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tv   Closing Bell With Maria Bartiromo  CNBC  May 25, 2012 4:00pm-5:01pm EDT

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always. as you mentioned, ringing the "closing bell." members of the armed services led this time by the commander. we honor those who serve our country don't go anywhere. sheila bair breaking up the case for jpmorgan chase. we continue the "closing bell" for a friday. >> happy friday, everybody. it's 4:00 on wall street. do you know where your money is? welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. a winning week for equities. major averages are breaking a three-week losing streak. where will next week take us? two top strategists weigh in. the stock is getting clobbered
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today and also ahead sheila bair exclusively just to explain why she is calling on jamie dimon to break up jpmorgan chase. we'll talk to miss bair coming up. two-thirds of 1%. nasdaq close but no cigar. down around 2 points. trying to go positive and the s&p and a lot of worries about europe and fiscal cliff in the united states and going into next week, riverfront investment
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groups and thank you for joining us. how bad was this in terms of the issue on jpmorgan, they are getting rift yet again. what's your take? >> we look at it as a slightly contrarian fashion. we talked about this a couple of times in the last month. about a month ago investor sentime sentiment went up to levels and it seemed to us and short-term indicators and probably two to pretty close-up port. >> pretty good support for the
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market. >> the long-term average and short-term bounce. i think jamie dimon is terrific fek. i also like sheer sheila bair and i hope they work things out. i respect him a great deal. >> you respect him. does that mean you don't think the bank should being broken up. is that what you're saying? >> whether they want to carve up the bank, i'll leave that to the legislators. he's got a grip. he watches every figure. he knows what is going on. so i've got a lot of faith and confidence in jamie dimon. >> i agree with you. let me ask you, rod, about investing in the second half of the year. everybody is talking about the fiscal cliff. tax cuts expiring at the end of the year as well as a lot of
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spending. does this put us over the cliff? >> well, i think the answer to your question, i don't think there's anyone who wants to see the fiscal cliff that will come into effect if the bush tax cuts expire. i'd be interested in david's take on this but as a long-term investor, lending the u.s. government money for ten years at 1.7% when the solution is all monetary, printing seems to be the most dark thing that i can think of doing. >> so you think the market trades down? >> i'm talking about the bond market. i'm talking about how i think investors have a once in a lifetime opportunity to take long-term profits in bond positions, move into stocks where you're getting a dividend
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rate with inflation protection. i'm not anticipating a crash in the bond market because the fed is there to support it. what i'm saying is that we only wished we had done this in the late '90s. there's an historic opportunity to look at the bond portfolios and take money out of bonds. >> all right. we will leave it there. gentlemen, have a good weekend. thank you so much. as lead underwriter for facebook's ipo, morgan stanley was drumming it up and made available to hedge funds for short being. sources tell "the wall street journal" that morgan would not participate. was that the right thing to do even if it cost the firm a chance to make money on the deal? let's bring in paul schatz. good to see you both. what's more important?
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doing the right and ethical thing or profiting from it? >> listen, wall street is fraught with conflict and i believe they probably had rules in place regarding this from the outset where when they are the lead underwriter, they don't lend shares out short. to me it's you're ethical in your overall business practices or you're not. we allow this legal manipulation. that's part of the system. they are playing by the rules like everybody else is. if they weren't the lead underwriter, i'm sure they would hedge funds to their clients. >> there's probably a rule not to have morgan stanley win with
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the shares? >> facebook is hard to borrow. think about how much money they made because they were the lead underwriter. to me it's a balance of your business model. i don't think it's that big of a legal. we allow the conflicts on wall street and that's where there's so much pessimism when it comes to wall street. >> i don't think it's uncommon and i will agree with what your other guests said in the sense that morgan stanley wasn't acting in the public interest here or doing something ethical. they were making a business calculation. their reputation matters.
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they make promises that they won't do this. they were balancing the profits that they could make versus reputation being a firm that doesn't do that. i take issue with one of the things that he said about this being manipulation and conflict. i see no legal reason at all and i have friends who work at facebook. i'd like to see the stock rise, too. but the true value, not biassing stocks so that they rise. >> thank you very much for weighing in. we'll see you this weekend. >> sheila bair is in the hot seat for saying break up jpmorgan now. she'll join me exclusively. later, women have been climbing the corporate ladder
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since the '60s. where are there so few of them? discussing what he calls the platinum sealing. you're watching cnbc, first in business worldwide. [ male announcer ] we began with the rx. ♪ then we turned the page, creating the rx hybrid. ♪ now we've turned the page again with the all-new rx f sport. ♪ this is the next chapter for the rx. this is the next chapter for lexus. this is the pursuit of perfection. you walk into a conventional mattress store, it's really not about you. they say, "well, if you wanted a firm bed you can lie on one of those. we provide the exact individualization that your body needs. wow, that feels really good! once you experience it, there's no going back. at the memorial day sale, save 40% on our innovative sleep number silver edition bed-
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welcome back. bob miss sean nye has breaking details. >> take a look at the dow industrials. we traded at headlines out of spain more money being injected into the bampging system. we came off of the lows as we went into the trade. all of that is in a very narrow rank. down slightly but not very much. the united states outperformed the rest of the world. s&p here at 1.7%. have a good weekend, maria. >> you too, bob. breaking news right now. i want to get to kate kelly and carl icahn and chesapeake. >> we have confirmation that carl icahn has increased his
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share in chesapeake, i believe this is in flux but the second largest shareholder, which means several things. that means that icahn is becoming very active and icahn has disclosed a letter to the company that is an out and out assault on ceo aubrey mcclendon and the current director. he said that the board is to oversee management and hold them accountable. it's led the company through a high highly publicized spate. he believes this is beating down the shares. in the past he bought an opportunistic stake in chesapeake and ended up getting a stock out and now he's extremely disappointed in what happened and recently had dinner with mcclendon. he was essentially laughed off,
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maria. more to come. this is looking to be a bruising fight. >> it really is. last time he came on the show i asked about the situation in chesapeake. he was very coy anticipate wouldn't go there. good stuff, as always. $3 billion and counting, sheila bair is counting on dimon to break up his bank in order to protect banks and shareholders. she joins me in an exclusive to talk more about that. is breaking up chase and other banks the real solution here? has it really become a case too big to manage? >> i think it is. it certainly is suggested by their share prices. traded at much lower levels than
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the regional institutions that are much higher. so the problem is just too complex. to understand what is going on, a problem like this, an overreaction because people don't understand what the true risks are on the balance sheet. so having an institution broke up into pieces, i think it's really more an issue of complexity than size. and there is smaller, easier to manage, less conflicted entities and deliver more shareholder value and to regulate and be better from the perspective of protecting taxpayers. >> sheila, big global customers, don't they want to do a fortress balance sheet and the firm has $140 billion in capital. yeah, we're talking about a 2 to
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$3 billion mistake here that it is its own money. it's not impacting shareholders. why wouldn't be a larger bank with a trillion in deposits, why would that not be a positive? >> well, for several questions. >> they worry about conflicts a lot. and they are difficult to manage. through syndication you can get a lot of volume and less conflicted firm. and by far anything that you get
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from the scale. >> putting global customers aside, this is a for stress balance sheet. less than 1% of the capital at chase. wouldn't it be probably more likely that a bank with such a balance sheet would be able to withstand, you know, trading bets and losses like that? so if you break it up and make it smaller, doesn't that actually put the bank at risk? >> well, no. because i'm assuming even in smaller pieces it's going to have adequate capital and there will be less of the too big to fail idea. there will be more market discipline on the bank and that the market itself will demand better management and transparency. so just because of a big capital and if you count their offbalance exposure, you're talking about 4 trillion.
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yes, it's a big number but a very big bank. it's got to support complexity and potential risk taking. again, the capacity of the risk, what is going on inside of these very large institutions is a real problem. the markets can't get a handle on it. >> i know that you were there and really the world came to and taking the conservative way at things that there is even a question in the future. i remember you were against private equity and saw private equity and it actually went pretty well. are you still begins private
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equity acquiring banks. >> higher regulatory and capital requirements that are allowing them to bid -- forming new charters and bid on failed banks. with private equity we don't have a regulatory history and disclosures and organized offshor, we wanted to know who we were dealing with. but i did not oppose it. i wanted higher standards. plenty of them bid and were able to apply for higher banks. >> the idea of knowing who is at stake and who's own whose owners are here. and wot government allow them to
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fail and the not to that, tent, would you see the government bailout again? >> no, i don't think we would. the current chairman of the fdic and their staff, head of resolution team at the fdic have come up with a very viable blueprint for these institutions by taking control of the holding company and operating it from the holding company level. i think in times as we get the lifl wi living will plans, you can break them up in pieces. for taking control of them at the top is what would happen and the bond holders would take the losses the the industry gets asets assessed for it. i think it's a very positive and
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something we need to factor into the prices decision and exercise market decision as well. >> real quick, in terms of the trading loss, $2 billion, that did not impact taxpayers. >> no, it did not. >> can you equate this idea to the idea that you want the bank broken up? >> i've suggested that they be broken up by shareholders and it's a way to deliver value to his shareholders, break up his bank into more easy to manage pieces. i think there will be taxpayer benefits as well and are they worth more in the component parts and huge massive complex that is extremely difficult to
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manage? >> i have a few other things to worry about them. i have been an advocate of too big to fail. i've always said it's the best way to do it. i have not supported legislation, to put size caps on them. there's been talk about returning to glass steigl and i have not pushed or add vo indicated that. maybe this is the way to go. >> you have a lot of viewers
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tweeting in. good to see you. thank you so much. we'll see you soon. is breaking up jpmorgan in the best interest of taxpayers? we asked and you tweeted. dale deas says jpm is a good place to start breaking up the banks. bring back glass-steagall. get ceos who are proper managers. robert craig, meanwhile, tweets jpmorgan breakup would be a gold mine for cheap assets for goldman sachs. thank you for sending in your responses. up next, a long hot summer for investors but not necessarily in a good way. why some fear you may need to seek shelter. plus, $800 billion in market cap gone just this month. i'll have the may 2012
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looming over the investment landscape in june alone. front and center, the european crisis with a new round of elections in greece and a possibility that they may exit the euro. then we have the countdown to the july 1st embargo on iranian oil shipments to europe. certainly it could put upward pressure on crude prices. and then here in the u.s., the supreme court ruling on the obama health reform law could royal the markets depending on the outcome commodities surging 22% between memorial day and labor day. gold rallied with talks that greece could bottom and regain some of the luster as a safe
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haven you through the last five summers, through the last two summers of euro zone turmoil, tech has sizzled with average gains of 3%. the other ones have been those defensive sectors that have thrived. utilities, consumer staples up 1% and health care up 10%. and the longest running since 1990, buying those two sectors in may and then selling them it's produced a 4% gain per year since 1990. this year a drag on the sector they could rally and uphold and if the whole law struck down, we
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could see the market be a big relief rally since one uncertainty is down. >> 8% of the world's billionaires. 8%? we discuss why that is the case. is it bias? something else? fascinating info after the break. back in a moment.
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welcome back, everybody. speaking with traders and investors ahead of this long weekend, folks are talking about worries of the greek default to the exit of the euro to the much hyped facebook ipo. it's been a tough month. some $800 million in market value has been wiped away so far in may. the biggest losers being the banking, energy, and sector
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technology. and $35 billion in market value in just the last three weeks. the focus is back to the united states. and to below 2%. analy analysts looking for 1.8 to 1.9%. nonfarm payrolls expected to rise 150,000 this month and of course we'll be watching europe with uncertainty and euro at a 22-month low against the dollar. riding concern about the spillover to the united states. most of the contagion would come from the banking system and the world's richest woman and only
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8% of the world's billionaires are females. wealth correspondent talks about why women aren't breaking fl through the platinum sealing. >> there are more than 100 women billionaires. gina reinhart is worth nearly $30 billion. her fortune tripled. that's the good news. the bad news is when you look at the number of self made and we have a very small number. >> are you telling me it's just three? >> in the united states there are six women who have made their money themselves. that including, of course, meg whitman, lynn and a few others,
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the founder of s perfopanx. >> megan is with progressive news site. she blames discrimination it's completely in the hands of women to join the hands of the super rich. good to see you both. thank you for joining us and what do you think is the cause of them? >> i think if you look at studies coming out of the mba programs, staying active in the business community, you see a lot of evidence that they make less money coming out of school and then each year that
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increases because the issue is not one of bias but other factors play into that. do you think it's the woman's fault? >> i think it's a choice and a common lifestyle. to choose perhaps lower paying jobs and to have babies and many professional women choose to have a job where they make less money and only 57% at all are in the workforce. and that's how you become a billionaire. you become a billionaire. taxes are going to go up on small business at the end of this year if president obama gets this way, increasing everyone, which is mostly women owners who own the small
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businesses. as you referred to earlier, this woman who started spanx which is one of the greatest inventions of all time, i will say, she had a regulatory environment and rose it and grew it to be a billionaire in a billionaire company and good for her. >> i agree with you, emily, on everything thaw said there. what is that about? it's not making a sacrifice, it's making a choice. >> it's a very specific path to become a billionaire. you need to create a company that becomes very large and you either retain ownership or you sell it. women have been very successful at gaining incomes. they make up a large number of million dollar plus businesses. they have been great at small business but where it smalls down and where the history is is when you get to the multibillion dollar level, that's where we don't see many women.
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>> and i wonder with the expectation of that, a lot of things are happening in terms of small business, they are soaring. the leading group in terms of starting small business, you can say that women are doing very poorly as far as jobs in the administration. in fact, unemployment has gone from 10 or 9% when he took ochs and it's to 8% and for women it's gone up to 8%. women have lost jobs and it's almost all women. and that's where they are really suffering. if we had a better tax system, more system coming out of washington, less regulation, a
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it could help jobs and get the economy back on track. that's where you start to see women that prosper more in this economy. >> can you blame or attribute these policies to this discrepancy? >> i think it's going to take a long time to become a billionaire, even the silicon valley guys. they started at 19 or whatever and took them 15 years to get there. it's not an overnight process. but as we all agree, it becomes to investors and a lot of that is what we talked about earlier, does it value decisions become more flexible. >> absolutely. we'll leave it there. thank you all for joining us. we appreciate it. >> thank you. >> we'll see you soon. thank you very much. latin america is booming. next up, my exclusive interview
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from colombia in town this week. the impact of the euro zone crisis and remember that secret service prostitute scandal down there? listen to this. >> what happened with the security service of president obama, well, it's not our problem. it's the problem of the security services of obama. ama.gine turn] [ male announcer ] we began with the rx. [ tires squeal ] then we turned the page, creating the rx hybrid. ♪ now we've turned the page again with the all-new rx f sport. ♪ this is the next chapter for the rx and the next chapter for lexus. see your lexus dealer.
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for a hot dog cart. my mother said, "well, maybe we ought to buy this hot dog cart and set it up someplace." so my parents went to bank of america. they met with the branch manager and they said, "look, we've got this little hot dog cart, and it's on a really good corner. let's see if we can buy the property." and the branch manager said, "all right, i will take a chance with the two of you." and we've been loyal to bank of america for the last 71 years. are you still sleeping? just wanted to check and make sure that we were on schedule.
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the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers. welcome back. the president of colombia in new york today ringing the opening
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bell here at the new york stock exchange. just ten days after locking up a trade deal with the united states. expecting economic growth of 5% in the country, his effort to increase oil experts. hear my exclusive interview with the president of colombia. >> for colombia, the most important market in the world is now open in a permanent way. we used to have where we were renewed and it's an open market. >> so right off the bat the fees are eliminated and that's over a seven-year period? >> that's right. and we hope that the free trade agreement will create in colombia at least 500,000 jobs
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in the next 500 years. trade between the two countries should increase. >> you've got investors watching. make the sale to them, why would they want to put money into colombia right now? >> we are putting into place struckural long term gains and we grew 5.9, almost 6%. we've identified our growth and many, many years to come. >> what are you seeing with the growth last year? what's behind that and tell me about demand in terms of a consumption story. >> we have identified some sources of growth that we are
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promoting. and we are very rich in energy a tremendous growth. in terms of demand, the kol lom bee yan demand is very high. the consumer confidence is in good shape. to avoid bubbles, they are a long-term counterproductive and we want investors and the country to have a clear path and avoid what is happening in europe, what is happening even here in the u.s. and in japan and so many countries. we want to avoid that. so we are putting ourselves in a
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framework, legal framework that would prohibit us of being irresponsible in the fiscal side. >> what kind of an impact have you seen in colombia in terms of the european debt crisis? >> fortunately colombia has not been touched significantly by the world crisis or by the european crisis. i hope that they put their house in order because in the long run it will affect us and in that respect we have been negatively affected but, again, we have put policies in place to contract that. but, yes, we have been affected by the appreciation of our currency. >> are you still worried about inflation? what's your expectation for inflation into next year? >> we have a system of framework which has been very effective. an independent central bank that
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has a very prudent monetary policy. this for us is extremely important. our inflation has been the lowest in many years. >> you recently had an agreement with the chinese. what are your expectations in terms of creating this partnership for energy with china. >> well, not only with china about but with the world. we want to increase it. we have put in place very clear ways to refine more oil and people say that they are certain that they are a lot more certain in oil and we want to become an energy exporting country. we have a lot of coal. we have a lot of hydraulic
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power. and we want to take advantage of that. >> it's interesting because you have a great consumiption story and yet security is a great concern out there. tell us what you are doing in terms of ensuring that security is there for foreigners coming into the country, for the domestic story. how big of a challenge has this been? >> we come from a very difficult situation. and we were on magazine covers because of our security problems. and that's why investors are coming. they see the situation was improving dramatically. and it was a clear policy for foreign investors to find more and more comfortable with
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colombia. >> we've all recently heard the issues of the u.s. secret service issues when they were in colombia. did that whole story create a distraction for you in terms of your meeting with president obama, in terms of -- >> the meeting with president obama went very well. what happened in cartegena with president obama, it's not our problem. it's the problem of the security service of the obama but that in no way and of course solve the situation. >> our thanks to president santos there. is lion's gate set to roar? that story is coming up next. and then greece, lehman brothers? we connect the dots. [ man announcing ] what we created here.ts.]
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>> memorial day marked the unofficial kickoff to summertime. lion's gate stock caught fire with the release of the hunger games this year. we are looking at the summer
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releases. will they be enough to get that momentum back? let's talk about it. joining me now is brian and the managing member of the stutland volatility group. what can you tell us about lion's gate? >> it's knocking a ton of volatility around "the hunger games" release. the stock moved up and back down. a lot of that concerns me, but six out of eight rates it a buy. headed into earnings and i like the stock from hunger games. that could catapult lion's gate to the next level. >> i don't want to buy the stock, but i want to use calls and i want to use the spread to mitigate the cost. i can 53 on the june 13th call about 65 cents and sell that for a dime. i only paid 55 cents for this and above 1355 or higher, i profit up to 15. it's about a 3-1 pay out.
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take a special extra money play. let's see what happens. they have a movie sitting at number five on the box office. i am positive about what they can do going forward. >> in terms of the pipeline across the board for the summertime, do you think this is an industry story and might we see follow-through for the others or is this a lion's gate? >> the avengers sitting at number one, i think as a consumer starts to feel better, as long as they don't get negativity, i think the u.s. conservatives are in great shape. the movies can start take off. >> good stuff. thanks so much. see you soon. more options strategies on "options action" in a few minutes. after closing bell. as europe's debt crisis continues to percolate, the full-blown implosion with do for
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your money. you are watching the closing bell, first in business worldwide. #
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> finally tonight, my observation of europe becoming the next lehman-like market shock. there is chatter about the recession and greece creating a market event sillular to what we saw in 2008 when lehman was allowed to enter bankruptcy. the demand dwarfed causing trade activity to the to collapse. from mid-2008 to mid-2009, world trade fell by 20%. the effects caused a rebalancing in the global economy. in addition to the steep loss, they created a freezing of the credit crisis. the lenders pulled back that hurt small firms and the emerging markets. this week we saw stocks falling up 12% and down an astonishing 91% from the high in 07. that is a bigger fall than in the great depression of america. new indication that is the
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region is showing recessionary signs. in germany, confidence is falling to a-month low. in france, italy and england. how that would play out for the world economy. a greek exit out of the euro. there was a rising view that it would create a crisis. this would likely push the economy back into a recession. the markets would freeze and demand collapse leading to a decline in trade volumes. europe only makes up 18% of u.s. exports. there could be factors from other economies. no one knows for sure what would happen and very few want to find out. we will keep watching that. here's a recap in the stat check. the three-week losing streak and debt crisis cast a fall over the crisis. the dow gaining 85 points on the week. they fell 74 today.
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s&p 500 up and nearly 2% on the week. down a fraction on the day. posting gains and industrials. the nasdaq assuming the leadership roll and the nasdaq served 59 points. on twitter and google plus. we will see you tuesday. "options action" begins right now on cnbc. have a good one. this is "options action." tonight, big blue break out. how would you like to buy stock for just $2? in f not a new fangled device, colin carter's options trade on the tech giant and how you can make money too. peak interest. kateicle with a report on why chesapeake stock may attract activist investors. something traders are betting on and we will tell you why. "options action's" number one
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