wells fargo, citi, losing ground today. across the board, sparked by that call by analysts saying they expect a short term correction. the earnings for the bank won't improv in the second half of the year, so start taking profits of some of the big caps. are there buying opportunities here? >> i think this entire sector was very tired and there was concern that the mark to market is going to be changed. there was talk about the congressional budget report that says small and mid-cap banks need $21 billion. there's a lot of news about the financials. so yeah, i think that's a decent call. there are a couple names that still look interesting and i point to jpmorgan who seems to be turning the corner. >> wells fargo has been a fascinating stock. it retraced back down to 22 and a quarter and rallied back to that 29 level. under the premise that they're going to earn their way and pay their t.a.r.p. back by earning their way out of it. now i'm hearing from a couple people that maybe there's another secondary coming from wells fa

wells fargo citi losing ground today. this is sparked by the call from dick bove saying he expects the short-term correction. the earnings for the banks won't improve in the second half of the year. so start taking profits in big caps, jp gormans or goldman sachses. are there buying opportunities here. >> i think this entire sector was tired. there was concern they were going to be changing mark-to-market and changing it back to what it was. there was talk that there's a lot of news about the financials when we don't know that earnings are normalized. we've had a very big run. a couple names still look interesting, jpmorgan seems to be getting turning the corner on some of that consumer market portfolio. >> wells fargo has been a fascinating stock. rallied all the way back to the 29 level. on the premise they're going to pay their t.a.r.p. back by earning their way out of it. now i'm hearing from a couple people that maybe there's another secondary coming from wells fargo. that would be very interesting. what would be mor

wells fargo denies that race was a factor. >today, maryland officials reported the fifth death related to the swine flu. they just say that the victim had underlying health issues. this comes as officials worked to get schools prepare for a possible outbreak this fall. sally kidd has more on that story. >> of the new guidelines are said to not only prevent the spread of the virus but to minimize disruptions for schools, parents and employers. >> students at this element for school will be getting a new lesson in swine flu prevention. the school district is moving its health curriculum to the first two weeks of the semester. >> we will talk to kids about staying home if they are sick. >> of those common sense steps are among the cdc's new concepts. students who become ill at school and develop a fever should be separated from other children. >> put into a room until their parent or guardian can come pick them up. >> of the cdc says that students should not returned to school until 24 hours after their beaver goes away. the obam

. >> brian, you're watching wells fargo. >> yeah. wells fargo is another name in the baj stocks. we're seeing a lot of bearish activity in the last few days in which options traders are coming in and, of course, going out and selling calls in august. what does that tell me? some of this rally still has yet to hit all of the names in the bank. wells fargo is still trailing some of the names here now. but i have to say, a lot of them had this openings for the last few months. i still there's there's some caution out here in the worng place, punish it looks leak some of these moves are ready to move higher and higher? yes yeah. bun emotion at two different times over what we've had the last few months. fear caused a lot of selling here and fear of missing the potential bottom, who knows if it was the bottom or not, fear is buying a lot of this buying right now. and the other point i would make, you referenced citigroup, aig and bank of america. these stocks in particular, if you look at them, this is a bay ta trade. citigroup st a $3 stock. if you're a hedge fund, you can load up on

. >> baltimore has won an early scrimmage in its lawsuit against wells fargo. the lender must turn over data on its baltimore loans and make company officials available. the city sued wells fargo last year arguing that the company targeted my note -- minorities for bad loans which led to widespread foreclosure and cost the city millions of dollars. wells fargo denied race was a factor. >> initial reports showed billy mays a died of a heart attack. the autopsy results are in this morning. and we will tell you something else that may be a contributing factor to his death. >> and the wife of the governor of south carolina has moved out of the governor's mansion. her husband's reaction to that coming up. >> some light sprinkle activity this morning. i will let you know if you need >> the west now virus has popped up on the east shore. for the first time this year, mosquitoes carrying the virus were seen in polk and a city. people older than 50 and those with weak immune systems can become seriously ill it affected with ni the westportl -- if infected with the west

wells fargo i know for a fact is willing to work with some consumers. they weren't willing to work with you and i don't know the particular facts relating to you but there are lefvers that will get these major banks to work with consumers. >> marty, we'll hook you and john up and you can have a conversation about how to go forward but, again, it's often getting somebody just focused on your case who actually knows how to work the system. >> that's right. >> i want to turn to alphonso because he was successful in getting a modification and he didn't use a service. he did it on his own. he's joining us by beeper now. tell us, how did you do it? how did you make it happen? >> first of all, what i did was i made the phone call. that was the first, initial step. i was a little bit hesitant because i was a little behind from a car accident and called them and u.s. bank had started the process. first they fill out a form and found out what my income was and if i was still eligible. sent it in. went through the process. and after the first of the year still had

. >> watching wells fargo? >> another name in the bank stocks. bearish activity in the next few days. options traders buying puts in september and october and of course going out and selling calls in august. what does that tell me? some of the rally is yet to hit all of the names in the bank -- wells fargo, what used to be a strong name, still trailing some of the banks there right now. but i do have to say, you take a look at all of the bank names and a lot of them had the sideways actions in the last three months and they're moving up and breaking out of that sideways action. you have to be very careful. it looks like the bank stocks are ready to move higher. >> you think that they're driving the gains that we've seen at this point. >> two emotions here. one emotion, two different times in the little market we've had in the last six months, february, january, march, fear caused the selling. fear of missing the potential bottom. who know ifs it was the bottom or not, fear is driving a lot of the buying right now. the other point i would make is

. >> and a ruling in favor of baltimore city and its fight against wells fargo, why the city sued and what wells >> new tonight, college degrees for soldiers. the bill took effect on august 1 and it allows better rents to go to college for free. or so they thought. there is a glitch in the system. melissa? >> there are a couple of things going on here. fall is a busy season for them and they have to deal with other things and then you add on the new gi bill, that has left them busy. so busy that some students may have to wait for their much- needed funds. , august 31, the university of maryland will be bustling with new and returning students, some 300 our veterans. those students are finding out that the first few weeks of school may not be smooth sailing. >> everybody needs it. everybody that comes back to school needs and deserves the money. >> a veteran of the iraq war and the president of the veterans student organization is talking about the new post in 9/11 gi bill which went into place august 1. >> the older g.i. bill was givegiving them one thing. now they are getting three c

be careful with wells fargo. a lot of puts being bought on wells fargo today. traded 30,000 of those. you look into august. an enormous number of puts there. maybe there's a secondary. they have to raise money to pay back -- >> your trade was wells fargo today. as joe said, traded up above 29. these were the levels we saw when they priced that a few months ago when the stock was priced at 22.25. ran up to 29. we told you to get out that day. that level is your stop. >> and a great point, real quick. you make a great point on these stocks going back to the pre-lehman levels. what's there? there's a tremendous amount of inventory, supply. everyone wants to sell because that's the break-even level. that's the level where you say get me out and i'll never do it again. you have all of that supply sitting overhead. >> let's look at technology here. take a look at this midday mover. cisco systems, this is one of these examples of you see the opportunity and you go en. it swung into the positive territory and finished the day higher, even though it started the day with

my mortgage company is wells fargo. three months ago i knew that we were getting into trouble because we were paying bills from savings. we took my wife 401k because it was losing. wells fargo said it would help on a hardship alone. that was three months ago. they said first would take three weeks, then six weeks. it kept on. to date they still have not said that they will help me. they keep saying they are working on it. their customer service people have lied several times. you cannot get above the customer service the permit to complain to anyone else in that corporation. it is frustrating. host: let's find out how common this experiences. guest: unfortunately, it is all too common. we hear this from many folks. the call in their promises. the person you call to follow up with has never heard of it. you give form letters back. -- useget form letters back. -- you get form letters back. wells fargo has 1600 people and their department. apparently that is not enough. i do not know where their problem is. it is certainly

. >> the city's lawsuit against wells fargo moves forward. this week a federal judge ordered the lender to handover files on loans made to baltimore residents. wells fargo will be required to make company officials available for questioning. baltimore is suing the lender charging it knowingly targeted minorities for bad loans. the company denies race was of a factor in its lending process. >> in other news of the day now. lawmakers are holding townhall meetings on health care reform to some very rough crowds. >> arrest me and my son right now. arrest us right now. >> that was a confrontation between michigan representative don ding gel and a man whose son has cerebral palsy. claiming his boy would be neglected by health care reform. supporters say disruptions at townhall meetings like this are coordinateed events. the protestors say not so. >> i see my country disappearing. i see our economy being destroyed. >> lawmakers are finding angry activists at their townhall meetings. protestors showed up at representative frank kratovil's townhall me

get this, he claims that wells fargo should have known better than to loan him the money. as brittany morehouse reports thshtion is not the first time a -- reports, this is not the first time a homeowner has taken action. >> reporter: homeowners suing banks to avoid losing their homes. in most cases banks will renegotiate and that's what one man wants. >> coming down the town center where he doesn't go where he's fighting so save his house. >> it was #19d 99 with a home loan -- 1999 home loan -- wells fargo who offered me to get a loan. >> reporter: so he says he signed for a second loan worth $30,000 since his first loan was insured by the federal government through hud, he faced a huge problem. the second loan then changed the terms and amounts of his first loan. >> my mortgage should be less than a thousand dollars when i took my loan. my first one. that has been increased to 1645. $1,645 a month. that's what i'm paying on it. i just got a second mortgage. of combine together it's almost $2,000 or over. >> reporter: for those who question his naove taste, no one asked f

my mortgage company is wells fargo.hree months ago i knew that we were getting into trouble because we were paying bills from savings. we took my wife 401k because it was losing. wells fargo said it would help on a hardship alone. that was three months ago. they said first would take three weeks, then six weeks. it kept on. to date they still have not said that they will help me. they keep saying they are working on it. their customer service people have lied several times. you cannot get above the customer service the permit to complain to anyone else in that corporation. it is frustrating. host: let's find out how common this experiences. guest: unfortunately, it is all too common. we hear this from many folks. the call in their promises. the person you call to follow up with has never heard of it. you give form letters back. -- useget form letters back. -- you get form letters back. wells fargo has 1600 people and their department. apparently that is not enough. i do not know where their problem is. it is certainly p

you look at wells fargo, same type of a story. you have a tight band here.wells fargo, you do have a catalyst. you want to keep it in your mind right now. the catalyst is, are they going to have to raise capital. if they have to raise capital, that's going to put the stock down a little bit. that's why when you see the levels down here, if you're interested in something like wells fargo, buy the stock. you better buy the puts. you need that protection down here when you decide this is a buy. you better get it. boom, that's how you make money. >> coach >> yo. >> what does the options market tell me? top and bottom. what do you see as an options guy on that as a telltale. >> fantastic question. you get to the upper end of this range. sorry about that. you get to up thor end of this range. lowest levels than it's been in multiple months. if you see three-point mc up here, if you can't help but get in the stock. goldm maman sax talking about $. why not buy some puts to protect yourself. if you're wrong and it doesn't go to 90, you can hold on the the stock and g

again, i think wells fargo goes lower, trading at 24. >> just to wrap the conversation up. everyone's looking for a correction in the market. look at goldman sachs, when goldman sachs breaks down, that's when the market itself is going to break down. >> let's move on to our chart of the day. this is an interesting one. transports revving higher this week nearing a new six-month high, are they merely topping out here? this is the confirmation of the rally. this is pretty good news here. >> now, listen, good news you saw the rw baird initiation. some of the price targets will be outrageous. b & i target of $100. it could get there if the dow rallies another 25%. i think the b & i run is over. it's been topee for a while. that stock, i think, trades down to the mid-70s. some of these stocks have had tremendous runs, i think, again, we're a little long in the tooth here. >> when you say oil, yes, it's hit resistance of $75 or so, when you see it tick higher, you've got to wonder about the legs of the fedexs or upss of the world. >> and part of that, melissa, because fedex and u

wells fargo is high. you get an at the money call for $2. if you're willing to jump if if guy is talking about it on this level, you can use the volatility in your favor, sell it for $2, now you're at a great level. >> it was the kind of day where you heard that net chargeoffs were declining month over month. then on any other day it would have been a cause for a rally. >> sure, yes, absolutely. i think it's still good news even though it happened today. >> next trade, consumer and housing shares falling and lowe's, misses analysts' estimates took down at full year. the retailer announcing that profit plunged 19%. this even as builder sentiment reaches the highest level in three months. how do we parse out this data in terms of the housing bottom? the ceo of lowe's saying there are signs of the housing bottom, but not seeing it in his business yet. >> they would see it, but that is a good indicator. i like a name like centex. it's very much a different market locally.y. and i think, though, something like centex, i believe the bottom is in.

and the city sued wells fargo.earlier last year, actually, that it targeted minorities for bad loans that led to foreclosures and cost the city millions of dollars. >> a massive recall is underway involving more than 800,000 pounds of ground beef. a california company called beef packers says the products may be contaminated with sal know necessarily la. there have been several poisoning in states. maryland is not one of the states. >>> in the eyewitness health watch, billions cannot escape from a skin condition. and there is a new way to stop the condition when traditional treatment does not work. >> reporter: adrienne avoids skirts, the reason is a skin condition that has left a patch on her leg. >> i have a medicine cabinet full of ointment. none have, woulded. none of them. >> out of options she started fog to dr. jeffrey winen-berg for therapy. >> what it does, it treats the condition using a wave length of light. >> reporter: light or photo therapies have been used to treat the condition but the new laser use

. >>> baltimore city has one -- won round one in its lawsuit against wells fargo. a federal judge rule that had they must give the city information on available loans. the city claims that wells fargo targeted minor us the for bad loans that cost the city millions of dollars. but they deny that race has anything to do with the loan rates. >>> unemployment is down, even though not by much, many are hopeful that it's a sign that the economy is turning around. we have the latest from wall street. >> reporter: chris miller was heading straight up the career ladder when the recession hit home. >> i was, i thought, on the right path and maybe i would have that corner office and then the bottom dropped out. >> reporter: he lost his public relations job last october and he is still looking for work. so are more than 14 million american, but latest jobless report shows that the worst may be over. the stock market celebrated with a triple digit rally after news that the unemployment rate dropped unexpectedly to 9 has the 4% in july. 247,000 jobs were cut. but that's the lowe

wells fargo modified only 6%. colleges are offering green degree programs. more students are interested in the environment. a variety of programs will be popping up like a technical training to operate wind turbines. some universities are offering mba's in new areas. >> investors are waking up to headlines of aig. michelle steel joins us live with that story and the rest of the business news in the bloomberg news report. >> good morning. aig is well known for getting billions of dollars from the government. now the guy who led the insurance company for 38 years may be facing a federal government lawsuit. they may sue the executive. he was pushed out during a government probe into its business. they accused of hiding losses and inflating reserves. the government is weighing a reorganization of fannie mae and freddie mac. they may put it in a government supported corporation. no decision has been made yet on whether to go through with the good bank-bad bank option. stock futures are pretty quiet indicating a slightly higher open. the government july jobs repor

bank of america, wells fargo, jpmorgan, courtesy of the o.r.e.o. portfolios. we're in the cycle where they're going up in value, where demand is so high and inventory is so low, you want to be invested in companies that own homes. who owns more than bank of america, courtesy of countrywide, wells fargo courtesy of golden west. these guys own whole zip codes of homes. nobody got homes like these guys. they taste like coming home. the bottom line, congratulations to mr. bernanke. congratulations to the america consumer. congratulations to the investor. you didn't let the inglorious ones get you down, you stayed in the game. you stayed in the game, and now this oreo cake is for you. let's speak to rob in new jersey. rob? >> caller: boo-yah, jim from new jersey. >> holy cow, what are you exit 5 off the turnpike? >> caller: exit 4. >> you can stake 5 and -- go ahead. >> caller: i started investing a year ago, and i want to say thanks for all the help you've given me to stay in the game and make some mad money. >> my pleasure. >> caller: my question is about petstar

shares of citigroup and wells fargo dropped 6%. a report released by the labor department yesterday found those americans who have jobs are doing more work. the amount of output per hour was up 6% for the second quarter. in federal court yesterday, bernard madoff's number two pleaded guilty to help carrying out the biggest fraud ever. he pled charges to 10 charges and was denied bail before sentencing. the red hot cash for clunkers program. despite the recent $2 billion refueling from the government, industry analyst seized consumer interest dying down. finally, critics team in dubai was craving curry in london tuesday. what do they do? call for delivery, of course. the cost, more than $7,000. guess they're not worried about saving. blackmail in college basketball, tiger gets away from mouthing off, and a fan makes a great grab in milwaukee. plus, red sox and tigers blow off steam the old-fashioned way in fenway park. >>> the top weather story will be thunderstorms this afternoon down in the southeast. the rest of the country looki

he suggests robbing a wells fargo truck, telling his son, "you must do it for the sake of aila."ll of this information came out today in a detention hearing in court. cameras caught the suspects smiling as they headed into court this morning. however, since it was a federal courthouse, cameras were not allowed inside. so we're relying on our reporters who were in court today. jonathan serrie is here with us, and judge napolitano, who says the evidence is very weak. what evidence does the government have? >> well, their case is largely based on what they believe the suspects were intending to do, not anything that they had already done. while looking at the evidence, you have those covert recordings. one man, identified as the alleged ringleader, daniel boyd, says, "i love jihad. i love to stand there and fight for the sake of allah. muslims must be protected at all costs." authorities say they also seized 27,000 rounds of ammunition from the boyd family property as well as gas masks. shep? shepard: jonathan, each as seven suspects appeared in court today, investigators are still

i like wells fargo. and i like "the lightning round". >> "the lightning round" is sponsored by t.d. ameritrade. a been acting lately you may wonder if you've been doing the right thing. is the advice you've been getting helping or hurting? are the fees you're paying really worth it? td ameritrade's fees are fair and straight-forward. their research is independent and unbiased. their investment consultants are knowledgeable and there when you need them. so why not talk to one? announcer: call today to schedule a free investment check-up, or visit a td ameritrade branch. but i've still got room for the internet. with my new netbook from at&t. with its built-in 3g network, it's fast and small, so it goes places other laptops can't. i'm bill kurtis, and wherever i go, i've got plenty of room for the internet. and the nation's fastest 3g network. gun it, mick. (announcer) sign up today and get a netbook for $199.99 after mail-in rebate. with built-in access to the nation's fastest 3g network. only from at&t. hi, may i help you? yes, i hear progressive has lots of discounts on car insuran

. >> wells fargo is a similar, big premier money center, certainly of a scale that's enormous. they've stepped in a lot of it, too. >> wells fargo, a lot of people have gotten short on things we've start talking about. i still the best place in a lot of these financials are the downstream plays. piper jaffray we'll talk about later. raymond james. those are the places to go for my money. >> piper jaffray, talk about a stock when they actually raise the next price target for them, absolutely incredible. also keep an eye on some of these regionals. if the commercial industry's not as bad and you look at companies like bank of america, they're exposed to just about everything. bank of america is a big bet on the consumer. i would put them in the city category as far as comparables. i like what's happening there. they average $1.3 billion a day for the month of august. that's 20% of the nyse follow um is in citi as the stock has gone from 3 to 4. small pull-back yesterday, i think that name can perform just as well, if not outperform bank of america. >> you said "if" commercial isn

i like wells fargo."the lightning round" is sponsored by t.d. ameritrade. r . . is the advice you've been getting helping or hurting? are the fees you're paying really worth it? td ameritrade's fees are fair and straight-forward. their research is independent and unbiased. their investment consultants are knowledgeable and there when you need them. so why not talk to one? announcer: call today to schedule a free investment check-up, or visit a td ameritrade branch. have discovered how easy it is to use legalzoom for important legal documents. at legalzoom, we'll help you incorporate your business, file a patent, make a will and more. you can complete our online questions in minutes. then we'll prepare your legal documents and deliver them directly to you. so start your business, protect your family, launch your dreams. at legalzoom.com we put the law on your side. >>> when i tell you i think you should own a stock, it doesn't mean you throw all your eggs in one basket, even if you're almost positive that

wells fargo, bank of america. two of my favorite rebound plays. pecially now that cramer face sally krawcheck is back doing what she knows so well at bank of america. wealth management. i like bank of america and wells fargo so much my charitable trust owns them both. two banks, actionalertsplus.com. and now the oils which have taken more of a beating than a breather lately. back. back and bigger than ever with the prices of crude and natural gases soaring. not only is the dollar going down which we like and people like hard commodities when the greenback drops but because chevron is shutting in its mammoth natural gas production. that's causing natural gas to wake up from its silent but deadly slumber and at least break out to the upside. this is the kind of leadership that ain't quitting, and the oil and oil services are now ready to power higher. coming out of the best july since 1997, i think we're pretty amazing shape. no one else is saying this. i'm the only guy who says i really like it here. everybody else wants to caveat to death. i don't

what i did is the next morning, i called up wells fargo and they told me that i had to wait until april to file and then the beginning of april, they told me to still wait. i finally got the file on april 15th. i think that they accepted the filing or whatever they call it on april 22nd, and then i waited more and called every week to find out what was going on. >> but you're not really getting traction here, right? >> no. >> but he's not getting through and he's lost his job. is there anybody to turn to at this . >>> health care is a hot topic these days with president obama pushing for a massive overhaul of the system. many of you have e-mailed us to ask questions about what these plans would mean. here to break it down is dr. healy, the health editor of the u.s. news and world report. welcome, doctor, great to see you today. >> nice to see you. >> i want to start with the dollars and cents of the plans. we've heard a lot of estimates about what they might cost. i want to know is if the plans go into effect, what will it cost me? will my costs go up or down? >> you're asking the quest

among among other big lenders, gmac has modified 20%, citimortgage 15%, wells fargo 6% and bank of america 4%. just 235,000 loans have been modified out of the almost 3 million eligible for the program. treasury undersecretary michael barr says the industry needs to do more. >> we're disappointed in the performance of some of the servicers, we think they could have ramped up better, faster, more consistently. >> reporter: the industry says the home affordable modification program is just one way to modify loans. another way, the industry's hope now program, which has modified an additional 300,000 loans since june. paul leonard of the housing policy council says some of the banks on the treasury's list haven't been enrolled in the program long enough to make a difference. >> what's not reflected in the treasury's initial announcement is when the company actually signed up for the program, so i think in the fall we'll have a better sense for the companies that have really kicked it into gear. >> reporter: the administration wants the industry to modify half a million loans under the program

. >> and forced it on jpmorgan and wells fargo and others. >> it turned around. at the beginning of this show, you were saying how great this recovery is, how quickly it turned around, it is because the government took such drastic action on housing and credit. >> therefore -- therefore what? therefore we should beat up goldman and don't want them to earn any money, tanya. >> this should serve as warning to people who go to the government with hat in hand for government. >> if you take this kind of money -- >> tanya, please! amanda. amanda, tanya, please, amanda, that means tanya, tanya, go. . >> i was going to point to a good point amanda made before she started bash iing democrats not about profits, but something they think is distasteful about goldman. whether or not they think it is distasteful is a bigger shoochlt the bottom line is main street does that feel the bailout is working for them. >> amanda, i apologize to you for raising my voice because i kind of like you. thanks very much, guys, it is entirely about demonizing goldman's profits, we are taking o

online items after the show, head to our website to see why one homeowner is accusing wells fargo of illegally lowering a home equity line of credit... and why he's taking the banking giant to court. plus, are the government's stimulus efforts paying off?...we talk with two experts with very different opinions. and....what's next for the auto industry now that the "cash for clunkers" program is over..these stories and more on our website, first businessx.com. and straight ahead on the show... a look at home prices....signs things may be turning around in the housing industry....it's ahead after the break. home prices may finally be digging themselves out of the cellar. while activity in the housing market has picked up from rock bottom lows earlier this year, prices, have remained under pressure but there are a few signs of prices beginning to inch higher this year. the s-and-p case shiller home price index shows prices climbed between the first and second quarters....increasing almost three percent. that's the first quarterly increase since early 2006. gains of almost four percent w

think back to bank of america, think wells fargo. oh, that's selling? they've got to hone every share they have. they can't afford to sell anything, they'll lose their exposure. they have too much buying to do here's the bottom line -- we are in self-fulfilling mode now. that's why i keep saying you you've got to show respect and pay homage to this unbelievable market. i think we're at a point where the hedge funds must come and buy every dip. up double digits, there's no hiding now. we've entered get long or be wrong territory and the market has become just like this show. the money managers, they can't afford to miss it! carrie in florida, cary! >> caller: boo-yah! >> what's up there, chief? >> hey, it's a home-teamer from the school of a street addict. i've been buying pnh as the price drom. it's on a run-up and i wondered what percentage of the run-up is due to the reality and what percentage is due to the dip in the capture and how do you like it going forward? >> i'm liking the whole thing, dividend capture, trying to get the battle for tnh, but a

the same is true of bank of america and wells fargo the newspaper says citigroup issues half of the mortgages in the country and holds one-third of the credit cards. regulators are concerned these banks may be operating under the assumption they can always does go to the treasury department for a bailout if they need to. let's look at stocks. squeezing out the gains yesterday. the dow jones is up eight days in a row. futures pointing to a positive start. keep an eye on shares of dell. before the close, it came out with quarterly profit and revenue that topped estimates it after cutting costs by contracting out 40% of its manufacturing. a pickup in sales of low-cost net books. back-to-school sales have been pretty good, according to the ceo michael dell. back to you. >> thank you. everybody receives the infamous automated robo calls. nobody wants to get them. >> the federal government is taking action to put an end to the calls, thanks to rule changes. starting next thursday use to stop receiving them. john sherman explains. >> at harborplace tonight, we found plenty of people making calls, bu

lenders such as bank of america and wells fargo are called out for not doing enough. and ten lenders have not changed a single mortgage. >>> the s.e.c. is trying to ban a form of financial trading that benefits big wall street firms at the expense of average investors. so-called flash orders allow firms with high-powered computers to essentially peak at stock orders before they are placed. the practice has allowed those companies to rake in billions of dollars. >>> pepsico has struck a deal that will help it capitalize on changing trends. it's buying its two, main bottlers for $8 million. pepsi says it will allow the company to respond more quickly. >>> and procter & gamble can say it makes the official toilet tris of the national football league. they are announcing a sponsorship deal that allows the company to add a label to products, calling them the official locker room product of the nfl. >>> a new report might have parents of newborns crying right alongside their children. government estimates that a child born today will cost $290,000 by the time they finish hi

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six percent at wells fargo. despite the slow start, the white house still thinks the program will help up to four million homeowners by 2012. >> it's another test for the nation's retailers on thursday when they report just how much the registers have been springing up last month. the latest data on seem store sales show that most major retailers will continue posting poor results which they blame on cool and rainy weather this summer. they are forecasting july sales dropped five percent, which would mark 11 months in a row that same store sales have dropped. it could be a disappointing sign that the government stimulus efforts are not yet still getting through to retailers' bottom lines, especially with people still reluctant to spend money on things they may not need. and some analysts believe the government's cash for clunkers program may have taken a spotlight away from spending money on clothing and other items, but next month sales numbers could be better because august is when several states hold sales ta

. >> nice pop for wells fargo on the week. it was up 5%. >> it was short covering. i wouldn't get too excited about this one. nonperforming assets, we talked about it last week. 45% growth. that does not bode well going forward. >> drop for pfizer. down 3%. >> we got a positive piece in "barrons." eight times forward earnings, trades at a 55% discount. the problem with the argument it is the same argument for the last $15 with pfizer. stay away. >> big pop here for expedia. up 12%. mike? >> i like to see the consumer-type names doing well. mastercard was a little bit of a surprise, but i'm hoping the types of names and what we're seeing isn't just a little blip on the radar. >> and we got a pop here for adrienne's hair center. again, if only pete were here. whoa! no, no, no. we love pete. we love pete. you know if he were here, though, that toupee would be coming off his head. the ft. lauderdale, florida, hair salon has been inspired by the cash for clunkers auto stimulus plan and is offering its own cash for clunkers deal, paying men and women $250 for trading in th

the report blames lenders such as bank of america and wells fargo for not doing enough and lists 10 lenders that haven't changed a single mortgage. >>> the sec is cracking down on a form of financial trading that gives big wall street firm an advantage over average investors. the commission is looking to ban so-called flash orders that allow firm with high-powered computers to essentially peak at stock orders before they are placed. the practice helped those companies rake in billions of dollars. >>> pepsi co reached a deal to buy its two main bottlers for nearly $8 billion. the company says the acquisitions will allow it to respond more quickly to changing tastes. consumers have bought less soda in recent years in favor of juices and water. >>> the national football league announcing a partnership with proctor and gamble. calling the products the official lockerroom product of the nfl. >>> if you're the parent of a young child you better start saving. a government report estimates a baby born today will cost more than $290,000 by the time they graduate high school. where does all the money

it found bank of america and wells fargo were the worst performers for struggling homeowners. >>> trump, his daughter and dallas bank offered a hundred million in cash for trump entertainment resort. you can track the latest online. >>> coming up at 4:00, just say no, growing protests against president obama's health care reform plan. >> reporter: in harbor east, food, fun and prices, baltimore restaurant week is back. we'll have the story when we continue. >>> stick around for the updated forecast. >>> wjz is always on for the top stories and instant updates, click wjz.com. when a tornado tore through holly, colorado, air life denver took to the air... their night-vision goggles keeping them safe on a perilous flight... and powering those precision goggles--- is the only battery air life trusts: duracell. trusted everywhere. look for new duracell ultra advanced now with even more power to protect. >>> complete warping of severe weather. >>> another summer-like day. >> stickier than yesterday and going to be worse tomorrow. showing you doppler radar, we have a few thunderstorms popped u

bankamerica and wells fargo fall behind the expectations of the government. the bumpers dropped to a poor rating. the bumpers on the chevy malibu remained in the poor category. about 200,000 black and decker tremors of being recalled because they are a bird hazard. pieces of the tremor can'immer n break off and be released into the air killing birds. >> good morning. watch for another drop in home prices. they may fall an average of 14% more by the first quarter of next year. that means over half of the homeowners are likely to end up telling the banks more than what their homes are worth. that means another wave of defaults is right around the corner. job losses and the service industry came in worse than expected. ubs cut in its ratings on shares from neutral to buy. here is one group not happy with the government cash for clunkers program. as more klunkers are taken off of the road, -- [unintelligible] >> apparently they take courtesy very seriously in city hall in florida. one employee was suspended for not saying hello to the mayor. she claims it was inn

. >> baltimore has won a lawsuit to a certain degree against wells fargo. company officials must be made available for deposition. this city sued them last year saying they targeted minorities for bad loans that targeted -- that made them more likely to undergo a foreclosure. >> officials say something contributed to the death of billy mays. we will tell you about that next. and we will hear from the governor next. >> there is light activity on hd doppler this morning. we will talk about that as well it's a revolution in pain relief. (announcer) new icy hot medicated roll. for wherever you hurt. icy to dull pain, hot to relax it away. the new icy hot medicated roll. with the roll, pain's under control. >> hope you are doing well this morning. some light shower activity across central maryland. not much activity. you can see that on hd doppler. it will be a transitional state today. we will see some clouds around with a mix of sun. it will be in the mid 80's which is normal this time of year. 68 degrees at bwi marshall. we are looking at mid 60's to start th