>> in a lot of cases. >> in pepsi, you'd still buy, coca-cola, you'd still buy, viacom, news corp, those are still in the area of a good buy? >> otherwise they wouldn't be the top six holdings in the funds. >> go ahead. >> donald, the names you mentioned all have significant revenues from overseas. how big of a factor is that in your thinking? >> it isn't, although, you know, i mean, that -- that just affects the overoverall cash flows and the valuations. but, yeah, coke makes like 80% of their money overseas. >> yeah. but is that a -- is that part of the motivation? >> no. >> people talk about waiting for the domestic economy, for developed economies around the world to recover, but that's not why you're in these names, is what you're saying in. >> no, no. it just adds to the predictability of the cash flows and adds to the valuation. >> okay. great. don, we appreciate your time this morning. good luck. >> thanks. >>> coming up on -- >> a lot of luck. >> yeah, he does. >>> coming up on "squawk on the street" to hot hands, their secret. >>> when we come back, the man in charge of cleanin

transformers from viacom's paramount has brought in over $300 million in just two weeks. johnny depp wasn't able to dethrone it with public enemies and now comes bruno this week. david sikich is back with us. nice to see you. universal has been felling of little bit at the box office public enemy be o.k. but it was a distant third one is at stake for universal? universal had a tough year but they're turning it around these releases could be toward different than each other so there's an audience for both. and for public enemy so far so good it opened at over $40 million the $40 million mark and for the first five days universe with a very happy with and they should be because their debt paid off. that is doing very good in a few other things instead johnny depp is proof that he has star power in a year where do your rubbers and russell crowe and some others did open movies he did and they are really happy about what they see from the audience because it has broad equal the amount 25 and over and play 5 and under. and in men 53 to 47 percent women and that should carry it

go with viacom from university to university and try to find, you know -- have a new business contest almost. we'll bring the finalists back to the nyse. so the advocacy takes a lot of forms, and we're really focused on that right now. >> that's a great idea, bring people back to the exchange. let me hit on a couple things you just said, and one of them is focus on the issuer. that issuer being companies, obviously. >> right. >> what are the leading executives at these companies, your issuers, talking about in what are their biggest concerns right now? >> i think we try to survey them as effectively as we can. our general view is it's hard for them torganize their voice and communicate it effectively. they end up doing it one by one by one. so we have an unbelievable community. thousands of companies that employ tens of millions of people. and the general feedback we get from them on something like the tax policy issue is something we can then communicate to the administration and say we hope this is helpful, here's the reaction you should expect to get from the companies as you roll

viacom has great properties. it's turning itself around in both film and cable, and it's too cheap, just too cheap, especially compared to media conglomerates, which has the entire rest every the company, nonsen, no, it won't go up on spongebob's bell ring, but this one's part, including mr. square pants are worth more than the whole. i wish the bell would ring in the redstone's head, the way it did when the value got too great maybe it's all wishful, but then again, if it's worth $8 billion, crazier things have happened. stay with cramer. >>> coming up, is it time for energy stocks to fuel your portfolio? cramer analyzes the technicals to find out which oil stock can unearth some profits on "off the charts." >>> and later, try to keep up with cramer, as he takes your calls "rapid fire" in an all-new "lightning round," all coming up on "mad money." >>> i'm always telling you, you've got to try to get inside the minds of the big wall street money managers. but tonight i'm going to take that even further, explain t

which viacom owns. the number of independent movies is down 30% this year. paramount's market share is on the rebound. after falling as low as 6.7% in 2004, it's now around 19%. big issue with paramount has profitability. it's lagged warner which is really the gem of the whole time warner complex. fox and it's also lagged disney. the main reason for the disparity is in the low number of produced movies and poor performers. that's changing this year. viacom has more films coming out where its larger ownership interest like "star trek." and the massive success of "transformers" should translate into higher profits. how about the capable business? it's turning around 50% of the revenues are from affiliate contracts. a little more value than you think. the problem with the cable side is weak ratings, but there's improvement here, too. third quarter of 2008, revenue ratings for all viacom's networks, i know it will sound bad, were down 9%. in the second quarter of 2009, they were only down 1.8%. we'd rather see them up, but that's better than viacom, it's not as

we like viacom, but only on a breakoff basis. we went off the charts and we think chevron is the best way to play a coming oil rally. and then we went over yield. once again, we like federal realty. frt. it's got a 5% yield. talk to us about the diversified portfolio. it's mot actually larger, it's diversified retail with super markets. you have questions. who can give you the financial advice you need? where will you find the stability and resources to keep you ahead of this rapidly evolving world? these are tough questions. that's why we brought together two of the most powerful names in the industry. introducing morgan stanley smith barney. here to rethink wealth management. here to answer... your questions. morgan stanley smith barney. a new wealth management firm with over 130 years of experience. hi, may i help you? yeah, i'm looking for car insurance that isn't going to break the bank. you're in the right place. only progressive gives you the option to name your price. here. a price gun? mm-hmm. so, i tell you what i want

squarepants himself will ring the closing bell along with executives from nickelodeon and its parent company viacom. as if to make it more exciting, nick will air 50 hours of spongebob programming this weekend. robin, i know that you've changed your schedule upon hearing this news. >> i've got to say, when i baby-sit my nephews, this is a really cute cartoon. it it's enjoyable for adults, too. >> it is. in fact, in news that you really can't use, a spongebob squarepants was invented by a former marine biologist. maybe he's a former marine biologist because he's so darn rich! >> right on. thank you. >> bye. >>> michael jackson's ex-wife gave him full custody of their kids when they got a divorce about a decade ago. but is she willing to fight his family for the kids now? her lawyer is reacting strongly to a new report. >>> the battle over michael jackson's children may not get settled easily. the lawyer for jackson's ex-wife debbie rowe says she still has not decided what to do. that was in response to a report that rowe has agreed to take $4 million in exchange for not challenging jackson's mother

and this is the viacom post. so viacom owns spongebob and -- very nice. thank you very much. a lot of people around this post of viacom.. this market here is on fire today. up 248. the question of course is whether or not this is a short squeeze or actual fundamental l demand and real money coming into this market. we're going to take a look at that right now. and take a look at under the radar stocks. alliance bernstein holdings getting a boost today, being upgraded on this session by standard & poor's to a buy from a hold. s&p is taking its 2009 earnings expectation and the price target on the stock higher. that is why we've got a 7% rally in the stock. the analyst is telling clients the company's margins will benefit from recent price controls and cost cuts. shares of janus capital falling after the company reported second quarter profits and continuing operations of 10 cents a share, that's down from 40 cents a share a year earlier. the firm also saying assets under management were down to just under $132 billion. that's down sharply from 191 billion. shares of beemus mov

the optimistic yellow kitchen sponge has generated viacom $8 billion in revenue since debuting in the summer of 1999. still has a lot of years of earnings power left, you know. underwater sponges can live to be 500. that's the show for today. thanks for being with us. my guests next week, harvard professor elizabeth warren. chair of the congressional panel overseeing the bailout. hope you'll join us then. each week keep it right here where wall street meets main street. have a

the optimistic yellow kitchen sponge has generated parent company viacom some $8 billion in revenue since debuting on nickelodeon in the summer of 1999. still has a lot of years of earnings power left you know. under water sponges can live to be 500. that's the show for today. thanks so much for being with us. harvard professor elizabeth warren, chair of the congressional panel overseeing the panel is our guest next week. each week keep it right here where wall street meets main street. have a great week, everybody. i'll see you again next weekend. >>> hello. i'm maria bartiromo. thanks so much for joining us for this special broadcast. dealing with record oil and gas prices has been a turbulent ride for the american people. and for the global economy. just about every aspect of life has been affected. and with world oil consumption expected to increase 50% by 2030, the fact that new oil reserves are harder to locate and increasingly expensive to bring online isn't helping. tonight, we'll look at this from the other side of the pump as you'll hear from the men who run the most profitable

. >>> viacom reported second quarter earnings before the bell. video game sales hurt the media giants profits and the pressure's on redstone, will the sales generate enough cash to cover his debt? >>> and don't forget about amgen better than expected earnings and revenue and guides higher for the rest of the year. stock is up in the extended hours. i'll see you tomorrow on "closing bell," "fast money's" up next. good night. >>> amgen's second quarter profits rise 40% on lower costs and the biotech company raises the full year profit outlook. after the bell, amgen says it will cooperate on a pending osteoporosis drug. rates may be rising in the not too distant future, he's not a voting member of the fed panel. cnbc.com news now, "fast money" with michelle cabrera starts right now. >>> the "fast money" in just ten minutes, folks. melissa lee is on assignment, and fresh off the trading floor, these are your expert "fast money" traders. stocks at 350 today, pushing the dow above 9,100 and foiling the bears once again. what's driving the gains in this

viacom that will be an interesting read on advertising. it's more of a specialty advertising company with its cable networks, not so mainstream as some other areas. viacom may not be -- >> sorry to jump in, but we are running out of time. we'll leave it on that note. thank you very much for joining us. for all of us here at "worldwide exchange," thank you for joining us.

can't get a decent bid/ask on viacom. second quarter result were basically in line as far as the bottom line. there's a lot of metrics that people use for viacom, the ibitar cash flow. apples to apples, $3.2 billion versus $3.54 as an estimate. you can see the rebound. shares doubling from some of those lows late last year. coach reporting fourth quarter net of 43 cent, right in line with expectations. again, revenue slightly below. that looks low. you can see from the ask that's about 60 cents below yesterday's close. north american comps were worse than people thought, down 6.1%. the street was looking for down 4%. in japan, sales declined 10% on a constant currency basis. >>> office depot reporting second quarter losses of 22 cent. that's when you back out items. that is wider than the loss that wall street was expecting. looking for a loss of 12 cents. revenue, more or less in line with expectations. $2.82 billion. office depot, as you can see, called a little lower, down 15 cents on the ask. >>> mcgraw-hill, 58 cents

then, viacom, the ceo and the closing bell today. philippe d. a uman will be there for an exclusive. and my lifestyle. i'm joe james, and being outside of the box is my simple win. (announcer) now available in five vibrant colors. >>> we are back. let's take a look at the markets and their internals. the dow right now is down 41. the nasdaq is down 8 and change. the s&p down 7 and change. do we have the internals? there they are. no, there are the markets. >> there are the internals. >> internals about 2:1 negative on the big board. nasdaq, not too bad. can't round down those odd numbers. anyway -- >> come on. >> joining us here on the floor is the managing director of rosenblatt securities, midtown craig tekkam. last time we talked, the market was up 7%. >> that's last time we talked. the fact of the matter is i said be cautious, heading into earnings season. everybody was pleasantly surprised about what we saw. >> now is the time to be cautious then? >> so we're going to talk about the haines bottom. let's get down to -- >> i haven't talked ab

they are down a half percent. $25.46 down 14 cents on viacom. today there's a way to save more for retirement, with annuities from fidelity. turn your savings into income -- guaranteed, and get a retirement "paycheck" for life -- guaranteed. call... to get started, and learn how to secure retirement income that won't go down -- guaranteed. call fidelity at... for details about guaranteed income for life, and change the way you think about your retirement savings. the bill too reign in pay incentives to lead executives to take excessive risks. barney frank on street signs on r at 2:00 p.m. eastern. >> viacom's earnings reveal how much it is suffering for example the economic downturn, but what's driving down the results? julia joins us live with details on what they are struggling with. julia? >> hi, sue. lower video game sales and weaker advertising took their toll on viacom. that reported second quarter profits that excluded items up 23% and a decline in revenue to $3.3 billion. viacom stocks traded up slightee on improvement at the cable netwo

viacom reported a loss. both results were slightly better than expectations. right now the dow is treading water. down with 8.5 to go before the end of trading. >> this is one quote that will not go away. >>> investigators raid the office and home of michael jackson's personal doctor. developments in the investigation into what may have led to jackson's death. the nfl conditionally reinstates michael vick. does the former atlanta falcon deserve a second chance? >>> police pepper stray, then taser a deaf and mentally disabled man for staying too long at a store's bathroom. here's the latest. >>> breaking news about the investigation into michael jackson's death. las vegas police and federal drug agents have seized documents and computer records from the home and office of the pop superstar's personal doctor. last week investigators conducted a similar search at dr. conrad murray's office in houston. murray was with michael jackson when he died last month. we'll have a live report on the las vegas search and also new information that murray gave jackson a very p

where is the potential for viacom as well? >> we love india and sergeant the second anniversary of a had you hindi language channel called colors. it actually became the number one channel in many india years ahead of expectations. so it's a great asset we're building over there outside of our established brands. in fact, we expect to have distributions of colors in the united states with with the indian american community. china is a tougher markets for us today in the media sector just because the regulatory framework is still not all that friendly and a lot of piracy. we hope as the indigenous entertainment builds over there, it can become a good market over there. >> what about europe. >> right now our most important market. economic conditions especially in the uk are tough. we are seeing tough conditions. again, we have a good presence there and want to build our presence over time you the uk of germany are possibly have strong ratings growth pretty much in every geography. they exist or get saebed. that drives ad revenu

. >> got to get to your stock of the day and that is viacom. why? >> viacom is my stock of the day even thor that i revenue dropped yesterday by 32%. they still beat analysts expectations and the analyst says it looks like the ad sale for the upcoming quarter in the cable business is close to being sold out. don't know how much they made per ad space on that but at least the people are still incidentest red in advertising. also, time warner announcing their earnings this morning. they beat on the earnings per share site. >> thank you, chris. >>> fox 5 is following break is news out of montgomery county. two police officers on administrative leave following an early morning shooting. we'll get details from the scene when we return. hmmm... well... naaa... yeah! calculating for getaway. ♪ find your way to a perfect destination at busch gardens... and water country usa... where family-fun surrounds you... and world-class rides astod. start at buschgardens.com. with the full flavor of aft mayo with olive oil. with half the fat and calories of hellmann

we heard from viacom yesterday. the overall media sector as many investors may have noticed has been doing quite well. time warner, $27 stock. it wasn't long ago it was a lot less than that. it did have a reverse split in there some time ago. let's go through the numbers. eps 45 cents, down 4%. net income, $519 million. down 34%. revenue down 9% at $6.8 billion. oh, all right. trailing me a little bit in the control room, but what else is new. there it is. you can see the numbers. let's move on to the company itself. you talk about time warner. you think about aol, don't you? that's going to be spun off. you may think about the magazine titles, of course. "sports illustrated," "people," "entertainment weekly." really, what this company is is a cable network and a movie studio. that is what time warner is. very similar, in fact, to what nbc universal is, aside from, of course, the nbc network. publishing is less than 7% of total earnings at this point. and aol, as i said, going to be spun off in the not too distant f

viacom does. and that's because they've got ad revenue that is looking like a bottom has been formed and is starting to improve. and then they also have the recurring monthly fees. discovery communications is another one that still has to report that investors really have liked lately, and i still think there is some up side there. we also like cable companies, the operators, because those are mostly at recurring monthly revenue generators. >> okay. and doug, when you look at this safe, and you realize all of the challenges that the economy is facing and what that means for the media sector in terms of advertising, what gets you excited? /. >> you know, in the media states right now, there isn't a whole lot that gets me excited. i think as long as the consumer is under pressure from unemployment, negative wealth effects and constricting credit, it's hard to see any of these companies generating revenue growth. the one company i do like is dreamworks animation. there you've got a multiyear story wh

with viacom reporting earnings and time warner reporting today, what have rewe learned about the health of advertising? it appears the ad market has bottomed. off less in the second quarter than the first in year over year. and 3% year over year decline in advertising revenues. the ceos at both companies did not provide a great deal of visibility. the upfront market in which networks sell much of the ad inventory had a slow start and less indicative of ultimate demand and pricing for ads than in years past because so far are taking part preferring to buy their ads in the scatter market. as tb can be secured in as little as two weeks and what are typically higher prices. viacom did say it is largely completed its upfront selling but wouldn't provide details other than indicating the market improved. i'm hearing cpm from the company that owns mtv and nickelodeon are down 5%. the company would provide no comment at all. time warner's ceo had this to say. >> it looks as though the overall dollar is going into the upfront will be down a bit as the clients look for flexibility. we do think th

. >> if you were an inrester in the production company, i don't know if it's viacom or universal, whatever it is, you would want the responsible business decision which is if it's going to sell a billion versus 200 million -- >> if i was a movie investor, whaltd not do is make anti-war movies that have flopped time after time as we have seen hollywood do. i would make a move about american here rose fighting in fallujah, a movie about medal of honor recipients fighting in afghanistan or iraq. i would make a movie about real american heroes. that by the way, is a real american hero is the tag line that g.i. joe used to use. >> they have made movies like that recently and unfortunately, americans turn it off. >> which movie are you referring to. >> real life fighters today in iraq and afghanistan. they've done documentaries. >> i missed that movie. which is the movie hollywood did? >> a lot of movies in the last few years that hit on the very top.cal subjects. americans turn it off right now. >> what's the title. >> ial e-mail you the titles. you're ignorant. there have been several. >> the

viacom down 6% or 7%. turner still negotiating. so we'll see. but we may not actually get a lot of information because so much will come in the scatter. >> david, i have this just in from management of cnbc. in fact, earnings central is not over. >> oh! >> no. becky and joe are trying to public campaign to end it. >> what happened? >> we're trying to end it. >> they announced it was over. >> becky and joe are hoping -- but it ain't over. >> have they been alerted? >> we've been alerted by management it ain't over. >>> up next, the buzz beyond the floor surrounding the gdp numbers. >> and later, the president's council of economic adviser. christina romer to talk about the cash for clunkers program. in this commercial break we have some of mark haines owe homegrown tomato '. when this hotel added aflac to compliment their benefits package aflac! it made a big splash with the employees yeaaaahhhh! find out more at aflac!... ...forbusiness.com (laughter) >>> joining us is matt schapiro. i apologize, you'll have lots of energy for us, matt. good to

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

when i lived in mouscow, when viacom came there, it was the most amazing thing there. >> in the last two years we've really grown in north america. before that, 2/3 of our growth was international. it's more like a see-saw. we just announced in china that we're taking chinese films and turning them into imax films. we just signed a deal in taiwan for six theaters. china is a huge growth market for us. russia is a good market. so i think it's just a snapshot in time. >> richard, melissa is going to give me a hard time about having to talk to you about this. your quarter ended june 30th, correct? >> that's correct. >> you've only had one week worth of the benefit of megan fox's movie, right? in your earnings, how many weeks of meagan fox in 3d did you actually have? >> she was in 2d. hate to disappoint you. she looked okay in 2d. we had one week and -- >> only one week? >> and there were four more weeks after that. >> richard, a pleasure to have you. hope you'll come back. >> thanks very much. >> the ceo of imax. >>> coming up next, one of today's most popular trades. why traders are g

they don't own cable on viacom or news corp where you have the subscriptions and advertising and therefore not quite as reliant on it. >> david, thank you very much. good weekend. markets on the move. "street signs" has you covered. then new york was hit hard by the financial sector collapse. the jobless rate doubled in less than a year. the question this poses is a real conunt rum for the market. are we going up or not? we'll be right back. dddddd >>> financial crisis hit new york workers and the city's coffers particularly hard due to the focus of finance here, and there's been an unemployment rate in the city that hasn't been seen since 1997. but if you look at the latest bonus figures, or at least anticipated bonus figures if things continue as they are now, i think we've got to make sure we're fair on that, wall street appears to be on the mend. what about the city? joining us to give us his outlook for the city is new york city controller william thompson, also obviously democratic candidate for mayor of new york. all right. so where do we stand right now? i mean, it's sort of

financial times says the group includes nbc universal, which is part of the company that cnbc is part of, viacom, warner, as well as two of the nation's biggest advertisers proctor & gamble and at&t. they plan to award contracts to media viewers by early september. that's the traditional start of the fall viewing soap in the u.s. >>> 2008 was a very good ceo for blackstone's ceo, steven schwarzman. he earned $702 million last year. the vast bulk of that came from the vesting of equity grantsdz he received when public in 200 it also paid off to be in the seven of the top ten highest paid ceos run an oil or natural gas company. becky. >> euro zone prices fell more than expected in july on the back of falling energy and food costs 37 consumer prices fallen by 0.7%. the continent's largest economy, spain, france, germany and italy all saw negative inflation. christine. >> hong kong has pulled itself out of the recession. fresh data shows the economy expanded 3.3% when compared to the previous quarter. on year, q2 gdp fell 3%, but better than what economists were forecast b. and more good news, the g

movies and the movie industry is something for everybody who romance sci-fi comedy you have a disney and viacom time warner are these movies going to neutralize each other equity markets seem like it happens every year. in mid august a lot of new releases trying to get the best hand of summer box office is really not a totally the pain because these movies are not the strongest of the year so there's a lot of cavities early in the summer it was an average of two or three now is pretty chaotic. it is not in it doesn't seem fair that the biggest most presold movies have the least competition against them but who said the movie business is fair in this week with five new releases of any summer week in the second most in the entire year 6 movies opening on jerry 16th so waterflood the multiplexes in a starting to open. to some degree obviously we are but possibly audiences because we have so many types of john ruskin peaking propose will be dollars any of the leasing of the studio seem to stand out? looking at them they all seem to have looked like he said specific audiences many wonder brothers bu

closely there is a little bit of hope in the advertising market with the state's budget and europe, viacom, time warner common nothing, as bad as it has been. so we forget europe's economy has hit hard spain had an incredible housing bubble of its own but the unemployment rate is 15 or 16%. but that being said there is the other side of the story that we relied on european investors to buy all of these securitize products from lehman brothers, maryland, at bear stearns, citigroup for creating and there we have we have exported mortgages it was one of the leading exports of our country so we should take some of the blame the u.s. will lead the world into recession because we consumed so much and when we stopped and then those countries are finding their economy being heard now china chief amongst them now china has done an incredible stimulus to stimulate its own country which is amazing. >> [inaudible] how long do you think that monitors aging can last before the u.s. hit a wall? >> what do you mean by debt to monitor the setian were you talking about? >> turning bonds, about bonds and cas

had it with traditional media, being sued by the book publishers and the authors guild, being sued by viacom currently for taking information and they feel pirated by youtube, threatened with lawsuits by newspapers and the associated press, and yet if you go as to the valley as i have you'll hear people tell you that the instant that is the most transformative technology in history. and every time i hear that i say, what happened to mr. edison? if you think about it, without thomas edison there is no internet. there is no computer. there are no light bulbs, there's no television, no radio, no air conditioning, no railroads or subways. but i think what is different if the internet is not the most transformative technology in history, what is different about this age is the speed of change. and think about it -- it took to reach 50 percent of americans, it took the telephone 71 years. it took electricity 52 years. it's a television and 30 years. it took internet 210 years. it took facebook for years to reach 200 million users. so the velocity of change really mean something to all of us becaus

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

there is that contentious relationship between viacom and you tube and disney and the deal with hulu. they take the target to 560 a share in the next months and is bigger than you tube. success in europe and display growth expected up 40% next year and a recovery in revenue are all reasons to be bullish. it is a bold call and google up about 50%. gold min clearly thinks with the rally, google has lots of room to run. >> thank you very much. jim goldman. let's talk about the market and head down to the floor of the stock exchange. before we ask to you buy in on the bernanke question, the market is moving resilient even though we had moves in the marks. china is a distant memory with the sell off. i assume you are encouraged? >> the market shows the discount and the jobs number and chose to focus on the manufacturing that is 12% of our economy. i think we are still in that looking forward. we are getting out of this and closer to the end in the beginning. still short-term bullish. >> the s&p at 1005. where would you wellic to see it close? >> above 1005 would keep the upside intact, but

some of the viacom's properties are putting shows like john stuart on humoro and all that was is behind a fire wall to get any content that you need to pay a subscription. >> do you know what drives me nuts. i had a demand 10 years ago. nine years into the nightmare, the time-warner deal, they waited this long to put them up. i always wanted to pay and download episodes of the sopranos and they never gave it to me. the technology was there and the dvr and they waited this long. >> your dreams have been realized. >> shame on you, time-warner. it turned me into a pirate. i ended up -- >> don't confess that on national television. i have one last thing. there is a reason you didn't want to download just the sopranos. they wanted you to pay for the whole package. >> they had him willing right here. see you later. up next, stimulus checks for convict getting friended bee the ivs. >> empty calories galore when we come back. carol, when you replaced casual friday with nordic tuesday, was it really for fun, or to save money on heat? why? don't you think nordic tuesday is fun? oh no, it's fun...

it's a little bit of hoping advertising market in what is going on here in the state, but in europe, viacom this week, time warner, nothing. as bad as it has been. so i think we forget sometimes, europe's economy has been hit hard to stay and had an incredible housing bubble of its own to spend unemployment rate is what, 16%? if some incredible number. that being said, there's the other side of the story, which is we relied on a lot of european investors to buy all of these securitize products that are wall street firms, lehman brothers, merrill lynch, bear stearns, citigroup were creating. there i think we have i think we exported mortgages. one of the leading exports of our country. it's very odd. and there i think when it comes to europe we should take some of the blame. and then of course, yes, we lead the world into recession because we consume so much and when we stop consuming all kf the countries that provide to us are suddenly find their own economies hurt badly as a result it china being chief amongst them, and now who has been incredible, enormous stimulus to try to stay with its

from your posion at the actual interrogation o avenues of viacom you know that statement not to betrayal. >> yes, sir. >> oneptember 6, 2006, president bush statethe following. within months of september 11, 2001, we captured a man named abu zubaydah. we believe that zubaydah was a senior terrorist leader and a trusted associate of osama bin laden. zubaydah was severely wounded during a firefight that brought him into custody and he survived only because of the medical care arranged by the cia. after he recovered, zubaydah was defined and evasive. he declared his hatred of america. during questioning, he afirst disclose what he thought was nominal information. and then stopped all cooperation. we do that zubaydah had more information that could save innocent lives but he stopped talking. as his question reseeded became clear that zubaydah had received training on how to resist interrogation, and so the cia used an alternative set of procedures. does that statement by the president accurately reflect the interrogation of transacting. >> that he is talking about just. he was injured and he

and the fact that viacom had ownership interest of cbs doesn't change that or shouldn't change that. i mean, the first amendment is not just the property of the press. the press deserves and gets, but deserves the broadest protection, but so do all other speakers. and once we get an institutional press-only first amendment, we're going to have a lot more problems than we're bargaining for. >> my point is, i think we've had a press first amendment for almost 100 years and we have not had problems. the example that floyd gives i think proves it, which is nbc has freedom of the press because that's its function. its owner, g.e., has a more limited speech freedom, which is, under current law, to speak to its shareholders, speak to its executives, internally endorse candidates, but not go out and spend the billions of dollars it has in the general political marketplace. the press is in a position where it is able to speak with full constitutional protection. that is not true of the seller of shoes or automobiles, where you and i go out and buy them irrespective of their political views an

it went all the way up to viacom which owns cbs. it was ultimately responsible. so, now they're paying. that situation is not common. host: what is on the front cover? guest: that is in youngstown, ohio. it was a major steel- manufacturing capital until the 1970's. you have at least five or six major steel plans unused. host: is this site still a band? guest: yes. host: the last call comes from florida. caller: what is your thought on independent, private bidders? guest: my assessment is that in youngstown one of the biggest, growing industries is dismantling. but they are making a lot of money taking them down and selling the steel. host: justin hollander, author of "polluted and dangerous, america's worst of an improper visabandoned properties." we will look at the congressional meetings this week. the trip next guest will be david hawkins, come monday. the next two guests will also be with us, the last is an author talking to was about the labor movement. thank you for joining us for this edition. we will see you again tomorrow morning at 7:00 a.m. eastern. [c

let me move on to business and viacom. tomorrow the company will be releasing the beatles rock band video game. very exciting. the first time the beatles have been incorporate sbood a video game, rock band is head to head with guitar hero. what are your expectations? why the beatles now? >> well, we're very excited. we have music part of our dna at viacom with mtv, b.e.t., vh-1. the "new york times" called it a cultural watershed. we don't think about the competition. we are proud to be associated with the beatles and this game. it is a beautiful game. it will be a lot of fun for kids, their parents, the world over. we are releasing it on all platforms around the world tomorrow this is a big week for us. >> yeah. sure. >> get schooled and have some fun after school. >> it is fun because the game will not just appeal to kids but their parents even more so. >> it is a wonderful, wonderful game. it has beautiful art embedded in it. it is fun and easy to play and it has a lot of audio and video clips embedded in it from the ab

. >> and that was viacom ceo philippe daweman talking with me and giving me his take on how his company is doing in the current advertising climate. as the fall television season is about to kick off, online programming is gaining ground. cn cnbc's julia boorstin spoke exclusively with the ceo of hulu on that growing trend. hi, julia. >> hi, maria. well, hulu may be a two-year-old startup but it's already synonymous with tv online. 38 million people watched a video on hulu in july. that's more than the number of people that watched time warner cable. hulu offers nearly the entire broadcast tv line-up and much more thanks to newscorp, nbc universal and as of this summer disney as well as 2 huj other content partners. this fall tv season hulu's online trends will dramatically influence how broadcasters market and craft the content you see on tv. >> we in many ways can be a realtime source of information for the broadcasters and the cable companies. and by that i mean we look at search terms and the incidence of search terms on our search query logs every night. >> hulu has over 200 advert

at $60 per copy, it makes viacom hope that it will renew numbers. the booelths will recap a record $1.6 billion in 2009 from licensing revenues and music sales. beatles video game. i prefer a video game like this versus the bang them up and walk around the alleys with guns and things like that. this seems a lot more sweet in some ways. >> your speed. >> yeah, exactly, as long as they do "love, love me do." how about you, mike? >> i also wonder, you know, whether the michael jackson estate could also see up side from this. because doesn't he have a piece of all the beatles music, as well? >> oh, yeah, i think you're right. >> so his family could benefit from this and all the money that he owes so many people. christine. coming up on "worldwide exchange," we'll try to sort that out maybe with our guest on tech coming up later because there's a lot of talk that maybe apple is going to announce that it's finally putting the beatles catalog on itunes. >>> make or break for the president's health care plan. can he convince republicans that the public opti

and viacom, who makes this game is really hoping that consumers will go out and buy this $250 special edition package of instrument controllers that are based on the original beatles' instruments. >> wow. by the way before the fans get mad at me, my who cares was rhetorical, accident mean that literally. the game will actually help you learn how to plate guitar on "rock band." julia, thank you. >>> they weren't allowed to watch president obama's speech to the nation's school kids yesterday but they are being bussed to see a former president speak. hmm. does that make any sense? >>> tennis star raphael nadal gets a smooch on the court and it wasn't supposed to happen. where was security when you needed him? really? be right back. your body needs sleep to feel healthy... to feel better. tylenol pm quiets the pain that keeps you awake. and helps you sleep, in a non-habit forming way. announcer: you could buy 750 bottles of water or just one brita faucet filter. ( drop plinks ) brita-- better for the environment and your wallet. some people like to pretend... a flood could never happen to

it's viacom that needs a big hit to justify it. >> it's going to be difficult for viacom to sell enough units in the near term to break even on the franchise, and the investment they've made. so while this may be a game that sells millions of units on the top line, it's going to be very difficult to actually recoup the investment that they've made. >> viacom is trying to turn the tide in the battle with gay tar hero, which is the leader in this space. the real winner in this video game is the beatles. between their tapes from the video game which could be up to $50 million, plus the fact that emi is taking this opportunity to re-release their albums, it's expected to bring in 1.6 wlds in revenue this year. pretty impressive. >> really impressive. julia, thanks so much. >>> the closing countdown coming up right after this short break. big numbers. >> $1.6 billion for -- unbelievable. >>> after the bell, white house communications director anita dunn is going to tell us whether obama will insist on the public option tonight when he tries to resell the health care debate. >>> be sure to wa

so it's really more of a benefit from viacom if it's a success than it is for ea. >> what's your favorite name in the space at this point? we've gotten all sorts of data points about video game sales being down this year for the first time in i don't know how long. >> we have the best name to play in the space right now is still activision. you look at what we've seen over the course of the last year, you've had a very empty release schedule. they've got a huge product line-up that comes -- coming out really over the holiday season. easy competitive environment. you've got hardware price cuts driving growth in the installed base. that's the name you want to own. >> microsoft, a horde of cash on the balance sheet. apple same thing. any of these guys work they look to any of these names the thqistion the activision, the -- >> absolutely. you look at how important the games are becoming, whether it's the iphone and the amount of time they spent talking about games today, whether it's to what microsoft's doing with the xbox. it's all about the content when it comes to driving games on those p

>> we have news corp and viacom, which i think have plenty of economic sensitivity to them, but not the other kind of things. the other thing to look at, though, coming back to your comment are things like coca-cola, where 80% of their earnings are outside the united states and they have the ability to reprice their product. so i think one needs to be careful to what kind of things they because. >> don, thank you very much. we appreciate it, sir. very interesting. >>> up next here,ness the town hall meeting, did tim geithner call for higher taxes? >> i think he did. >> or not? we'll weigh in. we'll tell you what he said and we'll debate whether higher taxes are inevitable, death and higher classes. >> plus the clash of the titans, jamie dimon versus bob diamond. we'll have that when we come back. >>> welcome back. take a look. we were having fun at the commercial break. the dow is down about 13 points, almost flat on the session. the s&p right now is essentially almost exactly, just fractionally. >>> gold up, dollar down, i'll just add that. folks, yesterday on "the call" i asked erin b

. >> yes, viacom? >> yeah, we downgraded news corp and cbs to underperforming because they are the most leveraged to tiesing, and currently most discounting a very aggressive recovery. viacom we downgraded to neutral, because we think that likely none of the stocks are likely to outperform. >> not even with ellen degeneres on -- >> i think that will be entertaining, but paula abdul was entertaining in a different way, so i think it's a sideways call. >> disney is not as beholden to advertising, i think as others you mentioned. >> disney also has a lot of exposure to the parks segment. while there they've managed to contain some of the damage by aggressively discounting pricing to the parks, you know, their margins are still under pressure. until the consumer rally recovers, it's hard to see them driving a lot of earnings growth. >> doug, the relationship between consumption, consumer intentions and advertising is so strong, when you look around the world, doze that holding up in countries that are reco

you were at viacom launching the get schools awareness campaign. why did you get onboard with this campaign? >> this came about when we talked a lot about financial literacy publicly. that got viacom's attention. they were working with the gates foundation for a while now. it really struck us as the right approach. a great long-term commitment. the right partners. you can add at&t and capital one to that mix as well. we had a great kickoff in l.a. of everyone going back to school. really great publicity around it. and a really long-term multi-year commitment that we wanted to be a part of. >> it's really unbelievable that we are watching the education part of our broad economic story sort of lag behind so many others. why is it? what's the problem in your view? >> i can't put my finger on it. one of the things we talked about on tuesday was so much wealth creation from the mid-'80s to the early 21st century. maybe people have gotten less patient. they're not as willing to invest in an education. but if i shared with you the numbers in the urban are

i do like viacom, by the way. i think it's good. and you know i've warmed up to time warner. let's go to joe in nevada. joe. >> caller: boo-yah, jim, from wonderful huntington, nevada. >> good to have you. second nevada in the course of the show. i think that's excellent. go ahead. >> caller: jim, i need a doctor. you're the best. >> okay. >> caller: last week there was a pharmaceutical company called biomerin, symbol bmrn, that did eight times its normal volume in one day and call option activity went through the roof. if you were trading, would those two factors lead you to make a short-term trade -- >> no, i would. . and boom room is what we call it, is a play we made three years ago. we never looked back. it's too speculative. i'm never going to do anything. it looks easy -- >> that was easy. >> -- but it's actually painful. rick in north carolina. rick. >> caller: a buckeye boo-yah from a fellow osu alum, jim. >> holy cow, man. good to have you on board. >> caller: that was a rough time saturday night. >> what can i say? true. true. >> caller: i broke a cardinal rule of

viacom is a public company but it's got a controlling shareholder. >> compared to the valuation when vivendi -- that was -- when they sold it. >> don't know. >> it's less. >> it's all over the place. >> is it much less? it. >> may be less. hard to say. >> things haven't gone great in traditional immediaty. >> right. there may be enthusiasm in the future in some ways. cable networks owned by our company are quite strong. generating a lot of cash. >> all right. you know what, erin, you're going to talk about casinos, i know. >> yes. >> our friend larry, what's his name, hav verity? >> yes. >> he sat by these things at five or six might double or triple. they have. >> indication. we're going to talk about that next, as joe said. betting on a can sin no operator. find out why that you should bet now when they've already tripled. matt nesto has stock on the move coming that way. >>> plus -- >> plus, inside the numbers from fedex. stock is up more than 125% since you know who's bottom, often used as a barometer for the company. you're watching "squawk on the street." >>> good morning. welc