and you don't know what it looks like going forward. citigroup is in the process of being dismantled. so it's hard to really get comfortable. if you want to play the financials coming back i agree very much with joe i'd be in bank of america or jp morgan because you don't know what the citigroup play is. >> and that really raises questions about the fate. we talked to charlie about that yesterday. it seems like perhaps the clock is ticking for -- >> there is a rising star at citigroup. ned kelly, cfo, he is a rising star there. so there's hope on the way. >> let's go on to another one in the financial world, the regional banks, local banks still have steeper exposure to a weak consumer than some of the big wall street firms especially when it comes to their loan portfolios. bb&t coming out today. we got some sort of idea of what we could expect. joe, this is an area you've been tracking for a long time. you don't favor this. >> we have been talking about being along capital markets and selling regional banks. though understand one thing.

what are you looking for, guidance. and that's exactly what intel gave you. they gave you guidance on the third quarter. that's critical right now. >> let's talk about intel and fast. we did see the stock move up about 7% on the guidance specifically. and specifically they mentioned strength out of china. that's the stimulus plan kicking in. igniting demand over there. at the same time, with the 7% rally on a name like intel, do you stay in this stock for the remaining part of earnings season or is there an opportunity to get in later on pullback? >> with that kind of growth expectation for the third quarter which nobody expected and the margins that they delivered on which people said were the biggest part of the numbers, i think you do. i think the guys busted through a significant resistance level that there was no reason to drive it through that we got the reason. and i think you'll get a reaffirmation tomorrow from ibm. >> what is it specifically about dell that they talked about very weak pc demand and others are not seeing the same thing? we do own hp.

you start looking at where they can get credit. they can't. their homes aren't worth what they were before. they can't sell their homes if they wanted to. they don't have jobs. then you start looking at the earnings. i think this is the most important part. how many of the companies that have reported so far and/or report in the next week have had top line revenue growth as opposed to earnings growth? you know, we are not going to cost cut our way out of this. we need to actually rectify the fact that valuations cannot return to where they were before given the fact that the consumer cannot come back to the level they were at before. >> housing is also troubling to you so, patty, given these three factors and three reasons why you are a bear how do you play this market?t? >> you know, i am being very, very conservative at this point. philip morris international l gives me international exposure. i really like the fact that, you know, it's a bite sto ae's a vi. i think the emerging markets are going to come back sooner. all international play ha

you look at the volumes in exchangin exchanging, especially cme. you heard donahue on "closing bell," he made great comments. i think cme is a buy right off the bat. >> all of this stuff, it is trading vehicles. a lot of names made reversal as today. oil lower six days in a row. on the seventh day it rest. i got oil long on the close on the seventh day hopefully we rest. take a look at rncht i.m., you saw a powerful reversal, got below $64, hasn't done that in a long way. we were looking for the capitulation moment. the price of rimm jumps from $65.25 and goes $65.50 that's a tell bottom is in place. gives you a great point of revens. i bought it. >> let's move on to the next. in addition to oil banks weighed on the market. bernstein cutting estimates for morgan stanley as well as goldman sachs. trimmed back earnings on these names partly because of the fdic cost assessment and because of the t.a.r.p. could this be an opportunity? we're seeing goldman sachs trade although $136 and change. that's the best in clas. we've been taughting it here for som

yesterday's earnings came in, look at that. you can see what happened. maddy's warned that las vegas sands is subject to a possible downgrade which could jeopardize its covenants. the only good news is in cruising where it looks like discounting is starting to ease up and carnival is going to be -- is starting to raise prices for cruises booked at the end of this year. but the big question mark hanging over that industry remains h1n1, in fact, a royal caribbean ship pulled into port in france today with 62 people sick with cold and flu-like symptoms, so that continues to hang over the whole industry. i have to tell you one other thing, caesars palace, they are seeing a boost in business as people are wanting to check into the suite from "the hangover." >> funny you should mention caesars palace, oddly enough, because we're going to be on the ground monday in vegas. we'll report back. >> are you going to twit it? >> we'll be a camera for you. we'll let you know what's going on, me and the doc. >> that's amazing. >> "the hangover" pa

so is that where you want to be looking, healthy balance sheet? > i think you want to be looking at healthy balance sheets primarily. and i think the bad thing is that some of the companies that people think are healthy today like some of the banks, you know, a lot of -- there's a lot of commercial real estate that's still got to get refinanced pape couple of trillion dollars over the next two years. >> that's what i'm worried about too. >> i don't think that's over yet, and i think in the back half of this year we're going to go from worrying about citicorp to worrying about a lot of the regional banks. you can't bail every one of them out. >> that's the thing. because a lot of companies have exposure to the commercial real estate market you that don't necessarily think of right off the bat. and so if we were to see a real shoe to drop this is going to be broad-based impact. >> and i think it will make people rethink, oh, well, are these banks really safe? and if they're not then where does credit go from here? because you can't keep running $2 tr

if you look at it from a sectoral point of view, if you look at the service sector what do they consist of? a telecom, publicly owned. transportation. railroads, publicly owned. you go through it. the economy is really a governmental/revolutionary guard economy. when i was in graduate school i read a book by one of my mentors that looked at iran and a dual economy. -- duel economy. i was always intrigued by that. something interesting hit me. that is that temperature sis came about because the government -- democracies came about because the government taxed people. the french revolution occurred when the king was taxing the french at 11%. west africa at 10% and the chinese emperor at 9%. so it seems to be that 10% is about it. if you tax people more than 10% off with the king's head. now, if you're going to tax them more than that, then the people have to have a say in how you're going to it. yes, you can tax me more but you're going to have to build hospitals and give me security and give me education, etc. that, by the way, just a side note. my wife is lutheran. i made a presentation

if you look at the nonperforming asset growth for wells fargo, it was up about 50%. that is way above what jpmorgan, bank of america are showing. if you are holding commercial loans or jumbo loans, the exposure to commercial real estate, that's the concern. that's why american express and capital one look good. >> and you are also seeing short coverage. you look at the way the stocks traded. they thought the numbers would knock the guys to their butts and it didn't. i hate to be a broken record, but it is money chasing or underweight or guys short that got scared. if you look at capital one's numbers, back to the fundamental side, year-over-year, up, that's second quarter '08 before they fell into the teeth of this problem. that's not a bad number. with these guys it's about the loan quality. not that bad. >> can we back it up? for american express, this is a name up 59% so far this year. you're saying that perhaps there are players out here that were short this name anticipating that finally the concerns about concerns about consumer credit and losses would catch up.

what can you tell us about where the economy is heading? not in a backward-looking sense, but in terms of the next quarter. >> erin, thanks. it's nice to be on with you again. i'll tell you, there are better days ahead, it's just hard to call when that's going to happen. when we saw the earnings for this quarter in an era where less bad news is good news, we got good news, and that is it looks like the rate of growth decline is slowing, and we may be approaching the bottom. it's a very fast-dropping market, and that's good news. i think we didn't see boeing and airbus reduce their production rates. that's good news. so i think there is a lot of uncertainty left out there. i think we've got a couple tough quarters coming up, but i think the rate of decline and the rate of bad news is getting better. >> clayton, it's skye, how are you? i should know the answer, i don't. is there an upgrade cycle in terms of cockpit avionics, or once a plane has the avionics, does it not get new ones until a new plane is made? >> if you look at our commercial revenues, we're just sligh

looking for? what would be the red flag? >> what youat is -- today it's interesting to have this discussion today. to show how uncertain the situation is, we got a good indicator. the trade numbers are better than expected. that's the debt that the economy in the second quarter may turn out to be stronger or the third quarter than we expect. a lot of uncertainty here. so i think you have to monitor the real economy. it's like taking care of a patient that you're trying to help recover. you take care of the -- you look at the vital signs. the vital signs are the rate of growth of output, the unemployment rate, the greater growth of jobs. we've had already an improvement, now, an improvement from a dire situation. in the second quarter of this year, the unemployment -- the -- the increase in number of unemployed peoples, 1.3 million versus 2.1 in the first quarter. still a terrible number 1,.3 million people losing their jobs. it's down sharply from the 2.1 million. and economists do believe that number, the second quarter number would ha

you look at software. then you get more hardware look. i think as you look forward to next week, texas instruments stands out as monday right after the close. they already have given us a little bit of a preview.w. in june they raised their profit forecast. what we've got to hear from them now is because of the fact they've lost out with folks like nokia, where are they going to see some of that growth? they've clearly put themselves still in front of the -- excuse me, the consumer products area. if they can get some growth over in china with their chips, that will be huge. they're still involved very deeply in the cell phone market. they've got the dlp products as well. i think that will be a very, very key number. intel, i think, we all came into that knowing that was going to be strong. now can texas instruments follow that up? if they can, then the smh has more room and they all look like they're exploding to the upside on a complete break-out right now. >> all right, pete. unbelievable music here. >> how we doing, pete? >> okay. what

you look at north american revenue up 13%. you know, the street was looking for something on the order of 17%, even 18%. international revenue growth 16%. the street again looking for something on the order of 21%. so even though we're looking at 32 cents as far as the company's gaap eps is concerned, that topline number is going to be a little bit of a concern only because that now calls into question amazon's decreasing margins and that, again, has always helped tell this story as a key metric. looking out to the third quarter, 4.75 to 5.25 billion dollars, that's good news. it ever so slightly raises the mid-point of the expectation, which on the street was at $4.896 billion. operating income 120 million to 210 million but that doesn't include $95 million in stock-based compensation. that would take it to 215 to 315. the street was at $271 million. so maybe some disappointment on operating income as well. so this is going to come up on the conference call. you're wondering about amazon slowing down its business and whether t

signed off on this, when you look back, what do you make of it? everybody comes on and agrees that every one of us wants to be judged by our body of work, not a particular series or interview, by the body of work. you are judged and what do you think? >> i look at america when i look at this. i have been asked why the topicality and the edginess, however they frame it. this is american life living the problems as i have seen them. that is all we were doing. when we came together, writers and producers, to talk about the next episode, we were used to reading newspapers and paying attention to the news and the families. what our kids and wives were going through. we were scraping the barrel of oru experie-- our experiences. >> as modest as you are, at the time, this was the writing -- risky, and you look back on this, it is ahead of its time. there are more black folk on television then then there are now. you were risky and you were ahead of your time. >> you know what i thought of, speaking of black folks on television. they were the first familie

and we are, as you can see, looking at sonia sotomayor. rings are beginning in just about four minutes, the top of the hour. everyone will be watching those very closely. you can watch that hearing live on our website, cnbc.com. everyone will be very curious to see exactly what the details are that we will learn, particularly on issues such as affirmative action. >> oh, yeah. the dow is up 11. is s&p is up one. earnings season kicks into top gear this week. the economic data pocket is plenty full as well. >>> to matt's point, we were up 40, still up 13. where will you fdt the stability and resources to keep you ahead of this rapidly evolving wor? the are tough questions. that's why brought together two of thst powerful nam in the industry. introducing morgan stanley smh barney. here to rethink wealthanagement. here to answer...yo que. morgan stanley smith barney. a new wealth management fir with over 130 yearsof e. >>> a judge grants a motion to delay the tax trial involves ubs and the u.s. government. they're trying to solve a dispute invo

you look at the company's guidance. you don't want to sit here and be a raw-raw chamber of commerce booster for all things tech, but couple this with intel and you're seeing pretty rosy trends for this sector. guys, back to you. >> i think when you look, melissa, what jim is talking about now, when you look at the ibm earnings, it shows the resilience of corporations. that's robust right now. when you look at google, that's less about -- and it's more about what you're seeing in terms of ads. we talk about momentum in google. i think what you'll see in google is the same thing you saw in the marketplace last week. momentum players will get shaken out of the stock. the stock sells off and it's a tremendous buying opportunity because you can't tell me three to six months from now, this is not a stock that goes north of -- >> and tomorrow, these guys trade one for one. it will plummet with google if we -- >> what is the weakness? >> google around here is probably where people want to own it, but i think they're a little wor

turn around, sweetheart. >> wow. >> you look terrific. >> you look beautiful. >> turn around and lookou'll see the difference. what did you do? >> first things first, you know, romaine has first of all, you're the youngest 69-year-old i ever met, romaine. we made her hair thicker by adding burgundy color to it, which works well with her skin color. enid give her a little depth around her eyes. >> go give her a big hug. >> they're crying. >> oh, and this outfit is lovely, still. >> stop it, people. we're jet lagged. >> you know, they so wanted this in the crowd. they were just begging us because they wanted this for their big sister. she looks so much younger now and needed pieces in her wardrobe. this is from white house black market and chicos. >> why are you crying? >> you're beautiful. >> oh. come on out. come on out. >> you've been officially ambushed here at the "today" show. >> thank you. >> you guys really notice if -- do guys really notice if -- oh, well. we'll find out what men really tice. after these messages. >>> we're back with our special "guys tell all" series and an an

maria, back to you. >> all right, julia, thanks very much. and once again, gentlemen, we are looking at a company that is being impacted pretty straight on from this economic landscape. you've got the parks division showing that. you've got the advertising spending showing that. scott, when do you believe that we will start seeing a reversal of these moves and actually see some growth regardless of what company you look at, whether it's a disney or really a microsoft, you're seeing, you know, revenue under pressure because of the economic landscape? >> well, good afternoon, maria. i think if you look at it collectively we've got three big elements here that are going to drive earnings over the next several quarters. they're going to get better sequentially each quarter. the first is the large amount of stimulus and policy that's in the system, both here and abroad. second, one of your guests brought up the inventory build. i think that's going to stoke things along. and third you have a lot of skeptics. there are still skeptics on the street. and as long as there are skeptics there's

i think if you're going to look in bank land period, you want to look at some of the large caps like a bank of america where you get a good franchise and a cheap valuation, a jpmorgan where you get a really good franchise, still relatively cheap. but you're probably better off still looking at the capital markets plays with goldman sachs and morgan stanleys next. >> what's the ipo calendar looking like last half of this year early next year? >> it tends to go day by day. the backlog really isn't filling up yet, we're finally starting to see activity levels pick up. but i think we need a couple of more months at least of a stable equity market environment until you really start seeing ipos pick up for that matter. >> all right, jeff, great to have you with us, thanks so much for joining us. jeffrey hart, and a little poll action here. >> oh. i love the reaction i get when i say that. couple of words, but the reaction. tonight's question is after goldman sachs's quarter, are you buying jpmorgan before earnings on thursday? a, yes, dimon's turn to shine or b, no, too much consumer exposu

you look at the toxic assets banks have held. i think you see tremendous write-ups as spreads have come in dramatically. that might surprise the markets. that would be a bullish case. >> let's make this meaningful to individual investors. let me ask both of you one thing would you invest in begin your respective views of this market? >> in sideways markets we think cover call strategies make a lot of sense. i would like at large blue chip companies i selling calls on these things to the sideways  market. >> rob? >> i would b biotech, or the oihd, oil service holders. >> nobody is buying stocks directly. >> no. >> thank you. >>> coming up next, check this out. the pentagon is talking about banning all tobacco use in the military. >> that's going to go over well. >> the idea is to save money and protect soldiers' health. wait a second. you want to eliminate a key stress reliever for the folks who are fighting and dying for america? >> shares of yahoo rising on an upgrade from thomas weisel. yahoo up 3.5%. times and conference tes

if you take a look at what happened with chubb and then you start to look at hartford, unbelievable. they were buying the august 13th, the 14th, 9 the 15th, all exceeding open interest during the week. today was an opportunity for those of us who were lucky to get in to take off some. but going into earnings, you still like hartford, incredible amount of activity even today. >> be careful, chubb is to me, they boasted about this on their call, they are so far ahead of the competition in terms of the quality. the confidence that essentially their customers have. people look at aig and all the other gives that have taken t.a.r.p. money and they don't view chubb the same way and they don't stand alone. >> was it a concern that geithner when he was giving his testimony he would support more government regulation of the insurance industry? >> i think it's got to have -- always have some kind of effect. >> i was actually surprise the stock's held up. >> as a matter of fact, closed on their highs. it shows you how strong it is and how much the market believes in the names and the fact that

like someone -- you look familiar to me. this guy look like joe jonas? that's crazy. oh, my god, you just missed joe jonas. yeah, he was right here. i swear to god. [ screams ] he was right here. >> what? >> jimmy: yeah. i just told him that you got tickets to the show. [ screams ] >> oh, my god! >> jimmy: your impression is a character from "7th floor west." >> you, actually. [ imitating jimmy fallon ] "you getting excited for the pizza party? you know, pizza, pizza party. pizza, pizza party. pizza, pizza. pizza train. pizza train." >> jimmy: that's pretty good. that's pretty rad. [ cheers and applause ] all right, hey, what's your name? >> ileana. how are you? >> jimmy: ileana, nice to see you. you do what impression? >> i'm going to do tina fey. [ imitating tina fey ] >> "i want to go to there." >> i want to go to there. >> jimmy: perfect. thank you. tina fey. [ imitating steve martin ] >> "they like to cruise and swing successfully with two wild and crazy guys." >> jimmy: let's see the pterodactyl. [ screams ] >> jimmy:

of course, when you look at the

maybe you want to take another look at that. t's like the big guys, microsoft, cisco, intel, dell, they really haven't done anything in ten years. i mean, i want to ask you, you can say the overall market hasn't done anything in ten years and that would be fair too. but i want to ask you, do you prefer niche investing? do you prefer the big guys that everybody owns? give us a little guidance on your excellent track record? >> generally what we've invested in is mid cap companies over time. we do own some of the large cap names when the opportunities present themselves, but we have 16 research analysts and we can differentiate our stock picks better by going into names that are less followed by the street. >> check point, symanc, tell us about that. >> they're both in securities software. securities softwareis going to continue to see strong demand as long as hackers want to attack corporations. what's happened over the last few years, they've gone from hobbyists to professionals, stealing credit card data and companies like syman

you look at the service na you you haveo impressed. ose are the stocks that have corrected much more than t ice ofil. yocan still be safe with some of those names. that being s if the tape is itoing to break down, you' not safe in anything. but l services -- >> to put a wrap on this, meliss the qution is, do they come back to the oil futures phase? i mean, ifil tic up again, do we e everyone pile back in and get the futures? or do they do as we have suggested on the dk and get equitylode euroin energy needs. >> tre's a reason to invest in oil to begin with, the volatility, the extra juice you can have you don't getrom the s&p. >> it's so pure of play where some of the equities are not pure play. so many factors going he equity price the market for one oil futures a re play. but i really think we have not seen the end of this derivive discussion. that's a really importt aspect of who's gng to be in these rkets and what instruments a they going to ussoou can see a rther decoupling. it's bn a couple of days. it's so dramatic. but a furthe

speaking as an american i think that's the kind of change you want. look, if right now hospitals and doctors aren't coordinating enough to have you just take one test when you come in because of an illness but instead having you take one test then you go another-to-another specialist you take a second test, then you go to another specialist you take a third test and nobody's bothering to send the first test that you took-- same test-- to the next doctors, you're wasting money. you may not see it because if you have health insurance right now, it's just being sent to the insurance company. but that's raising your premiums. it's raising everybody's premiums. and that money one way or another is coming out of your pocket. although we are also subsidizing some of that because there are tax breaks for health care. so not only is it costing you money in terms of higher premiums, it's also costing you as a taxpayer. now, i want to change that. every american should want to change that. why would we want to pay for things that don't work, that aren't making us hea

[ laughter ] >> normally when i say you look great, i'm being sarcastic, but you do. ht. >> i look better. [ cheers and applause ] >> everything is relative, you know? but you do. >> but it's like rodney danger field said in the great movie "back to school". hey, if you want to look thin, hang out with fat people. i came back from the dead. i'm not exactly calista flockhart. >> you are a valerie bertinelli type now. you shed a lot of weight. how did you do it? >> i'm trying to swim now because someone told me, you know, if you want to lose weight go swimming. i have never been swimming. and that's because it's never been more than a half an hour since i last ate. [ laughter ] >> you get cramps, yeah. >> that's an oldie, but a good one. >> i figured that whole thing out finally. i realized that it was crap, right? i mean your parents tell you you can't go swimming for an hour. it's because they don't want to watch you in the pool. >> my mother used to tell me stuff that was all b.s. >> yeah. >> like hugs are better than drugs. [ laughter ] my mother used to yell that ou

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again, you have to look at the trends. you have to look at what it was like a year ago, what it was like a month ago and i think overall the trends are in the right direction. >> rose: there are reports that there was some tension between american military leadership and iraqi military leadership and that the americans were very concerned because the iraqis said "you can't leave the base until we tell you so. >> well, yeah. i've seen these reports. there are a couple of newspaper stories about them. you know, i'm... i'm sure some of these things have happened, but i can tell you, one thing that's very clear in the security agreement that we reached with the iraqis at the end of last year, that the bush administration reached with the iraqis, which is our guys have a right to defend themselves and they will defend themselves and no one can tell them they can't. so i'm not saying that there won't be disagreements, but we have worked very hard with the iraqis, we've worked very hard to have a common operations center. we've wo

so you look at some of these economic reports, look at some of the retail sales reports and we're gettingff of very low levels. people are saying, you know, this is not a manufacturing-led recession. this is more of a credit-led resession. that's true. however, credit is available for those companies that have good credit o'hare and that have the opportunity to get loans. i think if you -- gagain, thing are start to go improve. you look at some of those expensive areas and you want to be focusing on the areas of the market that are going to improve as the know improves. that's the early cyclical. things like technology, basic materials, industrials and the financials. i think if you're focus on those areas, you'll be a present happy investor. >> i agrees. but for me, it's not a credit-led desire. for me, it's all about the demand. i'm not used to having this credit-based consumption. this is why i'm still struggling with the consumer in the united states and in the uk here being so indebted that we all agree that they to deleverage. would the cut counting and the emphasis will continue to

you look at jpmorgan credit line consumers having trouble with credit. you look at google. revenues down. revenues down. there are credit problems with the consumer. i would look at companies that consumers need not what they want. that's what i would look at. >> all right. thanks so much.. have a great weekend. mark? >>> up next, the kahuna and brain manning earnings central and we check in on the ge conference call. >> then the nation's small business already feeling left out in the cold now bracing for the impact of cit's bankruptcy. we're live with the head of the national small business association and the analysts with outlook for google an insight on how to play the stock now. stay with us. we're back in a few. not long ago, this man had limited mobility. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we p

when you look at how large it is, it's a miracle like he said and there were no serious injuries. laura? >> incredible the traffic is running smoothly as it is behind you now, 5:04 in the afternoon on a friday. thank you very much and you can stay ahead of the storms on www.myfoxdc.com. check out your live radar and get your five-day forecast. and you can see it on the home page. >>> a last-minute refill for the cash for clunkers program. the lawmakers working fast to infuse billions back into the overwhelmingly popular program. there are still big questions about whether the government has bitten more than it can chew. tom fitzgerald is in the studios with more. fitz. >> reporter: by all accounts, something was not done. the funds for the cash for clunkers program would have been exhausted by next week. looks like the program will continue. the question is for how long. by a vote of 360-109, the house came up with the extra money from another fund set aside to encourage people to buy fuel- efficient cars. the program burned through the original $1 billion allotted inom the first f

look for a huge volume day. you take profits tomorrow.. >> intel, by the way, is you take charts, 1816, so way above the range that you've been talking about. >> absolutely. they crushed. it's a fantastic quarter, but intel on a valuation basis frankly is not that cheap. that's a tad expensive. pete might disagree. >> the only reason i disagree is because i think their earnings will be far greater. we've had a couple estimates over a dollar, and now you break down intel, and you say, you know what? this looks awfully cheap. you take a look at the balance sheet, this stock is doing everything great. knocked the cover off the ball, this is prince fielder right now. they did everything right, $8 billion quarter, incredible 18 cents versus 8. it's agree for i.t., this is what we needed.. we need to fold up with goldman sachs. it was the man as far as the financials, these guys are truly the man as far as the tech. >> let's bring in an analyzi, webb busch morgan analyst, patrick wang is on the line. great to have you wit

i agree. >> you have 30,000 brokers and you look at what t.d. ameritrade put out as far as volatility in the marketplace. april, may, june, incredible. their trading volume, 392,000 transactions per day. unbelievable numbers and you have to figure with 30,000 brokers now going forward, someone like morgan stanley, i agree with what timmy was talking about, all of the other parts of the morgan stanley business, add this to it now the crown jewel you just mentioned and suddenly it is cheap. i don't think you have to pile into any one name anywhere, i don't care if it's goldman sachs or anybody else, but to piecemeal every time it pulls back and you take another look at it. i think long term, long-term for me is a week, but in the long term it could really be something. >> didn't they price it at 27.44? >> right. >> it spent most of the day below that number today and we're looking at negativity going into earnings, so maybe you want to stay clear for a couple of days. >> karen, are you a buyer of morgan stanley? if so at what price? >> i want to se

government bonds don't look good. cash, you are getting nothing on. ur alternatives are really looking far too expensive. we do think equities will ultimately generate decent returns. >> interesting that you touch on government bonds. i want to put this question to justin. we have that massive two-year auction today. every time we get one of those, the market holds its breath. so far they have gone well. but it is still -- it makes one nervous. >> all the fingers crossed, if you can. we have had the issue with the chinese ones, concern over that, and back here with britain, same thing as well. an awful lot to try to be sold. it is really asking a lot to have all of this absorbed around the world. so i agree with john, the fixed interest market at the moment won't be attractive. and there's going to be more pressure there. i think there's going to be stuttering of this if governments keep on coming back and asking for more, particularly, as in the case of britain, where there is not a clear policy as to how they will pay their way out of it. and i think

it came off those highs here as you can see late in the day. take a look at some of the interest rate-sensitive sectors. that's what you want to look at. the home builders have had a great run. d.r. hortonon dropped along with other building stocks. but you can see a modest comeback late in the day. on the down side. same with the real estate investment trusts. interest rate sensitive. s.l. green, office reit, dropped. back in the last hafrks still down but not bad given the news. how about the dollar intraday? putting pressure on the stocks, particularly commodity stocks, second day in a row we've had a nice rally. there's your dollar index here. want to talk about energy because in the middle of the day and sharon will give you a lot of the details here, we saw a 6% decline in oil today. that put pressure on all the big oil stocks right across the board. didn't matter what sector you were in. finally, take a look at the steel stocks. very cautious commentary from all the big names. arcelor mittal, u.s. steel, and nippon doesn't trade here, but big japane

if you look back to may 1st, that's when they made the call. they just didn't verbally come out and say it. they upgraded chemicals, coals, steels. they go with every sector. sector by sector. now you jump into the financials. that was the call back then. we talked about it then by moving into those areas, that's talking about global growth and those we talked about three, six, nine months out. steel, six to nine months out minimum. but by making that call when they did, they were already telling you we're going over 1,000. >> think about what they did last week. everyone thought goldman sachs, the sun is rising and setting by goldman sachs. the timing is a little bit critical here, don't you think? so as goldman sachs goes, so goes the economy. i think that's what we're looking at. >> and you're also operating in an environment where everyone is very, very cautious about showing optimism. and what does that mean? that tells you the hand of what the market has right now. the hands right now that they're playing with is very, very un r underinves

these shots you don't have to anticipate -- you'll have to look for the lighting. so in my search for america basically with the camera from not here to tell you whether the metaphorical class that i looked through is half full or half empty, but i am suggesting that as you walk through your daily america were ever that is weather in florida or in california that to look through the glass or the lens and you take this purpose i view that i do and you look and that glass inside out, outside in. you get down on the ground, you look from the rooftop. i love rooftops, that is why i live there are lots of talks, their role is sitting at the top of the trees looking down. i guess to say i like looking down the people and certainly i do. because it gives you the perspective. many of the shots i take are panoramic views and when you want a panoramic shot you want to see the ping view and the only way you can get the big view is two really look through that glass in some a different way as. i live from the political left and the political right. on a single day and i photogr

when you look at the evaluation of the judges on the second circuit, you stand out like a sore thumb. in terms of your temperament. what is your answer to these criticisms? >> i do ask tough questions at oral arguments. >> are you the only one that asks tough questions at oral arguments? >> no, not at all. i can only explain what i'm doing, which is when i ask lawyers tough questions, it's to give them an opportunity to explain their positions on both sides and to persuade me that they're right. i do know that in the second circuit, because we only give litigants ten minutes of oral arguments each, that the processes in the second circuit are different than in most othe circuits across the country. and that some lawyers do find that our courts, which is not just me, but our court generally is described as a hot bench. it's a term of art lawyers use. it means that they are peppered with questions. lots of lawyers who are unfamiliar with the process in the second circuit find that tough bench difficult and challenging. >> if i may interject, judge, they find you difficult and challengi

when you look at a person's life, there are core issues you need to dig deep in and find out about thatticular person. nobody ever does that. all they ever do is look into. writing the book was a healing part for myself. i also had to make amends to people that i hurt. i'm talking about two wives, kids, through all of my escapades and what i was doing out there in the world. i was committed to self destruction. i just wanted to tell the true story. plus, i wanted this book to be about helping someone else more than anything. we have a tendency of giving up on life. i did not quit. you know? i went for more than you can imagine. i did not quit. hopefully, somebody that picks this book up will really be able to understand, this guy went through all of this and did not quit. there must be something worth me going on through life and keep moving forward. tavis: you were talking about the war that i want to use. courageous. i think it is courageous for you to tell the story you told in detail. courageous as one part. the other side is whether it is at all embarrassing for you to admit all of

yeah, yeah, yeah, i'm sure you look fantastic. >> thank you. ere with a suit on. >> yes, you would. >> you have a pink shirt on. >> don looks good in that shirt. i'm telling you. you guys would be able to pull off pink shirts, too. >>> coming up live from the hamptons, we are waiting on quarterly results and ron baron, we have his investment advice and his thoughts on the state of the economy. what's happening with cit and the latest earning? former new york insurance department will be joining us. s are turning to fidelity for a smarter way to trade online. only fidelity lets you back-test your strategies against an entire portfolio of stocks. plus you'll get advanced, customizable trading platforms. and you get the kind of execution you'd expect from fidelity... ...with a dedicated specialist to talk about even your most complex trades. they'll even help expedite the account transfer process. trade like a pro. trade with fidelity. >>> the summer wind ♪ >> this is a special presentation of "squawk box" live from the hamptons. it's wall street's

take a look. youe outside corner and it looked like a changeup in the middle of the plate. the changeup speeds up the bat. he does the rest. >> here's castro and it's popped up behind the plate. that's a tough play and two men are down on the popped foul. guthrie's 21st home run allowed. guthrie is having a tough time with that long ball. >> we have seen them a couple sliders. you have to make a decision if you want to throw a changeup, he just can't speed up the singles. that's what he did. otherwise, if you threw a fast ball away, who cares. there's a perfect example. the home run ties it. wise is going to deep. 1-1 game. pwhrap it's chilled down to 34 degrees... for a taste as cold as the rockies. it's aged cold. it's filtered cold. and it's served in cans, bottles, and glasses... that tell you when it's cold. why? because refreshment isn't everything. it's the only thing. frost-brewed coors light. the world's most refreshing beer.  >>> the o's are on the move after the game. they would he he

i think you could look at energy with the energy prices. we just raised our forecast to $85 for next year. 2010. >> did you want to add something? >> i think the cost of capital is very low and i think the fed is on the sidelines for the foreseeable future. cost of cap is going to remain low. that tsunami of stimulus, over 700 stimulative programs globally. the federal reserve sex panneding its balance sheet. that is going to be a stimulative effect. don't bet against the fed. that's a good way to get washed away. >> we're going to see you guys in a little bit, talk to you later in the program. thanks very much, stephen wood and david darst. bob, over to you. >> 45 minutes before the closing billion. stocks showing resiliency. we were down 60 points. many big names like microsoft weak on some disappointment over tech earnings. we are set to break, though, that nasdaq winning streak. maria? >> up next, an exclusive interview with labor secretary hilda solis. we will discuss whether the latest minimum wage increase will help workers or whether