about 20 stocks in the fund portfolio, biggest holdings are media like discovery communications and viacom. why do you like that group? >> i think investors have turned too negative on the media group, there is concern about new media, specifically the internet and all the different devices to view media on. we think content companies that deliver demanded content are still going to be among better names in the stock market. they lick discovery has improving balance sheet. we think their best days are still ahead. >> paul: interesting. you also have pharmaceutical and tech stocks on the portfolio, are you still seeing value there? >> absolutely. i think sometimes people think because we're a value manager, we can only buy the lousiest companies with very cheapest, but when names like pharmaceuticals or other healthcare names certainly the technology names get then out by other investors and become as cheap as traditional businesses, we're happy to buy those, too. >> paul: now, you were burned by the financial stocks a to you years ago, do you think they're good buys now? >> well, it's true

the financing has been in negotiations since dreamworks cut ties with viacom's paramount pictures last year. walt disney will now handle dreamworks studio's marketing and distribution. >> jeff: here's a look at what's happening tomorrow: >> jeff: tonight's commentator says while it's just getting started the recovery does indeed have legs. he's bernard baumohl chief global economist at the economic outlook group. >> here we are in the middle of august, with its gentle, mellow days of summer. it's a time to re-energize by enjoying diversions outside the office. but with august's arrival also comes a sense that summer is slowly starting to slip away and that conjures up the question of what comes next. that question has taken on more meaning now. as the recession fades this summer, we wonder what comes next for the economy? does the emerging recovery have legs? will it last through next year? some predict this recovery will be temporary and that the u.s. will slip back into recession in 2010. this group argues that household and bank balance sheets are still in awful shape, and that a ne

quarterly results from hyatt hotels, kraft foods and viacom, along with weekly jobless claims and july chain store sales. speaking of retailers, it's time for back to school shopping. during this busy spending time, we'll take a crash course in what college students are buying and what they're doing without this year. >> suzanne: help is on the way for 50,000 unemployed homeowners in five states. the treasury today approved mortgage assistance proposals in north carolina, ohio, oregon, rhode island and south carolina. combined, they'll get $600 million from a federal fund aimed at heading off foreclosures. the money is being redirected from the obama administration's existing $75 billion mortgage assistance program. >> jeff: ford motor is on pace to bring back nearly 2,000 parts-making jobs at its factories. those union jobs had been outsourced to suppliers in the u.s. and abroad. that's about 25% more positions than ford agreed to in contract negotiations with the united autoworkers union. ford says the move will save it money and time. >> suzanne: in the "money file" tonight: how muc

it is a joint venture between viacom, lionsgate entertainment and m.g.m., giving netflix's new service a big film library. shareholders are hopeful, pushing the stock up almost 7% on heavy volume. it's about three dollars below a new all-time high. this deal gives netflix the ability to offer movies online three months after they appear on pay cable channels. a few other notable moves in fashion, finance and mining. watch retailer fossil profit more than tripled, easily beating expectations. it also raised its outlook. c.v.b. financial received a subpoena from the securities and exchange commission, focused on how it handled troubled loans. and miner jaguar mined less gold than expected thanks to production problems at its brazilian mines. and that's tonight's "market focus." tonight we continue our segment with thestreet.com, looking at investment ideas ranging from mutual funds and e.t.f.'s to small-cap and under-the-radar stocks. we call it "word on the street." and tonight's word? defensive. bob walberg is chief market strategist at thestreet.com. bob, welcome to "nightly business

on the upper head is sumner redstone at viacom, 58 years old. he's also been in control of this media giant. what do these two gentleman bring to their companies respectively for the value of shareholders that may be younger leaders wouldn't? >> well, i think in the case of founder/owner c.e.o.s, tom what you find is that in general they have been, you know, an integral part of the product innovation function of their companies. they've basically created something from nothing. whereas c.e.o.s who are nonfounders tend to be professional managers. therefore are not quite as integral to the company and therefore are more expendable. >> but doesn't that go to the criticism that it's difficult for founders to walk away and hand over the rings and we've seen this with starbucks, with schultz coming back. we know the story with steve jobs at apple about really being forced out and coming bang and seeing apple flourish under his second tenure. >> yeah, it is difficult for founders to give up the rings, but i think what we are finding is the successful

also tomorrow, quarterly results from viacom and walt disney. and, could late night classes be the solution to overcrowding at community colleges? we'll visit one school that's putting a new spin on midnight madness. former disney c.e.o. michael eisner is teaming up with a.o.l. to produce entertainment programs for the internet. eisner's web studio vuguru will produce half a dozen scripted web series, including comedies and dramas. the partnership is a.o.l.'s latest attempt to put original video on its home page. financial details were not disclosed. expect bigger, and much more graphic, health warnings on cigarette labels. federal health officials unveiled them today. the warnings show the effects of smoking. they will cover half the front and back of each pack. the food and drug administration will collect public comments on 36 proposed images, including these, until early january. once the final warnings are chosen, they'll be required on cigarette packs beginning two years from now. to own, or not to own? that's a real question these days wh

that earnings beat gave a big boost to viacom's shares: up $1.08 or 3%. dendreon, one of the day's best gainers. the drug maker rose on word a medicare review of the company's provenge prostrate cancer treatment shows the drug can moderately improve outcomes. that could bode well for provenge becoming a medicare approved treatment. a course of the treatment costs $93,000. dendreon shares rising $1.39 or 4%. and finally, two surprises from disney late this afternoon. investors were expecting disney's latest earnings report after the bell, but the release actually came in the final half hour of the trading day. disney is trying to figure out what happened. the other surprise-- disney's numbers were lower than what analysts were forecasting. the entertainment giant earned 45 cents a share in its fiscal fourth quarter, a penny below estimates. revenues came in $200 lower than revenues came in $200 million lower than expected. disney clearly hurting with consumers watching their spending. shares were down slightly in after hours. during the regular trading, di

. >> susie: viacom is going after google's you tube it wants a federal appeals court to revisit a ruling that found you tube is protected against copyright infringement, even though it had carried thousands of pirated video clips. viacom is asking for a billion dollars in damages, because some of those clips were taken from its channels like m.t.v. and comedy central. google believes the lower court's ruling will stand. >> tom: fedex will raise its ground shipping rates, just in time for the new year. the shipping giant says the nearly 5% increase will go into effect on january third. today's announcement follows price hikes for fedex express and fedex freight announced in september. last month, rival u.p.s. said it would raise rates by the same amount also starting on january third. >> tom: selective and defensive. that's how tonight's market monitor is approaching the investment market. he's alan lancz, director of research at lanczglobal.com and editor of "the lancz newsletter" >> tom: he joins us tonight from the nasdaq. welcome back, alan. nice to see you again. >> thank you, tom. >

shares of both cbs and viacom have more than doubled in recent months. redstone will still have voting control of both media outlets. the sale will allow him to pay off all the existing debt at his privately-held national amusement cinema chain. >> paul: tomorrow, will wall street go hog wild for harley davidson's latest results? we'll find out as the motorcycle maker reports 3rd quarter earnings. >> susie: one of the world's largest financial data providers is getting bigger. thomson reuters offered today to buy breakingviews.com, the financial commentary website. the site's board has accepted the bid, but no word on the price tag. thomson reuters will keep the breaking views name and use a team of writers from its reuters news service. >> paul: bruce wasserstein, the c.e.o. of lazard limited died today. the investment banker was best- known for his high-stakes deal making. wasserstein took over as head of lazard in 2002 and took the company public three years later. on sunday, he was hospitalized with an irregular heartbeat. bruce wasserstein was 61 ye

sharesf both cbs and viacom haveore than doubled in recent months. redstone will still ve voting control of both media outts. the sale will allow him pay off althe existing debt at his prively-held national amusent cinema chain >> pl: tomorrow, will wall reet go hog wild for harley davidson's lest results? we'll find out as the motorcle maker reports 3rquarter earnings. >> susie: one of theorld's largest nancial data providers is getng bigger. thomson uters offered today to buy eakingviews.com, the financiacommentary website. the site's board has accepte the bid,ut no word on the price tag. thomson reuts will keep the breaking views namand use a team of iters from its reuters news service. paul: bruce wasserstein, th c.e.o. of lazardimited died toda the investnt banker was best- knowfor his high-stakes deal making. wassersteitook over as head of lazard in 2002nd took the company public three yea later. on sday, he was hospitalized with an irregular heareat. bruce wassstein was 61 years old. >> susie: here a look at what'sappening tomorrow. wely joble

viacom sued the cable company, accusing it of streaming viacom television channels on mobile devices such as apple's ipad running a cablevision application. both viacom and cablevision were down more than 1.5%. finally, watch radio shack tomorrow. it gets kicked out of the s&p 500. and that's tonight's "market focus." >> tom: while the federal reserve is trying to kick start the american economy, chinese financial authorities hope to cool theirs down. china isiest ling with an inflation problem. nationwide home property prices were up more than 4% in april, and its economy grew by almost 10% in the first quarter. a lot is riding on the chinese economy. it's the third biggest destination for american-made goods and services and europe's biggest trading partner. jing ulrich is the chairman of global markets for china with j.p. morgan. she joins us tonight from new york. jing, is the chinese economy with the higher inflation and these high property prices on an unstable path? >> i don't think it is on an unstable path. how much, we do have some imambulances in the economy. for example,

still ahead on the program, monsanto and viacom join the stock buyback. >> susie: b.p. and the obama administration may be heading for a showdown over claims over the gulf source disaster. a source told b.p. and reuters that the company is concerned about ever increasing demands that it covers all costs of this bill. that source said: "at some point the lines have to be drawn." they would ask b.p. to pay rig workers who were laid off because of a ban on exploratory drill rigging. >> if it can be done before six months, then there is a possibility that we could take a look at it before then. but right now we have multiple investigations that will culminate through the president's commission, and i think it would be unwise for us to move forward with deep water drilling until we have those recommendations. >> susie: salazar's comments led b.p.'s shares to their lowest level in 14 years. $29.20 a share, down almost 16% today. >> tom: a big australian hedge fund wants a billion dollars from golden saakshvili. they are suing them saying they knew they used false statements.

viacom claimed google's youtube dominated the online video by posting shows from channels like mtv and nickelodeon. >> jeff: i'm jeff yastine on the gulf coast. we'll show you how one family-owned shrimp processor will make sure it doesn't disappear from one restaurant. the future continues. >> susie: in washington, the lawmakers are getting down to the nitty-gritty as they write new rules for financial firms. they're burning the midnight oil as they try to wrap up differences between the house and the senate versions of the legislation by tomorrow. as expected, the house dropped a provision to set up a $150 billion fund to cover the cost of shutting down failed banks. as darren gersh reports, more restrictions on the banks are in the works. >> reporter: they have saved two of the toughest issues for last: how to police those complicated financial contracts called derivatives, and how to rein in trading for their hour profit. barney frank says the goal is to get banks out of the business of taking big risks with federally ensured deposits. >> banks have gotten far beyond the business o

viacom argues those steps are not enough. it's worried the ruling will lead to more copyright abuse on the internet. occupy wall street has spread occupy wall street has spread across the country to cities like chicago. many of the young protesters say they're worried about jobs and repaying student loans. but some college students are learning about an even bigger debt they may have to pay. diane eastabrook explains. >> my country, love it or leave it. >> reporter: chicago's version of occupy wall street is on lasalle street, where protesters have been demonstrating for weeks against big banks, high unemployment and political gridlock. recently, just a few blocks away, depaul university students sat mesmerized by what a guest lecturer called a more pressing issue. >> the united state for the year ended september 30, 2011, spent $3.5 billion a day every day, including weekends, than it took in. >> reporter: david walker was the u.s. comptroller general under presidents clinton and bush. now he often tours college campuses rai

fellow media company viacom popped 8%. volume almost tripled on this move after its quarterly earnings were better than anticipated. also adding to the buying interest is the company more than doubling its own stock buyback plan. also after the close, semiconductor maker nvidia turned in earnings three cents over estimates, and a huge gain compared to a year ago. profits almost doubled versus last year as the company has seen strong business from its traditional graphics chips and its newer smart phone business. what was a 1% gain during the regular session saw another 4% pop after the close. nvidia has had a wild ride this- - after rocketing from $15 to $25 at the beginning of the year, shares have been unable to stay above $15 since july. tonight's after-market buying saw trading back over $15. a couple of big reactions today from last night's earnings. cisco was the best dow industrial stock with its almost 6% gain. it had an upbeat outlook helping today's buying. green mountain coffee, meantime, lost more than a third