withing to "squawk box" here on cnbc. i'm just going to read right over you. >> can't wear your birthday suit for you today. >> oh, i did. i'm becky quick with joe kernen and andrew ross sorkin. today's top stories, fed chairman ben bernanke heads back to capitol hill for second day of a semiannual monetary policy testimony. he'll be appearing before the senate banking committee. speaking before the house yesterday, bernanke reiterated that the fed would likely begin tapering later this year, but he also stressed policy would remain accommodative. >> we're using asset purchases and the resulting expansion of the federal reserve balance sheet, primarily to increase the near term

a literal who's who of wall street at cnbc delivering alpha conference. the market is reacting to both events da

. >> welcome to 60 minutes on cnbc. i'm steve kroft. for many people, hollywood, high fashion, and paparazzi-draped celebrities are the epitome of modern-day glamour. this edition features a trio of stories that examine some of the things that go on behind the scenes in those glamorous worlds. we begin with hollywood, whose studios over the years have produced lots of movies about pirates and mobsters. today real-life pirates, some of whom are real-life mobsters, are bleeding the movie industry out of billions of dollars a year by hijacking its product and stealing its profits. with the internet and dvds, the movie piracy business has exploded, and as leslie stahl reported in november of 2009, law enforcement is struggling to keep up. [clanking] >> los angeles police department. we got a search warrant. open up the door. >> every month, a special unit of the los angeles police department mounts two or three raids looking for pirates. [men speaking spanish] at a raid on this warehouse in downtown los angeles, they arrested two men who th

at&t mobile share for business. ♪ >>> today a cnbc exclusive. soaring stock, expanding global reach, record ratings on air and in social media, a discovery communications plans to keep growth going fresh from the earnings call 10:30 eastern on "squawk on the street." >>> look at this sector of the day. the fertilizer stock, and what is the name of that dog, becky? >> the pug? >> no. >> golden retriever. >> no, the fertilizer stocks, the shih tzu hitting the fan. i wanted to spread the guilt around and the blame, but you made me say it again, the shih tzu hitting the fan for fertilizer stocks. that is something that you don't see. because they have huge mark-ups and potash is on a plunge after breaking up with their partners in belarus. thank you, judd, for joining us. now it is time for "squawk on the street." >>> good tuesday morning and welcome to "squawk on the street." i'm carl quintanilla with kelly evans and david faber, jim cramer with the day off. the case-shiller home index is out, and up on the composite, and some cities saw all-time h

a brand new cnbc survey that could cause some concern. steve liesman with the details in 45 seconds. apple is on the rise again after its rough fall from the tree. is this one super popular stock making a comeback now? and rupert. wendy wants more money. trying to bypass the pre-nup which says only nets her $20 million out of mr. murdoch's billions. what are her chances of getting that pre-nup adjusted? first to sue at the nyse. >> i have a funny feeling that's going to get messy, ty. right now though let's focus on the markets, and despite the fact that the markets do remain near record highs the underlying economy is constantly on the mind of traders down here and investors across the country. american companies and, of course, the u.s. government also concerned with unemployment still at 7.6%. what are the forecasts for growth going forward? our senior economics reporter steve liesman has the latest cnbc fed survey. steve, over to you. >> sue, thanks, not very good is the forecast for this year. strengthening next year. i want to show

in a first cnbc interview, we have the cfo, stacy smith, back with us. good to see you again. >> thank you. >> how do you characterize the second quarter this year? >> you know, the second quarter came in in line with what we thought. we saw a little bit of unit growth, a little bit of revenue growth, margins expanded, so it was pretty much where we thought. i think what really is driving our business is the product cycle. we have a great slate of products coming out across tablets and 2-in-1s and ultrabooks and that's helping our results right now. >> but you're cutting your full-year revenue forecast, i understand. so what's gone wrong there? >> yeah, we saw as many of the third parties have, we lowered our expectations for the traditional pc market. and so, we brought our guidance down as a result of that. but we're also within the second quarter, you started to see some real traction in some of the large-growth markets where we're gaining shares, things like tablets. and we announced this quarter the samsung galaxy tablet win, which is a great produc

john paulson is still speaking at cnbc's delivering alpha conference. let's have a listen. >> one is trying to anticipate which of the announced deals could get a competitive bid because then if you get a competitive bid you can make, you know, a very, very high return, and secondly in trying to anticipate consolidation trends within an industry and then to acquire a stake in a likely takeover target before an announcement is made. we've had several successes. the biggest one was sprint. they unusually announced a deal to sell 70% of strength to softbank but we thought the price was undervalued perhaps because it didn't have a full takeover control so it didn't have a full takeover people why you. we thought given all the activity in the wireless base there could be another bidder. we took a substantial stake and bought 230 million shares and prior to the announcement by dish of a competitive bid, and then they got into a war. softbank ultimately had to raise the price. as a result the sprint stock is up 25% for the first six months of the year. after t

stay right here for first on cnbc interview right after the break. i want to make things more secure. [ whirring ] [ dog barks ] i want to treat more dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] [ tele[growl]inging ] now a waiting room we used to live with a bear.. we'd always have to go everywhere with it. get in the front. we drive. it was so embarrasing that we just wanted to say, well, go away. shoo bear. but we can't really tell bears what to do. moo

in this cnbc exclusive. richard, good to see you. welcome back. >> thank you, bill. >> we'll have to have a truncated conversation. i apologized for that. interest rates are on the rise. what does that do to your mortgage business? we've heard from other banks that things have slowed down, and they're wondering what the outlook is. what's your version of that? >> you know, interest rates have different points on the cycle, 2, 5, 10-year. as the rates have been moving up on the long end, it represses some of the mortgage activity and refinance, and that hurt us us in the near term. as the curve moves up in the middle, and it will, basically on the beige book results we're reading about, it will be positive for banks probably in a couple quarters from now as rates move up and the entire curve starts to shift. >> i would really like to know, though, if indeed your mortgage revenue business does continue to decline over the, i don't know, coming half or maybe even coming year. so where exactly will growth come from at the bank? >> you kn

. >> welcome to 60 minutes on cnbc. i'm steve kroft. precious commodities are, by definition, rare, valuable, and in high demand, and very often they're located in places that are difficult to reach and sometimes dangerous. this edition features stories that take us down into the world of sharks, deep into the heart of africa, and onto the high seas for a look at the dark side of big-time commercial fishing. we begin with gold. there's a demand for gold for investments, for the circuits in cell phones and computers, and of course for jewelry. and mining it often comes at a huge cost, one of which you probably haven't heard very much about. in the democratic republic of congo, gold and other minerals are fueling the deadliest conflict since world war ii. in november of 2009, scott pelley went to the heart of central africa and found a campaign of rape and murder being largely funded by gold that's exported to the world. >> this is a gold mine in eastern congo, dug from the side of a mountain by the bare hands and stooped backs of 100 men

>> no. >> when 60 minutes on cnbc returns. [ticking] this man is about to be the millionth customer. would you mind if i go ahead of you? instead we had someone go ahead of him and win fifty thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers the same. whether you're the first or the millionth. if your bank doesn't think you're special anymore, you need an ally. ally bank. your money needs an ally. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, where experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. [ticking] >> a big time sports franchise is the ultimate vanity investmen

breaking news coming into cnbc right now. tyler, i'm going to throw it over to you at desk. >> mandy, thank you very much. the u.s. securities and exchange commission has charged s.a.c. capital's founder and prime guy, steven a. cohen in that insider trading case. he's been charged with failure to supervise two traders whom the s.e.c. and justice department have charged with insider trading. this is not a justice department criminal filing. we should be very clear in saying. it is the s.e.c. that has charged mr. cohen for failing to prevent insider trading. let me read from one of the s.a.c. paragraphs. cohen received highly suspicious information that should have caused any reasonable hedge fund manager in cohen's position to take prompt action to determine whether employees under his supervision were encaged in unlawful conduct and prevent violations of the federal securities laws. instead faced with red flags of potentially unlawful conduct by employees, cohen allowed them to make the recommended trade and stood by while t

. >> welcome to 60 minutes on cnbc. i'm lesley stahl. in this edition, we examine the american work force and we discover what stimulates new homebuyers. but we begin with steelworkers. steel, the so-called backbone of america, is suffering. at the beginning of 2009, steel plants across the country were hanging on for the stimulus package to kick in, with its over $100 billion for building things like highways and bridges. as i first reported in february 2009, the package included a "buy american" clause that the steel industry had fought hard for. it says any infrastructure project paid for with stimulus dollars must use steel made in the u.s.a., not cheaper imports. >> the whole purpose of your stimulus package-- and it's the right purpose-- is to stop the bleeding of jobs and to create new jobs here in america, not overseas, not in china, not in europe. >> dan dimicco is the c.e.o. of nucor, the biggest steelmaker in the united states, with 18 plants all across the country, including this one outside blytheville, arkansas, along the m

. >> welcome to 60 minutes on cnbc. i'm steve kroft. in this edition, scott pelley reports on hard times in a small midwestern town, and later, bob simon's story on a yonkers, new york, bakery that became a role model for social activism and small business success. we begin with the plight of wilmington, ohio. when president spoke of "the winter of our hardship" in his inaugural address of 2009, no one understood it better than the people in wilmington. they were in the grip of a brutal series of layoffs at dhl, the air shipping company, at a time when claims for unemployment benefits in the u.s. were the highest in nearly 30 years. in december 2008, just before all the speeches and parties of inauguration day, scott pelley headed to ohio to find out what questions the families in wilmington were asking. >> are we going to lose our home? you know, are we going to be able to pay our property taxes? what are we're gonna do for insurance? what are we're gonna do for food? you know, and these are questions that you'd never think that you'd

eastern on cnbc. and win fifty thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers the same. whether you're the first or the millionth. if your bank doesn't think you're special anymore, you need an ally. ally bank. your money needs an ally. >>> welcome back to "the kudlow report." i'm larry kudlow. tonight we're breaking down the brightest and best idea in finance and dlis from cnbc's delivering alpha conference. we're back with abigail doolittle, michelle caruso-cabrera and art hogan who has now finally made it to the studio. all right. it's a very bullish comment today from john paulson that was earlier. let's send it over to our pal josh lipton. go ahead. >> hedge fund billionaire john paulson became famous when he called the subprime crisis in 2008 and now he's very bullish on housing. take a listen. >> i'm not sure if housing prices will increase 10% every yore, but it's likely over the next five years they will increase by at least 5% to 2%

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boone pickens next on 50 minutes on cnbc. [ticking] when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, where experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. i started going pro a few weeks ago, using crest pro-health clinical rinse. i like to swish it around a little... and it's that easy! my mouth has never felt cleaner. [ male announcer ] go pro with crest pro-health clinical rinse. [ rachael ] i take really good care of my teeth, but i've definitely kicked it up a level this time. [ male announcer ] it's clinically proven to reduce plaque, freshen breath, and it's alcohol-free. dentist is on his way. he's gonna think t

call me at 1-800-743-cnbc. in recent years, i have to tell you, i think stocks have become the most hated commodity in existence! they're certainly hated -- well, let's say any time more than i can remember in my career. but i still believe that anyone can turn a profit in the stock market. as long as you're willing to put in the time and effort to keep track of what you owe. i wouldn't come out here every night and try to educate you if i didn't think this was more than just ha theoretical possibility. it's feasible for the vast majority of people watching the show. you can succeed at managing your own money. if that's the case, why is it so darn difficult? how come so many people struggle to make money in the market? how the heck can i believe it's possible for you to beat the averages? the big benchmarks like the s&p 500, the dow jones average when so many people so regularly fail to do so? simple, you can do it, but you've got to do it the right way. one of the biggest obstacles is a lack of clarity about w

[cheering] >> welcome to 60 minutes on cnbc. i'm steve kroft. in this edition, we take a look at technology. we examine how breaches in digital security threaten everything from weapons systems to bank accounts. plus, we meet the mr. fix-its of the geek world. we begin with electronic sabotage. nothing has ever changed the world as quickly as the internet. in less than a decade, the pentagon's warning that it might be possible for a computer hacker to disable critical infrastructure in a major city and disrupt essential services has actually happened. other online attacks have seen millions of dollars stolen from banks and defense systems infiltrated. it's why, as we first reported in november of 2009, some people are already saying that the next big war is less likely to begin with a bang than a blackout. >> can you imagine your life without electric power? >> until february 2009, retired admiral mike mcconnell was the nation's top spy. as chief of national intelligence, he oversaw the central intelligence agency, the defense intelligence agenc

or what about some of the other cnbc suggestions. choose from margaret thatcher, dame judi dench, jk rowling, dame kelly holmes or even posh spice. also asking viewers for some other ideas, one of our viewer tweeted in to say kate's baby bump or richard branson. and mike davies also tweeted, churchill, atly, somebody famous? keep your responses coming. keep in touch. we're on e-mail at @cnbcwex a worldwide@cnbc.com and a couple of twitter handles out there, @cnbcwex or direct to me @cnbckaren. >>> a bunch of earnings out from a whole varied amount of sectors. let's delve into the big ones. swiss drugmaker novartis raises its four-year outlook after posting sales just ahead of expectations in the second quarter. earnings per share fell. nordea posted a second quarter net profit of 772 million euros, slightly bigger than expected drop from 820 million euros a year earlier. the stock price is still up .2%. all weighed down by lower net interest income. and bhp billiton soaring today, another record rise in iron ore production. output re

boone pickens next on 50 minutes on cnbc. [ticking] when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, where experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.  it's been that way since the day you met. but your erectile dysfunction - it could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your he

we bring you the release first on cnbc. that's coming up in the next hour. >>> and telenora launches a share pieback after second quarter earns beat. we get the full story with the ceo live from norway in just under an hour. >>> netflix shares take a hit. julia boorstin brings us an exclusive interview with the ceo straight from silicon valley at 11:30 cet. >>> and there appear to be limits how slow beijing is willing to let china grow. the chinese premier reportedly told state council that 7% is the economy's slowest tolerable growth rate. the report by the beijing news isn't the first time a 7% growth rate's been tossed around. over the weekend, xinua said they were set to double. we got these comments or reportly got the comments from the chinese premier and there is always this assumption in the market that the chinese officials were okay with chinese growth slowing, but apparently not by as much. were these comments a surprise to you -- >> i'm not so surprised by them to be honest. i think 7% should be seen as somethin

. >> welcome to 60 minutes on cnbc. i'm steve kroft. in this episode we'll meet some big winners and some big losers in the high stakes game of world finance. up first, the secret vaults of geneva and zurich, which have served as repositories for the wealth of dictators and despots, mobsters and arms dealers, corrupt officials and tax cheats of all kinds. it's a world u.s. law enforcement has rarely been able to penetrate. so the idea the ubs, one of switzerland's largest banks, would agree to turn over information on thousands of american tax cheats would have once been unthinkable. but it happened in part because of a whistle-blower who i sat down with in 2010. for his efforts he's been rewarded with a federal prison term and the possibility of endless riches. though he was born and raised in the boston area, bradley birkenfeld spent most of the last decade living in switzerland, helping wealthy americans hide their money. he was based in geneva, where he says there may be more money-counting machines than parking meters, in a country

my job is to educate you, so call me at 1-800-743-cnbc. merger monday? at last, we have one and i say -- ♪ sure the averages didn't reflect

there's the winner of this year's cnbc's top states for business. we'll explain why south dakota came in at number one. and look at what the folks in washington, d.c. could learn from it. and speaking of washington, d.c., does president obama have any respect for the law? with all the changes and the delays he's making to obama care, some are asking this important question. does he have the legal right to do it? a top constitutional scholar is calling foul on all of this and he is going to join us tonight. all those stories and much more coming up on "the kudlow report," beginning right now. >> first up, this evening let's talk earnings. how will the quarter shake out? cnbc's own bob fa is asani has details. >> it was a risk day, with major outperformance from transportation stocks and home building stock, material, energy, financials were strong as well. and even though a lot of people are convinced this will be another lackluster quarter for earnings growth, you know the s&p 500 is within roughly 1% of a historic high. now, my take on earnings thi

they watch cnbc occasionally. all right. tell me about whether this mandate is at a positive, does it remove any uncertainty? it's something that business supposedly wanted. now that they've gotten it, will it help? >> well, i'm not sure they wanted a delay per se other than that, everybody is not ready for this thing, including the government, the exchanges aren't even in place, so in some sense, i feel it's a relief because chaos would be a lot worse than, you know, than putting it off for a year, but still, the fact that the government had to put it off and say they're not ready, all the confusion, it's just, you know, that's just more your honor u uncertainty, when will it come in place? you know it will come in some form or other, you don't know what the form is. so you are just guessing. so as many as 40% of the small businesses say they've put all their growth plans on hold, about 38% or so said, we just have a freeze on hiring until we find what's really happening in this market. that's certainly not conducive to job

welcome to "squawk box" here on cnbc. i'm joe kernen. becky quick and andrew -- the guy with three names, andrew ross sorkin, they're off today. i'm joined by my colleagues from another squawk this one occurs on the street of manhattan. the streets of manhattan. david faber. are you familiar with the show? >> with the show "squawk box"? >> vaguely. vaguely. i have some vague memories of sitting across from you for a decade. >> are you repressing them or embracing them? >> embracing them. never able to take -- >> do i see -- your eyes are glistening a little bit. >> of course. i get teary -- the '90s were good to us. >> they were. kelly evans is also

the ceo tells cnbc that despite a recovery in the u.s. economy, it hasn't benefited everyone. >> and the real estate market might go up, new york apartment prices might double. that's not where our consumers are unfortunately. we need to be sure that we have more people into the force that the wealth is better spread. >> shares of facebook surge after the social networking giant reports better than expected earnings. and demonstrates it has figured out how to extract revenue from mobile. >>> and at least 77 people have been killed after a train derails in northwestern spain. and 140 people are injured in one of europe's worst rail disasters. >>> good morning. thank you for joining us today. let's get you up to speed with the latest ephone numbers that are crossing. it gives us a snapshot of the business economy in german. german current conditions index is at 110.1 in july, versus the consensus which was sitting lower than this at 109.7. number coming out better than expected on that rate. in terms of what we're seeing elsewhere on the ot

>> we believe there is. >> when 60 minutes on cnbc returns. [watch ticking] my mantra? trust your instincts to make the call. to treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and medications. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomitin

herb is back with cnbc headquarters with the latest. herb. >> herbal life reports monday after the close, but the real news comes on the earnings call tuesday morning. if you take a look at the chart, there is no question that investors are betting this will be a really good quarter, but here's what you need to watch and listen for. first and foremost, any indication of a slowdown in sales. herbal life recently lost the second of several big long-time distributors. it says the impact will be minimal, but still, this could impact growth, especially if i'm a big distributors leaving. second, in the wake of recent controversies, herbal life is changing the way is it does business. that's a good thing, but will it impact revenue growth? third, in recent days, stories have been circulating that bill ackman, who is shorting herbal livestock, and the company itself are lobbying members of congress whether to investigate herbal life. in the end that may trump everything else. melissa, back to you. >> all right. thank you very much, herb greenbe

we're getting ready to count down the state's for business, on our cnbc. we rank all 50 states for competitiveness, so this is where you'll be able to go to see how your state stacks up. you can also see how we do our exclusive study every year, and we have lots of special features on the war between the states for business and for jobs. we want to know what you think, so follow me on twitter at @scottcohncnbc. ition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surprisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade. i'm monica santiago

the premier of cnbc prime's newest show, "the profit." the guy is an expert at turning around struggling businesses. he is smart. he is successful. one thing he is not is gentle. you're going to want to see this show -- he's an interesting character. you've got to see it, tonight, 10:00 p.m. eastern time, right here on cnbc. [ male announcer ] it's time. time to have new experiences with a familiar keyboard. to update our status without opening an app. to have all our messages in one place. to browse... and share... faster than ever. ♪ it's time to do everything better than before. the new blackberry q10. it's time. to experience the precision handling of the lexus performance vehicles, including the gs and all-new is. ♪ this is the pursuit of perfection. ♪ i've been doing a few things for playing this and trading.ove-- tdd#: 1-800-345-2550 and the better i am at them, the more i enjoy them. tdd#: 1-800-345-2550 so i'm always looking to take them up a notch or two. tdd#: 1-800-345-2550 and schwab really helps me step up my trading.

i must be dead." >> when 60 minutes on cnbc returns. [watch ticking] vo: traveling you definitely end up meeting a lot more people but a friend under water is something completely different. i met a turtle friend today so, you don't get that very often. it seemed like it was more than happy to have us in his home. so beautiful. avo: more travel. more options. more personal. whatever you're looking for expedia has more ways to help you find yours. [ male announcer ] you wait all year for summer. ♪ this summer was definitely worth the wait. ♪ summer's best event from cadillac. let summer try and pass you by. lease this all-new cadillac ats for around $299 per month or purchase for 0% apr for 60 months. come in now for the best offers of the model year. vietnam in 1972. [ all ] fort benning, georgia in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection and because usaa's commitment to serve military members, veterans, and their families is wi

welcome back to "squawk box" here on cnbc. i'm joe kernen along the becky quick and andrew ross sorkin. the release of alcoa's numbers, the dow component on two high profile reports come on friday when both jpmorgan and wells fargo report earnings. stocks in egypt, meanwhile, are falling following the news that dozens were killed in new violence in cairo in a clash between the military and supporters of ousted president mohamed morsi. officials saying that the jet that crashed at san francisco airport over the weekend was traveling significantly below its target speed as it approached the runway. two people were killed and more than 180 injured in the crash. we'll have much more on the story with cnbc's phil lebeau all morning long. >> we have a quick breaking news item. iss, which is the proxy advisory service, now telling shareholders they should vote in favor of michael dell's transaction at $13.65 a share. that deal is for a 25.5% premium. the expectation, i should tell you, was that iss, which is very influential in how m

sxf told cnbc he's bullish about u.s. manufacturing despite uncertainty around the world as investors cheer the grurpoup's better than expected numbers. >>> the latest snapshot investor sentiment in germany. july economic sentiment index 36.3. little weaker than the poll of 39.6. a dip down from june. the current conditions index 10.6, that's an uptick from 8.6. experts sticking to their overall positive forecast. the euro is down at a session low. let's get the reaction, more from the frankfurt stock exchange with annette, who is there. annette? >> if they're looking at the bond markets, we're seeing the bond futures actually -- the bond futures actually rising up after the cew data. and those as you pointed out, ross, are lower than expected. and the decline compared to the june rating. now at 36.3. one has to point out it is still above the average of 24.3. so those investor and analysts are still optimistic about the six months going forward, economic development here in the eurozone. that's what we're hearing from th

lobbing bitter accusations on cnbc today against detroit emergency manager kevyn orr and cnbc's own scott cohen joins us now from detroit with those details, including a first on cnbc response from kevyn orr. good evening, scott. >> reporter: good evening, larry. that michigan appeals court ruling puts the state challenges to the bankruptcy on hold for now but not necessarily permanently. nonetheless, as you said, it does play the matter now squarely in federal court and there the unions, who are against this bankruptcy because of what it will do to their pensions, they plan to fight back hard. they say kevyn orr, the city emergency manager, has not been negotiating in good faith with them. that's a prerequisite under federal law for a bank sruptcy filing and they say for a city that's supposedly broke has been spending millions on consultants. some of them, the contracts increased within weeks of the bankruptcy filing. these are for services like audits and restructuring consulting, as well as $3.5 million to orr's former law form jones day, including about a quarter of a million dollars

eastern and pacific here on cnbc with marcus. >>> another domino falls. meanwhile, san francisco-based technology analyst has been socked with criminal and civil charges in the s.a.c. capital insider trading case. we've got those details coming your way next. >>> and go ahead and drink that giant soda. an appellate court hands down a ruling that has big gulp lovers celebrating in the big apple. stay with us. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. she's always been able to brighten your day. it's just her way. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms

it's the latest show from cnbc prime called "the profit." coming up, he'll be here, and we'll -- he'll tell us why this gruff style of his may not make him popular, but it does make him a lot of money. that's still to come on the "closing bell." in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> welcome back. the market's up 22 points on the dow. let's get over to josh lipton. >> we're watching madison square garden here, msg. the headlines just crossing. member, msg acquired the forum in englewood, california, that was in june of 2012. now, msg saying that it plans to invest $100 million into that venue, that's

cnbc's jackie deangelis joins us now with all the details. good evening, jackie. >> good evening to you, larry. the s.e.c. announcing today that it is charging s.e.c.'s steven cohen for failing to supervise two senior employees and failing to prevent them from insider trading. this is a civil charge. this is not a criminal charge. now, the charges are the result of a four-year investigation into cohen and his top-performing $14 billion hedge fund. the highest-profile targets in the latest crackdown on insider trading. the s.e.c.'s investigation found that the hedge fund manager oversaw trading by his employees matthew martoma and michael steinberg and received updates on their trading strategies and the reasoning behind them but on at least two occasions in 2008 the s.e.c. says that the employees provided cohen information indicating that their potential access to inside information. cohen's failure to act in that situation and ascertain whether or not insider trading was an issue, that is his alleged wrongdoing. an s.e.c. spokesman said in a

the bank's ceo tells cnbc exclusively. that's coming up next. >>> we have the latest results from the spanish auction today. three-year paper being auctioned up in terms of what has hit the markets. 1.02 billion euros worth of paper was sold by spain. this is the july 2016 contract. the bid to cover ratio on that was 3.5. also some 2018 papers, some five-year debt over to the market. a bid to cover on that was 1.7 in terms of some of the -- some of that paper, that was almost 3 billion worth, so 2.89 billion. the last time spain saw a five-year bond was on june 20th, that was when it tapped the markets. the yield on the five-year is 3.79%. and on the shorter term paper, three-year, 2.87%. it is slightly higher than we saw last time by 17 basis points. a little push higher on borrowing costs for spain. >>> a year since the libor scandal rocked banking systems around the world with bob diamond's departure. the new barclay ceo promised integrity and not profit. cnbc spoke to antony jenkins and asked him about the state of the

stay with cnbc. i'll see you tomorrow. >> live from the nasdaq market site in new york city's times square i'm melissa lee. our traders tonight, guy adami, tim seymour, brian kelly, karen finerman and mike khouw. let's get to the big story. hot stocks of july. some big names were a cut above the rest. we're breaking down the reasons for why it could continue for tesla, trip visor apple netflix as we enter the

meredith whitney joins in another cnbc first interview. good to see you. >> thank you. >> you say the aftershocks of detroit will be staggering is your word. elaborate on that. what are you expecting? >> the aftershocks are so significant here, because detroit is setting a precedent. and everything that was the controversy surrounding whether a set like detroit would go bust into a city of detroit declaring bankruptcy was so intense. remember a couple of months ago, and now everyone says it's a consensus, but the issue really is which constituency wins? do the bond holders win? the taxpayers win? the residents of the city win? the fact is everybody loses. everybody will have to make a concession. and that's really what detroit is saying. so i think you're getting into an issue where it's no longer ability. it's an issue of willingness. for the bankruptcies you've seen more recently over the last year, anyway, it's been -- the leader's decision to side with preserving the safety and soundness of a town or city against bond holders, against

let's go to cnbc's phil lebeau in chicago for more on that. phil? >> scott, we're going to bring in bob shanks, the cfo of ford motor company from dearborn, michigan. when we look at the numbers for the second quarter, up all over the world, but there's no doubt that north america was driving the results. how much of this is because of trucks and the demand there and how much of this is about overall sales in north america? >>. you're right, phil. we just had a great quarter. we're thinking about improvement across all parts of the business and solid momentum moving forward. north america, as it has been the last number of quarters, was a big driver of that. and we're seeing strong performance in the full-sized pickups, but we're also seeing strong performance in the super segment vehicles, our smaller vehicles, fiestas, focus, escape, fusion. a new entry that's given us along with some of our other electrified vehicles a 12% increase in that segment. we're seeing improvement across all parts of north america and all parts of our business globally.

ackman telling cnbc it's a great business that's undervalued and talked about its diverse customer and product base and substantial pricing power. we have some ideas on how to add value, ackman says. earlier this month ackman built his position in a large cap investment grade u.s. corporation and some had speculated air products might be the company. just last week air products adopted a poison bill plan which prevented ackman from taking an even larger stake. also news today on another name tied closely to ackman and that's herbal life. our own scott wapner reporting george soros has taken a long position in herbalife, one of his top three holdings. ackman has referred to herbalife as a pyramid scheme and is shorting it and herbalife is up nearly 100% this year. sue, back to you. >> that trade has to hurt mr. ackman. i've got to tell you. josh thank you so much. >> anheuser-busch and imbev moving higher. right now the last trade on the stock is in the green by 6% plus. the world's largest beer-maker sold less beer but it made more money than expected in the second quarter on increased

to sort of the folly of washington in a lot of people's minds, here you are back in march of 2005 on cnbc advocating for the thing that he's talking about now. this is what you said. >> what they did last congress was change 200 years of history during which we had never killed executive branch nominations by use of the filibuster. they introduced that. it's a terrible precedent. the senate can, with 51 votes, not 60, reverse that precedent. and i believe that it's time to do that, and i believe that we will go forward with that at a time of the majority leader's calling. >> so you were for it then, you think it's outrageous now. >> look, i'm glad we didn't do it. the provocation was that five circuit court nominations had been defeated with a filibuster for the first time in american