this year and that's still the continuing trend here. cost cutting helps beat on the top line. ruby tuesday, tough time the last six months. they're offering 10 million new shares here. that stock is trading down 7% or 8% on the open. tradertalk.cnbc.com. what about the nasdaq? >> up half a percent. eight day in a row the nasdaq is at the highest level since last october. that gives you an idea of the run we've had. it's out of the gates to the plus side today. led by cisco, the firm saying the company is seeing steady and modest improvement. can't say whether it's sustainable or not. they raised the price target up to 25. those shares are south of 21 right now. apple is higher, yahoo! is higher. both companies out with earnings this week. intel is higher. microsoft as well, which is going to report later today. charles schwab, andrew cuomo is ready to file suit against this company

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even though he was making money for the company, when you are talking about that they were bankrupt, i do not see where you get the nerve to ask for $100 million. greta: this guy is not starving if he does not get a full $100 million. a percentage of how much money he makes when he traits? >> yes, and he has been a spectacularly successful trader -- how much money he makes when he trades. he called the oil marker. he made hundreds of millions of dollars for the company. i do not have a problem with that. i do not have a problem with this past bonuses, but i do have a problem asking for bonuses when the company went down the drain, and the company would not even exist today if it were not for a taxpayer bailout. greta: a successful trader, making all of this money. in some perverse way, he made it easier. >> i am sure if he were here, he would make that case, but here is the bigger picture that i think the viewers need to be aware of. we bailed out 10 of the 50 largest banks korea i suspect that you're going to start to see these ceo's and directors come out and say they are owed these

you are on the board because the ceo of this company and the ceo of that company is on the board. a status thing in many cases. the ceo in many cases helps select to those board members are. most of the times they had their run fish to fry. they have companies that they are busy with. complex financial institutions, there is no way -- like no possible way -- that most possible for members really understand some of the risks that are taking place. with a limited number of board meetings, even if they are on the audit committee, it is very difficult to do. some of these things need to be addressed by governance issues that we might address here. hopefully not too many. some of them need to be addressed internally at the company. i know you advocated that in the office. but that issue of the culture, of the weight boards in many cases -- i wonder if you might have a comment there. and then after that, i am familiar with the company a makes investments in large companies. one of the rules that they have is that they don't allow the ceo of them sell to actually serve on the board. the

the company is making some of those batteries in france for mercedes benz. in a couple of years it will build them in the u.s. for ford. and roell says those batteries could provide a bonus. >> what people are perceiving is that you could actually drive the vehicle during the day and then do two things: charge it at night, but you could also potentially have some of that battery power transferred from the vehicle to the home and then the home could actually have power that it could use during the day. but, diane that's a very early stage. >> reporter: like most u.s. companies, johnson controls has struggled in the first half of the year, but expects sales and profits to rebound in the second half. morningstar auto analyst david whiston thinks the company diversity makes it a good bet in any economy. >> you combine that with a healthy balance sheet, a healthy dividend, and a steady dividend that has been around since 1887 it could be a good play for some investors. >> reporter: and roell is confident johnson controls is building a more profitable future, by ma

the world'scer) leading companies thrive on collaboration with the world's leading companies. , we're helping to shape the exchanging world. nyse euronext. powering the exchanging world. >>> welcome back, everybody. the strength of the dollar great for a lot of things but not if you're a multinational firm. matt nesto has more and i'll bet you're talking about johnson & johnson. >> that's what's got on me on this path. you saw those results out today. the company did beat estimates even though the profit was down. but when you look into the press release and start reading into it, j & j reporting international celts got hit 12% on a four x. i start looking more closely at the dollar index. if you look at where the dollar index was from the beginning of the first quarter from april of '0 to today, you're going to see just about a 12% gain. that's just to where we are today given the giveback we started to see in the latter half of the second quarter. rufly if you average it out, it was about 73 the dollar index for the second quarter of '08. it has been averaging about 83 to 80

they sacrificed a lot for the sake of the company. and so, there are a constructive part of crafting a vision forward for the future. hostcaller: i am calling about r local 488 retiree. i'm talking about our negotiated benefits. they were taken from us this month. one of the things that was preventive medication and care. i was concerned about how they are going to help us in that respect. guest: it is very clear that the autoworkers' made significant sacrifices. retirees made significant sacrifices. those are significant concessions. the autoworkers' made concessions as well as bondholders. there was a very painful sacrifice involved with keeping the company's going. the simple fact was, these were not viable entities if we did nothing. the arrangements that the president put in place called for shared sacrifice. they called for a very significant and painful sacrifice by all the involved parties. there was an investment on the part of the company to keep it going. if the president had not made that investment, basically these compani

the cyclical companies that rely on a strong economy, well they've been getting slammed. people think that that's china. it's supposed to be the engine of global recovery, and they feel that things have slowed in china. i might add, given the general stillwell already lost it once already, we don't need to lose china again to this market. but what should you be looking for here when you don't want to worry about whether chinese demand is strong? how about accidentally high-yielding stocks that are immune to both the swings and arrows of this outrageous economy and china syndrome that's afflicting so many other american stocks. i'm talking about conagra which wall streeters know as cag and home gamers know through its brands -- healthy choice, chef boy yar de, peter pan peanut butter, pam, egg beaters, redi-whip, and, yes, one of my favorites, slim jim which i always aspire to be. it is not named after me. although that's a common and understandable misperception given i'm in such great for being a 64-year-old. conagra's got a marathon man like dividend that currently yield

the company is giving back some of its recent gains. up about 20% since their last quarterly report three months ago. >> thanks very much, matt. i'm getting more headlines on intel because the second quarter asia-pacific revenue came in at $4.1 billion. that's asia-pacific. europe revenue 1.53 billion. we're watching intel trade pretty aggressively in the extended hours. it is higher.r. higher than expected numbers on the earnings per share. house democrats introducing their health care reform bill today. does it make sense? indiana republican congressman mike pence, allison schwartz, democratic representative from pennsylvania checking in. stay with us. [ engine powers down ] gentlemen, you booked your hotels on orbitz. well, the price went down, so you're all getting a check thanks. for the difference. except for you -- you didn't book with orbitz, so you're not getting a check. well, i think we've all learned a valuable lesson today. good day, gentlemen. thanks a lot. thank you. introducing hotel price assurance, where if another orb

what will the company say with respect to guidance over the balance of 2009? that will be especially of interest to me. but again, if you take a step back and you look at what companies have been doing in this recession with respect to cash flow and free cash flow, that, he think, has been a hidden story nap is at least leaning to the positive side and what's been simply allowed the environment for earnings and the cash flow numbers have been better because there's been better capital discipline for companies on a technology side. there i believe ras a longer term valuation issue. >> thank you, thank you so much. let's get a quick look here at the futures which have improved after yesterday's 3% gain across the board. jpmorgan, google, ibm all on today's earnings. that's it for today's show. >> i'm ross westgate in europe. >> and i'm christine tan in asia. thanks for your company on "worldwide exchange."

the company is calling them the next dominant biotech company. a bullish analyst and commentary and upside surprises and data and deals have been helping the nasdaq index out perform a strong nasdaq as you know overall and doing so well that there is talk out there now of a billion dollar ipo in biopharma, possibly being put into the hopper. >> that would be something to talk b. a quick final check with you in terms of whether you think there will be demand for treasuries. as we move ahead and yields that are not that exciting. >> in the shorter maturities and the five-year comes tomorrow. we will see them come and go and a basis point or two cheaper, but we will get the supply placed and dot seven-year after that. >> health care the only major group that stuck out today moving higher. do you think we got the health care reform priced in? >> here's something interesting. good point. they are an hmo, but specialize in services to government operations like medicare and medicaid. the numbers came out better than expect and raised guidance. this comp

that is the life blood of our company. that's creating long-term value, and we're expanding brands around the world which is a great opportunity for us in the long-term. >> let me ask you about the rest of the world here. what region is most important to viacom and where do you see growth? we were just on the floor with money managers talking about the strength of china. what can you tell us about china, perhaps india important four, as well. where is the potential for viacom as well? >> we love india and sergeant the second anniversary of a had you hindi language channel called colors. it actually became the number one channel in many india years ahead of expectations. so it's a great asset we're building over there outside of our established brands. in fact, we expect to have distributions of colors in the united states with with the indian american community. china is a tougher markets for us today in the media sector just because the regulatory framework is still not all that friendly and a lot of piracy. we hope as the

the management company refused to go on camera. dc council member jim graham, however, helped him to find storage for his belongings. >>> still ahead, on 9 news now at noon, michael phelps rewrites the record again. >>> and we will tell you about his latest achievement. >>> kim? >> j.c., got my wedding hair do on. hope you like it and i'm sitting outside. what is proving to be a beautiful friday here in the district of columbia. i will help you with the weekend plans. don't you worry about it. i will see you on e thr heotth side of the break. >>> he did it again. michael phelps, the baltimore native shattered another swimming record last night. and so now he goes to indianapolis for the u.s. swimming championship. he set another world record the 100-meter butterfly. he did it in 50.22 seconds. can you believe that? it breaks a record set back in 2005 by ian crocker. phelps had already won the 200 butterfly and the 200 free- style event. he pulled out of the event in the swim meet today because of a sore neck and that's okay. we can

the widespread failure of committee banks are insurance companies could. a natural or man-made catastrophic event or series of events could cause more than the isolated failure of casualty insurance property companies which could be significant part of their two elements in particular that we recommend for your proposal. mandated internal enterprise risk through board level risk committees and substantially enhance disclosure requirements related to arrest. i must emphasize that our two recommendations are not intended to be a comprehensive solution but instead we believe any solution should include the two essential elements. first, corporate governance reform should require systemically important companies to a sign responsibility for risk oversight to a committee of their board of directors with the management risk officer the reports directly to the board committee on a regular basis but a travelers has had a board risk committee headed is akin to the relationship with the company's chief internal auditor reports directly to the committee. their risk co

the company benefitted from a rebound in sales of its drug enbrel. amgen is boosting its full year outlook. the ceo saying concerns about pressures from the recession is having on health care have moderated. amgen also struck a deal to have glaxo smithkline market an experimental osteoporosis drug waiting fda approval in europe. in frankfurt amgen is trading up nearly 3%. if you want to know more, check out the pharma blog. mike huckman writes about the latest and greatest breaking news in that sector. for everything else check news and video on cnbc.com. >>> still to come on today's program, deutsche bank posted solid second quarter earnings but has raised its provisions for bad loans. we will break down those numbers. chi china's biggest ipo this year will happen tomorrow. and bp has had a 53% drop in its second quarter of costs. at 155 miles per hour, andy roddick has the fastest serve in the history of professional tennis. so i've come to this court to challenge his speed. ...on the internet. i'll be using the 3g at&t laptopconnect card. he won't

the company told us that their sales growth has been slowing and that hurt the shares of that company. we're seeing some of the defensive stocks moving to the down side, as well. basic resource stocks are appearing to be pretty reliable today. they also told us that the second quarter would be stronger. let's get out to annette now and find out what's going on in frankfurt. >> well, the german trading day is flat. there's not a lot of change. we have lots of different stories to tell. let's start with the biggest gainer, which is deutsche post. they are issued a bullish outlook. that is one of the biggest issues behind the stock price movement, up roughly priced to -- well, 4.4% in its gaining, deutsche post share. on the downside, we have volkswagen, which is probably the biggest story today. deutsche post and volkswagen's board is due to meet at lunchtime to discuss all the options on the table as well as the possible takeover or the porsche car business. . but in general, volkswagen is down by 2%. pharma stocks is a slightly small news on merck. they are applying for a license for

i spoke to the company. it was on the front page of the financial times saying it would book 1.5 billion euros worth of pretax losses for the full year. the company said to me only they have to repeat what they said last time. they do see losses, triple digit. they didn't want to confirm the 1.5 billion figure. that's frankfurt. over to paris now. >> thank you very much. in france, the market is now slightly higher but volumes are extremely low. plenty of people have decided to take a day off this monday. the volumes were quite limited last week. they lost 4.4% over the last five sessions. we are recovering very slightly today. in terms of individual stocks, the carmakers are trading a bit higher despite the announcement from some employees of new fabrice. the company went burpt four weeks ago. they're asking the main customers to pave sompsiticompe by 30,000 euros. the french country is trying to negotiate a settlement in the case. also in focus, edsd electricity denied that the french government asked for t

the company expects china to overke the u.s. as mary kay's largest marketithin five yes. 2008, mary kay china saw 50 salegrowth over 2007. and deite the economic downturn, thfirst two months of 2009 saw a % increase over the year befe. mary kay china president, paul mak, says direct selling goeup in a down ecomy, and sales ha remained strong. >> even with t downturn we are growing very fast. 2008 is still a record yea >> rorter: it's a challenge u.s. cosmecs companies are facing in chin maintaining sales growth whefewer chinese are joininthe middle class. rol shen, general manager of tee lauders china affiliate, says theconomic downturn heightens chinas impornce in ese lauder's global strategy. >> i just think it mak china even more important and re strategic, becau i think that around the world this a growth area. >> the comny has eight brands in china, and opened this development centern 2005. >> he the company tests products like mascarand foundation ecifically for the asia market. it's the company's secon largesresearch cent

and mark basically built the company, edwardo put up $1,000 in the beginning to help do it. e. until it fell apart. >> why? >> it was a dorm room company. the thing exploded, suddenly there were millions of people on it. mark went off to california and really built the company in silicon valley and edwardo finished school, and slowly but surely mark, you know, decided his company and edwardo wasn't doing anything. he feels like he was betrayed and there was this kid shawn parker, the rock star, the bad boy of silicon valley, got involved and really brought facebook from a dorm room company to $1 billion company. >> so does zuckerburg deserve as much credit as he gets. could it have happened without him? >> absolutely. he's an absolute genius. without him, there would be no facebook. the kid is like a bill gates. i can say, you know, nothing good enough about mark. but, you know, he's socially very different. he has this kind of wall around him. and it's ironic that the kid who created the biggest social network in the world is very socially awkward. and i think he sheds frien

the world'sncer) leading companies thrive on collaboration with the world's leading companies. together, we're helping to shape the exchanging world. nyse euronext. powering the exchanging world. >>> welcome back. take a look at futures. right now they are pointing just slightly lower versus fair value. as far as dow is concerned and the nasdaq is concerned, so yeah we're looking at a nearly flat open. >> not much there. let's get the buzz beyond the big board on the final trading day of the week. joining from us bean town, art hogan. good morning, art. >> hey, mark. >> this market certainly has confounded everyone.e. a week ago we talked about head and shoulders and correct me if i'm wrong, i think that went away, didn't it? >> it went away quickly like someone flipped a switch. no one asked about where the next level of support is in the s&p 500. one of the things that caught us by surprise is we have guidance from earnings report we got so far. it's interesting that we hadn't seen guidance for the last couple quarters. now we're getting guidance. we can put in numbers that ar