reuters for $1 million a year and thomson reuters puts it out on what they call a tiered release.those ultra high elite clients get it two seconds before everybody else. they know it's going to be a market pop or drop based on that number because traditionally it is and they're trading with two seconds, that's an ocean of time for high frequency traders. they're doing the market moves way before that number becomes public on our air or for other wire services or on the website of the university of michigan or of thomson reuters. >> look, i know it's allegedly legal. but if a prosecutor wanted to build a case and called you up, could you give them the stuff so that they -- i mean, i think this is such a scandal that it may look legal, but a case could be made this is wrong. >> i wouldn't go into the legalities of it but i would say if you look at what individual investors know about this and even some really smart people on wall street that we talked to had no idea this practice was going on. and the question in my mind it comes down to is what is wall street, these elite high freq

here is what thomson reuters told us.ls are provided openly to thomson reuters customers and the wider public and anyone wishing to trade on this data can pay for the services that best meet their data needs. thompson reuters also said it fully discloses the two-second lead time on its website. this is extremely valuable data. the contract show that is thomson reuters pays the university of michigan at least $1 million per year for the exclusive right to distribute it. scott, back to you? >> thanks. doc, you're shaking your head. pay to play. >> shame on reuters, shame on the ftc. this isn't anything that makes it fair. it disrupts the markets obviously as eric over at nanex has cited on eamon's report. this is just terrible. this is not something that will help markets. it will be something that destroyed markets, and i'm just -- this is almost like that nsa spying, judge, because basically it destroyed confidence by the general public. so i'm outraged. this is terrible. >> steve weiss? >> all that being said i will spli

trade whose got that data the high speed subdescribesers to thomson reuters premium service were ablere the rest of the market realized that was even out there as data in the market. just that 15 milliseconds in this day and age means a lot. what the s.e.c. has done here we're told by the ceo of ism has asked is m and tampson thomson reuters for a company of the contract. i'm told they turned over a redacted version of that contract and we'll try to get more information from the s.e.c. they've declined to comment to us officially. thomson reuters not immediately responding for a request for comment. >> another development in a story he's been out in front of. our next trade, the markets are in rally mode. what are the technicals saying. let's go off the charts with chris varone. good to have you here. >> nice to be here. maybe the technicals are more important than ever before given what we've done over the last week in the stock market. what can you see? >> first and foremost and most importantly, the trend of the market is still up and still healthy. now, very curious thing happened

. >> reporter: savecalifornia.com president randy thomson did not author prop 8 nor did his group but they've been vocal supporters and they filed a brief in support of prop 8 before the supreme court. he said the supreme court has, in his words, become an illegitimate body with the ruling and he continued the argument that they made since the beginning that marriage is not defined in the constitution and should be a state issue. he blamed governors brown and kamala harris for not appealing a district court's decision for not supporting the will of the people. thomson like proponents of prop 8 said it's been a long road. >> it's sad to see our nation's laws are not functioning because of tyranny. i will say that again. tyranny is when judges or politicians exert their own power and their own desire and violate the rule of law. >> reporter: as for the fight going forward, thomson said there was some hope that he had that this rule be could be limited in scope, somehow that he was not at all confident about what happened. what he said to me was basically, he -- he says "it's done." in s

earlier this month, cnbc reported that thomson reuters inadvertently released by 15 milliseconds thatacturing data to high paying high speed data client. what we are told by the ceo of ism, thomas derry, is that sec responded to the report by asking for a copy of the contact between the two organizations and the two organizations sent over a redacteded copy retailing their business arrangement. sent that copy to the sec. we know sec is looking into this. thomson reuters did not immediately respond to my question of comment. >> you said redacteded, what is redacteded? do we know the numbers involved in the contract? >> we don't know what was redacted. but we do know they sent over a redacted version of the contract. clearly the sec is taking an interest in the issue. this issue has been in the media a lot lately. is market moving. how they are released. who gets the information. exactly when and whether or not this is all technologically fair. and how closely calibrated are they to keep their clock synchronization spot on so no one is getting this information before is supposed to be o

it is not on thomson reuters or anyone else.you want the -- if you want the best service, if this is what you do for a living then you ought to pay for that service. that's all. >> kenny, what about that? you are out there with in the trefr trenches everyday, trading. you are always looking for an edge. is this the way wall street works? >> i hate when they say and make a blanket statement. i think it is completely unfair. it is quasi public piece of information that should be released at the same time to everybody. i can't believe -- >> what does quasi public mean? >> they paid for it. they have paid for it and sell it to their customers. >> whoa, whoa, whoa. they didn't hire university of michigan for themselves to create this report. this report is quasi public -- >> university of michigan said that this is privately funded research. >> they get to do whatever they want with it. >> privately funded but the whole world is public quasi piece of data that every month people wait on the edge of their seats to get. not like you we

you're a paying customer for thomson reuters. >> absolutely, you know?or the information. is it right? i guess not but, you know, we have it even with trading, nicole. you know, we have people that have, that have access to the markets milliseconds before other people because they're willing to pay for it. i think it's absolutely terrible, but these systems were created, and people take advantage of it. and as far as i know, it's not illegaa. >> reporter: right. and it is not illegal and, actually, some of the politicians were actually talking about not from the comme department or the labor department, these are individual surveys such as university of michigan survey, and then they get released. could be good news or bad news. and it does move the markets. and so some of the customers who pay, let's say, $5,000 to have that thomson reuters terminal pay an additional thousand to have that connectivity in order to get that kind of stuff a little bit early. and you can make some money on it, right? >> i mean, in a perfect world, it stinks. but in the real

hectareas, dejó a la ciudad bajo un denso manto de humo , 80 millas al oeste dicen que el incendio en thomsone las pandillas salvadoreñas llegaron a a cuerdo que ha terminado con algunos asesinatos. >> que dolor . >> cristina esta pasando por una dolorosa experiencia que se ha vuelto habituales en el salvador. >> yo aquí vivo le decía y yo viendolo de la casa y entonces le decía el hombre con la pistola en mano , abre la puerta. >> hay mi niño. >> así comenzó el calvario que tuvo su primer momento crítico cuando el cadáver de su hijo mayor apareció a orillas del río. >> como te dejaron hijo , mi amor. >> al día siguiente apareció el cadáver de su sobrino mientrsa su segundo hijo sigue desaparecido. >> el acuerdo ha reducido los homicidios a cinco diarios . >> el optimismo por las casi 3 mil vidas que se han salvadaor y el dolor de los que todavía tienen que ofrendar a los que aman. >> trabajamos honradamente para nuestros hijos y ellos desaparecen. >> para el procurador de derechos humanos es una tarea incompleta en que el estado debe poner mayor empeño. >> un derecho del que aún no gozan tod

thomson reuters also said it fully discloses the two-second lead time on the website.t thomson reuters pays the university of michigan at least $1 million per year for the exclusive right to distribute it. back to you guys. >> wow. stay with us actually. we want to bring in steve liesman as well. and, steve, you have just heard what eamon had to say there. of course, the defense in this case is that there's nothing about this that isn't transparent to those involved. do you think that's a fair defense? >> i actually don't think so, kelly. i have been calling economists about this issue for the past couple days, and none of the ones who i talk to, these are some of the best known wall street economists who appear on cnbc, knew about this two-second delay. some of these guys pay to be on that call at 9:55. i feel like at least within the street that 9:55 call was reasonably well-known. this two second earlier heads up was not well-known on the street and i think it raises some questions about disclosure, about transparency. i tried to find this two-second disclosure on t

and heather thomson is the creator of the shape wear lineupy by heather.ou'll recognize her as one of the real housewives of new york city. great to see you. >> so good to be here. >> do you think -- you guys both deal with products and a lot of products -- is figuring out what stays and goes an art or a science? >> it's a science. it's the most important part of your business. inventory kills. it's the number one reason of going out of business because they have too much cash on the shelves. and i really love the artist in these people, the artist in me. i have a soft spot for that, but they have to get tougher with what they have on the shelves and they have to understand who they want to be. do they want to be the everything store where things are collecting dust, or do they want to be the store that has the newest and the best. i have a specific position, two positions in my company that are called planners. and all they do through the reports, the pls system that he spoke of, they look at what's working and what's not working. and with a system like t

is investigating the relationship between thomson reuters and supply management.ot advance access to the manufacturing data. last year thompson and ism signed a deal over high speed line and investors willing to pay for quick access to the information. the many s.e.c. probe is in the early stages and may not result in any action. thomson reuters stock up a third of 1%. >>> google is looking to branch out beyond smartphones and tablets. "the wall street journal's" suggests the company is working on a video games console and digital wristwatch powered by sell the devices itself and released at least one of them this fall. google's stock just down slightly. >>> meanwhile, european equities, mixed session today. the ftse 100 yesterday was up about. %. right now it's absolutely flat. xetra dax off 1% and the cac 40 down a third. u.s. agenda, final read on june consumer sentiment due out at 9:55 eastern. at 10:00 we get the june chicago pmi and if you like a fed official speaking you've got plenty to look at out. there are four of them, fed governor jeremy stein, richar

states by the way and instead start taking action to curb climate change is devastating effects at thomson reuters news banker event in london yesterday world bank president jim yong kim said that there was a ninety seven to ninety eight percent agreement in the scientific community of global warming and climate change are real and that they are caused by human activity. he went on to say that if you disagree with the science of human caused climate change you are not disagreeing that there is anthropogenic climate change what you are disagreeing with is science itself governments across the globe of already taken some actions to combat climate change many have agreed to limit global temperature rises to a low two degrees celsius it's about three point six degrees fahrenheit but the banks at the world bank are saying that isn't enough and they're right jim yong kim noted in his speech that as extreme weather events continue to get worse and more prevalent public opinion about climate change is going to start to change referring to the united states kim said that as extreme weather events o

about specifically the university of michigan consumer confidence report that is distributed through thomsone who are willing to pay for that extra two seconds. that's what we're specifically looking at. >> yeah. >> if they're willing to pay for it, is that okay with you? would you pay for it? >> well, imagine -- well, it's a pleasure to be here, by the way. imagine you have a, let's say, a coo of a big bank, say jamie dimond will release publicly he is now going to disclose jpmorgan's financials to select group of investors five minutes ahead of time, and then two seconds ahead of time to high-frequency traders. there will be an outrage, and there will be huge investigations and the senate committee hearings and people may wind up in jail because of that. but here, we have a media company that's not subject to scrutiny and it's not subject to regulations for some reason, and they're just blasting the data out there and selling essentially what amounts to insider information, in my opinion. but i think the positive side of what is happening, and the fact that cnbc actually unearthed this, th

fox business does use thomson reuters products. and android smart watch in the running. at least one of his new products will be released this fall. target was yesterday. now, sears is today. a growing list of counties cutting ties. sears said it made the decision to get rid of all products after careful consideration of all available information. >> i think his name was ray something. if you know it, e-mail me. bill graves on why he says there will attacks the industries productivity. lori: i think of a willie nelson song. crop report. we are at the cme net. >> the dust bowl means the summary. how james bond underwater car -- this could be yours. wait until you hear where they found this thing. ♪ (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't tre like everi'm with scottrade. me. (announcer) scottra

following up and asking for the contract asking for the relationship between ism and thomson reuters,veal to the s.e.c. how much thompson reuters is paying for the manufacturing number in advance. >> all right. i think that this is a big story. >> yeah. you have a problem with this, jim, don't you? >> well, i do. and the government does, too, because the spirit of the government is fair and full disclosure and this is not. if i were the lawyer for thompson reuters i would be saying, look, we make a lot of money on this, and we don't want the s.e.c. to be the enemy, because it can hurt us in a competitive situation. they are going to reverse this. they are going to reverse the way they do this. >> and with that in mind, we will go the rick santelli to see if the number is just as weak as we think. >> 51.6 coincidentally, it seems to be. >> i dwhaesz we all kind of used to it. jerry next to me, every number, it must be good or bad and he is no soothsayer. we do see that the market is moving a bit here as it should, but i should say that moved with the e.d., and this is an important leve

i want to say o'toole and from thomson reuters, director of deal intelligence, one of my favorite titlesrt with you, matthew. trying to understand this, it's pretty lousy, way tonight say this stinks pretty bad. am i wrong? >> i don't think you're wrong at all. i think it's been a pretty frustrating year, probably three years for m&a watchers. >> lame. >> fits and starts. pig deals. is it merger monday and three weeks of nothing and so we're starting off the year down 9%. it's the slowest year for m&a since 2009. second quarter since 2009, as well. back to levels we haven't seen in quite some time after what everyone thought would be a great first quarter. >> i think you're disagreeing. >> i am definitely going to disagree. you know, while i do agree that globally m&a is done, mergers and acquisitions in the u.s. are up considerably. we're up 12% from last year. >> but isn't that lame in an environment -- >> it is not. >> when you talk about the confidence that's supposed to be in the market on a relative basis for many, many years m&a, i don't know if it was a forward indicator or laggi

. >> now, last week we reported that thomson reuters pays the university of michigan $1 million a yearlly sell that on a tiered basis two two seconds in advance to high frequency traders. obviously that's a very profitable business model for the university of michigan which compiles that data. why have you guys not done something similar to your data? >> i don't want to sort of be preaching here. this is a very -- these are very murky waters, and we began to look at this issue about eight months ago. frankly, we were looking at whether or not we could or should monetize the data, and there are no guidelines. it's not illegal. and we really had very little to go on, and so we had to take a lot of time to try to figure out for ourselves whether this was the right thing to do. we never released the information in advance. we don't get paid for releasing the information at 10:00. we decided through this review that we did not want to try to monetize it in this fashion, that we could make money at it, but that we felt that the asset has become almost a public asset and we felt the need to p

thomson reuters and some of the new owners of numbers like chicago purchasing managers survey, not doing principle? or is the argument about price? if tweeting, for example, which is basically free, if tomorrow it was $1 million to open up a tweeting account or twitter account, would regulators look at information disseminated in that fashion the same way? i ask you. we had a market -- we have many market moving stories that move the treasury markets. what if they're written on a website that's subscription? i don't hear anybody complaining. what if the subscription was were $1 million? would it change the principle. when money changes principle, you know what i call that? it's hypocrisy. hypocrisy in its worst form. the third "p," players. what's really changed with many of the dynamics we're discussing are the players. the high frequency players. let's isolate that. in two seconds they can clear the table like a thousand ralph kramdensed a a kaf t ed atcafet. there's many ways to deal with it, but to ignore the gorilla in the room about principle and price, and, yes, things have change