it's going to have serious consequences for investors as well as people on the bottom end of the table having a good wells fargo bank of america and elderly wise and everybody and you end up with want to take away too big to fail and monopoly that's what's going on here. so how domino effect on them is we're going to tell you that the only way you can have a monopoly is for the government to create barriers to entry if the government stays out of it then you can have opportunities for competition i would strongly recommend you go back and read the history of got the rockefeller out are not exist to intercede when the markets create scenarios up with that are harmful to their citizens now if we look at those payday loans that are going that whole big scandal that's going on where poor single working mothers are paying what they think five hundred percent annual interest rates because of the machine that you connery that's going on right now that's a perfect example of where you need government to enter some very very candid i agree with you i can agree with you on the payday loans that's like literally bringing your credit card

wells fargo, bank of america, it would lend credibility if you got some of those company to get in ons. >> corporate america politically speaking like to stay more in the shadows giving political contributions rather than getting ow on front street on an issue like this. >> for sure. but there come as point in history where we stand up as a country and we can ask where do we stand on basic human rights will and in this case what are they say something. >> we are supporting mainstream human rights, the popular right. >> and ann witness excused many when she was running for president and now comes out topple support. yes, i think it is smart business in this case, phil. >>> next up, devil slide this is weekend. a tour of the new tunnel and how it is so smart it can even overlied your radio. >> and weeks and weeks of testing are coming down to this. the light sculpture and a tunnel to where we will be going. we will be right back. more often than not.ot moe which is why i stay at embassy suites. [ elevator dings ] because i always get more. like a spacious two-room suite. did you say two

. >> i was just worried about the banking with wells fargo or bank of america, how do they get fdic?is it a regular bank in saudi arabia? toward do they have. obviously for the saudi banks there is the need to perform to be good to have experts to tell them how to use this to ridges find is inappropriate. and not supposed to mix or have interest or infidels in the country but religious establishment of prove the presence of u.s. troops in 1990 when it was necessary. you're not supposed to move -- have reached theaters but there is some moscow in a movie theater side-by-side. and also one with the accompany it is not permitted in the aramco compound. it is obviously acceptable because but to go back to the seventh century we don't disease with a profit muhammed aid out of the canoe reid should be doing that. so the country does get bigger, giving scholarships to 140,000 scholarships to study abroad, including women. putting 30 win in the 150% much of its escher which has no power but then the power of debate, this is again for the real conservative, a totally inappropriate thing even

think it's going to have serious consequences for investors as well as people on the bottom end of the table how to get wells fargo bank of america and elderly wise and everybody that you end up with want to take away too big to fail and the monopoly that's what's going on here might not know how i'm going to eat anything if i live it will tell you that the only way you can have a monopoly is for the government to create barriers to entry if the government stays out of it then you can have opportunities for competition i would there are strongly recommend you go back and read the history of the rockefeller are not exist to intercede when the markets create scenarios i feel that are harmful to their citizens now if we look at those payday loans that are going that whole big scandal that's going on where poor single working mothers are paying what they think five hundred percent annual interest rates because of the machine which economy that's going on right now that's a perfect example of where you need government in your sons are very candid i agree with you i can agree with you on the payday loans that's like literally bringing

wells fargo, bank of america and merrill lynch think it is a by opportunity. f america and merrill lynch oracle weakness is a buying opportunity. back to you. connell: thank you very much, nicole. the first man ever seven years ago, he has more than 2.2 million followers. dagen: i was close. bring it, people. more good news from the housing market. coming up, we have the ceo of dirk shirer hathaway. he will be talking all about it. connell: taking over the mobile industry. we will have that coming up a little later on from shibani joshi. first, let's take a look at world currencies. let's see how everyone else is faring against the dollar. we will be right back with much more on "markets now." ♪ ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request

jp morgan, wells fargo, bank of america -- they all foreclosed on 200 military members who shouldn't been in the first place. 100 of them have their mortgages with citigroup. this violates service members civil relief act. that is the federal law, which protects military members from foreclosure while they were on duty. "the new york times" says the numbers haven't been release the publicly. here's why it's all coming to light. these big banks are abuses, par8 billion settlement with regulators. they have to go back and identify borrowers who are evicted but shouldn't have been. wells fargo regrets any hardship that was caused. several banks point out people will be compensated. the $8 billion settlement means these people can receive hundreds of dollars to up to $125,000. that sounds okay, but you know what, the reality is, for most they've been kicked out of their homes so they won't get the homes back. very painful for a lot of military families. is there any recourse for them? >> this is the recourse, basically this $8 billion settlement. they can basically get their compensation

banks would still have decent capital by the end of 2014. citi would be at a about 8.9. wells fargo at 7. bank of america, 6.9. jpmorgan chase, 6.8.apital levels? alley, projected at 1.5. the best? bank of new york mellon at 15.9. and all of this would be before any future additional capital raises for these 18 banks. david: looks like alley is the only one that failed, is that right, peter? >> it is not a pass-fail because alli will be under the gun -- ally. liz: city, bank of america, they're all looking good. peter barnes will be back with much more on the bank stress test and how you might play it what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others throughirect contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpecd signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to you

bank of america, closed. wells fargo. closed. these banks, all these offices, within a block of where i stand right now, but none of them are open. you can't get your money.n ablet your money for upwards of a week. it's been the way things have been in cyprus now for the better part of a week. imagine going that long, not getting access to your cash. imagine being a rich depositor and seeing the government take close to half that cash. now you've got an idea of how bad this problem is and how if it happened here, it would feel a heck of a lot worse. that's why we're on the street, because we want to talk to folks. there but by the grace of god, what would it be like if it happened to them. >> it's -- be careful where they invest expect put it. >> it's absolutely frightening what's happening. the people must be deaf stated. >> what would you do if you couldn't get access to you money for a week or more. >> it's scary. >> what is happening in cyprus could happen here if we hit a situation where, what i think would be reality, there'

of all the big banks. bank of america and wells fargo, also passing.stanley passing pmorgan interestingly, saw their capital plans conditionally approved by the fed, though they can't start distributing capital until q3. the fed took issue with the bank's own models in the way that they were planning to return capital and they sked a them to fix that by the end of q3. if the fed strikes those plans down at the end of q3, they'll have to stop those plans entirely. two factors came into play here. the federal reserve says it placed greater stress with banks on greater trading activity and drifties exposure. now, also, any bank that wanted to return capital at or greater than 30% of its net income got tougher scrutiny as well as as a result. in all, though, the 18 banks we're planning to pay out 19% of net income and dividends in 2012. that's half of what they paid in 2006, before the crisis. so those levels are coming down in a big way. let's take a look, though, at how the stocks are reacting to this news after the bell. bb&t and amex, down slightly. bb

banks to return capital to shareholders which the fed must approve. the federal reserve accepted the plans of citigroup, bank of america, morgan stanley and wells fargo,ditionally accepted, they have to revise their ask and go back for the third quarter. alli and bb & t's plans were rejected saying they did not have of a cushion in reserves should there be a serve economic downturn. sheila bair telling me this week the stress tests are very useful, even if they are not perfect. >> one of the positive things about these stress tests is we are getting more information out about what is on their balance sheet and what the impact of the losses could be in various stress scenarios. but, you know, it's an imperfect process and one that is evolving. we are in much better shape. well still have a ways to go, but we're in much better shape than europe, and i would take our banking system over

here's how the big banks faefrmtd citigroup the highest at 8.3%, wells fargo at 7% and bank of america8%, jpmorgan chase 6.3%, goldman sachs and morgan stanley toward the bottom of this group with 5.8%, and 5.7% respectively. and that's above that 5% hurdle. senior federal reserve officials say the scenarios in this test are more stringent than any two-year period outside the greadepression. the model that they used, u.s. gdp would be down 5%, unemployment would be 12%. stock prices would have fallen by 50% and home prices down 20%, and the q4 2013 cpi or consumer price index would be 1%. remember, maria, the news we got today did not include the capital plan for these banks. the federal reserve this time around is giving them an extra week to have a dialogue if in fact the fed decides to not accept the plan that they submitted. they have one chance to submit a downward revision to that capital plan. of course, that would include a share buyback and dividends, et cetera, ways that they would return capital to shareholders. they have seven days now discuss that with the fed if it was no

of the nation's biggest banks according to new york times. bank of america, city group, j.p. morgan chase and wells fargoclosed on more than 700 military members during the housing crisis, and it wasn't legal. they uncovered the foreclosures while analyzing mortgages as part after settlement with federal authorities. a split ticket of america and jpm and wells fargo ahead by pennies as well. pitting himself against the banks he covered, including citigroup. kayla joins me with the full story. >> long saying that his opinions got him kicked out of meetings and blocked him from key executives at the banks, he wrote wroet a book about it last year. is this type of investing crossing the line for an analyst? mayo this morning on cnbc said no. >> i'm reflecting what many shareholders already say. look at criticiz citigroup and banks the past year. greater earnings volatility. lower risk. lower roe. lower roa. worst stock price performance and lower valuations. i don't think of myself as being too far out there. >> his spokesperson called current investments quote dimin muss, and said analysts are precluded fr

financial institutions like bank of america, wells fargo, and the list goes on and on and on. joining us, the chef technology officer at macafee. i want to start, the story is scary people saw skull and cross bones when they tried to get on, and, apparently, the country's entire commerce came to a grinding halt because you couldn't get money out of atms. who do you think of the story, and could it happen here? >> unfortunately, it could happen here, the very same strategies that are used by l banks in carerra, south korea, are used by banks all across the country. it's basically approach a fire wall and antivirus trying to predict what happens in the future basedded on what happened in the past. that is a failed strategy, and that same strategy is deployed in many banks here and will fail here. it's just a matter of time. >> now, you testify in front of the house small business committee talking about the risks and dangers of cloud and mobile computing. phyllis, is the cloud, is that something that makes things worse when it comes to security? >> so, first of all, thank you, g

biggest banks wrongly far closed on more than seven hundred homes of military members during the housing crisis according to new york times bank of america citigroup j.p. morgan chase and wells fargo recently uncovered the foreclosures to regulators for more i'm joined now by our team producer bob i live is now wrongfully foreclosing on homes and these are members that are serving that are deployed how can this happen well i think it's important to back up a little bit in to examine the structure of the u.s. mortgage market and how we got here how there is so such pervasive fraud that could have occurred and it started when we had a series of low interest rate years by the federal reserve they're basically giving away money there was several legislative changes that allowed it easier to securitize these mortgages slice and dice them and these became very hot products and when that happens when there is a demand for you old in money's being given away for free you have the collateral which is the house being transferred from person to person to person or company to company and there's easily lost the chain of title and what they created the big banks in some other people was a syst

it would be nice to see some perceived right of center companies, wells fargo, i haven't heard their voice in all of this, bank of americabsolutely lend credibility if you got some of those companies to get in the game on this. >> politically speaking, corporate america still likes to stay more in the shadows giving political contribution in such and lobbying rather than getting out on front street on an issue like this? >> but i do think this is a big point in history where we're going to stand up as a country and companies are a big part of this country to say where do we stand on basic human rights. >> and in this case they seem to be say something. >> we are supporting basic human rights and saying it's intolerable to deny our mainstream population after right. >> it's interesting. meg whitman who ran on one hand when running for governor of california now back in the corporate world comes out. >> comes out in support. >> that's politics. that's the valley. and that's a new day i guess in america. >> i think it's smart business in this case. i really do, phil. i want to thank you for coming in this early. this is goi

so if you look at big bank names, you'll see these bank of america, wells fargo, they all dropped onard names. and, well, the market just kind of drooped on that. that was the main catalyst. i know that's not much, but we've got this delicate situation. the markets very extended right now. elsewhere, it's generally a risk off day. a lot of money going into some of these country etfs, korea, south africa, russia. those are all to the downside. and finally, maria, after six days of declines, the turnaround in some of those bond funds. some buying now in those treasury bond funds. >> 12 minutes before the closing bell sounds for the day. we've got a market that is flat on the day, down five points. it's going back and forth. it's anybody's guess here in these last ten minutes. >> plenty of time. plenty of time. a lot of money managers have been warning of a correction on the horizon, but jason trennert says stocks aren't the only game in town right now. we'll get his bullish call when we come back. >> how about student loan debt. it is approaching the $1 trillion mark. many people do no

bank stocks doing well. drug stocks with up arrows as well. let's take a look at some financials now. jpmorgan and bank of america, two names in the dow but also citigroup and wells fargosing on in the banking industry because those two hit multiyear highs right now. citigroup at 47.55, a gain of 1.8%. the vix, fear index which is a gauge and barometer how people are feeling and volatility, they expect in the s&p over the next month or so you are actually seeing it below that 12 mark. it is at 11.76. tepid markets and not so much fear and worry. you can see it down 6 1/2%. back to you. tracy: nicole, we'll see you in 15 minutes. >> breaking news from charlie gasparino. who else. morgan stanley planning to appoint gary kaminsky as the brokerage unit. this is being planned on according to a source we'll have more 3:00 p.m. eastern hour on "countdown to the closing bell". tracy: gary wendt from neuberger berman to cnbc. back to the business where the money is. ashley: i guess so. tracy: speaking of money, it keeps flowing into exchange traded fund that track the s&p 500. will this market momentum push the benchmark index to a record high? sandy smith with today's trade. h

bank of america led the group, followed by morgan stanley, wells fargo and citigroup. jpmorgan down as the fed cited weakness in its stress test results yesterday, and congress trained its lights on that so-called london whale trade today. >> boeing shares took flight today after announcing improved safety features for the lithium-ion battery on its dreamliner. the certification tests are well under way, and boeing expects that will be weeks, rather than months, before the plane is back in service that boosted investor confidence in boeing and the dreamliner. shares surged more than 2% today, touching a new 52-week high before closing at $86.43. >>> well, a different story for carnival cruise lines. shares fell, even though it reported better than expected quarterly earnings. investors focused instead on reports of more operational problems on another carnival cruise ship. the carnival dream's caribbean cruise was canceled because of a generator malfunction in st. maarten, and all passengers are being flown home. carnival cut its earnings forecast on lower bookings in

bank of america. it is a powerhouse versus one of the four largest banks in america as general electric tackles wells fargo on which stock you think will perfect best. vote on facebook page today. joining us right now to help in your vision from boston, chief investment officer and portfolio manager. he covers general electric. and jim is the associate director of equity analysis at morningstar covering wells fargo. gentlemen, welcome. jack, what do you think the stock does between now and the end of the year? >> becky, i think there's a chance we will see $28 on the stock, which will be 14.5 times forward earnings. i like companies that make products and when you drop them on your feet they hurt. g.e. has done a great job restructuring the portfolio. they have shrunk the capital business by a third and derisked it significantly. the industrial side of the business has been restructured around some really good growth themes. principally oil, gas, water, energy. the aircraft engine businesses. they have very long ramps. huge backlogs involves. and i was very surprised yesterday to hear the comments out of s

based on our traders vote and twitter votes, bank of america, blackrock, jpmorgan, wells fargo, visaall advanced to round two. one upset could be brewing tonight in our live match-up, it is the number 15 seed aig versus number two seed goldman sachs. so we start off with what the pick would be here on the desk. guy? >> this is interesting. and i'm -- i think i sent -- i'm going to change up here. because -- >> yeah. >> it's all about where the stock. what has potential in terms of the stock. and goldman's had a monster run, maybe the tape's getting squishy up here, i don't know yet. aig as lousy as i think things are, the stock's got some mojo. >> it's a hedge fund favorite. >> it's a hedge fund favorite. so one of the first times, 15 -- i think the 15 seed moves on. >> really. knocking goldman out. >> you know i love goldman. >> yep. it's not about who you love. >> not who you love. i think it might perform. >> just like any big game, you don't fade the champion, i've got to think goldman sachs all the way. i agree with some of your points on aig, guy, but goldman sachs is going to

we've got a number of them that were sitting right near new highs, bank of america, wells fargo, regentsl tell you what was interesting about the bank capital return plans and some of the banks are returning as significant dividend players and to me what's significant is over 3% because so you notice wells fargo's dividend is at a dollar now and that was the largest of the banks that i was able to find right now. as i said when you get over 3% that gets significant. j.p. morgan's dividend is $1.52, and i have exactly 3.0 on the dividend yield and with the dow lower it might be higher than that and others are headed in that direction. capital one, i said i'll bet it will be over a dollar. it is $1.20 and i have 2.2% yield and they're heading in that direction and nobody else is at 3%. the other nice surprise is bank of america. no dividend increase, but 5 billion share buyback. i had some people estimating $1 billion and $5 billion was above everybody's numbers and that was a pleasant surprise. no meaningful dividend. still, bank of america and citi is still diminimus and that's not great

bank of america, citigroup, jp morgan chase, and wells fargo uncovered the data. vernment regulators ordered the banks to identify military members and other borrowers who were evicted in violation of federal law. >>> so dennis rodman has a message for president obama from kim jong-un. fresh off his north korean tour, the ex-nba star sat down with abc's george stephanopoulos. listen to what the north korean leader told rodman. >> he want obama to do one thing, call him. >> he wants a call from president obama? >> that's what he told my. he said, if you can, dennis, i don't want to do war. i don't want to do war. he said that to me. >> did you say, why don't you pick up the phone and call president obama? >> it's a different story because, guess what, the kid is only 28 years old. 28. >> okay. so rodman also says he doesn't condone many of kim jong-un's actions. >> it's not who calls who. just that dennis rodman has become the shuttle diplomacy spokesperson between north korea and the united states? am i the only one? >> can he help with sequester too? maybe he can

bank of america, citigroup, jp morgan chase and wells fargo uncovered the foreclosures while they werealyzing mortgages as part of a multibillion dollar settlement deal with federal authorities and it is the first detailed glimpse into the extent of wrongful foreclosures amid the collapse of the housing market. so when i say first claims, i would imagine there could be more information to come. >> and forget the pun, but there's a battle brewing over budweiser. >> yeah. and inbev, the maker of bud, it's usually big, flashy newspaper ads to poke fun at that lawsuit which is alleging its beer has been watered down, you know, cheating us out of the stated alcohol percentage. tadz show one of the 71 million cans of drinking water that is sent to the american red cross and other various relief organizations and disasters saying they mu tested one of these. the ad says, by the way, the company is saying that the claims are groundless and that we're getting the alcohol that we expect, basically. >> back to you. cnbc's mandy drury, thank you very much. >> thank you. >>> president obama's fund-

banks have seized the homes of some 700 military by mistake. the military families were current on their mortgages. bank of america, citigroup, chase, and wells fargoady to retire. if you have a portfolio for stocks and bonds, forget about the 4% rule. they say you should take 4% from your savings in your first year of retirement and adjust for inflation after that. but if there's a big drop in the both came up short. she blames an injury to her quads. >> and "the washington post" says president obama is pushing to diversify the federal judiciary. he's named three since january and is expected to nominate many more over the next few months. administration officials say the president wants to have the courts more closely reflect society. >>> this morning we begin a week-long series of eye-opening women. each day we are talking to women who have blazed a trail. sandra day oh con another made history in 1981 becoming the first female justice of the u.s. supreme court. now she's giving us a revealing look at the court's inner working. her new book is called "out of order." it's an interview you'll see first on "cbs this morning." justice o'connor good

bank of america, citigroup, the important thing is if you pass these stress tests, you might be able to redeploy some capital. guys like wells fargogroup, they're not. regions financial, suntrust, these guys are at sub-1% dividend yields. maybe these guys, if they pass the test, will be able to raise their dividends. i think that's maybe a factor in why some of these stocks are moving. downside leaders, everybody's worried about the sequester but i keep saying where is the evidence that the market is freaking out? i don't see any stock movement. again, this is the group that would be affected the most, the ones that are going to get the 2% cut in medicare, universal health, health management. these are the big hospital, humana. these are small declines compared to what the worry is out there, the end of the world e-mails that i keep getting. i keep saying, let's see real evidence that investors are actually dumping them. i still don't see them right now. finally, i think one of the major problems we're having right now is the marginal buyer is really heavily invested. hedge funds are heavily invested in stocks and the marginal ret

of mistakes made by big u.s. banks. bank of america, citigroup, wells fargo, uncovered the foreclosures analyzing mortgages as part of allar settlement deal with the feds. and finally, 926,000. that's how many hours of paperwork it will take schools to implement a new healthy lunch guideline. the proposal will cost about $127 million. gretch, over to you and the doctor. >> gretchen: are you worried about your kids' grades? the answer could lie in what they actually eat for breakfast in the morning. or what they don't eat. a new study released today shows over half of students skipped the first meal of the day and what a detrimental effect that can have on learning. joining me is the former u.s. surgeon general who monitored the nation's health for clinton and george bush administration. good morning to you. >> good morning. >> gretchen: we heard this forever, how important breakfast is. i think what startled me was that 62% of teens are still not eating it. why not? >> well, first, we've heard it forever, but i think we've just now realized how important it is. especially how important it is for learning. therefore, th

bank of america beat out blackrock. number six seed wells fargo succumbed to visa.ttle the score between morgan stanley and number four seed jpmorgan. let's go to the traders for this one. amex versus jpm. >> i'm going to give you jpm. i think if europe is an issue, i think both get hurt, i think morgan stanley will get hurt more. we've seen it before. i think the stock with more upside right here given what's happened with all of them, i think it's jpm. and a nail-biter jpmorgan. >> all right. simon? >> yeah, i'll take the other -- i think morgan stanley gets punished unfairly because of the european thing which is why it's trading discount to fair value. i'd go with morgan stanley. >> split here on this side. >> yeah, i'm going to go with morgan stanley on this one. i do like morgan stanley a little bit loafer, probably closer to 20. but i think inner jpmorgan, there's a nontrivial risk that jamie dimon is not there. >> oh, come on, really? >> i don't know. >> that's cold. >> there's a doj inquiry now. >> investigation. >> there's a lot of stuff. >> way to start a

it is that what bank of america has that is unrival, perhaps by wells fargo, but it is an asset based depositors. >> right. >> rose: and lobes to people. >> it is a customer base, i mean people think deposits are which are liabilities or loans or assets but as the great customer base an that franchise is bigger than anybody else in the business of consumer banking in the united states. so what does that provide? it provides a great customer base and the work we can do with them and great stability and, you know, in an vessel stores mind a very stable stable, very low cost funds business but really provides a great customer base and that is what the core of bank of america is. so we have a lot of businesses but largely the dominant part of our business is really around people and small, medium sized businesses and th we serve big businesses in sales trades but in the dominant part of our revenue comes from the solid core commercial bank. >> rose: in 2008, but 2012 transformative? >> every year has been a bit transformative because we put more of the legacy behind us, we had a strategy

banks entirely. of those that made it to the other side, only one, jpmorgan, is in the green since then. citibank of america, goldman sachs and wells fargoy the bulk of bank stocks are set to rise from here. goldman sachs the only stock they say will fall. for the universal banks, price targets on average are up double-digit percentages. the stretch of road ahead could be so smooth for banks, expecting profit growth to span 14 years. a run the sector hasn't seen since the early 1990s. the problem is, everything is relative. even profit growth for 14 years, investors aren't banking on rekoupg all that wealth they lost during the crisis. >> all right. kayla, thanks so much for that. kayla tausche. >>> we have the big news here, of course, a record high on the dow. technology participating, certainly in today's rally. google outperforming again, hitting an all-time high today. but for how much longer can the tech titan continue to move north. the director of research and senior technology analyst at bgc financial. good morning. >> good morning, simon. >> warning shots across the bows of the google run. >> anytime you're at a 52-week high, y

the bank of america, citigroup, wells fargo, and other large financial institutions needed a bailout, they came to the u.s. congress. they got $750 billion. but when we ask them to help us with deficit reduction, senator johnson, amazingly enough they are no longer great lovers of america. they forgot the people that bailed them out. and give you a few examples of what is going on in terms of loopholes. let me give you some explicit examples. in 2010, bank of america set up more than 200 subsidiaries in the cayman islands, which has a corporate tax rate of zero, to avoid paying u.s. taxes. it worked. not only did bank of america pay nothing in federal income taxes, but they received a rebate from the irs worth $1.90 billion that year. how is that eco profitable corporation pays nothing in federal taxes, receives as a rebate $1.90 billion. citigroup, another bank bailed out by the taxpayers of america, has paid no federal income taxes for the last four years after establishing 25 subsidiaries in offshore tax havens and receiving more than $2.50 trillion in total financial assistance fr

wells fargo announcinging it will do a buyback. it has ungiven a dollar amount. it is jacking up its dividend to around 30 cents a share. bank of americaillion of stock buy-backs. no dividend hike announced yet. we're hearing about buyback activity at other banks. suntrust, fifth third, u.s. bancorp, david. they will do a $2.5 billion stock buyback. they will hike the dividend at u.s. bancorp by eight teen% to -- 18% to 23 cents a share. citigroup not announcing anything yet. morgan stanley saying they will move as charlie gasparino has said to acquire the rest of smith barney. jpmorgan chase's ceo jamie dimon is saying essentially that our capital ratios are solid. that the federal reserve had questions with its capital planning processes, not its capital plans. so citigroup now announcing a $1.2 billion common stock buyback. that is going to happen through the first quarter of 2014. i will send it back to you, david. i'm staying on this. a lot of activity right now. david: if you had to focus on any sector to look at tomorrow, when the market opens it would have to be financials. there will be, lord knows what will happen as a result

of this pack that's in the green today. wells fargo has merely said it asked the fed for more capital than last year and there are buybacks at bank of america most since they're trading below book value. as always, i'm getting excited for the results next thursday. >> as only you can, kayla. we'll see what happens next week. certainly been an interesting week this time around. thanks a lot, kayla tausche in new york. after a week of record highs, now would be a good time to take a look at some technicals to see what they're saying about the rally. dan fitzpatrick is technical analyst at stock market mentor dotcom. good morning >> good morning, carl. >> sounds like you're saying charts mean we're going higher. >> yeah. it's not, you know, the s&p -- we just had a new high in the dow. s&p is right back to where it was a couple times over the last several years. it's not unusual to see a few wiggles in the prices at this point. ultimately this is a head and shoulder continuation pattern. i think you've got it on one of the charts there, this is a -- i think this is the minimum. this is the minimum move here, right at 1547, 1550, but the way th

bank of america, and citigroup. what's it going to take for these large banks to get above book value like their peers at wells fargorgan? >> well, a bank that earns one -- 1.3 or 1.4% on assets is going to end up selling above tangible book value. if it's earning 0.6% or 0.5% on asset it's not going to sell. book value is not key to valuing banks. earnings are key to valuing banks. and, you earn on assets. now, it translates to book value, because to some extent, because you're required to hold a certain amount of tangible equity, compared to the assets you have. but you've got banks like wells fargo, and ubs, that earn very high returns on assets, and they sell at a good price to tangible book. you've got other banks like maybe the two you mentioned, that are earning lower returns on tangible assets, and they're going to sell -- they're going to sell more book. >> james, this is -- i'm throwing a curve ball, wanted to know what do you think of bank of america. does the stock still have room to run? you notice that you picked that stock a couple of years ago with the preferred that you got into. >> yeah, well i --

bank of america and citigroup down more than 40% but still much better than shares have performed. only two in the time added market cap. jp morgan and wells fargoe time and compared to a stock that fell 3%. now, ammists see more upside for the banks in the year to come. but carl, it goes without saying that those gains won't come close to making up what investors lost in five year's time. >> no. nowhere near it. key is a good one to watch shopping for these names. >> that's exactly right. >>> martha stewart grilled in court on tuesday. caught between macy's and jcpenney. we'll talk to the man who ran her company while she was in jail nine years ago. charles ckoppelman is with us after the break. i know what you're thinking... transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so, it's no surprise to you that companies depend on today's xerox for services that simplify how work gets done. which is...pretty much what we've always stood for. with xerox, you're ready for r