the ubs scandal unearthed about 60,000 u.s. taxpayers that were not reporting their income taxes, and that has led to a couple of voluntary disclosure programs since then. - so a grace period allowing people to come forward, and with each of these disclosure programs - and we're into the third - the penalties still keep ratcheting up. - they do. it's really remarkable. the first program only netted about 14-15,000 people, and again, if that was a small fraction of the ubs crowd, imagine worldwide how many there are. so they came back with another one. and in the second one, the penalties were a little higher. that came to the end, they got about another 15,000. and now we are on number 3, and hopefully they are getting more. - why aren't people coming forward? because as i understand it, eventually the irs will get all of them, because they know who they are. - yeah. i think it is fairly remarkable that people are not coming forward at this point in time, because the real risk is incarceration. and to lose your liberty over a c

. >> ub ridiculous. >> and how to score the labels. >> ub right. >> and what can you do to make your sweet cold drink without adding calories. back with more in a moment. [ female announcer ] at royal caribbean, our ships are designed for wow. ♪ ♪ ♪ all this... only on royal caribbean. celebrate may the royal caribbean way. book by may 31st and get a free upgrade. celebrate may the royal caribbean way. good evening, this is flo. [laughs] yes, i'm that flo. aren't you sweet! licensed phone-ups available 24/7. call 1-800-progressive. >>> thank you for joining us. >> what do we have in store. >> we have both. >>> we go into the afternoon we will be cool but they are above average this morning and the rain is pretty much out of here associated with that front. scattered showers are a possibility. but the fog is out there in some spottings. i will -- spots out there. as the kids head out this morning, 63. you may not need the coat this morning or the jacket but at they go into the afternoon, make sure they have it in a backpack they may want to put it on. we'll deal with wind. they are ou

ubs chief economist morey harris ubs chief economist morey harris to talk about the rally at a dry cleaner, ubs chief economist morey harris to talk about the rally we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. >>> my guest says the fed's quantitative easing is working better than is often, well, either stated or understood. and that economic growth this year should be better than most economists would expect. joining us now is chief u.s. economist for ubs investment research, maury harris. great to have you here. i guess we can wear these things. let's see how we look with this stuff. that's -- if you can read that. can you read that? dow 15,000. so, i mean, this wasn't supposed to happen in the minds of many because the market would be indicating this economy was going to slow to zero, nothing much would happen. a four-year bull market would get all tired and forget about 15,000. happy record day. >> well, that's

ubs chief economist morey h hars ubs chief economist morey h hars to talk about the rally welcome to the new buffalo... where new york state is investing one billion ubs chief economist morey h hars to talk about the rally dollars to attract and grow business. where companies like geico are investing in technology & finance. welcome to the state where cutting taxes for business... is our business. welcome to the new buffalo. welcome to the new buffalo. welcome to the new buffalo. new york state is throwing out k to give your business a new edge, the edge you can only get in new york state. to grow our start your business, visit thenewny.com but maybe the problem isn'isn't your lawn. introducing the all-wheel-drive mower from husqvarna. we engineered its unique drive system and dual transmission to handle hills& thick grass& and tough terrain& without losing traction or power the all-wheel-drive mower from husqvarna. challenge the impossible. find the all- wheel-drivmower exclusively available at lowe's and independent dealers nationwide. (announcer) at scottrade, our cexactly how the

keep in mind that knight is a very small shareholder and holds less than 1 is% in ubs. i don't think this will speak very highly t at the adm. the bigger issue is whether shareholders are going to adopt a pay plan for this year because there's been a lot of criticism about the massive signing bonuses for some of its top executives, kelly. >> carolin, we're twins today. good to see you. thanks so much for following both of those stories. >> you're twins. >> yes. we've both got -- >> our, your purply. is that what it was? >> yeah. >> okay. >>> in less than four years time, that could be set to change. i don't think we're talking about computers. >> no. >> i think what we're talking about is mobile phones. more than half of all employers will ask work toers bring their own devices by 2017. this will help firms bring down costs. >> is it a monitor? >> a monitor or a -- >> my summer job throughout high school was working and the elevators were always being serviced the. so we had to bring these 17 inch monitors which are so awkward and heavy to carry replacing computers for

ubs says rising interest rates could hurt hong kong is overvalued properties.ays dealing with overvalued properties, and credit is the number two bubble of vendor. the fed exit from quantitative easing could, according to ubs, trigger a dangerous credit sell-off in the market. finally, the most bubble prone investment, risk free rates. and we should at least put tha risks. treasurys will take it once the fed exits the bond purchasing program. warren buffett has talked about this. you just need to look get something that is claiming to b risk free and understand nothin is. weakening yen has been getting lot of attention, but wolfgang says malloy is all about love american money. getting ahead of the story. these currencies have caused companies, many u.s. companies, $740 million in earnings. why? they do this and do not understand how to hedge. joining is now to give you as a sense of exactly what you shoul be looking for when it comes to companies and whether there is improperly. good to see you. >> good to see you. liz: which currencies are we talking about? a

goldman says sell those bonds, ubs says buy those bonds. what do you say, brian? >> i think it depends on which bonds you're talking about. >> the long-term treasuries. >> oh, long-term treasuries. i'm not a big fan of treasuries. i don't see any risk/reward with the treasuries. they're at an all-time high, but there are other areas of the bond market that you can get into, that are secured, select high yields. but the treasuries, which are very heavy in most bond market indexes are not in a good place. you have to be careful to expose you're to bonds. >> let me ask you about stocks, andrew wilkinson. we continue to see gdp that shows an anemic story. is that enough for this market to be justified, do you think, that we're getting ahead of ourselves in terms of the strength, relative to what's going on in the economic backdrop? >> i think the path for stocks will remain exponentially going forward. if you look at the patent we've had so far this year, january, march, and may have been excellent months for stocks. they've outperformed bonds and had you invested alt

ubs ag. >> that's why he is next to me. >> you can talk about ubs and specifics.ow much money the fed has put into the economy. a lot of it is still not moving. way we would like it to move. we had richard fisher on yesterday just talking about -- it has to do with uncertainty in regulations. are the regulations, are we too regulation minded right now? we still have a chance in this part of the world. i don't know -- >> all set. >> yeah. ubs, it's never going to get any better. the regulations -- you're in europe. so they're going to stay forever. this is our future. this man right here. what would you change about taxation and regulation right now? >> wow. how much time do we have? >> right. >> yeah, it's a difficult one. we're domestic so we don't have any international operations. your previous guest talked about its the responsibility of cfos and the whole math team for avoiding taxes not evading taxes. >> right. avoiding not evading. >> let everybody play by the rules. >> they'll never do that. >> the demagoguing, that's the hard part. i would prefer to see e

on the flipside, ubs analysts countering, the market is overreacting to the slim possibility that the fed could begin tapering fairly soon. the net result this week? volatility. not good, wall street watchers say for stocks or bonds. >> equity markets don't like when bond rates move this fast. if we creep higher in interest rates, my view, i think stocks will be fine. it's the gallop higher that as investors concerned. we can't move progress if ten-year averages keep moving up. >> housing market is feeling the heat. interest rates are now close to 4% on mortgages. the payroll number next week could determine if there is more room for bond rates to move higher or if the sell-off is overdone. hampton pearson. in washington. >>> so are the bond market's big glory days behind it? bill irvine of fidelity joins us. where do you stand on the fracture between ubs, on the one hand saying the worry is overdone and goldman on the other saying this time it's for real. the bond bull may be on its last legs? >> well, certainly the backup in yields this past month has been sharper and more sudden th

paul richards, ubs. >>> sony is working to adopt a proposal. hedge fund manager has been pushing for the giant to push off its entertainment unit. now, the latest. >> we shouldn't read too much into this. a source told me this morning that sown yip hny reached out t for help evaluating this proposal. sony not looking to spin out the entertainment business, just perhaps to allow investment directly in that business. i had a chance to talk to the sony ceo last night. talked about this entertainment business proposal specifically. he said, look, the board is considering it. anytime a big shareholder comes to us, wants us to look at something that's a reasonable proposal, we're going to look at it. we're going to take our time. some people think because we're a japanese company we've got our heads in the sand, that we're going to sort of stone wall this thing. we are going to consider it but we're going to take our time, he said. didn't give me really any hints on whether they're leaning one way or the other. i'll have him on "closing bell" exclusi

paul richards from ubs. time for the big pops and drops. >> this is one of the names, they actually crushed it. how did they crush it? they've been spending a lot more on the brands and they've also separated. so when you look at kraft, this is a different company than what you used to look at. mostly north american centric. you want to pull back. morgan stanley, steph? >> outperforming the financials. the financials aren't outperforming the market today. i think it's a beta trade. it is a discount to goldman sachs so people flaock to this one. >> joe, you talk copper. free port? >> yeah, freeport is the better play in the copper space, southern copper. scco. >> long it. >> love it. long it. >> he is right. >> that's where you go. freeport is no longer a pure copper play. >> freeport is very cheap. at 4.5 times, you good deal. >> you don't play off the just copper off the freeport. >> you certainly don't. >> they had a miserable earnings call, judge. and a number of down grades. stock is one of the worst per

i hear ubs bankers clapping, carolin. >> yes, definitely.those reports, which are unconfirmed by ubs, it had no comment on this story. but according to those reports, the base salary for some of its investment bankers could rise by 9% for some of on them even 25%. so the 9% number, that really is the average. but it wouldn't be a big surprise because you can't do much on the bonus front, given the political opposition to bonuses and the clamp down. so the only flexible thing you have left is the base pay. so this move isn't entirely unexpected. but it's interesting to put it into perspective. a survey this morning shows just over a third of workers in the city of london actually received a pay rise. compared to almost 47% in the year prior and the proportion of city workers who received a bonus crashed by 14%. so there r a few lucky ones out there at ubs at the moment. back over to you. >> carolin, thank you very much for that. >>> basso gallo, we've been looking at the visco comments. they're super interesting. >> yeah. i think there's a br

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the truth is, this is such a big issue that you had ubs you may recall ubs found this list of peopleall times, corporate types, hiding money offshore. they wouldn't disclose the list. they made u bs pay a huge fine but no one we know to jail. there was obviously criminal conduct involved but our house does nothing to change these laws. >> michael: who would have thought that congress would make a bank pay a huge fine but nobody would go to jail. does rand paul win by applauding tim cook and apple here? what is his strategy there? >> he wins--certainly he wins the quick conversation because he's a great democraty demagogue. when you examine what tim cook has to say and you look at part of the process apple america has given you the opportunity to do what you've been able to do. to be so successful. and what i hear these corporations say gee whiz, we complied with the law, we did everything we were supposed to do, if you look at the effort that a tim cook type has done to make sure that the offshore banking rules don't change by putting huge amounts of money in lobby effort, you'll see

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. >>> sus abogados nos llamaron inmediatamente como suelen hacerlo y nos dijeron que si ub un escape,emaduras en las planos y le da rabia estÁ dconvencida que esta tragedia se pudo evitar. >>> un juez emitiÓ una orden de restricciÓn temporal el lugar de la explosiÓn nadie puede entrar en la casa, para conservar evidencia que puede ser clave en ese juicio. >>> en el final de impacto. una niÑa estuvo a punto de ser devorada por un camello. hay controversia. alimentaba el almand en un zoolÓgico junto a su padre cuando metiÓ la cabeza por la campanilla y sa abriÓ sue e enorme boca. . . . con mucho mÁs. bye bye. >>> que tal son los titulares y martes 30 de abril del 2013. cae el suegro del narcotraficante joaquÍn el chapo guzmÁn. a puÑetazos terminÓ una sesion del parlamento venezolano. el presidente de la asamblea nacional impidiÓ a diputados de la oposiciÓn hablar, estos protestaron y se armÓ la gresca. maÑana primero de mayo, defensores de la reforma mi dpra tri se lanzan en las calles en ciudades de estados unidos. y arrestan a centenares de indocumentados que traficantes de humanos ma

we do a quarterly survey that's called ubs investor watch. it asks the same questions, how do investors think about risk in their portfolios? i think the answers were surprising, because historically we define risk as volatility, we define risk as not achieving goals. today, 41% of investors define risk as permanent loss to their portfolio. so what have they done? they're holding record amounts of cash. 22% on average. cash is the least productive asset you could own. the only one that's underperformed in the last five years and it's underperformed inflation on a purchasing power basis, you're down 9%. 32% cash. >> what has been the historic norm before '08 and where does that come from since '08? was it 20? >> materially lower. i don't have a specific number. but it has built up. investors have been concerned about the next shoe to drop. when you look at asset clash by asset clash, cash, bonds, stocks, alternatives, i think that cash is unproductive. fixed income is necessary, but still can be a little scary. equities are relatively attracti

economist for ubs investment research, maury harris. great to have you here. i guess we can wear these things. let's see how we look with this stuff. that's -- if you can read that. can you read that? dow 15,000. so, i mean, this wasn't supposed to happen in the minds of many because the market would be indicating this economy was going to slow to zero, nothing much would happen. a four-year bull market would get all tired and forget about 15,000. happy record day. >> well, that's right, lou. and i think what's happening is that we're finding out that what the fed has done with this quantitative easing, expansion of their balance sheet has been more stimulative than a lot of people expected. >> quantitative easing, i hear everybody cussing ben bernanke, but they keep sticking the fed's money in their pockets, don't they? >> well, you don't like bernanke if you were a saver and you had your money in a savings account. on the other hand, if you were stock investor, you're doing pretty good. >> and as you look at these -- all of the discussion by particularly the

move, ubs upgrading global banks from overweight to underweight. jpmorgan chase up just shy of 2%. citi up just 1.5%, wells fargo just greater than 1%. ubs said all of the banks will turn into net distributors of catch rather than net issuers. that does it for us today. >> indeed it does. >> that's all we've got for "squawk on the street". thanks to kayla for stepping in. simon see you money." fast money halftime report" right now. >> thanks. welcome to the halftime show. four hours until the close. look at where we stand on the street stocks up about 1% on the week and here's what we're following on the half. facebook one year later as the stock struggles to regain its ipo price we grade the performance of the boss. price to perfection, priceline up 30% year-to-date and our traders battle it out over its next move and monitoring the news from the irs hearing on capitol hill and we'll bring you any of the spicy developments as they occur. first our top story, stocks are coming off their worst day in two weeks, all apparently because of non-voting member of the fed caused a stir by

here's jeremy, chief equity strategist at ubs. the market speaks for itself. any mention of tapering does upset the market. why shouldn't we fear it? >> i think we have to think about why there is tapering and if there is tapering later in the year or in early 2014 because the economy is showing greater signs of resiliency, then -- yeah, can you hear me? >> yeah, go ahead. you're fine. >> sorry. if economic growth is picking up, that's the cause of the fed starting to taper, that's a positive for corporate profits and the market. the one thing we need to think about though that is the risk factor is the fed starts to taper for non-economic reasons nape start to few the risk of heading towards $4 trillion as causing asset fumbles. that's the risk of the taper or tightening of monetary pol spip there's not a risk of, you know, a gradual data-dependent taper because that means that the economy is growing faster, corporate profits are growing faster. with equity market multiples with my 2014 s&p 500 profit estimate, i don't think there's that much downside risk. >

same story with ubs. in the month that apple went to its all-time high of 705, ubs raced from 740 to 780. and near the bottom, price target got slashed. 500. and what's happened since then. how about a 40-point rebound out of nowhere the stock closing at $442 and change. i wonder, and you're thinking it too if the same analysts will start raising their price targets tomorrow. i have to tell you, this -- while this apple price target cut pattern is more egregious than most, we have seen analysts jump ship over and over and over at the least provocation, considering that when best buy, the big retailer, was traveling on the way down from 30 two years ago to $11 in december of last year, it received an increasing amount as it approached the low. a crescendo of downgrades when it reached a level that turned out to be a tremendous buying opportunity. same with netflix, in the 70s down from 297, only to see the stock triple soon after and downgrade, downgrade, downgrade. chipotle from 402 to 294, a fabulous tim

whole gallon smashing thing started with some brothers and a kous ub from virginia. remember, these pranks, we had the videos on the show. those videos wentviral. they are credited with starting this whole internet craze. if you remember, their actions led them to face charges of the silly prank. >> people are still doing this. i thought it was over with. >> hopefully this video will be the official end to this video. this guy if he did, in fact, broke his jaw, this is an example of what could happen to the people pulling the prank or the other people at the supermarket. >> did he break his own jaw? >> video, only eight second long, don't know what happens, but it looks like a pretty heavy impact. >>> that is a bald eagle coming by and snatching this guy's fish. listen. >> oh, oh! oh, crap, crap, crap! >> it was still attached to the line. >> you can hear the reel just going along with the eagle and the fish, because the fish was hooked to the guy's line. >> this guy basically caught himself an eagle. >> caught himself an eagle, eventually the line snapped. >> yeah.

ubs reported a billion-dollar profit, topping expectations. earlier this year the bank paid hefty fines due to its connection with libor manipulation. however, it scaled back by eliminating 10,000 jobs and cutting bonuses. and sirius xm radio saw a boost in volume as income and subscriber growth increased in the first quarter. "ketching up" on the latest deal, shareholders of heinz overwhelmingly approved selling the company to warren buffett's berkshire-hathaway and 3-g capital. 3-g owns burger king. berkshire is financing the deal. 3-g, famous for aggressive cost-cutting, will run heinz. the transaction is valued at $28 billion. heinz shareholders will recieve $72.50 in cash, and the company will eventually become private. a new gum with added caffeine is spurring an fda investigation. the food and drug administration is testing the effects of caffeine on children. it follows the release of a new caffeinated gum by wrigley. the fda says children are exposed to more caffeine than ever before. wrigley's new gum is meant for adults 25 and older

years ago she approached the staff at children's hospital and research center oakland about vol ub tieringto teach dance classes to young patients there. they politely said no. the same thing the second and third time she asked. not one to give up, she set her sights on getting an entry level job there, just so she could do the dance classes during her lunch hour. they said they'd let her try it, once. that was seven years ago. ♪ for someone whose life has always centered around dance, vonnie's path has been anything but choreographed. vonnie grew up poor in rio de janeiro, brazil. practicing and studying dance, though, was a way out of poverty, and eventually a way to the united states, where she found work as a dancer. >> dance gave me so much. it's helped me so much. to overcome so much in my life. >> reporter: reason enough she felt to use dance to help others just as it had her.m-k and one day, while biking through the campus of oakland's children's hospital, the way to do it dawned on her. bring dance to the rooms of sick children. >>+ to help them feel a bit better. >> reporter: sh

the guys that ubs are pretty upbeat. >> the question is which series adjustment like whether payrollsdjustme adjustment. >> you very quickly on friday pointed to that hours work number that was coming down. >> we're going to have ramifications. . very visit call. >> thank you very much. appreciate it. >> and pfizer now offering three viagra pills. three pills for free. you can get three of them. we will tell you why. and how. ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] the ocean gets warmer. now a waiting room is just a room. the peruvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. faso you want to save on auto

ubs is boosting salaries by 9%. according to bloomberg news, the investment bank apparently needs to pay more to attract and keep key employees. mortgage rates are on the rise. the 30-year has bounced to 3.81%, the highest level in a year. the 15-year fixed rose to 2.98% larry shover of sfg alternatives joins us this morning from the trading floor. good morning larry. - good morning! - more economic numbers are coming in today. gdp came in slightly shy yesterday, but is the market telling us the economic recovery is a lock? - you know, right now i think what we are seeing is we are seeing growth in the economy, although it is not great, but it is enough to keep the market moving. you combine that with central bank intervention around the world, it creates a great environment for the stock market. - gold moved up to its best close in two weeks. is strong demand from asia behind the move? - yeah, it's about time. we haven't seen anything from asia, especially india, for quite some time. but let's also keep in mind tha

ubs says we're 50 basis points below fair value. >> exactly.as well. >> what do you think? you think the bond market can take the heart out of the rally? >> i don't think so yet. what i i believe though is everything coming out of the fed has been testing the marketplace here to see what the reaction is going to be if we talk about tightening. they got reaction when those comments came out. in my mind, the fed has to be extremely conservative going forward. >> because of the equity market? >> mostly because of the equity market. i believe that's going to be bullish for the equity markets. at least it has been and will continue to be. >> some believe, those who report closely on the fed, that they know it's going o be some heartburn associated with tapering, and they're oerk with that. >> there's a difference between tapering and tightening. that's been a lot of the talk we have seen lately, too. the market can handle tapering. i don't think it can handle tightening. >> what do you mean by tightening? >> raising the interest rates. >> it's 2014

in the meantime, ubs upgrading from buy to neutral. >> we like this here and one thing i really focused on is getting new folks in the door. i think they have a shot and we will see if david can take down goliath. >> the stock right now is up 2 and 2/3%. what do you think? are they right? >> well, we have seen a big move in this space. >> 4 million prescriptions. we're going to see this upticks. i think you can. >> all right. it's up a full percent on today's trading session. good to see you again. have a good rest of the week. >> still ahead here, a story about our competitor, bloomberg, that has many in washington looking over their shoulders. you never know who is watching when you log on. [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] [ telephone ringing ] faso you want to save on autoofm insurance?.just a room. drive a hybrid. get good grades. lo

informed and you purge that list and every six months you say that you want to stay on the list or you can ub subdescribe any time that you want. >> i have no idea who asked for all of this paperwork, i was up to midnight last night. >> so what is the percentage of the port vacantcy now? >> the total is 105. >> and the office is 8 percent and that is primarily in the two buildings it is really the entity of the city it has always been. >> you are not counting like pier 38 is off that? >> i am counting leasable space. >> right. >> you dont want to count anything that is... >> so like pier 28. you have the cruise terminals and you have the building north of there. >> what is that? 27. >> 27 and 29. >> it is the building that was occupied currently by the america's cup. >> okay. >> so that is one of our challenge and when the cup is done. and you know that that may be and it will be returned to us approximately, four or five different piers and there will be an intense period of trying to get them released to maintain the revenues and that is very much a big work planned for us for the next phys

ubs complained after it was mentioned on air his monitoring of activity by the bank's rogue traders.ting subscribers in recent days and on blog posts the ceo and his executive team say thief reached out to more than 300 clients and a letter from him appears on the login screen of the terminal. and the ceo of cridco joins us now with his view. thank you very much b deed for joining us. >> thank you. >> the latest news that thousands of private messages were also posted by accidents, what does that do for the story? >> you know, last night when i went to bed, i was thinking, you know, it will be okay. they responded very quickly. this is a first rate news operation. very unimpeachable. this morning waking up to this news, i'd say they probably have a lot more work to do. i think reaching out to clients one-on-one the way they have with their executive team is a step in the right direction. but even last night, i was thinking to myself, appointing someone inside to be the chief comply an compliance officer is a step in the right direction. they need to do a full audit and then make the

larry hathaway is still with us in the studio from ubs.r thoughts on that point. >> yeah. i think negative deposit rates which would be treated with some concerns by the banks themselves but would hurt their earnings. therefore, i think they would shift some money away from that tax. what would they do? probably put it in the front end of, say, treasury types occur as opposed to lending. although one would imagine they could pass along some of it to potential buy borrowers. but you can take horses to water but you can't make them drink, what's the problem with credit formation in europe? is it credit supply or credit demand? is it argue credit demand is a big part of this. sure, you can push them in that direction, but it's not panacea in terms of getting the credit mechanism working again. >> the oecd yesterday downgrading its forecast for growth but that it would like to see the ecb coming up with more u.s. style quantitative easing measures. do we need to be more aggressive in europe at the moment? >> i'm not sure if we'll need to be. m

through the mechanics of what happened and whether or not the same could happen now, bob pisani and ubs trading art cashin. you don't think we could have the same difficulty again. >> make sure your orders are rational going in, that you're getting correct quotes, number one. >> make sure there's some kind of support for the market in the event there is a panic of some kind going on. we have new circuit breakers here and limit up and limit down that i think will be more effective than some people think. i'm not saying you couldn't have a big drop in the market, but if we had the limit up and limit down rules that we have now at the same time the flash crash occurred. >> is it enough, art? it's tough to say, that particular day had a lot to do with misdirection. a lot of the computers we're told to have this local or venue for favorable treatment and they just kept sending them whether there were bids or not. nothing traded for a money on the new york stock exchange. humans intervened and said, wait a minute. that doesn't look quite right. can we check that out, but in other places where

. >> for the past ten years employment and right to work states increase by more than 5 percent in ubit fell. >> in the best studies it compares right to work that actually controls other factors that are likely to lead to job growth right to work has no effect on unemployment. they found no effect on unemployment manufacturing opponent is speed to decrease after right to oklahoma right to work. there are larger global forces here and the reason temperatures choose to work at the state can they get goods and services add is there demand for a product. they help workers get better benefits. that's what we need in the economy. >> david, thank you. we agree to disagree. >> personal freedom. how do the states compare? that's next. with command strips from 3m. stick it to eliminate odors anywhere. like this trashcan. in like a flower field. aw man! [ screams ] [ laughs ] stick it almost anywhere. new febreze stick & refresh. breathe happy. this tree has deep roots, strong limbs... things are pched and not pinned. nicely done. thboys love it. they are up there day and night. well that might

the number released by ubs tracks real consumer spending.ngth of domestic demand. as you know it can move markets. liz: indeed the number one thing to watch tomorrow will be the treasury markets. bonds resumed the selloff today,ields to new highs for the year. look at the yield, 2.16% for the 10-year. as global stock markets rebounded. it iss was the highest yield in 13 months that he have we'll seen. is this start of the end for the treasury bull market? we'll be watching yields. we'll watch the dollar which was very strong today, david. david: also we'll watch how these higher yields affect inflation. could perhaps this be the final result of all that money printing by ben bernanke? we'll be checking all those indices. again, not affecting the market as you saw today. another triple-digit gain for the dow. will it happen tomorrow? liz: more records, we'll see. "money" with melissa francis is next. melissa: i'm melissa francis and here's what's money tonight. new targets in the irs's cross-hairs including a jewish charity that actually file

. >>> ubs's david lefkovits says it's time to rotate your investmen investments. >>> is privacy now officiallyd? many say yes. does that mean what bloomberg did by snooping on users who pay hefty sums for the service was okay? that's later on the "closing bell." >>> also later on the "closing bell," big data download. you can see that at bigdata.cnbc.com and on cnbc's mobile app. [ male announcer ] what?! investors could lose tens of thousands of dollars in hidden fees on their 401(k)s?! go to e-trade and roll over your old 401(k)s to a new e-trade retirement account. none of them charge annual fees and all of them offer low cost investments. e-trade. less for us. more for you. and all of them offer low cost investments. >>> welcome back. we have breaking news. the house is planning to investigate the irs scandal. hampton pearson with the details. hampton? >> maria, the house ways and means committee chairman dave camp announcing this afternoon that on friday the ways and means committee will hold a hearing on the charges of the irs targeting conservative groups. releasing a statement saying i

jeremy from ubs, our own rick santelli. good to see everybody. let me kit kick it off with you, kenny, you see the back an forth. how does it feel to you? >> on the one harnd hand, certainly, like bob said, futures rocketed higher as soon as so it as soon as it came out. it kind of feeds on itself. the sellers know it. they are salivating. the sellers know, they pull back. >> they get out of the way. >> they let them go. they look for liquidity. the only way they will find it is by taking the market higher. i have to tell you i think it's an overreaction. is it a good number? are we talking the 300,000 number? not at all. >> the february number was revised to a 300,000 number. >> i think it's way. we have a two months of negative to flat macro-data. this one report can't create this move like this and have sustainability. >> but the mark is never wrong. >> listen, what's that saying? you can be -- you can be -- you can be. what's that saying? >> i'll let you think. >> i'll remember in a minute. >> i know what are you trying to say. let's not conf

we got numbers from deutsche bank and ubs, spectacular.s are getting better in europe despite the hideous employment numbers over there. for eaton's cutler, a huge electronics business, the continent is indeed mired in molasses, his quote. but may not be getting worse. yes, the business is terrible, but might be nearly -- just merely staying terrible. bunch goes further. he says he thinks the first quarter might have been the worst. and that things could actually look up between here and year-end. these are not idle sentiments. last week when howard schultz ceo of starbucks gave his overview, he thought europe was bottoming. colgate indicated the same. there are many companies including technology companies that would indicate things are getting worse. there are also auto companies that say it could be getting much worse, although i still think gm might do a good number. but the ceos of ppg, colgate and starbucks are not pie in the sky guys. they're very smart people who know what their order book looks like and have all been very accurate

ubs saying share of the market for hepatitis c drugs. they raised their price target to 63 bucks. what didn't work today? mosaic for one. fertilizer producer. company saying it will delay potash production in western canada. positive supply growth, meaning lower demand. another laggard, barnes & noble. that was a cliff dive. last week, remember, we had tech crunch reporting that microsoft was in talks to offer $1 billion for the digital assets of nook media. its e-book joint venture with barnes & noble. today insider monkey reporting the deal is not happening. lots of noise around this name. remember, short interest there, 32%. maria, back to you. >> josh, thank you so much. >>> still to come on the "closing bell," scandal, controversy and transparency. blo bloomberg limited partnership making headlines. raising questions about online privacy. is there such a thing anymore? if you have to login, should you expect any privacy even if you're paying a lot of money for that login? >>> concerns or conflicts of interest in the bond rating industry have not gone unnoticed on capitol hill

ira walker ubs managing director, senior portfolio manager calling for rotation into cyclical areas. we're hearing the beat of that drum louder and louder today. he will tell us what names specifically to play. dennis kneale standing by to report disney second-quarter earnings as soon as they come out due any minute. larry shover in the pits of the cme. larry, to you first, we got the dow 15,000 close today. everybody is piling into the stock market. the bullish momentum seems just to be building upon itself. what do you think? >> well i think we're all asking the wrong question, including me. for weeks and for months i keep talking about the next growth metric, the next catalyst. what is going to take the market higher when really it is becoming a very hollow question. i think bears need to look for a catalyst and there is no catalyst around right now. we're rallying on macro in europe and we're rally on central bank intervention. we're rallying on reasonable evaluations in the stock market. so we continue to grind higher. it is painful, it is tiring and it is confusing but that is

with us, jennifer delaney from ubs, guys, thanks for being with us. watching. >> so first off,wear going to be looking at the prints from europe and out of japan. we'll be looking at the japan number for any read throughs to the asian emerging markets. we'll be looking to see if there's any decline in consumption there after increased inflation. we get decisions from turkey and chile later in the week. some are cutting interest rates, be looking to see if any of those three central banks join them. >> very close to the end of the clock. very well done, jennifer. >> thanks. tomorrow we'll be watching the producer price index for april, our expectations are for a decline. this would be the second month in a row prices have fallen, but the silver lining, consumers could be paying less for products which would be good for the average household. we'll also keep our eye on the manufacturing survey for two months this index has declined but is still positive showing a slowdown in manufacturing growth in the state of new york. expecting a flat to higher readi

ubs writing that, quote, the pants issue is behind us and the analyst now sees, quote, upside opportunityq2 as lulu's standard yoga pants return to stores. and smithfield foods moving higher after a chinese firm said it would acquire the pork producer for $4.7 billion in cash. according to d-logic, we have noun seen almost $180 billion in global m&a activity, just in the month of may. bill, maria, back to you. >> all right, seema, thank you. and along those lines, sprint is a step closer to being acquired by japan's soft bank after reaching a deal to calm national security concerns. our chief international correspondent, michelle crus caruso-cabrera has the rather unusual conditions of this deal. >> the newly merged company must appoint a new security director and that person will be on the board of directors and that person must be approved by the u.s. government. this according to the "wall street journal," which also reports that the u.s. government will also have the right to veto equipment purchased by the company. so we hear about national security concerns when it comes to chinese

i guess it was a couple of weeks ago that ubs upgraded the shares is -- well, they were late on it, becausee been having a steri stellar performance regardless, but they were saying the share's were underappreciated. what should we expect in terms of dividend increases and buybacks? >> well, we've been pretty consistent in terms of how we have essentially returned value or capital to shareholders. we've done so, obviously, through contingent increase in our dividends and continued buyback of our stock. we've also made some strategic acquisitions, some large acquisitions, that have created huge value. pixar, obviously, the first of those, marvel, another one. we believe lucas film will also do the same, so we're returning capital to our shareholders by essentially growing the company with these investments. i think you'll continue to see somewhat of a blend, although, i'm not sure that as we look ahead, that we see the kind of acquisition opportunities that we saw in the last seven or eight years. we believe that our ability to generate free cash flow will continue and actually will grow. an

we saw that ubs paid a hefty sum, $800 million to settle the charges that they helped their client avoidaxes. we're expecting a settlement from credit suisse. a lot of people saying you're going to be paying $1 billion. can you give us any clarity on that? is that the right number? when is this going to be settled? >> it's actually hard to give much clarity, because it's a complex government-to-government issue, so there's a lot of discussions going on. we're obviously one of a number of banks that are actually involved in it. as you know, we actually took i think a year and a half ago now, a provision of 300 million swiss franc ss against this. our hope is we will get a resolution, and hopefully it's not too material to the overall position of the firm. but it's really hard to predict, it is a more flex issue than a credit suisse issue. >> do you think it happens this year? >> again, hard to predict, i would hope so. but it's hard to predict. >> and final question here. we've all heard the rumors about you. let me ask you personal ambitions here. there were a lot of speculations and rum

ward mccarthy is here from jeffries, robert smalley from ubs. the university of pittsburgh. >> chairman bernanke will speak at the chicago fed conference. his topic is going to be too big to fail. and he will reiterate his position, that we have to change the perception that large systemically important institutions will be thrown a government lifeline every time they step on a land mine. >> with time to spare. thank you so much. rod, you're up. what should we be looking at? what are you preparing for? >> investment grade and high yield credit continue to hold their ground despite concerns about a credit bubble. here to date new issuances have been above last year's torrid pace. this week we saw 26 billion in new investment-grade credit coming on the heels of 40 billion last week, including that record-setting apple deal. high yield has been about 7 billion a week over the past couple of weeks. we continue to see funds flowing to most major credit classes. and tonight the weekly funds flows report will be published. so tomorrow i'll be looking t

the first is social connectedness, being ivolv, whether it's bo ubs o walking clubs or with family orends or teens or sports. being involved with others. it makes a big difference. and the second are caring for your mental health and i would highlight three particular areas: treatment, physical activity, and avoiding excess alcohol and drugs. for each of those thing there is's something everyone can do to help others in terms of their mental status. >> suarez: can people in the health care professionsbe warned by these numbers to be on the lookout for people who may be entering a stage where they might have suicidal thoughts? where they may have the meanstor access to the kind of things they might use to end their lives? >> it's very important that doctors and other health care workers are aware and are attendive to clues and hints. study after study shows many people who commit suicide had seen a health care pressional inhe proceeding month an ten there s a warning sign so it's important for doctors and others to ask about depression, to ask about thoughts of suicide and to refer peo

ubs reached a deferred prosecution agreement with the u.s.2009, but other banks are still under investigation. switzerland's oldest bank is closing after pleading guilty to tax charges and despite this bill, we are likely to see more prosecutions in the coming months. for the wealthy, this means that switzerland's great veil of secrecy has been torn wide open. attorneys telling me that wealthy clients with money in switzerland had better declare it now or face charges. and as the u.s. cracks down on offshore accounts around the world, maria, there are fewer, and fewer places to hide. back to you. >> really interesting stuff. thanks so much, robert. and a lot of implications, obviously. >>> anyone who has ever dealt with a teenager knows they can be a fickle bunch. and no group may pay the price for their changing flights of fancy than retailers. courtney reagan joins us who is making the grade and who is not in the teen retail sector. a lot of money there. >> teens may be the toughest crowd to please for retailers, but strong momentum now is

playing the builder is so two years ago from david goldberg from ubs. he says this is a three-prong rotation in the recovery. first the builders taking off in 2011 to february of 2012. then they went sideways for a while and made a push again toward the end of last year, but these stocks are expensive now up over 80% in the last two years. so investors in mid-2012 started looking for the building product trade. that stock is like nasco, owens corning, whirlpool, they took off as we saw prices for lumber, copper and cement rising. these are the products that go into the home or home improvement project. now we are in 2013 in the third prong, that is how we play solid recovery. goldberg says we should be looking at anything ancillary, less obvious but still supporting housing. these are the big banks finally lending again, mortgage insurers and realtors. even trucks like ford and gm seeing demand for more trucks. here's an odd one, some are even looking at companies like american axle. these are truck axles. this stock is up nearly 40% in the last two mon

we did see a couple of o funds, ubs and jpmorgan actually buying into the gld.sting, the world gold council also saying in the first quarter, we saw more interest in fiscal demand in china and in india, both of them up about 25% or so in the first quarter. and kelly, if they liked it above 1,400, they may be buying those ingots here at 1335. >> we saw that in hong kong and macau. the jewelry stores were absolutely packed. some of the most famous investors are split on whether gold is a good in-depth right now. josh lipton has the details on that one. >> heavyweight money managers in their 13-f filings telling us what they're buying and selling when it comes to the metals and the miners. leon cooperman of omega advisers initiated a stake in the gdx, the gold miners, now at the lowest level since december of 2008, and he likes the gld, the etf that tracks bullion. cooperman also carved out a position in the slv, the etf that tracks silver, now at the lowest since october 2010. soros likes the gold miners, upped his stake in the gdx, but he did reduce his stake in