or human error at ubs. have been reporting that sources are telling me that ubs is sitting on a much bigger loss than expected on facebook. up to $350 million. the firm wanted a one million share plok, but when it did not receive the confirmation, it reentered and ended up with much more stock than the firm wanted. they tried to unload on the way down and could not get a bid and sold it below 30, causing a massive trading loss. they said the firm will sue because of the failure to send the statements that led to the extra orders and huge trading loss. one has to wonder who is liable for this? this week they told us his exchange has gone through theidate and come up with a fund of $40 million to cover the loss says for infesters due to errors. night trading put a claim up of 30 to 35 million. city, sit bell and others claiming losses that combined would dwarf the fund and now this? $350 million in losses at ubs? i should point out that they have not disclosed the full extent of the losses and we don't know i

if you are ubs, do you sue nasdaq? >> i think you can see a lot -- sue a lot more than ubs. i wouldn't be surprise. >> what's the downside? throw your hat in the ring. >> look at like online breckrage, fidelity, they are making customers hold in advance knowing that they have a legitimate claim. they are solving things on help lines and saying okay, we will undo that trade. it was in the journal today. you will see a lot of brokerages and lot of trading firms come out of the woodwork. this ain't over yet. >> june 20 i'm told is the deadline for that. what kind of litigious activity do you anticipate out of this? >> i think anyone that -- ubs, i think will definitely be a good -- i think they are exactly right. someone is going to be making whole on these trades at the retail level. brokerages are going to have to pay those people back. they are not going to want to take the blame. they will want to blame it at nasdaq. nasdaq obviously made a lot of mistakes. they are an easy target. that's who will end up footing the bill. >> nasdaq offered up 40 million so far. do you think

ubs is facing a major fallout from facebook. the firm tells me they could have losses as high as $350 million. that's ten times more than the $30 million number currently being speculated in the market by others. the firm is preparing legal action against nasdaq as a result of these trading losses. now, the issue has to do with the failure to get those confirmations, the executions from the facebook trade. i'm hearing that ubs wanted one million shares but when it did not receive the confirmation, repeated it many more times and got more stocks than they wanted. they say, given the size of our u.s. equity business and our role as a major market maker, ubs was affected by these issues, as we believe other market participants may have been as well. consistent with our policy on market which is not material to ubs. we're continuing to consider avenues to consider our losses in this manner but have not yet taken legal action. sources are saying that ubs tried to unlock the stock at $35 a share when it became clear that the confirmat

cnbc has learned that ubs has a problem with facebook. firm sitting on losses sources tell me could be as high as $350 million. some ten times more than the $30 million number that is currently being speculated in the market by others. the firm is preparing legal action against nasdaq as a result of these losses. the issue has to do with the failure to get confirmations and executions from that facebook trade on day one and day two. i'm hearing ubs wanted a million shares, but when it did not receive confirmations, repeated the order multiple times and left with much more stock than one million shares. now, i've spoken to ubs. and they've given me this stateme statement. given the size of our u.s. equities business and our role as a major market maker, consistent with our policy on market comments on our positions or intra-quarter performance, we are not disclosing the amount of the loss, which is not material to ubs, they say. we are continuing to consider avenues to recover our losses in this manner but have not yet taken legal action.

by the way ubs was not one of the book runners.ate in the deal. >> it wasn't the retail investor got hosed, big banks are getting hosed as well. >> absolutely. they're sitting on way too much stock, they were sitting on way too much stock and sold it with a loss. >> the lawyers are laughing all the way to the bank. >> and the individual investor can't afford the lawyers ubs has. great story. i know you have more on "closing bell." >> yes. more at the top of the hour. >> absolutely. maria, thank you. coming up, we'vebell"? >> yes, we have more at the top of the hour. >> great. thanks. >>> coming up, a food fight with mcdonald's. >>> with a food fight cooling off, herb said, i told you so. will it remain under attack or is it happy meals all around? 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. no nonsense. just people sense. welcome to the world leader in derivatives. welcome to superderiva

ubs did the consumer panel analysis.y are breaking a modest slowdown in domestic same store sales during the first two months of the quarter. they see same store sales growth for the quarter. not super fantastic or terrible. certainly better than most retailers. not what you want to see if the stock is going to go higher. ubs cut numbers for starbucks, but that's because the company itself cut the earnings in the last week. starbucks shaved a penny off because of the cost of the $100 million acquisition of a small bakery not much different from panera bread. and they are concerned as it seems almost everybody is that starbucks's european business isn't doing well. it only accounts for 2% of the profits, but they have europe sit's sell, sell, sell. all in all ubs likes starbucks but think it could be dead money for a while as you get a rotation toward more long-term. when i read i wanted to sell and i like starbucks. how about the bullish analyst at opco? the picture opco paints is so positive you would think it's a diffe

all employees of ubs are subject to specific guidelines when speaking to the media. they want to control that and in our business we know that because we have to go through the guys all the time. suzanne, thank you very much. we're tight on time but we appreciate it. back to you, sue. >> thank you, brian. maria shapiro argues money markets are a threat to funds and made the argument in testimony before the senate banking committee. she said reforms put in place since the financial crisis are not sufficient and she joins us now for an exclusive "power lunch" interview. miss shapiro, welcome. pleasure to have you with us. >> thank you. >> let's start with the money market regulations as they stand now. you think they pose a threat to the financial system. is that because some of the things put in place after the '08 financial crisis to kind of underpin those money markets have expired or is there something more to it than that? >> no, not at all. i think money market funds are great tools for investors but some structural weaknesses to address. in 2010, we took a lot o

the report that ubs is facing $350 million on the face of losses. a lot of them say they face losses in the capital for one. the ubs number is very big. >> it's a big number. >> it tests and that's one way to put it. if you back out, it means you will lose $5 a share, that would be a lot to have been exposed to. think about how many shares that is. 70 million times. how many different ways could they have lost is hard to imagine. did they sit on something for days and days without realizing it? it doesn't -- it's not right at all. >> if they did lose $350 million, i don't think it was nasdaq. >> human error. >> you have to quit pushing the buy button. didn't mean they are not filled. take a break and quit pushing buy. >> the street is feeling the impact and social media stocks have gotten killed. linkedin is one. >> absolutely. it's interesting if you look at the performance of linked in since the may 18th ipo whereas facebook is down 30%. facebook trades near to a 50 pe where linkedin is 130 to 140 pe name doing a similar business. in linkedin's de

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welcome michael, an analyst at ubs with the call.el, obviously your call is having a substantial impact on the shares and does come only a day after kevin plank, the ceo was on air yesterday afternoon singing the praises of his company. >> thanks for having me. i saw him yesterday talking about the footwear, i believe, right. >> yes. tell me about the call. >> we downgraded it today basically to the sideline mostly on valuation and upgraded in early may and it was under $93 and ran to over 106 and we think that the early spring, the fair weather, people were out shopping and exercise uniforms early in the season and slowed down late lay and can with the stock at 106 it became harder to say put fresh money to work here. >> michael, it is stephanie. they have a great product cycle coming in the second half of the year. how much do you think that can be in sales or upside to your numbers or into the street? >> we're already above the street at 245. i think the spreet is in the mid-230s. they do have great products coming and footwear so

darlene smith, dean of the business school says parsons will do similar lessons for ub as well as oncampus lectures. parsons received the university of baltimore interpru near award in 2010. >> parsons grew up in high land town. he has donated millions of dollars to charity in addition to this latest gift. >>> next up this morning on wjz. >> $55 million for a child with cerbeal palsy. the problems inside the delivery room coming up. >> a demand that charges be filed against an off duty county cop. i'm mike schuh, the story coming up live. >> the mayor of baltimore says she's fed up with the conditions of city schools. find out what she plans to do about it coming up. >> i'm sharon gibala with traffic control. no delays just yet but still that accident on 295. an update many just a few -- in just a few. >> she's still one of the biggest names in modelling, nicki taylor joins us on coffee with talking about the importance of blood donation. it's the morning edition and we'll return right after this. ,,,,,,,,,,,,,,,,,, >>> it is 6:30. it is one delightful day start. actually the second

of sully's seafood and ubs... in northeast baltimoree .../police... arrivedd..at tte restaurant... pround... 11 ooclock monday morning... after a customer ... found sullivan.. shot... in the store..../ sullivan's... family says... the 55 year old... was in business.. &p for... nearly 20--years.../.sullivan.. was known ...for helping... those in need. &p"i can'' express the sadness the ddsbelief that this couud daylight" no suspects.../ police think... it was a booched one man is beeind barssafter a major drug bust in northwest baltimore. police were tipped off to aa large amount of drugs and guns at a hooe oo liberttyroad near wwst northern parkway. they seized 75-thousand dollars in &pheroin... 255hundred ollars in crack cocaine.... and alot of cash.they also ound six handguns, a bullet proof pess... and a aser. "this is sooebody thats noo just selling on the corner, this is somebody thats engaged in a little bit higher level of illegal activity-- not only is it a drug dealer, but we took a violenttperson off the s" street." police say the raid was the result o

. >>> global finance company ubs may sue nasdaq over the facebook stock debacle. that company wanted a million sthars of facebook when the stock went public last month. but traders never got confirmation that their request went through so they kept repeating the order. ubs might have lost as much as $350 million when they unloaded the stock at a lower price. the nasdaq computers were overwhelmed by the facebook ipo and many of investors mad problem. >>> if you're out driving tonight, be warned it could get ugly on part of i-39 abecause part is closing. virginia's department of transportation shutting down northbound lanes of 39 a 395 at beltway between 52 a and 57 b. there will be a detour but it will add another 20 minutes or so to your trip. all lanes on 395 will be back opened by 7:00 tomorrow morning. this closure, part of reconstruction for the beltway express lanes project. >> really nice summer-like day there. veronica johnson enjoying it all in kensington, maryland. >> that's right. >> reporter: i'm joining in the back yard of what joins three families tog

. >>> cnbc is reporting ubs is ready to sue nasdaq for $350 million in losses from botched facebook ipo. and congratulations to the winner of warren buffett's annual charlie auction who forked over, get this, nearly $3.5 million to dine with the billionaire. >>> the o's walk offing, and things get slippery at the french open. your early morning sports headlines are straight ahead. >>> after incredible rainfall this weekend, we'll watch that storm heading up the east coast. your forecast is coming up. you're watching "early today." >>> very good morning. if you're just waking up, this is "early today." in sports, two competitors competing sunday for one of tennis's top titles were forced to wait as mother nature refused to cooperate at the french open. here's nbc's mario solis for a look at your sports headlines. >>> good morning. for the physician time in 39 years the men's final of the french open will be decided on a monday. rain ruling the day in paris. rafael nadal and djokovic played a wet and wild first half, nadal jumped out to an early two-set lead. he comes back to win the thir

joining me is brian perry and ubs' kevin cummings. what are you watching for tomorrow?eryone and their brother is going to be watching good old ben bernanke on the hill. that's going to move markets. we've seen already that the ecb isn't ready to step up. i think they are waiting on the imf. we are waiting to see what ben hints for towards qe 3 or operation twist. the bottom line the market up double-digits, now it came bark and no one wants to touch it. i like names like microsoft and intel. >> we are out of time. brian, you are up. what are you watching for tomorrow? >> venezuela and we will take a look at the boe and expected to keep it at a half percent. the quantitative easing. they had british growth and euro zone and the job numbers tomorrow that on the heels of friday's report will be playing close attention to that one as well. >> kevin, 30 seconds on the clock. what else should you be fork used on tomorrow. >> this sets up for the perfect opportunity to signal to the market whether or not he believes that the stimulus is likely and in reality he will sound gua

ubs upgrading invidia.onal solutions business they say continues to drive operating profit. and one of apple's big chip suppliers. >> i agree with the call. since april, it's been dead money. for some inexplicable reason sometimes, the market turns the back on names that are viable and good companies in favor of other things. i don't understand why. what i want is proof. proof that we're done with this consolidation period and trade above 12.85 with the peaks there. above there and stays there, i like it and buy it. >> let's move on to goldman sachs, a bullish call on commodities. the quote from the note, we continue to expect policy makers to contain the european debt crisis. long commodities? >> longer term play, i like long commodities, oil, gold, natural gas. we saw what central banks do. bail out. put money in there. they'll inflate. shortage term play, i don't know. >> final one, piper jaffray. the note says after the spinoff indicate both near-term and long-term fundamentals provide a favorable risk/

of sully's seafood and ubs... in northeast balttmore. .../ arrived... at the restaurann... &paround... 11 o'clock monday morning... after ssot... ii the an..- store..../ sullivan's... family says... the 55 year old....was in business.. for... nearly 20--years.../.sullivan.. was known ...for helping... those in need. "i can't express the sadnees in this whole community and the disbelief thaa this could happen ii broad dayllght" daylight" no suspects.../ police robbery. one man is behind bars after a druggbust in northwestt baltimore. 3 rodger dyer could be facing tonight.police laid out what they found after they were of drugs and guns at a home on liberty road near west northern parkway. they seized 75-thousand dollars in &pin crack cocaine.... and alot of cash.they allo found six handguns, a bullet proof "this is somebody thats not just selling on the corner, this is somebody thats engaged in a little bit higher level of illlgal activity-- nottonly is it a drug dealer, but we took a violent perron off the s" ptrret." result of a drug id waa the investigation... targeting t

ubs thinks so. it reveals less optimism sequestration would be avoided. tyler, in california alone, lockheed martin's payroll is $3.5 billion. that's a lot of taxes the state needs right now. all matter where you will make the cuts. we can't afford it all. >> you bet it is. jane wells reporting. >>> when you go to finance yahoo!.com today, you will see a cnbc poll. we ask which is the following is the biggest headwind facing the markets right now. the crisis in europe, upcoming fiscal cliff and uncertainty over health care. more than 20,000 of you have voted so far. right now, the crisis in europe is leading the way. 52% to 39% with just 9% fretting over the uncertainty about health care. we'll get another check later in the hour. for now, go vote at finance.yahoo!.co finance.yahoo!.com. >> it is anything but sunny these days. tropical storm debby is finally weakening after flooding parts of mississippi, alabama and florida and then it heads to georgia and headed north. some parts of georgia have been hit with 26 inches of rain. debby has also spawned tor

under armour with a downgrade of ubs. i guess not happy with the new sneaker, huh? 5.8%, right? ubs concerned that this warm weather not just today but from may and april is pulling sales forward. i don't need a t-shirt last week. i bought it in march. keep in mind this stock is still up about 40% year to date. merrill lynch with a positive note on the stock. one of the major recommendation lists. a firm knocking it. a good year for under armour. >> not a good q-3 for micron tech. >> pricing is the subject. too much flash memory. micron technology posting a larger than expected loss. a $12 target thinking that pricing will recover and pulling down production to try to put supply demand back in order. >> this stock pulling down other memory makers. last but not least is federal signal. >> the smaller cap name. not a name we talk about a lot. they make highway, transportation, rail, lights, signals. they sold a division to 3m and part of the highway technology group. $110 million deal and paying down debt. you know? it's about 13% of the revenue. they're getting rid o

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a lot of the western sub ubs already back in the low 60s right now. the closest drops to us are out near chicago land. we'll talk about how long it's going to take to get here. it won't interfere with father's day perfect weather for bbqing and sitting in the hammock. we'll talk about the seven-day coming up. >>> d.c. firefighters had to pull five people from a burning apartment. flames broke out around 5:00 this morning on orange street in southeast. the apartment owner described a hectic scene. >> some of the residents to climb out of the window, one person jumped out of the window. others were assisted through fire personnel who did a great job in assisting the residents to come down a ladder. >> two of the firefighters were burned during one of the rescues. no serious injuries were reported. four families displaced tonight. the owner of the building believes embers from a bbq may have sparked the fire. >>> inappropriate sexual contact with a teenaged girl while he was her swim coach a decade ago. noah was arrested yesterday. rucker had inappropria

jjg, the ubs greens index, saying until it rains, crops are toast.bviously weather plays a big role in the price conflict way of corn, so how do you hedge your self-appropriately? >> joe, a good question. where would you be in ag? >> the del monday rose cause on agrium, cf, potash. >> cf industries, that's the direct tie, nitrogen fertilizer, it remains the winner, and i like the fact that the greens futures have held a significant gains from early this morning. >> potash as well, very unusual option activity form seema, thanks so much. more final trades, next. ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of your life. in charge of making memories and keeping promises. ask your financial professional how lincoln financial can help you take charge of your future. ♪ ♪ oh, oh, all the way ♪ oh, oh this is new york state. we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one

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lehman, ubs, there's a whole seary, and i want to understand why all of this is taking place. why london? >> the predominant part of cio is done in new york. we operate in 100 countries and we're on the ground in 60 countries and we take deposits in a lot of these countries and they have the laws, rules and requirements and that operation could have been london or somewhere else and sometimes the operation where we have the people, so -- >> is the regulatory regime lightner london? why is all of the activity overwhelmingly and all of the problems appear to be in london? >> i don't think this activity was in london because regulatory activity was less in london and most of what we do in london was european companies. >> well, what are the lessons you have learned from large financial institutions going forward? is there any way to ensure against this type of loss where a trader is forced to hedge the hedge and cover losses that led to more losses? is it possible to ensure that legitimate hedges never morph into something else? >>. >> it's not possible to ensure we won't make a

at ubs. jonathan, the markets are wondering what is going to happen in europe. how do you see what they were just talking about there? the u.s. getting involved, perhaps through the imf in some way, to try and stabilize what's going on in europe? >> first of all, we have -- last year we ran a $1.3 trillion deficit here at home. clearly we have our own issues. that's where we're having all these fiscal cliff discussions at the end of the year. but i agree. i think, the consensus view is this is a european issue. the president and elected officials are going to have a very tough time bailing out europe when we have an 8% unemployment rate here at home. >> steve liesman? >> i just would ask jonathan, can you ever see us solving our fiscal problems, without growth in the united states? can you ever see growth in the united states while the hammer of europe still hangs over the u.s. recovery? that would be in the first instance. in the second instance i am not talking here about a large amount of money. in the first instance i'm talking about u.s. leadership. getting

. >>> cnbc is reporting ubs is ready to sue nasdaq for what could amount to $350 million in losses from its botched facebook ipo. >>> and big congratulations to the winner of warren buffett's annual charity lunch auction, who forked over, get this, nearly $3.5 million to dine with the billionaire. >>> the o's walk off, a subway series sweep and things get slippery at the french open. plus, a spectacular catch that even fools the umpire. your "first look" at sports is straight ahead. you're watching "first look" on msnbc. wake up! that's good morning, veggie style. hmmm. for half the calories plus veggie nutrition. could've had a v8. ♪[music plays] ♪[music plays] purina one beyond. food for your cat or dog. ♪ ♪ we all need it. to move. to keep warm. to keep us fed. to make clay piggies. but to keep doing these things in the future... at shell, we believe the world needs a broader mix of energies. that's why we're supplying natural gas to generate cleaner electricity... that has around 50% fewer co2 emissions than coal. and it's also why, with our partner in brazil, shell is producing eth

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this could be somebody who is taking a look at what ubs had to say yesterday. this includes a lot of the big names like mechanic danld's and starbucks that have had a good year. we have also seen bullish activity in xle. so we could be seeing the beginning of a fairly large sector rotation. >> with it's now down one. >> you have got wonder if there is some rotation. >> have you really never had one? >> no. >> road trip. >> let's go. right now. jack in the box, you make an excellent point. jack is still an interesting stock here. >> follow the show on twitter to get tons trait updates. coming up an investment that may last forever. high schools in six states enrolled in the national math and science initiative... ...which helped students and teachers get better results in ap courses. together, they raised ap test scores 138%. just imagine our potential... ...if the other states joined them. let's raise our scores. let's invest in our teachers and inspire our students. let's solve this. [ engine turns over ] [ male announcer ] we created the luxury crossover and

. >> parsons who graduated from ub host video blogs about internet issues on his website. the dean is saying that he is going to do similar lectures for ub and campus lectures. >> doing something as simple as smiling makes things better. >> he received a university of baltimore distinguished award in 2010. jessica kartalija, eyewitness news. >> parsons grew up in highland town. >>> still to come on eyewitness news saturday morning -- ,,,,,,,,,,,,,,,,,, >>> welcome back to eyewitness news saturday morning -- i'm gigi barnett. >>> emergency crews are working overtime clearing away hundreds of down treed. damaged vehicles and snapped power lines. it is because of last night's wicked weather. this is what many people are waking up to this morning. these pictures were sent into the eyewitness news room. where wind caused trees to fall on several cars and caused major damage there. eyewitness news is live with coverage. meteorologist tim williams is tracking the latest conditions now. tim. >>> well, gigi we're looking at storms that rolled through here yesterday. the rain -- con

you emember just recently we all learned about steven jobs and hi carrw hme pur ub at tluhe '70s. in the '0eus and '90s it was robotics club. i spent a lot of time with the hard fort roboics club. .. on the way. there will be some story that will set off some kind of panic among ople w k ver and probably these clubs will be targeted in that way. here are the kids trying to do it rht and creating rules of the road and ways of doing things and creang their o y ago when i first underwriti the discarded writing uncovered a lot of computer hacking and there is a huge panic that grew out of that. they will crash the phone system and take over -- war gas. gesienn. maf ou n yk rresnd imprisoned. these were the ones who were trying to do it right. the ones who were stealing your credit cards the what never touched them. the low hanging fruit is easier to go aft.la touched them. the low hanging fruit is easier to go after. we had this wonderful moment when the amateurs were convening in their clubs, somehow in t ttthra, i fear the best intentions of these kids coming together in these clubs

four gigantic settlement already with this story involving some of the biggest companies in the world, ubs, chase, bank of america, and they have all settled in the last couple of years and there is a recent chile that i covered this fall. it's not like there isn't incontro vertible evidence of these crimes but for some reason, nobody wants to take up the banner on this issue and run with it. it's a very odd thing. >> so while the folks living in these cities and municipalityies were being ripped off and under sold, the real victims seem to be the people on the jury because when you look at this case i can only imagine the strategy. they must have had a tough time with thousands and thousands of documents going back over 10 years. >> this is one of the main lines for wall street in general, the infrastructure within which they commit all of these crimes is so unbelievably complicated and, also boring that it's very hard for people to pay attention. and prosecutors have been reluctant to take these cases to court because they know they have to bring jurors up this very steep learning curve

we'll see if that follows the figures here at ub. at 1:00 p.m. u.s.tion off seven year notices. family $, after the close results from blackberry maker research in motion and nike. here's how u.s. futures are looking. still pointed lower. moving morton the down side now dow would be opening lower by 80 points. nasdaq and s&p pointed down as well. joining us more, rich nash, equity portfolio manager at the westfield group. is this people taking risk off ahead of this eurozone meeting? >> certainly there are other factors at play. the supreme court is expected to make their decision at 10:00 this morning. we have had a pretty nice run up here over the last couple of trading days. >> what do you expect or what your telling clients to do to position around these key political events? >> politics is certainly trying the markets, but we try to guide clients to focus more on the economic fundamentals that continue to at least in this month deteriorate but we think as the year progresses we're seeing, you know, some strength in the housing market. we're seein

so ubs certainly would be a beneficiary, and u.s. banks beaten to death. >> thank you.s tomorrow. we'll cross finger and toes and everything else at that point, that is the first hour of the "closing bell" with the dow up 98

. >> and adding hsbc, rbs and ubs to the list. are going to have a tough time. >> i was being snarky about libor yesterday but it is important and a great piece on cnbc.com says in layman's terms why you care about the london interbank offered rate and everything that it impacts. look at barclays shares. >> the crisis affects 66% of americans right there. so we'll continue to bring these headlines to you. if that wasn't enough news for you today there's a resolution to the medical drama that is likely a few hours away. the supreme court is expected to rule on the constitutionality of president obama's health care hour. dr. scott gottlieb servegd as senior medical individualser at the fda and now assistant clinical professor at the new york school of medicine and jim karpetta, responsible for health care issues at the office of management and budget from 2001 to 2004 and now project director of obamacarewatch.org. both are with the american enterprise institute and gentlemen this may be the perfect group of people to talk about t a

brendan at goldman and you at ubs and mckenzie. security, relative security of those firms and do this on your own knowing that the future was so volatile, funding is volatile and even the future of the technology is volatile? >> yes. so actually identified as my second start-up. i started a social network before in spain where i am from called 20.com which was sold for $100 million. so for me, i already had the experience of leaving my job at mckenzie and starting that. i decided to come to stanford. i wanted to have my next challenge. and after i met brendan, for both of us it was the same. it was a really big problem. and, you know, i it made sense and i sold it. >> has your view changed in terms of the strategy of how quickly you get cash, how quickly you raise money and how quick will you you spend it? >> things definitely are moving faster than we thought. we just launched in september. and at the time we thought that we were not going to raise money for two years. but after passing the five million user mark and now we're te

. >>> facebook ipo may have lost -- cnbc reports that ubs did not receive confirmation it had bought a million shares from clients and posted multiple orders. for its part facebook shares finished up 79-cents at 27.10. that's still 3% below its initial ipo price. >>> and back here in just 10 minutes with your saturday forecast. it's going to be warmer. >> a major sporting event [ male announcer ] u.s. olympian gwen jorgensen is going for aluminum. cullen jones is in it for water-resistant thermoplastic. and amanda mcgrory? she's competing for carbon fiber. they're not just going for gold, they're joining with citi to give back to the programs that helped them along the way with bikes, kickboards. and racing chairs. join the movement at citi.com/everystep and help citi help our u.s. athletes give back together, every step of the way. >>> new at 10:00, the world's top golfers will be converging on to the area for one of top golf tournaments. julie haener is live. >> reporter: u.s. open officials expect 33,500 fans here each day. tee time is almost a week away. thursday, but the prepara

. >>> facebook ipo may have lost -- cnbc reports that ubs did not receive confirmation it had bought a million shares from clients and posted multiple orders. for its part facebook shares finished up 79-cents at 27.10. that's still 3% below its initial ipo price. >>> and back here in just 10 minutes with your saturday forecast. it's going to be warmer. >> a major sporting event is coming to the bay area. we'll show you the preparations underway and find out how much money it's expected to bring to the economy. >>> new at 10:00, the world's top golfers will be converging on to the area for one of top golf tournaments. julie haener is live. >> reporter: u.s. open officials expect 33,500 fans here each day. tee time is almost a week away. thursday, but the preparation is at a fever pitch from improving the esthetics to making sure the tournament runs smoothly. this crew from florida is here to set up several led displays for keeping scores and displaying ads. >> we got some people out there testing wireless network which will collect the information from the walking scores. >> reporter:

benjamin franklin, of course,ub was the great american publisher . a sam adams was a publisher. it is hard to think of founderss who did not write journals.m. george washington didn't. rar you know, that is very rare. even someone like james madison who did not particularly like and was not great at it, he screwed himself up and wrote 29 federalist papers which were op-ed pieces in newspapers. so these guys, these men know that they have to put themselves out there for the americanch i public, which is their si. constituency.s. >> know it all. it >> well, no at all. they were -- they were well-educated. look. cnt it is a little country. hav the colleges we have, we have ao handful of colleges and they aro tiny.olge yo know, harvard or king's college which becomes columbia m or gail or princeton. they have a few dozen students, unlike the thousands that they have today. but, you know, most of these mee were college graduates.at those who were not made sure t that they read it all theiriv lives. then felt that they had to be up on both the news of the day in the political theory o

ubs cutting the price target from 125 although keeping the buy rating on the stock. >> before we noomove on, we are session highs. very low volume. the nasdaq having the best day this year and the highs of the day. 244 to the upside. high end retailer saks is actually kind of doing well. >> yeah. it is. up on jp morgan comments. they went in to saks and met with management believing high end remains healthy. they told me to thank you. send you a thank you personally. top lines solid. they see 25% annual earnings per share growth through 2015. that stock up about 6% for the year. >> they can because i spend enough money there. smith & wesson flexing the second amendment rights. >> it is a maker of guns. >> i know that. in texas do they have smith mp wesson shops. >> they might. >> i don't know. >> i tell you what. guns keep -- welcome to america. guns keep selling. smith & wesson soaring. handgun sales up 38%. sporting rifle sales up 72% and an analyst note actually out basically saying people may feel that if obama gets re-elected to tighten gun control laws. so people might be rushing o