the companyy that builds k k structures f f t the 7 drdrmlmlin. that's cnbc.com newewsnow. we're first inbubuness woworlide. i'm courtntneyeaean. live from theininanal catal of f th wldld, in t heart ofof lower manhattan, is is"squawk on the treet." go mornrnin i'm markrkhaynes. >> you're back. >> yeah,,ftfter a day offnn the ro.. ststoc look like ty'y' stay thin a tight rarang at the open, erring m may to the downsidede rumors of a a sendnd roundf a stimimusus. >> it's good to o hayou backck, ma.. on the ecomom ffro,, expect the $35 billion auctionon of trtrsusuri to get aot of attention today. three-year notes. the onslaught. they fig fur they do tens of

biioions y,y, no owill actually add i iup. >>ou wiwi.. >> all right. how are your futureses >> let's c cck out t futureres. dodown 2.2.5. weanan affordd a half ofthat. a half a point. w we' two pntnts below f frr value.e. really not much all. >> aside from eenining the commenent stimulus. laura deandrea tyson, formerlyy of snford, a aoo an economic adseser. i believe she was u und clinton as well. >> she goes way backck. i'm m tt sure how far. >> she's now parttofof this 15-mememr r cocil that bararac oba has whwhic consists of othereaders of business. jeff immelt, jim owens from cacapileler pillar. they do not reflect necessarily the viview ofhe white house, a austan goooolsee is the chairma ofhegrgrou thunited states should be planning for a seconond r rou o stimulus. shspspok at a seminar singapore this morning. dd sheaiaid the $7$787 billion

package e h hav now has been slightly smaller thanhe would have liked. i belilievshshe said i ias abib aller was the wordrd that she ed. th said the sonond round should be directctedtt investment. itit'sll part of the whohole bate of the o orinal plan. much less of it ended d upoioing to s stilus andhe president had initialllly peped for. agagn, these amememb of advisory papane anand is -- ts is nott the sasamehihi as b bark obama sasang iit. >> you'r'rright. she w was chair of the economic council fofor esesent cltoton. >wow. ayay. >> let's f fin out ww this morning'g'nenews is playing o ememart. reporters ststanngngy for t morning g rdodo. we begin with bertha coomomt e big boardrd. >> ananks ma.. we saww futures fall a bit the dollar c camofof of its lowsws commoditieies e e stl bobocicin ba.. hit haha yeststery.y. today we'ree watching alcoaoa. of ururse ala is goingng to be reportingararnis tomorrow.

edit suisse says talking t to lolot i its clientntonon both s of the ponon here and orsrsea a lot of them s chinina c ctitinug to be e aigig play. ththeyxpect china's gdpdp to r up to 8% ananththat why theyyrere still bullllh h on commodities. credit suissssththin it's a little eay.y. jpmorgan, meananti,, saying thi rebound a r recerery early as well when it comomestoto vololu for the e railroad. th're cutting estimates there acacss the board f for the seco quarter. andnonoer i iss that's weighing tododaynn terms of financiaia watch discovery,hehe company is ofofriring$500 millionon secondary offering. and that senent s shas ler this rnrnin also yeyerhser cutting dividends from 25 c ctsts t5 cents. ey say weaw a 16%6%ip in cuts on average e in the s&p 50 ininhe firstst qrter and second quarter itit w 20%. he anticipatates t thi quarter l coinin toee that trend strengthenining.

nanall t tss mornining, l locee corp i imomovi to thepp side. they s say 's o of the best pipickin the bkx, the baing index.x. big upade for intel. brian n scctctn at thenasdaq. futures are slightly lolowe the prememartt indicator h itt slslhthtly hihigh.. 'l'll see whichfofoe went oout hoo! is launching a searcrch dd today.y. yocacatake notesand do rtain thihing along with yourr sesech. we'll l se at tractctn n it get. microsoft and google havave similar technologies. we'll see how ittlalays out f f hohoo! bertrt mtioned it, bank of america,errill lynch upading intel. lot of discussion about the chips todayay to a auy rating. it's a n nic one 2.2.2% ntnt tpoint somethinin ou about data doin. $33.50 a share. well, , thcocoursy of "t"thealal

street journrn."." fascinating. yotakeonsensus 2009 earninings it's about times their eearngng if you take sck o optnsns into efefctct is 419 t tim e enings. we sll have too wait to see at net app is goioi tododo. neneasase. bank of america, merriri l lyn busy todayay upgrading steel dymics. let't'gogo to sharon epeprsrson e mex. >> gary hasseeee at t theeaead r only about f fe wwee.. a lot ofof traders heeeeeen buinin wondering whaha the cft would do next onthth h hisry ececation which he'seeeen ry vocal about in the past.. they have decided t the are goig to hold hearings this monthanan nenext to talk about whetherrr nonothey shohoddet position limimitsoror ergy tding. lookining spececicical at index funds, at t exanan traded funds and swap dealers. keep inn mind their sgsgl l to clamp down what ththey call

excessive ssculation. anand haveseen a l o o money going intococommity incece ovoverhe past seseraral monthss oill prices have climbedd f fm e 30 toss o orr$7$7 bbrerel. last w wee we'veeeeenthat money swell t t about 50, $125 billion in coododitindiceses. we're e al gng to be looking, though, atat wt happenenetoto o in the lastewew dadays and ththat is t the pre coming off. that's whattould happenenff thosose positionsececomwound, if these position l lims s ar set.t. ththat w wt a lot off anysts areelelng me. dedendnd i also going b ba factor to o tctch here. we're going t to g g better gauge of dend cocongng fromhe energy partment. ckck santelli, what do o th s s about ththe cftctc over there i chchagago? >> that's easy.. commoditity tding w word great for about 15 years. not a oblem. in the l ltt 10 to 15, otc activity hashanged the ge. wh do yothink you ought to bebe looking at? interest rates are creeping up bit, but not mumu.

bubut at's interertiting is the shortaturities arere pretty tee and that makes sense. closely tied toohehe fed. and whetheher they shouldd shouldn't remove iquidity, there's very lilele doubt that they're going to not eark on the road of remomovi liquidity. 's mostly le to t t long maturities. thcurve arorodd 2258 tens minus twos is aseepas it's been in alst a month, june 10th. 35 billiontee-year n not.. short matatititie like three-yer notes seem toind go demandnd nsns and 3 30s may beeorore tetesting tomorrow and thursdsd.. mark haynynes back to you. >> rick san telely, thankouou very chch. mixed piure i i asia o ove nighght. china's shanghaiomposite lost 1.1%. inindisbobay added.9.9. indonesia g gaidd 2.4. ahead of t t country'slections tomorrowow so kind of a mixed bag, as w id. the european union with new

nking forms. the lalawswill be desesnened foforcbabas to strengthen their capital buffers.s. e e drt report isxpected to b bacd by eu fanan ministers today. and d thraft repeptt suggests there is stronong c ceoror changingng e exiing rules on funding needs. guy jojohnnn j jns us from londn with mororononhat's happenining there.e. the context hhe,e, as wellll ow, great skepticism atat the eueuroanan banksavave perhapss writittedodo the b bul of their proboble >> yeah. and that ishe issue over heree europe, erin.. seserv talking about it. e e bbnjnjted a huge aununt of m meyey into the european banking system. it just gotouou-trip straight ba to the ecb. th a are sitting onn it athehe moment. atat'saising spepecutiti these guysys a going too nd that liliquity at see point wnwnhe road as the economy continueueto faerero deal with t tic debtbt prprlem. ilill t the kinin of visibilili.. han'n't d the strere test you

guys have had o ove there. we're morenn the dkk tn you gu are at theomomt aboututowow the banking story is delolopi.. i cacatetellou,thouough the banknks veveot a bidtoday. european marketsts trading upp lile bit today as yo can e.e. breaking a the-e-y ddoward move.. hohower,r,ere'sthe story. nobobodys s here. vomemeare anemic. it is amazazin ththolume story hasusust droppepeofoff cliff.f. it does seemm eryrydy has tenen their h han off themarket, waititg g toee what happens nextxt. let me shoho yo quicickl a aut at's happen onhehe broad markrket the stock 600 up b by 0.3%. bu as you cansee it's's a b big drifift dedewa story.. just want to tell youu the worldwide pzaza i in new york ty, mimiowown, i t thianhattan iseiei sold a accding to "the llll seet journal" by deutscsc bank. $600 million thehe pcece t there. think deutschche isunning a fafaly heavy mortgage onthatat r france, klm dn sharply. eir traffic nuers in jee hahaveroropp off a cliff down

7.7%7%. mark haynes,s, back over t to y. presidentt obamaalking to nbc's chuckkodod in russia earlier today addrereining ve e president j biden'somomme thth the adminisistrioion misre how b bad the e enonomy was. rather than s mimisrd, we had incompleteinformation.n. we came j juauary 20. it was only aftfter the f fir quarter numbmbers came i as you recall, that ddddly everybody looked and said t economy shrank .. so it wasapapning much more rapidly andanan acceleleradd pa than the projections out theher at th titi.. >> tomorrow,hehepresident travels to italy f for the annu three-day g- summit. according to the roroup draft cocommiqique leaders planan to s for coonon positionsnsnn promoting democracy inin ir,, coatatg climate change,e, coordinatingxits and h hug government s smumulu ckages.

up next, the faberreport. vid gives us a a first q qrter lolo at record csusume delinquencies. ususearnings,stimulus, treasuries, oh, my e e wo on ttreet straight eaea and earnings season a aunun the corner. 'll get everything youeeee to interprereththe n numrsrs from e global h hd d of reseseahh from thompson reuters.s. if pctor andgagamb is gingng you $ o off every roll of toet paper yoyou buy, gottoto wonder ouout eir margins.

>>a new york jury w wil bin deliberaratiss today in the cas agusing f forr aig boss h han greenbnbg.g. lawyers made theirir csisi arguments in this s sese yeyeerday. greenberg improperly rereved ocock om arurustand then sold it outut of anger overer his o from thehe cpany in 202005. that ouster,, o course, sparked a an accoununti scandadal. grnberg's attorney counters h he acted within h h right as chairman of s sta nternational. st international i intstste erated that retirement plan and he gugu the so-called trust as aig is depicting it dd not exexist. it's a complicacate thing. a lot othth owownehihipank eenberg had wasashrough hisis que/unquote vehicle, whihi w star. >> a alligight. let's s t t ba tohqhq.

davivifafabe >> thanks. mark, ass y you kn,, something ve been flowinglololy ththeslast fewmomohs have b bee delinqnqncncie not on morortgeses anymore butnn credit cards. 've been updatingour v vwewers when we g get the trust data evy moh.h. now a b bit of a lookback at t first quarter where we'veve got gngnifant data that shohows ll, not ununpectedly, the delinquencies reachedhihis that had never been seen before.. ththin h hav only gtete worsee since.e. take a look. home equititliline climbed d to 3.3.5% that is the percentntag o home equity loansnsthth were delinquent frorowhwhatad been threree. late payments a awewell you caneeee t tha o credit lines rose ssninifintly. and banknkssssue credit card deb delinquencies in theheirirst quarter, well,l, as yo also mit expect, ttt rose e record ras. delilinqncnceeon credit card bt, 6.6%.. rate of denqnqnt accouount 4.4.. by the w way this has allll got

significantltlwowors this is aba data that's recently en compiled. the report bngng reported thisi moing by the american bankers associciatn.n. the question,, of urse, is as itononnues to wsesen w whh the ememplment rate continuing to ri.. there's alwaysyseeeen correlation betweeeen ee twtwo. wh need the consumer to recover given 7 of our enomy comes f fro spending by consumers,s,owow a we ultimately ing to get t the if we continue tosee delilinqncncs rising inreredicards. that is thehe key esesti that ma people have. and d onthth p perpsps we're seeing the answer toto a a we continue t twawatc employment ri and we continue t toatch crit card d delququcies risese. are also sengng gngnifant delinquencies in oththerrereas ll. for exampmple fninie mae reportrtinitit numbers lt week.. haven't had aa chance to b bri many off t the to u but m may soso i the n too dtant future showingignificant ineaeas in

delilinqncncs on their exixiini mortgagegeportfolio. yes, unemploymentnt i aagging ininditor, but nonetheless, as onone longtimeananke said to m. l we ever used to watch too fifigu out where the cononsurr wawas ss denqnqncies. atat st of toldus everything g needed to know. as for creredicaca companies,s,b the way, still h hav't't gottet rdrd whether didiscerer, and my system hasriced that offffining of half a million dollars worth of itstscocoon ssto.. you can see, thghgh, e bibid/k there is --well, it's tightenini u up but abobout a b loweweththanhe close yyterday. we'l'lbrbrinthat to uu very orortl i would assume agagai let me makee a call o take a look if wee can get that pricin for you, we wl have ii ununtithen, rkrk, letete e se it back to yoyou. up next, wordn n thstreet. buzz b beyd.d. >> and teter, we'll tetell y y wh t to ok for i i this yeye's numbers. and howoo intnteretet companans quarterly results in anenew lilit. ahnew lht. it n n priced to sa.

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that's right, 105 5 mess call or click now. you're watching cnbc's "squawk on t street." live f fmm the financial c capa of t world. >> take a look att utures. ma said tetepi osing near t the lowewe level the e ssssio for the futures. butit's g goi to be tt t exciting right offhe open.n. we'll l eehere it g goefrfr thee e espially given s se of those comments thth morning on the economy and t the treasury titi. mamarkdodowno you. >> thank you. i am herere on ee floor with

rnard mcsherry. bernrn, , wh do you think? >> i i tnknk this faith the cocory is fading rapidly. the talk o the floor, feaea seems to be rising a itit. pepeop talk about the needd fora second stimumuss packckag and the quesesti i where isis te nenegoing to come from. they'll be tching the trereasyy auctionsns ts s ek veryclosely. >> why? what about t trereurury auctioi? >> peoeopldodon' have a lot of confidenencehehe feds are gng tt be able to raise theddou. > s if thee auctions don't't wellll - -- > i not surure what's going happen inn t early partf f th week. e e and 30-year stuffffater in t theweek, ihink we'll h hav some prprobmsms >he xherkss 's's se hard not notiticehaha the preef gasoline and t pricice of o oil ve come down r ratr signififictltly a veryy srt pepeod of timeme,hihich indicat ybyba lack odemama, , whh indicatetes owow economy, igues. >>ndnd we're going toe lookinig athohosesecond quarterer eainin. we'll sesee improvememtt bause f cost cuing. i don't think y'l'l see a w who lot of top growth.

doou see the people in yrr neneigorhood spending a whole lot of dghgh? >> nn i n't, but my nghbors arerereal cheap. so what do you do with newew money? y y ple you feel cfofortle or safaf >> i wasrying to playy t enener for a while there. it seememe like thereadad been coupling. sllll think thahat tde may be there butt't' a tough hd wind to go against. might see improvement in techchf coanans start to spspen tryiyi t to t on the sideliline get get t sense of direction. s so wawah'h's treasuryuctions this ek and i if they go wewe, ybe things aren't ad as we thk.k. >> let'shohope they go ll. all right. bernie, ththan.. bernieie mcsherry. back up to erin. >> let's ge the buzzz from bend the big boardrd this. it isueuesd momoing. pakekein joins u us from the cb. what's on yoyourradar? i have aeeee 's's lking like it'ssgoing to a alow opopen thee&p 500 rightnow isistuck right between the 50-day and

200-day moving averages betetwe 903 and 882 respectively.. i think what we're seeeein is we're kind novembeber those sumr doldrums. a x tradingngrorod 29 as far as wtt the options arere plplng is this week will be kind of quiet. the t tas auction onthursrsy,y, when the 30-year comomes up, mt see a little action n then. buas long a a w we' between is 50 and 20day ming average, seems likiket't's goio totoe quite slow rere. >> wt t aryou waiting for ececically? fifirsofof a, i know a a t of pepele are out. ere's that f fdamental issusue. you have earnings seaeaso stting this eeeek. so anything in p parcular there that you are focusedon? >> earnings ee going tbe t t y role come here in the next cocoup o of weeks. we have ppi, cpio start o next wwee but realisticalllly,e'e'll haveo see us b bre o o ofof this currt range.e. if you look at the cbo volalalility index, the vixisis trading aroundnd 20 if t the we the s&p bakak above 900, approacach ee 925 and beyod

level, we'llll s vix thaha tridids wawa the 2area. if the s&ps stayynder water lili they are n now bbowow900, start possibly approaching ttt 850 areaea we'll see a a vix tt eses or 30,probablynnthe low 30s. >> all right.. pat keinin thanks. apprprecteteou givivingll those levevels i know a lot o of people want ththose. we'll see e yo so. anand u'u' bbac >> i'm baback and t finalal countdown to the ening bell just on thethth side of the cocommcial break.

whwh's on the minds ofndndepdent investors? let's ask. ey lure you in t tdede, want with a a5.5.99rade,orward prpric then charge you 1515ucucks yogeget low price, but only ifif y make a ton of trades. atd d eritrade, every ononli s sto trade is just $ $9.. . peod. no matter how often you u tre.. is just $ $9.. . peod. no matteter w w ch money you have in n thacaccot. i hate those hididdefefeesb. is just $ $9.. . peod. rprpri! it's a maintetencnce e! no matteter w w ch money you have in n thacaccot. i hatete sprpres. at td ameritrara, , yonever pay a maintenancncefefe you get low, straigightrwrwd pricing, so y youlwlws know exactly whatat y'' paying. hey, that works s fomeme

are yoyou adadto declare your indepepenncnce? ininpependce is the spiritfomeme ththatririveamerica's most ccccesul investors. anununce trade commission-f-fe e fo30 days usus t $100 cash when you o opeananccount. > > u're watching cnbc's "squawk k onhehe sstrt"t" live m the e fincncl capital othe world. thopoping bell going to ring in let mee s he,e, about two minutes. lcome back. you nono erin, there's's an interestining titiclin the "financial tis"s"today. >> yep.. o onage seven.n. anddt's kindofof under the rar. we've ststpeped lking about it, but the c crett market, t securititititionf debt market,

is s sllll not futioning. >>ight. a a ththat was a majajor s supe of creredi you knkn,, prior too 07. 2.2.5,3 billion of loans e eac year curitized, creating a enormomo flowf ney, gone. many peopoplehihink that u unt thth securirititition market recovers, wewe can't reaeall g ywywhe ececomomicly. >'m reallyglad you brorohtht that upp cacae the talalf,hihi had bebeen hailed a as a sior o the e economy. and some s sdd it's not beieing used asucuch cause themarket wawas starting to fction.n. that aeaead to be the case, but it's interesesti t tt we are now seeing a a much bger talf auction thisisimime around thane hahavehe past fefew. hard tosee what you can read intoto that.. ththosare credit cardrd issssue li bank of america whoo are trying too u use the trsury a the fefed programoo get moree buyers. sothey've got aboutut -- >> the talf memed e exalyly a

this -- o oh, i misssspo.. that's $2.5 trillion,,ot billioion. pardon. >> but $1313 billion sounds sm for r th auctctn.n. and its in thee contextff what you areseeing. buttoror this governmentt pproa, it actually is going to be o of the biggest. wewel see what hpensthere. one otherththinthat justt crcrosd d we talkso much about commodity y anwhwher oil is really goioingto gond, you know -- >> going dodown >> w wrereoing down. and it's ininrerestg. some of thee shippers a are eve saying now they do b bievehehere was a lotff specululatn n in tht mamark.. whatever it t mabe, the o o sands in canada, which as we know requirere cdede to bebe. people argrg this. rtrtof 50.. we havee a contract this mornin forththe big infrastructurere company is goingng topopenup 2%. th w w a contractoror the pearl riveveoioil sands u up canada. at's a projectanaged by exexxoobob canada. that's going too p p them att te open but it's tetesting that

contntctcts e being awarded and given with t t assumumptn n th udude ll stay over thehe longer term over 5 5 a llea. >erereeo withhehe bell the big boboar. ananrd & poor's. susubsiary ofhe mcgraw companyelelebting the launch oftsts new pplaoror rketscope advivise if you l lk k re closely,ouou'l see our old palal sam stovall i there.e. anand tower bancorp at the sdaq. >> i wt t share this story. this has been veveping throughgh e morning.g. but it worth nonoti. yemenia which opopereded t plane thth crashed la week may ncnceln aiusus order. nokeep in m min this airlinene has been under investstigioio b the eu for safafet practices. th i i perhaps aorore rhetoricical movov th'r'rgoing to ncnc teteununle they t,t, quote, moral s suprt frfr the mufufacrer due to the crash. but it is still interesting t tt more andnd m me people are focusing on which p pla and are

weweoioingo start to s that. ntas had cut b bk onn a boeing order after ththat 78787 was ded again due t the wingg sues. >>ow aiairb is i the same boat. >> m may w we n nee ahihi plane manufacturer. chchin >> howbobout you andndme? >> why not. >> mark a a er airplane company. >>ououn't you want t to fly i at? let's s t t tour mkeke reportrter and we are dnn just ababtt 15. bertha, you're fifit.t. >> thanksks. weweee stataining wn about99 at this point.t. there's a l lot of talk about stimulus.. we may need anotherer stimulus. anwewe'rearing about moree mpanies needing to raraee cash. a lot o of folks thoughgh thing were srting to stabilize here dungngthe quartete weyerhauauseisis cutting diden inin oer to preservrve liquidi. also going to t try to reduce t deferring a mber haharvt.t. it's cuing its dividend from a quter to a nickel..

that's's auguge drop.. watchhehe today. discoverer fananal alslso dropping. a lot of f fol h h been very enuraged for banks to raise money for t.a.r.r..utut tssne ---- $5 million intock with the promise of an ininteioion to oe senior notes in t the near ffut. wawatcthth credit t cas s well. daveve w talking abobo t the amicic bankers assssoctition coming oututndnd saying thatt denquencies are now at a record, both home eququit lines anan credit cards a ththat n notven taking i int account babankssued ededit cards. one bank thissmorning that is eing its stotock higher is key bank. the company had recently donee fufu-raising effort thattdid pretty well. d it's getting annupgrade orr k on valuationonevevel saying that itss the bestt rformer in the nknkin ininde momoods also earnininanan upgrg thisis morning ovover at p pip jaffray to a anoverweieighfrfro neutral. yo heardd mark and erin talking abt airbus. bong is buyinghehe company that makes itususele for 80

mimiion. perhapaps owng the company makk it easieroororote the prprodtitionlow and getthat eamliner back on track. the other d dea erinmentioned, fluor is getting pop there.e. today it winss a $1.5illion cocoract to e expre oil sands in canada, even asswe're watching oidrdrop ts s moing. let's s veve oover to the naaq anand brian scscctman. >> just asmsmid lower onhe open here. here we ar .01%. inl and marvel upgpgradd to a buy. ice target 19 f forntel and 17 for rvrv getting a nicicpop. let's see if t the's a spillover with the ips.s. lolos s li there is.s. amat up 1.2%2%. broadcom 1... ththotothemajor piecece o news totoy y is yahoo! l lauhing a sesear pad that goess live totoa yocan take notes, do various personalizatatnsns a you search.

microsoft and googleo havave someththg g silar in terms of technology.. we'll see how that bears itself out in the all-important srcrc d. take a l lkk at other big names t theopen. apape up 0.5% and amazon.com 0.3%. stl deal with tatatition issues, enen i pan. evyoyo wanants a piece of the online tax p piett now seems.s. lilittfufu ups their guidance. a spirited group with t tow grgrp p ouof pennsylvaninia. they joioiththe russell 300. >> oil d dow only 30 cents b bu you woululdn k kno it fromththe activityty hehe. prices and volatility is reaeal moving. the traders gettingg energized r r th trading session. half an hour under way.. oil priceces are dodo,, though,r the fifthth raight dd.. keep in minind a a we lkk at t e weaknessss heein oilanand h htig oioil,lso. holding upretty well but dedema will be the key hehe..

'l'l get a better gauge cinin fr t thenergy departrtntnt, from th energrgy information administration around d noontim toy. ththr r sht-term energy outlook. they r rsesed a little last momont the first timee they'd doso sie e seember. after what we've snn for the july 4th hidid, interestining see what thehe outlook going forward. keep in mind we're lookingng a me firms like bank of america raing price targets forr 2009 for bret andwti pririce and ththe e ar also somome like goldman sachs, liket. boone pickens s anththe ududissaying 'r'rgoing to have $75 oil by the e en othe yeye.. but ririgh now around $67 a barrel. ririck sasaelellito you in chicago. thank you very much,sharon. look at intetestst ratestoday, they're normalizing, atleleas thth rpect to yesterday's settlement.. about a basis pntnt h hhehern e e nger maturities, but rtually eady.. you u alhehed thatt$35 llllio inin three yearsrs w wil kickof coupon upuppl we h h tips a ations yeyestdada. dd mbe the biggest newews overseseaswell, german factory ders jumped rather

aggressisive.. many areointing to h how diffffertt cycles makingrading confnfining th regard to newew ordersrs you a a having invnvenryry cycl. thgs likedudurae gdsds prabablyill pick up. thgsgs a wearingngout. people have e toepepce certain items.s. there's been p psyelel in china whwhe they didid ccccumate commodities gtiting ready f recovevery these threw out t kilterryryg toto rerence those newsititthee acactussues ofththe day. but ththe susue of thth day is sulyly a that's goingo ndicap on susulyly. are interest rates goining to creep up now thahat theisissu o more stimulus seems to behehe ta out of the currerent miminiration? thth's's wt traders willook fofor 10s a a 30somorrow a and thursday. mark haynes, back t t you. >> seemsms le e evybody is going want to watch thosese auctctns. >> and trere a lot morore t to watch, too. stocks m meded at theopen. dow l lger alcoaoa kick off a hily scrutininize rnings seasasonftft the tetetomorrow. joining us with h thrr i inshths on how t t align y you portfolo

to get thehe mo out ofof this year'second ha,, craig pepeham at jeffreys a and rob rgrg fr clermrm ont wealth sttegies. hohododo y set yourself u up he believevinwhwhatou believe about the market? well, mark, we stillllthink 's goingo o be bit choppy fofor stocks orall. sosoe'e're cocoending a market wait. we t thi t tha a pullbackk wou in fact-- which we seem to be in, w wldldontinue to be hehealy.y. areas thth li,, we likee technology.. we like mererls. ingeneral,l, w like larger capa stocksks awewe as international stocks.. >> overall rkets, though, y y don't sounund rried? > f t long run, nno,mark, but for thee short tter sure. this pullbackrorobay has a bit momoreoo go. >> craig, h how do you s things right now?w? >> if you look at theececon half, o one thing t thas coconsucucti if s weetill have l lot of liididit thth ndamentals looook spotty

sed on the fact investors are looking not stst for signs the economy is bottoming, b also atathere's some sign the economy cann move and r recerer faster and genenatateararngs growth. wiwithhat in mind, thehe way we want t tplplayt from hehe, rereal focus onames with more dedensnsivgrowth characterirists that canan otect someff this volatilityty we like consusume splples as an example of th.. >> and,, craig, y you actctuay k thtime to add up so o o this treasury iuance which d dbbles an drabls o out toto tens o billionsns aay. $73 billion ofnene paper.r. ovov w wha time and wis that so imimpoant?t? >> thahat' i i this weekk lolone four trsusu auioions this week, which isis vivirtlllly und of here. ananththat got distinct plplicions for the equity mamark. the pacece a at which theherere market cann absbsor t thi new issuanance has a disistit t pap ononheherenterest rates go. one thingng that hasinvestors hesisintnt he is if tetest rates move hier because we have suchanan indidigeioioif yo wiwi, , th poses a teaeato thehe

papace o o recovery if inings rrrrd a awa on thth up si.. how w do tt impapayour tre,e, craig? obously you can be ---- m mt people a are saying avovo treasuries like the e plague. that your vieiewor if not, at would you do? >> you h hee to looook at on a equity basis he,e, think abtt what wouldldapappe if wend up with a a m muc s steerer yield and h higrr long-term borrowing rates. thatat w whe you need to be more care bfl the consumerr space an consumer d dcrcretnary stocks in the short term. atat bngs us backck to the consumer staples ade. it's a grouphahat' underprperrmrmeduring this very, ve laee1h1h 09 rally. >>ob morgan, you want to overweightht ierertional. is there anyny particular partt inteternioiona any geographicacal ar you vov over thethers orusust saying take a aroro position hehere > mk in general, te broad position. i ththinitit kind of relates to our ththem where lastt fall whe theefifinaial cris hit,t, w w w

global c capalal rlly f flo int thu.u.s. strengthenining e e dollar. w w th capital is ickling out. the dollar will probablyy continue to sag, andththat shoud good forr u u.s instors inststedn international equities. i would just say chinarorobay elels ke a spot to be in. but in oresearch, we'veot tually broken that t out. >> i notice al that ihe ch sector you l le cornrng.g. and other people have b bee recommending cninilately. what's going on w wit that cocoanany? i mean, i r rember whehen it wa just a c comdiditycompany. fiber oicic cablehichwawa dirirt cheap. i tellyoyo markrk. back in t tech bust, t the made fiberptpticable and way too much of it. the stock went fmm 00 to11 itit sells about 13 timess eaeainingsgrowing earningss 13a yearar. now their b big storys d tvs. e growth inn thisbusiness is

plplose, particularly ovseas. estimates forthese tvv screen sales s ha beenririsirapidly. so it's cheap stock where estimatesofof their maiainroduc ar risisi.. so definitelely one we ikike. >> craig ckham, rob morgan, thanks so much t b bhh of you. > > up xt, the kahuna and the brain. >> i wonder what th think ofof this littlele crming .. we'll l ta a aut that. ndndlater, they y to a a licking but could kp on ticking. ttered but still healtlt stocks for your poportlili

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if you a a p preant or may become preregnt.t. blood tests are neneedbeforg treatment toto cckck for liver problemsms. contact your doctor if youou ve pain or weakness, asas tsscan br bubut rious side effect. this risk may be i incasasedhen trilipix is usus w wita statin. if you cannot t afrdrd youl 1-866-4-trilipixixorormore. trilipix. get the picture. >> l l ght. titimeo get back toto hq our cocoeaeagu. one of wm has written twoo

books. ththe heher of wh hasead two books. >> h usurbed my book, , too. i'm a published author, mark. >> i'm sorryry? >> i amm a a published ututr. you are a published auauor, too? >> imm a publilish article of scientific articleses, but thahs e e exnt of it. i havee been offerany - -- a del to writite gulfbook, andd i -- i s s nowilling. they would h hav gotten aa gst writer. bubut would n n aee to readd the book th the ghostst writer actuallyly wre. wouldn't even agreeto do atat. >>ouou just dend faber d do blb b r youou. he wouldn't evenenread the book. >> you almost g got an ulclc trying t to d this thingg worki weekends. itit'sototight. why haven't y y itten a bo, mark? >> oh, i -- >> it's a p pai in t t you know

whwhat >> exactly. i'mtoo lazy. >> they call thisn l-word sesessn.n. that's my lilife i is kind of a l-l-wo ssion.n. ndnd oa lazy -- you're not lazy. > ,, i'm not. anyway, i surured the airir wav, the wiwireaves and the stock. chuck e. cheheeswawas up. i likehat one because iike uck e. cheese. >> the cononveatatn right no i have with h mo people i is i rely goingo o as q qui a summer as it smsms like it ll bebe the last two summersave been anything butut quiet. they've been two of thehe worst sasters we'e've seen in modern days. pepeop are starting toto believ atathis may bee t quiet summer, e. there's very little cpopora nene g goi .. >> w we do have -- >>uckily we c c count onn an earnings seasonn fr times a yearar.

i think there w wl l be a lot t talklk about.t. > rnrngs season wl l be interesting. >> in terms othe last thrhr monthsececau some people thought we were e inhehe midide atat lstst f for w whi, thingss were getting better. 'll see whether i i the lastst month thingsseaealldid sort ofo go back into -- >> i neverpopoke to that many people w w run c comnini who fe l lik things weree getting better, which iaid many times. i'i' see what the numbers look like. the outlook will be interesting. t t on if we get one but t the possibility that n n one is eve llllinto venture a an outlook k because they haveveoo iide > sll inin thehe no idea s f things. b bute certaiainl were thrown for a loop by that t jo not thrown for a a loop but jus across the b brd soo b bad on friday - >thursday. >> urursd. ththataybe yoyo that thought there were p posive signs.. 'r're not backtoto greeeen chut. maee seeeeds to plant. > seseed how w ouout wewes.

>> second stitilulus is w whass- >> really?? we havenen'tveven worked our wa through hohow much othe first one? > a t t french, i don't know whether markrkawaw the arartie.. you don't h hav "the new york times" here. the frenen have spepent most o theiei stimulus, and t ty are ing what i thihi a some prpret g gre things. a place where noleon syeye befoforee e weo elba 15. eyeye meticulously resestongng l l the great old ililngs. people sayay withize ha iziz ii. we got some good roadsds. even if it d doe't work, take thesebridges. can't we do atat t thawas supposed to be t the fifirsstimulus.s. >>e're g getngng aatic centers. >> nothing wrong with h an aquac center. a a swimmer, i i'l sa we need rerequatic nters. >asashe interstate --asas that pararof a stimulus package?

>>i eieinhnhau was very impressd with the german augught bonn an thought we eded the ability to move troopops dd mmatial. soso the interstate w was a natl defense highwaysystem. >> bullet trains. th's mine.. wawa to see a bullele train.. chicago to new york. nenew yorkrk/whihingn. new yoyo t to florida. >ou really think -- well.. i i le trains. >> that w wil cost onlnl about $300 billion.n. > americansovov their rsrs. >> i love trains. got hoed on trains. >> wouldn't that bee coolo go that fast. >> we haha l lahd d and he sai the nortrthet t rridor -- >> no wway >> ow. way. n't get the right o o ways. a whole ninighare. >> thanks. the global head of research wi thompmpnn reuters. >> is over there.. >> oh, ah. gogointotoell us whaha you need to know gog into an earningngs season t thawiwille like no heher. 

>hi, folk. m m ma nesto. chchk k outhe energy stocks. i'i' got four upgrades. bottom fishing,g,hrhrew on cru, maririne anadarko, hass and enscsco. if you take a lolook at the retailers. the weaearetail s sal number o t from t t red book. ldman sachs shuffling t the shops. thth l lik dick's, jonesesndnd kohl's and putaa sellnnbj wholesalal >> thank you veryy mumuch matt nesto. > is e earngs season once again. and d ou nt guest aicipates altenectors inthe s&p will fininishheheecond quarteter. this is one of thosee thgs. there is nsuch thingng p png its lilike a jumbo shrimp.

>> am notot making fun ofof you. i'm saying pple love sayayin gative growth. earniningsrere getting smaller would be the way t to put it. that would be theappropriate term. >> whwhatappened inn th quarter, pututti i it behind u. whwh happens from hehere >>ccording to first calal tata we'ree looking for negbiff 335%o 45%%decrease in earnings. >> so earnining are going t get 35% smsmalr.r. >>mamaer than e year-ago periodod, exactly. the index iss roughly gogg to earn about $13 pershare. whichh i ibetter on a sequentnta bas.s. so we're headidion the righght track frfrom a per sharere bbas. yeyearovover year we'retill having a hard time. > and arere t the anyy groupt ststan out? sometimes --i remember when we, u know, a yrr ag eryone wawas ying if y you just t tak the banks, eveverydydy sese is p i remembmber at. enen i got alolowowors t thawas a long t timago. >> then a as the banks went --- >> within, there's's te sector

inhehe s&p. is anybody up? does anybody s sndnd out? >> main losers will be financials, enerergyndnd mamaririal >> energy andd materirial a arel with unvovorae commodity prices relativeve the eaear-o period. th commodidiesesubble burst i i the endf f th third quararte beginnininofof t fourth ququarr. financials are stillllavavin iseses. the recent t tndnd wve seen is in thehe ltt coupleeofof weeks that there's b bnn sharp revivisi downward inn t b big neney nter bank estimates like jprgan, wes s fargo. thendication is there's goingg to b bststreth in financial earnings. a part of their business.. en there'seakness in t the crcred card businesses.. some of esese her consumer-type bbusesesse so i tnk there's goioing t tbe a mix of goodd an bad. the banksks really want to gege much bad newews out thisis quar bebeuse their trading sececonon are dodoin phomenally. they want to m it inin with ththgood a the bad. > wwou expect a turnaround the fofourquarter. >> absosolulyly >> w whawewe'r saying is t fofoth quarter is s stl l gog to

bebechoppy.. e outlooooks are goingo o be roroh. we need d to focus onnanguage ad outlooook r r th earningss seonon. anythihing tt's not even quantifiable.. some language. > fourth quarter,, though. if youou n'n' post arowth over that.. the e rlrldstopped l las time i the fourth h quarter. >> all wean say i is we're in posititive earnings grgrthth ye over year. but, i meme,, it's a reallyy rough - -- it would belmlmos-- i mean, itit has t to tastrophi r r usot to be i in positive territory for r th fourth ararr. well intnto 100% as well becaus the fourtrth quarter of last ye was a nitmare.e. >> literally t world stopped.d. >> it w w $8 p share f f the s&p. th lest everer >> the image thatkaurpts lala yeye's fourth quauart is hanan pasoso getting d dow on his knees in front of nancy pelosi. >> there is one tttt ray off hohope here.e. you u sa health care couldd t t positive in this quarter.r. health care is right on ee cusp, , ouout negagati 2%2%. i ththkkhealth care ss done a very good jojob managing itits

costs. especially bigig pharma. good stotoeses i biotechndnd alalthare insurance industry. so heaeahh care cld turntoto the upside. it wouldn't surprise me. >> thahankouou very much,sir. >> thank youou vyy mumuch appreciaia y you taking the tim. icick atistic for you, mr. hayneses. >> 46,87676ililes isiswhat? >> t total lengthth othth interstate? > y. >> and i is the l lon nest the world.d. >>46,000.. up nnex b btetere stocks that could b be better ts in te long r.. >> we'lllllook at a few thatate taken a bebeatg g the oututsi atat a still healthy on the inside. - ( truck engine r rblblin) - hey, wait waitit wait wait

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liverorom the financial capital of theworld in t heart of lower manhattan,n, h h c com right at you. e e cond hour of "squawkkon ththe street." m m ma haynes. ququk k chk on themarkets. aackluster rnrng. wnwn3 on the ddow rere than lflf, 1%1%.

sasameith the nasdaq andds&p. ssssesf around 0.0.5% erin? >> mark, ll i i down. 622. at leaststhahat'something that has a sisiti side t t it for ivivers. bertha i i here. and you re, oobvusus, k keengng a close eyee on w wt i t thiis ir to say is the big issue, ee tasury market. >> it becomom a biggerstory. people watctc t the very cacarelly. when y y w wer hearing t tk of possssib s sond or, in s som cases, one might argue a a thir stimulus plan,n, ght, because we had one beforeast yeyear giant ststimus. >> thehewewere talking about i when we spent 10%. but the e ta matters forhe market. > tre are those who gugu ththatou can't waitoo see if it's notot working for real too thisrorogr and alsoyoyo have toto b bui up s spoportor i so that makes e ery time someone sues somereasuries or susuce, it's going t to tt much more criticicaloo wah.h. as we're getting f furerer ouou thcucurv that's w whe ople

balk and these deals becomee les fafarable. anototheisissuce thatss not ininreceived favorableeis the discover financial.. they want to rrep their t.a.r.p. monon b butake a look at thetock downbobout 10 atat's huge offering. $500 million share o oering they want tododo wh possible extendedfffferg on that a as ll. ase're hearing about t tsese credit cardomomnies haviving troublblwiwithecord delinquencncs.s. people havingsoso muchroroub yiyi t the ills. don'n'bode well. a lot o o concern here t tha everyoyoness gtiting little overexexteeded >> it's fny bececsese i guess therere something rather humorous to o it but eryone is saying maybe i iss not green chchut. maybe it's momoss maybe maee it's just ld. >> it's a rll interesting ththg. >> one interesting thingng i is mamanad d ca names areaking f.f. paof that mayayee -- >>momo stuff like th?? >> the o oth thing is the stoto inththwall street journal" about rahm anuel saying there needs toto baa plpl.. the omamagovernment stillll wans h hav a vernment plan.

health c carbede bt.t. but they are open t to it being soththg where the managedare mpanies can sllll have coetetion and still compete against thatatplan. so it's very interesting today they are the b bwinners. >> bbera,a,hank youererymuch.. now to t n nasq and briaian schactman. looking for mymy own dperate grgrn n chute, i fouound one.. found a aipip company.y. raising its icicesy highh single d ditit pererceagag dodon' know whethth t thas someththinyoyoare seeing a l ofofr r not. itit was the onood thing i could find. i knowyoyou' got s see chip heliline >>e've had a lot of sentiment on theegative sisi. bank of amamicica,errill lynch or as nestoto s say bamlml. they're e f f tohe raceses sayig they seean uptick inend emandd and d th are -- wee don't want o use therereen chutesanymore. we kind ofof m moc it. but th said2010 growthh

rereca, they u ueded it by %.%. intel called theottom ofhehe pc marketet. it migightavave been a ltle eaearl can't call it end butut what you said a a what this is. pay a l litee attention to t t semiconducucr.r. >> and what aboutt yahoo!.. back in the heheadnene with something called aearch pad.d. and,d, obviously, anyny individ technology can rerelyly move a neededleoror a name likikthis. whwh is it andndoes it matter? >> hohopelly i'll be lele to figure outut h to useit b by "street gns." yahoo! down byby 1.1%.. it's basically, they a aalalli it likeken onlinepepeonal research assistata and you c c save neses and enn send them ththugugh cebook or wait t toeto other opople. andayaybe this is ing to g traction with acacememic and maybe evenomome work groups. google wkeked on devevelinin sosomeing similar but alally stoppeped ininit. if it's'somometng that takeses off, it couldd b something that gives s th s som more traction s theyattle now with bing and googog dominant. th a a trying to g get shshe.e.

>> brian scctctma thank you very much. as we lolookcross the brdrd at e markets overalall, it reallll isneney stocks ldiding eveverhing lower thanks to oil. let'senen it utoto .mark. >> and i,n turn, will send it to sharon epperson whoo s at the energy pipits with the late. >> we're l loongng at thiss o price e he beww $63 a barrel eieingf we'll hold to a $62.50 level. this as the trading commissionn is talkingabout setting position l lims s clamp dn on speculatioion t t energy markets. i'mmjojoed nowy a vetetanan trerern the floor, tom riley to talk a little b b about what some of f th trers think about this move.. at least too consider these position mits. whwhatsshe f feengng dn here? s s far wehink it's rerelyly going to be morere out the otc than thehe floor. we a aeaeady haveretty strictt tradinin l lims down he,, what kind of size y you can have on. i alize there a people that getoo have some empmptis and ththeyrobably are going tlook into that more closely. bubui think th fact they'llll

look t t regulalatemore of the c market could h hav atrickle down effect he.e. >> coerned about volume.ñ ththe ee group is reviewingththñ opopal. take a a lkkt what thehe volume e e going to be key. dodoou thinkk i i coululd impact price as well? >> i thihink a a time you effff volume y yououou have an adverse effect on price. mo people trading a marketet, the morere ransparent itis. you take people ouout it,ouou knowow, uu could have even greaeateswswgs than we h had la year. >> and people taking eir moneyg ererse could contribute to that, , to >>right. >> we're lookingng a pricesightt now ththat continue to comee of notelated to the cf but concerns aboutut emand. wel have upupdas about what e energy department hahas to say ouout mand coming up later thth tir short-term energygy ououook. over t to uu now, rick santelli in chihigogo. >> thankouou sroron. indeed, we'ree lookiking at ininrest ratecocompx thatattt ththis p pnt is s sma dab highl ununchgeged with yyteterd's elelds but that still plays the n-year slightltly a abo350.0.

stililllaces a -year welell above e 4.25 at 4.36and evybybodis going toococ on 3535ililli threeses. but thethther focusus is going howhis growiwingtalk, politically, on the extra ndeded amounts to pend.. ththe ww snding ckcke. and, remember, t the ve e presidentalalke about a scalculation. thee words werere tracted to some extent.t. but, remember, how many hundreds of times has t t current administration talked about t t worsrst recession i i history. e e wot timeinince the dedeprsion? i dodot t thk they were r reayy rprised by the dth of the slower aivity. mamae they're justurprised at all thatt money reallyy didn't'trereatjobs and consumers are getting ore dire ststras.s. just look at credit cards. as for the dollar, i it' close o ununchged but i it has improved rather mamaededly mark haynes, it'sll upupoo y now. >> thahankouou v vyy mh,h, rick ntelli.

>> nyny health ca stocks taking a beatingng cecent. our r ne g gst says therospect h heah carereform h created some enticing bbarins. jujustne of the topics hihililighd in kiinger's cover ststor "stealal theseddea."." ining us with hihis best iasas thth executive edor of kiplinger's s peonon finance magazine. thanks for being with us. > m lelease, mark. >> inscanning over this whole thg, you really zero in on rere stocks. so let's get right toto emem. pfizer is -- and you are calling all o o these very chp. pfizer is atat t top of the list. >> you'd be rdrdprpresd to find a momoresasappnting stock during the decade off the fitt dede of the centurury. pfizer t trad d out 50 i 1999. today it's abobout 14. everybodyy knows e sty. drugs coming off patent. concncer a aut omama care.

we pipililine ththat p pbably erstated. pfizer has moreehan 1000 ugs in the pipipenene. the ststoc incredidiblcheap. ades about 55 timesestimated 2009 earninings 1/2 times estimated 2010 earningsgsndnd yld about 4.4... >> soouou think thehe pipeline is better than m mos other people? that's what it seeeems ke according to the analysts we ininrvrvied. you donon't get a stockithout rtrts. everybody knows s th story. everyone knono t the negative. u don't get a stock this eaeap. so all youeeee is an positivee news and yo get the sckck momovi up and you d't't have to have it movov up a a lot to me different profit in pfpfiz. and also o on the we, ims, ticker rx. >> it is suering because big phphar companies and ltle phpharcompaniess s ll are der pressure,utting back thr spendndin imss collects prerescptptn data

from dgg companies atat has a ve hard toreicicat database of 1 million drugs fm 3,00000 cocompies. and ain, stockck is remarkably chchea selling about s sen time 09 erngs. historically, the e has been double digits. analyststs a estimimatg g a groh rate off almost 9%. ifif ty are rigight you don't even needn n exnsion o of e p/p/e ratio. i want t toet in igight watches internatatiol.l. >> that's on t t peripheryofof the healthth cee industry.. there e ar1.6 billion peopople around the world who areeieith overweight or obese. abt two-thirir o of amemerinsns arare overweight.. or obobe. and d th i is a c comny with a terrific brand namee ececogtion, and d isis is a tttt more expensive. sells at tentitime earns. timate 3d t 5% growth rate. and d pelele a notoing to stop

dieting. even though theomomny surnd little p pssssur becauause of recession. > manny, t tnknk you. appreciate it. >> my pleasusure mark.. >> nnnny schiffres from "kipl g iplinger's." >> o o hiring? wel look one upstart financial firm using the recession to its advantage. millions off americanans,inin fact, are getting hired everyry ntnth. millions mo are not. >> unfnftutunaly, that'sthth oboble >> the storyss more mplex anan t headadli.. then, he, shoulders, kneeses andes. clclasc technical patternsrere forming. plus, all dlong we're looking at million-dollar home. but beyond there couldtitill be one last shoeoeoo d dpp in t t subprimeme ctatagi.

> we're back.. daday'jackson memorial l ining to h hav a bigimpact on l.a.'.' onomy. the cityty h a novel w way for fans to helplp p pic up the tab. ririt.t. jane wells,live fromhehe staples cecent.. jany. >> reporter: w wit mee is t tim lywecky, the host of ai ae

>> wee donatatedotot stapleles center and nokia and the rest of the l.a. live district ddhen donated all ofofur stafffnd ourr time to o tr to help organize this on hahalf of the familyly. we thought thihis i is the man' memoririalerervi. he was an icon. was probably the most t important person in t t music industry. we wanted to gi h h a fitting fafarellll >> is itit safe to s s this is w million doars? > o of our pocket,, it's bsbstaial, but at t thi point it wasn't abouou t the nene i dodon' think, you know,'v'v se s som of the comments, inn rtrticar from one o oththe councilmen. m always wary o anyone thatt wants to stand o onop of the casketet i think that'sinapproroprtete ad toy we should bealalng about chael jackson andndhis egegd. >> lereral, we're told the cask setoioi to be here whihich isisoioing to catat more oa cucuri nnigmama. but thee benefit to aeg. ststil ththe tour, mehandise, things happenining what is thee b befefitow for ae. >> well, none becausellll of th was still outut there without thisis. this was somethingngeeid bebecae e e familyeeded a place for the fa to

partrtipipatin a memoririal rvice. so rararess of whetheher or not we wouldld heeone ththis theree still a relationsnshithth we have with theestate and t tha will be a separateconversationo. but here wee ju ththoutt it wa apprprririat he lived in l.a. he was fromm l.a. l.a. was hisme. ii tught it was i imptatant for t to ep up and gi the fafans andamamil a place to do a momori service. t t city is esmating 22 $3$3 mlili for taxpayers. ththe ty attorney has sent you a leer saying you m m b beiable fososo of tt.t. is thaha accurate?? >> ye that's hissopinion. this i is no our rvice. it's t the family's. with the city attorney, i respect t him. he's n new so i'll chalk ts up totoeieingaybe inisis first week or two. but not o on the day o oththe funeral. ththat very inapppproiaia. >> howucuch is this costing the city and whatatanpower is outut today? >> c cldld ct several million dollarssoror $2 m mlion or $ $3 million in city sosoces. the isissuisis ts is obviously a rld class ent. l. is a w wor class cityty, and we have theooigation t to ovove public safety.

nothing realallyouould tarnish ent like thihi re than jeopardizingngubublisafety. there are h hunededs ofhohousds pelelehat aregogoin to be here anand u u n see all ofthe liliceofficers behind u we have that obgation. thth s sai we have, obviously, ththe onony is whatitit is. > $500 million deficit f for the cicityf f s angeles. >>e're working t touough that. resources ar tight. what we're askingng for fssf michael jacksonn totohelp contribute, literally, to h hi memorial s svice herere. again, as i said, noththgg coul tarnish this great e eve more thth not ablbletoto provide pub safety. soe're askinghem to donate what they can ononnene. >ouan d datate online. would youike to s aeg t up some money rr this? >> i thihi right now w wre askiking t the fans t t contribo this h hisriri ent and lilirarallbecome part of susuppting this g gre event. 's's o jobtoto providepublic 

safety, to maintainn plili sasafe and we're goingng to do that whatever r ittakes. >> this is ththe bgest evenen  you've e evehahahere? >> we had the lakersarare two weeks go, which weaiaid all the money for and pd.d. diereren event and paid. bubut isis is as b as itt gets. a lot of hpiness tocelebrate his s life.. a lot of sorrow thatt he's left . >> tim leleiwe of aeg. thank you both. >> a a part o of our ongoing,g, who's hihingng,e're profiling credednvestment bank and secucurieses fm that hasbebeen bebenetitinguring the slolowdn.. brian james,anaging partrtne of hexagogocurities. ododo have you whh s, brian. >> thank you for h hining me. >> i'm h heang more and more o this on n wa s strt, particulular f fm american nks. peoplelenn the c cret t de are leaving g d d th are going t t smler shops or they are goingng toto eueupepeanased banks becau they want a shohot a a greater cocompsasati. is that t rtrt o wh it is? you are able to oerpside

ththatayay thosearprecipient banks cacat?t? >> thehe gearing is higheheinin placace t t rional o or do bobo teak levevel bubut,ou know, we see this n stst f u.s. nknk s see this trendoror european babank as well. >>eopleeaeavi there and coming.. >> a lot of the lalarg institututio, , rge investment banks are asset encumbereded. focused on theirwnwn capital sues. and t tre's stitill a tremendou need, eecially for u.. compmpieies,o both recapitalize, finance debt a and also restructurure. and they are juju not as focused onon tirlients as maybebehey otrwise would february t tyy didn't have e thee issues. >> is what you a saying that now there is a rkrket we've bebe t talng a lot a abo this. a loloofof companies have aeeee to rerefince theirdebt. but ththeyreren' necesesririly people willingng tive them thaht refinancining. you are saying there are. >> thereerertaly are. i think th,, look, it's a challenging process. i think that if you look at creditit or r th l las -- d dur e e bu market.. a lolotof, y you know, credit

ballooned. but it wasn't necessarily distribubud.d. i t thi we're going tough this redistribution of edit. it a a painfull prococes part of ththdeleveraging ococess but oppopoununitfor boutiques and regioiolsls t take advantag of t tha and serercece its cucusterers again that aren't encumbered by y eieir own asset and capital issssue >> okokay whwhat part of the creditt mark are you goioi to operatetein? obviously you see an opportunity.y. for explple, today'ss ft. securititizaonon markrket rlly stl at a ststantitill. i m mea i is that where y youe gogointo erate? whwheryoyouroing tooperate?? >> s secititizion markeke certainlnly rtrtf our focus.s. if you looook at what's h hapne in talf over t tlast year or , , th program h h been onene oo the morore successfull pgrgram albeit issuance hasn't'tbeen tremendously hihigh we'r're soso f fusused on c com ththatave nontalff assets. and d need d to s secititiz d free up somealance shshee.

>> so thesecurities. you are a securities irir let mereread thth.. t t th securities a credit markets. thth'r're t in eqeqtities okay. set nanagent. i rereale e u just started. whatat stt of assets dodoou hav under management s so far? >> we're not an asset management firm. wewe'r focused on investment banking activitities focused cenenreredround reruructing activities. 're fused on -- cross that ou >> the trading and distribution of creditototh on the corporate side and mortgage dede. >> w wheyoyo go out looking for stomers, are youou findingng h ll or arere ople r rogogning e new reality?? >> i would say ttt companieses here in the u.s. absolutely recognize -- >> youotot a newewname, right?? on some lelel they donon wt to alalith the bigiguys because there's a nvovoness there with the government. a ather level, tsese guys arere

safe and quote/unquotete t big to fail and y you ar sort a nenew guy. ha you been ableto convince them that yoyou are going to be ararou?? >> i think i if y you lookok ag dung a credit b bul mamaet, you saw a lotffnsnstutions lead th balance eets. we donon't have a large balance sheet byby a measure.e. t i thinkk t theays of l leangn with balanan s she are long gonene. i thinkn n orr for firmstotoe successfsf g goi forward, they e e ing to h hav to leave e inllllecal capital. i woululdayay we competetegagai anyone at that vel. >> a g graous way o of sayingngy underprice the cost t to reredi we appreciatee it,, brian jam. underprpceced and now ererne aying theprice. coming upup theaber report. >> davidid deses deep into e >> davidid deses deep into e big, bad nunumbs.s. arrhea, cons! cacai i te you what a difference e phlili' colon health hasas me?e? i'm gogoodo o !

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you'ree watching cnbc's "squawk on thehetrtrt." >> welcomemeback. eaieie i was talking aboutt

credit c cardelinquenceez, an area which ntinues to see sisiificant increases. another area where delinquencies continue to sese? not surprisising,, mortgageses younonow,reddie mac and fanniee ma now once ainomomplely control ththe secondary m marttr mortgages. they are buying rerer lesess almost everyry mtgtgag that is made or e eryry refinancing d d that is donene out here. ey are buying.g. andececitizing most of tt. the e vomeme isincredible. fannieie alone inthe m mon of my prproved 1.6 billionon of liquidity i issd $67.7 billiono of mbfs a d d $57 bibillnn in rerenanancg volume. takeke allk, tthoh, atththe delinquency y rasshatannie mae e al reported.. a little housekeeeepi o o my part. numbers came lastteek and the weweekrior from both fannie and ededdie. but, hey, we o own these, babie. let's take a lookt how we're dog. serious delinquency r rat on

conventional single-family mortgageges omom fannie mamae. th is thetotal. it iludes credit e eanced and notenhanced. ererit is. proaching 4%. its 3.42%. youanan see the decline -- i'm sorry, the increasee continues. as for fddie mac, also doing recordvolumes, i would seem we're going totoee owning this ba f for quite some time. lolooktt the risisk characteriss of the ri portfolioreddie mac c veve u in h his latest uptete. we're talkininththerif we go back to theirst oone kindff went little t t fast. thank you. ltltvsbobo 0%. an 80% loloan to lue, y youe talking 16 plus 11lulu 17%. yoyou can add that u 283344 of theirr p porolol represents loan n vaeses of 80 orormore in m mart in whihich hoing prices continueeo decline. ta a aook at the nexthart as

well. giveves u u meenense as the risk aracteristics of theortfolio in tererms of f fik oerss. 0 and above. that meaeans 5454 is bebelo are we ing to se more losses? more dedeliueuencs? or defaultsts? e these companiesesoioingo be rdrdof the stateteoror a l lgg time t come? i don't knowow. take aook athat chart a and keke yr best ess. lelet'tatake l lkk at ththe sto in question. there they are. 59 and cents. how about ttt?t? all right. well, cocongng up, isis a headd shshouers causing investors to shrug off aa return to rallying? a complete tenical analysis on thother side of the breaea

majorr market averages are lor across the boboar w w do , n nasqqlower. s&p lower. crude lolowe haeses ieeee absolutely noththin that is higher.r. not eveven utilities. advavancs,s, dececneners you can see e it therere. the decline/advancnce margeinin better tododayhaha yesterdayy wn we were only down abouout0 points. just when you l loo at thatt graphouou see.

advanc advancers/declinerers,veven tter than o oththe w york stock exchange. that is whehere we stanand. haynes. , northbound it's me ining me with t the analylyss of the r rect t ad and shoulders and to explainhaha those toes are that wereomehow put here, scott is witith us on t floor. chief strataticic ficer. phil rothnnanhattan with miller tabak. good to havee bh of you with us whwh do the chartselell you? >> well, w wveve been ineriod of declininingupside momentum fr quite hihile peak momentum w was actually in late mah, early ril. 've had aeries of wanining montum rallies. so we're working into a coececti. now the e esesti is, arere we gogointoto s increasedelelng pressure? buying p per is diminished. having seen anyy selling p preue of nsnseqnce.

>> howucuch does v vole matter especially cononsiriring we're thesummer.r. weay note tting a whole lot of it. lulumeatters when the market trying to go up. it would be rare tosustain lolongalal without increasing volulume market can go downn without volume but rarely can go up ththouit. >> scott, where doo youhihink w stand? >> i think the'e's a line the and right now t tha most traders aree looking atat. th's that88887 area thate'e've beenen hdidi since earlymay. and that's's like if wveve reace ththatrereand closedd below tha, that will ignite tt headndnd shoulders patterer andininly get t tha etetrament that we e han'n' had sincehe rarayytartedn march.h. an if wedodo breakthat and ose elelow it's a a measurered move on t t &p. > mt w we have a rracement? is it absolutely nenecearar >> the f fir part of the rally was based on pocycy

thext part o oththe really needs to actctuay y se results. e governmementveryone has these policieses out there. now time too see ithese greenen chutes are g goi to wowork >> hypotheteticlylyi thinkk th economomwiwill take a lonongimeo recover.r. you need to get involveved a at mpmpling times. ghght w we'rere at a acrossroad. somemeeoeopl take money o offhe tablbl now we're tryingoo figuree out whwheryou need toutut n new mon toto work, w wheerer it's hereo thth deeperer retracement, that may bebe mee compelling a at th end of the summer.. > wch is moree lliky,y,n your opinion? > mopinion, i see tecechnala dage over theourse of the last four weeks.s. i thinin my gut sayining we bre that level.l. when the market confirms it,, traders will goo w wit it a a trade from net shortrt posititi. then we'll figure outan areree can bubuy o o a potential m me it shows-- >> both ofof you are talking abt a potentialal drop. i wawa t to t a sense of magnitude. the march 9thayays ttom, , anan- are we g gng to go d dnn th l l, phil, iff not, whe?

> ihihi the market could make a new lolow. let's reremeerer -- >> no wawa >> thahat' a a viololatn.n. no way. >> i havee to agree as wellll i thinink we'll get1010 0. >> let philfinish. > wre is your vel? >> llll if we want to take it ststepyy step,, break o o the 80 level or so o on the s&p, my nt targets are 825. but we could retrace the wle rally. we h hav nothahad atest. there's alwaysysaa test untilou gea a test. we have to asmemehe ralally wa a a be maetet rally. >> we have to assumee t thi is bear m mket rally? >> until proven otherwise,yes. at doesn't mean -- > well, i mean, the markeke beenenoioing up. what else doesit needd todo? >> it needs to b bui a base. wee had b bigr bear market rallies in history. some of t the have retraceded nearly the entntee first leg of bear market decliness and we've had bull mamarkss that start --

that have started w wit far les gusto. sohehe xhbt this rally,hihi 40% rally o the&p&p over a uple ofonthsoesn't tell u u anhing about the long term. it only tells uhat the market wawavery, very depressese beforehandnd. that's alltt says. >> with phil ikdd 5 gree ae. th technical anysysis you can figure it out as it goes. we don't need to ttt the low. ch step of the w, we'll evaluate thehe anandspe. right around the 810 to 2020 sue.e. i thinkk that will be thehe areo put money toto work. d i don't think we'lletet depression, civil l unrest, at typepe o environmenttoo break ose lows which iprprobly atat'soing to have t to happen o ord to do o.o. > i i think you'reeotot wrg.. >> haynes, what't'souou ca?? > are more t tha 2020 off t lows. >> soso whwh?? % % f the l doesn't mean ananytngng it only memean that y were v vy oversold beforehand.

a 20%owow is - -- >>cocoulng a secular arar right?t? >> the secular tndnd is no up andd it's arguabable whether wee put in cycyclill low.w. a k missing i iredient is every time the markekets rally, interest ratesesave gone upup 'v've t to breakutut of atat box bebecaee higher r rat checks off the rarall we shouldee aeaeactn where rates dropop for a a wlele and wi i irove the technical condition. w we' more than 20%0% higighe off ththlows. and heherere, t t way i seeee i, hihisticicly, always been a bear market.. 20oror more is a bear rkrket t thas not trtr. >> i if i mayayee allowed too fifini. it is, afteter all, m mprogram and her program. ththerorore,he benefit ofofhehe doubt hahas go to t bulls, inn myopinion. okay, guys.. thank y,, ppl.l. i thinkke'e' heard whattouou had to say. phil r rot scotttt. >> good have bo of you with

us. >> srited debate. and don't you try t to violate e air here.e. he's so prototecveve >> the marart t ha been going . what more can it d >cocomi up, all dayonong we'ree looking att what kind of hoho a a million llars willuyu now in d dfefere areaeas. >> we're gogg totatart in my current t metown, manhattan. (annnnouerer) it is tht adadvaed automobile we have everer catated . keep him i in s s la if he starts to o ndnder. if you want totoeeee tf f future of the automomobi,, just look at the n new cla. this is the 9th geraraon e-class. th i is rcedes-benz. for a smarter r wato tr.

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quick chececknn the marketet the dow is dnn out 80 inin.. almostst 1%. same thing ononhehe nasdaq. s&p a little betterowown .86%. brbrdth is actuallyotot too bad. >> it's reallyototwhen youooook

advancers/decliners. today we've been looking a at h much home a aililli dollars can buy you roross the untry. our diana olick tracks wnwn well, one othe most expensive markets in the country.y. who is epepin manhattan afloat? > trific building. small buildingng. ononlybout 90 units. >> it't' a a one-bedroom condo. after sitting onon the market f ninene monthsitit j jus sold. >> y youreren' looking u u he.. you aree looking out a at a downtown view with a ice of th hudson ririve >> i walk inerere and see a very small oxox. >> thihiss over 800square feete. >> at thee openinin li price o $1.375 million, it sat. >> but when h reduced the pririe to 99 wee got ovever 20 dsds on over 100 showiwinginin a one-we

period. > aop agent in manhattatan,se sees condoss as a better be alalthgh condo prices felell 21 in thehe sonon quarter of ts year from a a year a ago while didianprice of a a co-on sank. really still a supply a and demand issue. there isn't't enonoug supply to drag down priceses >> reporter:r: we l know reaea estatete ialal about lolocaon. ththisuilding is lococat smack in the middle ofmidtowown. not yourrendiest neighbhborodod but a couple o of block omom cecentl park, nearhe theaterer ststri. the neww o own is from china a plans to renen the placeout. there were, fact,t, three fers from hina. for w,w, at lst, thahas s whis keepininghihisiand's condo mamark afaflo.. cocomi u up "p"pow luluh," cnbc's million-dollar homeme series continueses i aarket t that's's taken alolot of heat, amami. michelle kosinski takes us

inside. and what did you yy 800 squaua feet s,s, markrk? half the sizize o your babathomm > i just tt akiki out of th rereal estate agent. why, this is over 800 square feet. that's 20 b40. >> h hf f th size of y you baththomom. >> no, nono, but about -- less an twice thesisizeff my bkk poh h fo goodness sakes.s. mean, come on. most people -- >> it't'sllllrelative. >>momost people live i a l momorehahan 0 square feet. >>yes. >> unfortunately not most peopoe in manhattan. they l le inin eit square ft. >>hahas pathetic. and bendnd the bibig tickett mes, whether you getet 8000 square feet or 0000,0 square feet likee rk's hohous there could be o one more big wave of ththe bpbpri mortgagagemess. after that i i you are willing o sail n,n, may beime to kk tor ththhome ililde. all thatatomomin up.p. but first oh, trish.

>> great.. both of you a a doing it now. mimi up at t the top of the hour, we've gotot a great ssho wewee going to talk a abo -8 getting s set to meetttomorrow. slugsss to the glglob financncia recessionre on their agenda. we are askining the qutition , are global bksks stalling? ststling a recovery by notot leleining much as theyeyshould? do they get rt of the b bla inn l l of hihi well disisssss that i in our ca of the wild.d. plus in ourur call toto action today, just e exalyly where y y need to bebe putting yr money as investors s arar up foror the release of sececonuarter earnings. wee e ing to talk about ll of that. plus w we' got someeaeal estate plays as well. mark, ii promise you, you probably getet ttle more moyy fofor urur money than i nhattan. also s sealele it's all c comg g up at the topf the hour. businessss m morefficiently, teteamf f perts to help.

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> 'r're back. p raising i its expxptatatis f lossss on subprime. re pain to cocome f f the

hohoining market. so what'shehefuture hold for housinin could investorors profitt i the can hold out? what do w we do? steven kiki senioior analyst global real e estee with alpine woodods capital investors. and thebrain, did fabab joinin us w.w. sten, what doeoe the future hold rere? is real l estete ever going t t turnrnaround? >> eventually it wll turn ouou. unfortunately, i t tnknk wre gogointoto go roroug a pocket o tutuulence once again. belief is in the summer as you head into the fall you're going to see t ususin market take a lilele b of a breather agn. you've h h a a number of what wowoulcall temporararystimuli that have nefited housingng f the lalast several monthth mamanyff these we'regetting aned off of and is going too have anegative depressant on thhohoing markrket >> d dss this scenario makee sense? ththe alalstate markrket like ay other market, is a big cocoononn ofof psychology involveded here. absolutely.y.

>> and i'm thinking sisinc e maet has beeninin troubleleor theeears now, we rllll really the top back i in'06. arwe not reaching, say, perhaps,s, iour timetablble you're tkiking about late summer oror fall, mightht that not be time enen people r rlly start t ththw w inhe towel because bebeuse they've been sittiting ththsidelinesnd they p put t the prproptytyn the market a it still didn't sell? absolutely. myelief is investors who havave a longerteterm perspective shoud use the smer period io the earlrly llll t acquiui potitis in a market tt i belilievisis very c clo to its btotom. y youoom t lelensout over a a three-yeyearererio andd b belve you should rememberer, housingg equities w always rfrfor quick or outperformrmefeforthe fundamental l maetet wl. fofor ample, the housising stoc are in a fourth yearar of decli, even though thee fundamentalal marketetisis three ears. >> david? > wre are we right nowow on

prime? 'v've talked so muchch about subprime foroo long andndalal dy and as i reportetedoror quiteome time, that's noo longerhehe story. prpre is the orory. i putt up a chartff delinquencies on fanannimae. atat iterms of that side ofof the stororyanan delinquencies, defaults and in general, whwh that mes.s. >> iss importantoo recognize that folks withth pme mortgtges generally spking, have m mee cushion. a ttttle bit rere financialal cushion and therefore, eyeyave anababily to sort of postponon the didive i thinkk wrere reachihithat point. but it'ss an inevidentability ad the thingouou look foroo try t findndhehe absolute bottom in a markrk l lik housingng. we're geing close too that bottom. t i think that we've had a a upuple of green ctete optimism pointers here over t the past several months and i i tnk we need to cut thoseacack. >>e can alll rere capitulation butut but howowdo know when wewe'r at the bottom?

>> w we' b bn doing thihis a lo time at alpinene. when you look atrealesesta ststoc t tt are c cyccacal 'is unlikekelyouou'lsee a marker at will identntif t bottom. bubuwhat you can dos get an id of what sorts o ththgsgs might becomeatalystic in the first leg the upswing. weweook for that. think that we'rere getting close and i w wldld say thahat you start seeing the stressed seers, particularly instititutnana distressed selles comimingo o rket that's th kind ofhing you're looking fo weweee srting to getet the indications from the field at those sorts of deals are starting to o haenen. it's stitill v ver early. at's what i thinkgives mehe timeframe of aboutut s mononss that you probably wawant to be lolookgg to be in this group. >>ut against the backdrop of sing unemploymenent and mortgagg raratethth are not near t lowow they recently were. how much of a a uptptic can one expect oncee we h h the capipitutitionthat bottom? >> houousi is a jumpy grgrp.

i wowoulbebe remiss if i didn't say y atat the mee could be q qe signififictt althohoug the ndndental move may be muchch more muted. it's important remember t t ndndental market has a lot of lingering problems whihiill curtail its upside, perhaps, over the nextt three toeoe fe e years. bu optimism doesn't haveehohose restrarain.. as you e ent t t beginning ofof the swswg, the ocock action is unlikely to beas muted. > w d d see se homeuiuier consolidation. anexexctation that we mht semore? >ell uererinly couldld. mememb, housingng i is aususess that's a l lotf f cess who are founders and itt c ceses down t personalities. i ininthe cenenxx merger wawas n aberertitionnd not ttttg t ton for r atatou'll seeypically ovhe next coupleff yeyear >> thanknkyou. david sabre and steven, thahank you. >> y youee wwelme. i almost calleledouou steveveki. >>upup next whwhic final chececn

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>cocomi up later on the survey, 60 traders t to see wre th p put their money a a we'll llllou the results "street sis" this afternrnn.n. bebea will be sittitingnn and i'll be on m wayyto sun llll, idahah w whe we're excitedbout memef the g gueshahat we'rere going totoee bnging our vierers. i'm not t ining disclclos righ now. >>hat's what we call a tease. that's what wealal a tease.. but we have see great once. some of thetopics,, they've been doing thisis f 27 years, the sn vavall confnfenence. it usesed to be r reay a media

conferenen.. you still getajajor media plplays.s. >> is favor going. . >> favor used to l lov to go t at t tng and h han out ss resume. > b then he turned t thealal wn. hehe wted to write books andd things l likththat instead.d. >> this is whatt caughty y ey among g heher things. >> beijijiautomotive, plans opelhihina anant, beijing aumomove aims rapidly expand its operations andd want to quire gm'spel businesess in eueuro.. ananotrr chinesese company boug hummer or is in the procesess. here's m mpoint. thehihine are veryry long-term thinkers a a they, obobously, sesee a big o opptunity in the automobile bunene. >> they y ?? th're now the largest car marketer, for a couplele of mons is year they werentnt and they're takakgg advantagege of fact that thth frankly, the

mamagegeme unions killed the e american all tokekers >> are tybuying lelensns? china is pushingngo go genen. hummer -- comeeon. huhuer is not greeee >> well, they'rere buyining up world's natural reurces. >> humummeisislacktt soot. >> and now they havea bigig foprprt in industry - -- i i'mururio tosee. >> this is goingo o be very -- w wther they're making smsmar moves or doing w wt t haens a lolot times ovoverasas you erpay and uu get a lelemo >> y y d don overpay when yoyou watch us. wel see you again tomorrrr a at 9:00. > inststs are lking ahead toto easury acon of thehree ye notes later. anand ee commodityty featur trading commissionon i considering posing t trang mits on cmomodies of fite pp