let me point out ubs has assets much faster than expected. they're down 10% quarter on quarter so this is a big positive for ubs. talk iing about the investment bank, that's more of a mixed bag because, yes, it did record a pretax loss in the investment bank. however, that loss was a bit smaller than expected. revenues were actually up by 41% so clearly ubs is bucking the very negative trend we saw over at deutsche bank last week. fixed income revenues rose by 21% quarter on quarter, but keep in mind that costs of the investment bank are still a big issue. the big disappointment was to be found in the wealth management unit where results are strong but most importantly the margin was very, very weak and only 91 basis points. this is one of the lowest margins the company has seen in the last five or six quarters and, again, ubs says it's down and based on the outlook that ubs gave us for the first quarter and the coming quarters after that, it's not going to improve a whole lot but we'll be speaking to the cfo of ubs later on 0 today and we'll

quantitative trading at ubs.hank you so much for joining us. >> thank you for having me, maria. >> let's talk about the move in gold. what's the trade from your standpoint? >> i think the move in gold was representative of the move in a lot of risk assets around 10:00 today, when, as you said it, ben bernanke didn't mention qe-3, or maybe even that the fed rates would be raised faster than people are expecting. you saw sort of a wide ranging sell-off in the risk assets. everything from stock futures in europe to copper futures, it was sort of across the board. >> do you think gold continues trading down here? have we seen the highs for this year? >> well, i think gold's an interesting trade in the sense that there's a lot of people that have made a lot of money in it. potentially it could be crowded. that's partially why it sold off more than some of the other risk assets earlier today. at the same time, if currencies are being devalued and they continue to devalue, gold will be a safe haven. i think there is gol

talking about the european bank situation in the morning from ubs. a good grouping we will focus on. the movers and shakeners of the day in a market fractionally moving for the averages. mary thompson at the cnbc realtime exchange looking that the part of the story. >> hey there, maria. the ongoing greek debt drama is pressuring the markets today. bill mentioned at the top of the show, the dow jones industrial average down .2 of a percent, boeing, a loser, s & p off a tenth, energy the only winning sector in the s & p today, nasdaq down a quarter, the russell down as well off the half a percent. looking at the commodities market today, a stronger dollar earlier that kept pressure on gold, closing down over $16 the regular session at 17.24 and change an ounce. the dollar was strong, given up the gains against the euro today but continued to have an impact on the energy markets today, with crude oil finishing lower as well today, 97 and change that is the after hours session, it was closed a little bit lower on that meanwhile because, again, there are

ubs in focus.enforcement against ubs over the trading losses from last year. ubs says they're going to cooperate as fully as possible and the stock, nevertheless, actually just hit a session high. jackie? >> yeah, meantime vladimir putin says that russia's investment climate is disgraceful. after the break we'll go live to moscow to discuss the opportunities in the country. there's nothing worse than going to the post office and waiting in line. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com, you can print real u.s. postage for all your letters and packages. it gives you the exact amount of postage you need the instant you need it. can you print only stamps? no. first class. priority mail. certified. international. and the mailman picks it up. i don't leave the shop anymore. [ male announcer ] get a 4-week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. >>> goo

lateunivision@@@@noo >> y seguimos con el fÚtbol mexicano, la asociaciÓn mexicana de fús latetbol univis ubes carnaval de barranquillas con la popular batalla de las flores, miles de personas presenciaron un show coreogrÁfico denominado barranquillas, esencia caribe. hicieron un recorrido por las calles de la ciudad el que lo vive es el que lo goza, es el lema del carnaval de barranquillas, nosotros los tenemos que ir a dormir@@ ias po@@bernosnot.unmpaÑads latn

ubs posting its profits, those coming down 76%, andrew. >> quickly, nina.hat happened here in the asia markets was pretty much what's happening in london. all red arrows. the shanghai the big loser today. that was after -- this comes a day after christine lagarde, the imf boss, was talking about the impact a big recession in europe could have on china, roughly cutting gdp in half in china. that kept people very much on their toes. okay. that's it for this edition of "world business today." thanks for joining us. i'm andrew stevens in hong kong. >> i'm nina dos santos in london. you're watching cnn, the world's news leader. we'll be back in four hours time from now. in the meantime, it's good-bye for now. i i guguesess s i'i'm m hehelp huhundndreredsds o on n cacar r. itit p prorobabablbly y alalsot ththatat i i'm'm a a w woros adadvevertrtisisining g ici. chcheeeersrs!! i i memeanan, , whwho o wt wawantnt a a p pieiecece o? gegeicico.o. ahah...... fififtfteeeen n miminunutetes se yoyou u fififtfteeeen n pt ohoh d deaear.r..... oror m morore e onon c carar i

commission which not only benefits the commission, it benefits the city and it benefits the small businesses ub sab -- in san francisco. if we lose that spirit cannot get boots on the ground, we'll lose the fabric of the city which has made it so popular. for tourists, for the merchant corridors, for the public. it is vitally important that we have a commissioner that does that. her guidance during all of the meetings that we have had with the 15 stores, walking through a minefield of regulations, possibilities, city hall procedures, it would have been completely lost. none of us had the experience that it takes to go through the kind of minefield. with her expertise, with her encouraging comments and encouraging actions to keep me going as the president, which was invaluable. i truly believe that without her and her boots on the ground, with her coming all the time and guiding us through this was an invaluable lesson to me. [chime] thank you, glad to be in front of you again. >> before the next speaker, there was one letter of public correspondentce. page 11 there is a letter. >> good evening,

tomorrow, a beat or miss for ubs?aking to the swiss bank's cfo about the earnings and numbers from the oil giant bp. solid fourth quarter numbers and group reinstating dividend, we will be speaking to the ceo, bob dudley and gauging the health of the german consumer. retail sales out tomorrow as well. redit card. it's hard for my crew to keep up with 2% cash back on every purchase, every day. 2% cash back. that's setting the bar pretty high. thanks to spark, owning my own business has never been more rewarding. [ male announcer ] introducing spark the small business credit cards from capital one. get more by choosing unlimited double miles or 2% cash back on every purchase, every day. what's in your wallet? this guy's amazing. in the works package, we change the oil we change the filter... tire rotation, suspension, we make suspension checks... what we have here is the multi-point inspection. every time a vehicle comes into a ford dealership you'll be presented with one of these. we check the belts, hoses... brakes. t

that's not a question of fairness or ub unfairness but a question of fact. at that time risk of being accused of positivism. i have had great sympathy for martin. largely because and probably mistak mistakenly because i have always seen a great affinity between his life and mine. when i was 18 i was around the atlanta university center lot. i took a lead role in aplay called the man who came to dinner. i have seen martin in things like that. he was par excellence and a person who was concerned to mold his university through language. i have never seen him as a mystic.

index, once apple's earnings are factored out of that, the gain shrivels to just 2.8% according to ubs investment bank. that's it from cnbc. back to you. >>> mild weather in december helps air travelers arrive to their destinations on time. more than 84% of flights arrive within 15 minutes of their scheduled time in december and less than 1% of those flights were canceled. that is the best performance on record since the d. 06o.t. star tracking data. >>> 2012 starting on a very mild note and today it seems like it's pretty chill out there, too. >> quite the contrary to that prediction. right? we don't have anything major to talk about. no major disturbances. in the overall pattern it is going to be cool, cloudy and temperatures running on par with our seasonal averages. finally we are getting a taste of winter this morning. we had some showers roll through. at this point they're in the central valley racing off into fresno but for us we're getting a nice, dry break and that will continue to be the case as we head throughout the morning hours. we could see some of the thick fog develop.

and then come down here and you see drew madison company at ubs, they've gone to 1.5% to 2.3%. one of the bigger increases 0.8% there. that's come up quite a bit there. look at commentary that we've seen. goldman sachs saying there is no question that job growth has picked up and done so meaningfully. ubs oh pining, there's the surge in payrolls in january provides further evidence that a vir chowous cycle of economic activity is beginning to take hold. that's the cycle we've been looking for for a very long time. at mike mo ran saying the household survey saying recent activity might be accelerated. right on this very stage on friday we talked about that difference in the household survey, which is quite a bit higher, compared to the payroll survey, which has been lower. keep waiting for these to come together. instead they're diverging. maybe the household survey has a better story or more true story of what's happening. now, tyler. >> yes. >> you are always asking me questions. i want to ask you one now. what did giants touchdown hero have in common with fed chief ben bernan

once again geography is working their way. >> david palmer at ubs. cortez, give me your opinion here. if you're down on china, i know you're a kfc guy. how can you down on this name? >> even more so taco bell. look, in general, i do like food retailers. i like food producers. look at agricultural prices, the fiscal commodities, in recent months they've come demolower. again, within the retailers of food, i much prefer to stay more domestic. we're going to talk coffee la later. i think dunkin donuts. i would avoid yum. >> give me a real good reason why you would avoid a name that has less exposure to europe that gets, okay, a decent amount of earnings from the united states. the economy certainly appears to be at least trending in the right direction. and then by all accounts, again, what's happening over in china doesn't seem to be at all a negative for yum. give me one good reason why you would stay away fundamentally from this name. >> i will. it's because of the emerging market exposure. let's keep this in perspective. emerging markets have had in

called wall street "a holy place," and later would become a high priest at the global banking giant, ubs, and the democratic secretary of the treasury, robert rubin, former co-chair of goldman sachs and tireless advocate of taking down glass-steagall. in the weeks before its repeal rubin left government to join, are you ready for this, citigroup's board, the very financial giant made possible by glass-steagall's elimination. and so it was -- the fix was in, the path was cleared all the way to the top. >> sandy called his friend the president last night and invited me to join in on the conversation and we had a good talk. so the president was in fact told last evening about what was going to happen. >> you got that, i'm sure. wall street was telling the president of the united states what was going to happen. within two years, glass-steagall was deader than a doornail. with the stroke of a pen, president, bill clinton, signed legislation that eliminated its protections and gave citigroup the green light. john reed retired from citigroup a year later, after losing out in a power struggle w

>> at ubs, i did not sit at the highest level meetings. >> you were not? is that right? you are not. okay. so friday, october 21st, you had that management team meeting with moodies. did they come back and report you to kind of as a chief risk officer that things moo it not be going so good over there. they're now worried a little bit about what they're seeing. did they come back and relay that you to, the chief risk officer. you're the head guy in charge. you're right up there with the fancy pinstripe suit guys. did they come back and tell you anything at all about what moodies said might be happening to you? >> the key contact at moody's was our cfo. >> i didn't ask that. i said did they come back and tell you anything? kind of raise the flags. >> they didn't report to me. >> didn't share anything with you? >> correct. >> did you ever think that maybe they ran off mr. roseman and brought you in to be kind of the guy that doesn't see, tell, know? did that ever occur to you? >> no, sir. >> didn't? >> no. >> what about off balance sheet stuff? i'm looking here at your bre

of particular note i served as risk officer at ubs for a decade, eventually rising to the position of chief risk officers of the americas for that institution. since 2006, i've been a member of the mba advisory board at dartmouth college, also served as a visiting scholar in the fall of 2009. i began interviewing for the position of chief risk officer at mf global in the fall of 2010. during the interview process, i was informed mf global was in the process of transitioning it's business model from a traditional commodities broker to a full scale investment bank and that the company was seeking a new risk officer with experience and skill set to assist in that transition. in or about january 2011, mf global offered me the position of chief risk officer and i joined the company in that capacity reporting directly to the chief operating officer. responsibilities included assessing market and credit risk for the company. i provided analysis about these risks to senior management and the board who used this in setting the company's business strategy. i was ably assisted in performance of

is it normal where you do off-balance-sheet trading at ubs? >> to the best of my recollection there was some off-balance-sheet trading, but if you're referring to i can come if you're referring to mf, off-balance-sheet, the -- >> is that balance sheet legal? >> that is an accounting trick that. >> is off-balance-sheet legal? >> under, gene, i'm not an accounting expert but under -- >> you're the one who has to certify the risk, and so i don't care if you're an expert or not on the county. i'm asking from you as a c, c. r. o., ceo, you're one of the c. isn't legal? >> to the best of my understanding it was performed under accounting principles. >> is it ethical? >> that's a hard question to answer. i mean you are the c guy. we hired you. we hired you to be the head c guy. cro. you've got to say that nobody else in the organization responsible for telling risk of off-balance-sheet stuff. is it ethical? >> again, ethical is, as it relates to accounting and accounting treatment and how the off-balance-sheet statements are prepared, are guided by a

that is my dedication to ub

. >> we have a 1954 ube. this tractor, we worked on it. it's kind of one of the workhorses we use. we have done a lot of field work with it, but it's a '54. the farmer actually sits up so he can look down at his crops. vision line actually started about '51 or '52. this is '54. this is one of the last uv's because the next year they came out with what they called a special. it had power steering, which this does not have. this was owned by a farmer south of town. my dad sold this new to a farmer south of town and he passed away quite a few years ago, and he had three or four of these. his son-in-law became ill and he wanted one of the tractors to work, so we did some work for him, and in trade, he gave this one to us for the bill. and so this has been totally redone. we took it down to nothing. there was no paint. this one took just about a year. during the wintertime. we can work mostly in the winter in the shop. this is one of the first one we painted ourselves. another painted this as a first try. we let him go with it. he did a good job. we do things for plow days and mostly sh

i think we saw two big banks, mccarrie, and ubs in switzerland. trading in fixed income and trading in equities were way down. the reason in their clients are trading less. and there is a major reason why we're seeing such low investment -- such low trading volumes. of course another main reason you don't have to gots too far. >> not to mention the lack of participation, a trend you talked about endlessly the last couple years. yes,ed point is you do not have to fined hidden reasons why trading did down. since you spent a lot of time with this, what is up with caesars? it was supposed to go -- >> go public yesterday, and very small offering. >> though the other shareholders are ability to sell shares at a later date. >> the whole offering designed essentially to allow paulson & company to sell at least half its current position. the sbifr offering, by the way, valuing the company, $18 million offering valuing the company about 1.25 billion, it's a debt story, bob. >> the question is, where is it? it didn't happen. >> there's a glitch. >> one unkno

. >>> ub niÑa de 11 aÑos que fue embestida por un siervo en georgia.s. >>> cuando te toca... ya se me olviidÓ (risas). >>> nos toca pero no... >>> ayer no era su momento. >>> seso quise decir. >>> me has salvado bÁrbara muchas gracias como salvÓ montoya. en mÉxico, san luis que se queÓo sin tÉcnico desde el sÁbado. encontrÓ un bombero para apagar el fuego les dirÉ de quien se trata. el accidente que hablamos ahora mismo, de nuestro juan pablo montoya en las 500 millas de daytona. conzamos con la magia de la selecciÓn brasileÑa, con todo y neim neimar y ronaldinho, que enfrentaron a bosnia en un amistoso internacional. Í estÁ. >>> la selecciÓn de brasil venciÓ a bosnia por 2 a 1 en un partido amistoso. los brasileÑos se adelantaron con gol de marcelo. empatÓ a 1. asÍ las cosas un autogol, casi al final le dio el froin a los brasileÑos. de cara al amistoso de este miÉrcoles contra colombia. >>> es la forma con que el colombiano con su equiliio. y con la llegada tendrÁ que darle su toque. >>> mÁs reacciones esta noche en contacto deportivo. este partido l

and ubs says the outlook looks challenging this year especially in the uk.supplies just beat on the top and bottom lines. finally one area has been hit by the recession, one of the few. segment of the pet death business at the massive l.a. pet memorial park. >> burying is more expensive. during this last three years we've seen a shift over into e cremations. quite a dramatic shift. and burials have gone down. >> that's because burial starts about $660 plus the headstone. cremations are about half that. but we're not going to talk about that right now are we guys? back to you. >> thanks for making me transition off that, jane. appreciate it. >> you're welcome. >> all right. jane wells. see you again too. let's play the pet space. you have three pets, you have four pets. >> i do. >> do you buy any of these names? you're spending a lot of money. >> i love pet smart. i have three dogs. looking for something for my wife too, they're stuff is really nice. but i think it's a great story. i like the stock. i don't own it. i would wait for it to pull back. >> grasso.

we're talking about morgan stanley, credit suisse and ubs, the last two being of switzerland, the first one of the united states. among some of the banks facing ratings downgrades, we're talking two levels here, again, huge names. goldman sachs, jp morgan chase and also citigroup as well. many others could see their credit scores being cut by one notch as well. we're talking about the likes of bank of america, royal bank of scotland and also that french bank, societe generale, which has come out with a disappointing set of earnings. it shows perhaps one of the cases where these credit ratings agencies is slightly ahead of the curve, andrew. >> yes, absolutely. certainly be behind the curve if you go back to 2008. got a lot of flack about that one, didn't they? >>> okay. the chinese vice president, xi jinping, wrapping up economic talks in washington on wednesday at a lunch hosted by the u.s. china business council. mr. xi told american business leaders that the two nations are making progress on trade and currency issues but that both need to trust each other more in the years ahead. u.

joining us is former senator phil gramm and former vice chairman at ubs. want to start with this, jamie diamond, the distinguished ceo is usually a democrat. heap says washington policies have made the recovery slower and worse. why do you and jamie diamond agree? were are you here to tell me? >> i'd like to say we're both smart guys. basically here's the deal. if we were recovering at the rate of the recovery we had in the average of the ten post-war recession, we would have 13.5 million more jobs than we have now and per capita gdp for every man, woman and child in america would be $4,500 greater. the recovery has been ham strung from the beginning. today nobody in america can tell you what their taxes are going to be next year, what health care costs are going to be next year, what energy policy is going to be next year, what the regulatory burden is going to be next year. >> so uncertainty is killing -- >> uncertainty is killing the goose that lays the golden egg. >> not my usual norm. but what president obama and his team would say is that we suffered

the second piece of data is ubs. really a pretty demonstrable gap, and i think european banks, so either the european story, the 2rub8d story is far from over, and the currency should be short shorted. >> give me a trade, cortez. >> let me just tell you first, exactly what joe talked about. i've been short the injuro currency quite a bit in recent months, but the reason i'm not now, i think it was too crowded. i'm hoping today is clean it a bit out. silver is very much related. those trades tend to be correlated, so de facto i do have a bit of exposure. both gold and silver got a nice pop on better nangies's testimony this morning, but i believe it's extremely contained. i think it's worst a try to the short time. karabell, are you a buyer or seller? >> certainly a gen energy buyer of this market. obviously from our continual debate with steve and i, you know, i think we have a story here that is largely in spite of europe and not really any more likely to be inhad you beened because of europe. europe is, yes, a 30%

let's bring in drew senior economist at ubs.re or less with consensus. what does this do to the fourth quarter gdp number? >> while on balance the fourth quarter they were assuming a pretty wide trade deficit. this is going to have a marginal effect, maybe a tenth on the number. so not -- it shouldn't do too much. i think from my point of view what's a little more disturbing ubs were expecting we'd come down a bit, there should have been less exports from china, there's the whole chinese new year thing going on and we thought there'd be a decent amount of exports led by aircraft and so i think what's more disturbing we're not getting the trade deficit under control in the way we probably should. >> looked like aircraft exports were down. chairman bernanke yesterday mentioned the idea of trade with europe coming off, we haven't seen it already. how much of a concern is that for the economic outlook? >> well it is a concern. ubs we've estimated that about for every 0. off of european growth it takes about 0.3 off of u.s. growth. i

. >>> swiss bank, ubs cut its 2011 employee bonuses, 40%.fter its investment banking division lost in the quarter. >>> others including morgan chase and jp chase are dealing with shrinking revenue. >>> coca cola says quarterly profits topped estimates. the beverage giant sold worldwide. and drivers are bracing for $4 gas this spring. triple a says the national average for a gallon of regular is now $3.48. 36 cents more than a year ago. experts say prices could spike another 60 cents or more by may because of renewed tensions in the middle east and seasonal demand. that's your money watch. for more, go to cbsmoneywatch.com. in new york, i'm alexis christoforous. >>> well, it may just be big enough for the guinness book of world records. a hen in columbia, south america, lays an egg; it's almost 5 inches long, 3 inches round. the chicken named fran chiskan, is now the pride of the coop. they attribute it to vitamins, amino acids. >> are they going to eat the egg? >> i don't know. >> sell it. >>> coming up at 4:00. people rarely fight with a re

. >> what was frozen is now a slushy mess on the dan ub river in europe.udden thaw sending big chunk of ice down the water way damaging boats barges and floating restaurants in belgrade. >> coming up next on 7 news. i team fix up with report. >> looks like a sigh cob went through here and just piled everything up here. >>> eye sore with 40 years of stuff piled up. tonight the one person who has taken responsibility for cleaning it all up. i team you fix it report. >> we are one of the last survivors of the great san francisco earthquake more than a century ago. stay with us. francisco earthquake more than a century ago. stay with us. more to bay area ! here's big news from verizon wireless and xfinity from comcast. now get the xfinity triple play and verizon wireless together. call 855-704-7400 to sign up and get a free smartphone. choose one of our hottest phones. verizon wireless and xfinity. tv, home phone, internet and wireless together. [ male announcer ] for our families... our neighbors... and our communities... america's beverage companies have cre

. >>> in europe thick ice closed huge swath of dan ub river.hipping routes crippled on the continent busiest water way. boat just locked in frozen by the ice. death toll from bitter cold across europe has reached at least 4 60 people. >>> first lady michelle is doing something about obesity in the military. troops now see more fruit vegetable and low fat entre in the dining hall and snack bar. first time if 20 years that the military has changed its nutrition stand archdiocese. white house says that one quarter of 17 to 24-year-old are too pudgey to serve in the military. >> coming up next. 7 on your side investigation. michael finds the same safety issues 5 years after he started looking at the jumbo chair. >> plus the artist and abc barbara walters as you have never seen her before. stay with us. news at 9:00 ♪ beth! hi! looking good. you've lost some weight. thanks. you noticed. these clothes are too big, so i'm donating them. how'd you do it? eating right -- whole grain. [ female announcer ] people who choose more whole grain tend to weigh

i was doing a speech this morning for ubs early. walked out after 10:00. i was watching gold.t's up a dollar, up two. then down $10, down $15. i was lowing in my own account. it's one of those days you say i don't know what's going on but i'm selling some because you have no choice. the next thing you know it's down $35 and you listen to what bernanke has been saying having released his comments earlier on. i think you're absolutely right. the lack of an affirmation of qe-3. which was about expected. and we may not have another round of anything from the ecb for awhile. so finally you can say you know what? the major easing monetary authorities may stop easing for awhile. and gold needs policies to push higher. you had a monthly reversal today as joe said. you have to pay attention to that. >> you outlined two major reasons why you think gold moved lower today. do you think they are valid reasons? if they are valid reasons, to what price do you think gold moves? >> well, one. the price action tells you it was a valid reason. today was a good reason why i've only owned gold in

next up on kudlow, check out these financial, morgan, ubs, morgan, banks up today and we'll talk to dick bove in just a moment. he'll tell us all about his call on the bank stocks. i'm kudlow. stay with us. [ male announcer ] the draw of the past is a powerful thing. but we couldn't simply repeat history. we had to create it. introducing the 2013 lexus gs, with leading-edge safety technology, like available blind spot monitor... [ tires screech ] ...night view... and heads-up display. [ engine revving ] the all-new 2013 lexus gs. there's no going back. in what passes for common sense. used to be we socked money away and expected it to grow. then the world changed... and the common sense of retirement planning became anything but common. fortunately, td ameritrade's investment consultants can help you build a plan that fits your life. take control by opening a new account or rolling over an old 401(k) today, and we'll throw in up to $600. how's that for common sense? are you still sleeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mo

that we pay more attention sometimes to those things than to other aspects of his platform, but essex ub rantly and willingly wading into these waters. we're not labeling him a cull kurl wattor from nowhere. he's putting on the armor and grab the lance. he believes this stuff, he wants to talk about it, but when it become the entire foreground of the conversation, he gets upset. i think he's not being entirely honest. >> but his campaign tells me that the media are minimizing his other positions on manufacturing jobs and so forth. let's face, it birth control, abortion, gay marriage, these are hot button issues that make good copy. >> two things. first of all, it's not fair game for him to say don't play gotcha with froster frees because he himself haas made outrageous outlandish statements and that's what -- >> he's saying i shouldn't be held responsible 230r for a bad joke said by somebody else. >> yes, but it's very fair game to talk about his own statements and his own positions which are really far outside even the mainstream of the republican party. >> what about the double standar

this is according to ubs investment bank. warren buffett increased his bets on intel and ibm.ded to media companies according to the regulatory filing. berk shirt added a new position and made a near $1 billion investment, raising the stake nearly five fold. back over to you. >> no sex as primary until june. could be "the daily rundown." we will be back in 30 seconds. >> a few other stories making headlines. antonio villaraigosa will be the chair of the democratic convention in north carolina. he is at two-term mayor of los angeles and his convention is expected to potentially help democrats woo spanish voters for president obama. that's why the obama campaign wants him there. it looks like the texas primary will get pushed back for a third time. a panel indicated that the primary should be moved again, this time to as late as june 26th. texas picked up four new congressional seats after the census shook three million residents live in the state. the minority groups said the new numbers are not reflected in the way the legislature redrew the map. not enough hispanic districts

paul richards with us from ubs americas. joining us right now.irst, your expectations, paul, good to have you on the program. >> hi, maria. >> your numbers tomorrow? >> i think the numbers are going to be slightly on the stronger side. i think the market's been lulled into a dove sense. but things don't feel so bad to me. i would expect numbers 175,000, maybe employment around 8.4%. i'm just a little bit more positive personally. >> if that materializes, what's the impact on the markets? how do you think investors react? >> i think investors react somewhat positively. i think the fed would be called a little bit to question op the call of eight days ago. i think the ten-year treasury would retrace close back to 1.952%. that could possibly quell, i think, any gains on equities. but to an extent, the dollar is set to gain in that environment. i think you'll see a sell-off in bonds, somewhat neutral on stocks. but i think the dollar starts to rally again. >> i know you're studying what has happened over the last eight days. since the fomc statement,

. >> if we have osama bin laden in our sights, and the pakistani government is unable or ub willing to i think we have to act and we will take them out. we will kill bin laden, we will crush al qaeda, that has to be our biggest national security priority. >> he said we will kill bin laden. now sean, if you're honest intellectually, that is, you'll play the tape on your show. barack obama is the candidate he was not lying, he was determine to do what the last president failed to do bring world's number wonder orrist to just -- number one terrorist to justice. panetta says enhanced interrogation was used at some point during the years the cia wasn't hunting bin laden. but john mccain made it clear the key pieces of evidence leading to bin laden were not a result of torture. >> i asked the director of central intelligence leon panetta for the facts. and i received the following information. the trail to bin laden did not begin with a disclosure from colleague muhammad, waterboarded 183 times. it was not torture or cruel, inhuman, degrading treatment of detainees that got us the major lead

we've got jack, with susquehanna financial group, and dave goldberg with ubs.n listening to the report here, and bob pisani is taking great pains to point out to us that the shares of the home construction index is up 50% or so since the october lows. do you feel that it's getting a big stretched here? >> we do think it's getting a bit stretched. you have -- you certainly have a bottoming in housing. the question is, how quickly do we see demand recover. we're running about 310,000 new homes annually. where's latent demand now. we're not seeing people move out of apartments. apartment vacancies are still very, very low. and even though affordability is favorable for home buyers today, we're not seeing them move across. >> with financing, it's still a difficult environment, and a lot of banks are still not willing to lend, right? >> i think that's the biggest issue. and i also cover the regional banks, and that's one of the ceos tell me all the time. we're not willing to lend on residential housing right now. we've worked through the distressed loans, but there'

ubs is upgraded emerging markets and u.s. banks. the superregionals they like the be best. do you like either name on a key bank, for for example? >> i like all three. i think that's the place where you put your money, because as pete said before, a lot of other trades are just trades. with we seimone rotates out, they're rotating out of all banks point-blank. >> buffett has a quarter of a billion dollars he invested for the firm in six different companies. he told becky european stocks. he would not tell us which those were. i'm interested how many were banks, because i suspect at least two may have been. >> it would be interesting to fine that on out for sure. >> we will know in the next couple of weeks. >> a quarter billion for buffett is lunch money. that's not major conviction. he has to start somewhere, and that's a good place to start. >> housing-related stocks have better than expected earnings, and unseasonably warm weather as well as a pickup and demand in all markets. let's break down the results with peter keith. he's a senior research analyst at piprp jach ray.

let's welcome in david goldberg from ubs a little more bullish. make the bullish case after a 35% run this year still has room to go. >> so we upgrated pulte when it was a $4.50 stock. i think if you're going to own or build, pulte makes sense. there's operational issues at the company. management's working on getting better, driving cost, more efficiency, as they do that there's more earnings in their model relative to some of the peers, there's potential more upside relative to the rest of the group. >> wlast going to drive the earnings? better pricing, smarter balance sheet management? what's it going to be that gives it that extra pop? >> it's about volume. it's about fixing the cost structure. it's about driving more earnings growth and driving better profitability while you get the market expansion. some competitors like lennar for instance where we went neutral on the stock a couple months ago, really the call was they're already performing well from an operating perspective. with pulte it's volume and operational excellence. they have to d

robin farley, ubs gaming analyst. >>> patty edwards, how about the gaming stocks? >> very interesting to me. my client base however, generally speaking, not looking for anything that volatile. over the long run i will probably buy some for myself. >> grasso? >> you touched on it with robin a couple of times. when you're always that dependent on a foreign government i think you always have to be a little bit wary over what the results are because you're not holding your own destiny in your own hands. i still like las vegas stocks. >> but look, you know, i don't know that that's such a risk of what's happening in terms of macaw. if anything, maybe it's some kind of slowdown affecting it more than any sort of government interference. >> yeah, you could say that. i could say that. we could both feel that but wake up with a headline tomorrow with something that doesn't make sense. our own cowry and being this far away. putting a whole lot of money in the charts. don't really set up that great. >> up next, we've got the current si trade as europe tries to work things out

ubs cutting its rating and price target on metro pcs as well. and the sun setting on first solar down $3.85. nearly 11%. down big on a q-4 loss. keep in mind its 52-week high was 163. now you see it $32.56. home builders, two of them, higher. could be reacting to bernanke's testimony. and the company behind payless shoe stores is up. they posted a loss, but same store sales were the best there in two years. collective brands and payless et al. we're monitoring ben bernanke as he wraps up his testimony in washington. if one man can move the markets, his testimony on the hill was certainly doing that as he exits the house side committee room there. the upshot, markets seem to be disappointed, but bernanke did not offer anymore specifics about additional easing. let's go to each of the market floors. we start with sharon epperson at the nymex on the big commodities selloff. sharon. >> tyler, big ben steering clear of stimulus talk certainly caused commodities to crumble particularly gold. where i'm standing right now, this pit has been so busy in t

the chief equity strategist, one of our favorites, at ubs is going to weigh in. >>> here's the action in the s&p sectors today. most of it solidly in the green. the exception, the industrials, which are down a little bit more than .1%. and telecom is off .25%. we're back in two. want to prot. right. but... home security systems can be really expensive. so to save money, we actually just adopted a rescue panther. i think i'm goin-... shhh! we find that we don't need to sleep that much. there's an easier way to save. geico. fifteen minutes could save you fifteen percent or more. take the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up $600 when you open an account. >>> welcome back to "power lunch." i'm bertha coombs at the nasdaq. time now for "3 in 30." three stocks stories in 30 seconds. an apple, ne

ubs analyst david palmer says pepsico can now consider kellogg a competitor. the stock up 5%. proctor & gamble been gjifting foods. and give earnings a nice near-term pop with about 47 to 50 cents after taxes. it's up basically flat for the day. now, the 1700 workers at pringles just expected to trade jersey colors. kayla, over to you. >> john, transformational deal, second chance of sorts for kellogg. we turn now to politics. president obama getting ready to speak about the economy in about half an hour ahead of a new poll showing popularity is on the rise. john harwood has details. john. >> kayla, the president's in wisconsin. a state he carried in 2008. very much wants to carry this time. he's been greeted by scott walker, the conservative republican governor there. but he's riding a wave of increased optimism about the economy. look at the numbers from this "new york times" cbs poll just out today. his job approval rating up to 50%, that's up 3 points from the previous poll. the proportion saying the nation's on the right track is also up several points. so are the proport

the drag was eps guidance, joy global removed from the key call list at ubs, the mining equipment makera perfect segue by the way to bertha coombs at the nymex. because they make mining equipment. so lets talk about metals. >> yeah. mining the metals indeed. we've got the gold close coming just about right now. it's been a seesaw chart if you take a look at it we saw gold rise this morning on -- as the euro rose. and then we saw some profit taking as we reached a bit of technical resistance above 1750 an ounce. traders though say they still see longer term, if things do turn around in europe, that that could likely be inflationary. there are also concerns longer term about what may happen between iran and europe and the u.s. they say there are a lot of calls for this summer that are looking for gold to rise once again. but today we're fol falling at the end of the day. silver falling along as well on technical resistance, but copper being the outliar on the day. if things do turn around in europe, we may see more demand. back to you guys. >> bertha, thank you very much. whole foods amon

stocks here like morgan stanley, but also of course the european stocks like deutsche bank and ubs. big industrial names also to the downside as well. construction names the same situation. home builders have been some of the biggest gainers of the year. they too are flipping over here. even the material names in that particular group like usg and texas industries also to the downside. sue, back to you. >> thank you, robert. switch on the "power lunch" power surge and drill down on the stories driving the day. five greek ministers quick over european demands for more austerity. and greece's police union threatens to issue arrest warrants for eu and imf officials. all of this comes in the middle of massive protests and strikes in greece. and our julia chatterly is in athens with the latest. good evening, julia. >> reporter: hi there. we estimate there are around 5,000 people in the square behind me earlier today. that was despite the rain. they were chanting things like "the troika is setting us back 50 years," "fight back" and other things to do with the politicians here. protesters