how did they fare, nicole? >> both are dow components, two huge names in big pharma, pfizer a winner, up about half a percent, merck down about a half a percent. both companies have tried to keep their costs down for marketing and such, but also they both have the same situation which is generic competition. having the patents expire. merck, for example, for singulare lost 80% of sales because of that. when you see that these companies don't have the big drugs to get out there, that, obviously, gives them some intense competition from the generic market, and that's something they both have noted. and that's what we're seeing. and merck also talked about research and development, a little weak in that area. david: thank you, nicole. appreciate it. liz: thanks, nicole. europe's battered economy may actually be finally showing signs of life. here's what happened, because we've heard those headlines before a couple months ago, but now we got better than expected economic data hitting the markets. we've got someone

the simple tricks to get the best air fares ts fall. we're watching out for you tonight on "the willis report". ♪ gerri: the bankrupt motor city detroit has found a way out of its sky high health care sts for public service workers. obamacare. according to he new york times detroit is considering pushing its younger retirees on to the obamacare exchanges to release some of the pressure of the 5 billion the city as a retiree health costs. sticking it to you, the taayer. with more on this, president of the american action forum. i don't know ho many times i talked about the unintended consequences of obamacare. this pretty much stops the mall. what. gerri? >> this is a case of unintended consequences. obamacare is average pilot subsidies. anybody in financial trouble is going to try to find a way to get their hands on the subsidies here is an ingenus way for a bankruptcy too say health care s no wonddr our problem. now over to the exchange's. you know, they are free and clear. gerri: but we are not. that is what makes me so mad. listee

the simple tricks to get the best air fares ts fall. we're watching out for you tonight on "the willis report". ♪

the simple tricks to get the best air fares this fall. we're watching out for you tonight on "the willis report". ♪

. >>> it is nottjust pricey air fare to think about when planning the next vacation. more states, cities and counties are upping taxes on hotel rooms and car rentals. they often trickle down to the local level, it is one way to make up for the lost revenue. that's the latest from the fox biz network, we're giving you the power to prosper. dow adam: so how is wall street reacting to the indictment of hedge fund sac capital? fox business senior correspondent charlie gasparino will join us with more exclusive details. and, charlie, a question -- >> they're crying. you hear screams and cries. why does wall street care about sac capital? adam: that is lot of revenue for wall street. >> remember they trade, sac is an enormous trading shop. it is 2% of the new york stock exchange volume every day. adam: a billion dollars in commissions. >> it is amazing. billions of dollars in commissions. hundred of millions of dollars in commissions every year. they are wall street's best customer. they're crying now. they're doing something else. this is what we're getting from people at

boeing, the stock has fared well. boeing is down $1.08 today. take a look at honeywell. that stock is down just a little bit. dennis: the texas state comptroller will be up next. cheryl: we have had the results from week to of our summertime showdown. rob and jen have more than the expectations on the line. take a listen. >> i will bet a philly cheese steak that my stock picks beat yours. i am so confident that if you win, i will buy you two. >> looking forward to the summertime showdown. i accept his challenge. i will match his philly cheese steaks with new york's pizza. ♪ [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. and launch your dreams. i've been doing a few things for playing this and trading.ove-- tdd#: 1-800-345-2550 and the better i am at them, the more injoy them. tdd#: 1-800-345-2550 so i'm always looking to take them up a notch or two. tdd#: 1-800-345-2550 they've now put their most powerful platform, tdd#: 1

orientation of what do we need to do to be a great company for customers, be on time, reliable, low fares, what do we need to do for our employees, and that's job security and good pay and good gain sharing with the company as well, and what do we need to do for investors, and we can talk more about that. but our plan that we've been working on is to make the company a good, strong company for all three of those constituent groups. liz: you missed on the bottom line on your most recent earnings reports, you matched on the revenue. why did that happen, just so we know? >> yeah. we released today the absolute level of earnings was very strong, a 13.5% margin, $105 million profit. there was a little bit of capacity in our market that we're dealing with, and then we had two or three things on the expense side that were a bit unusual -- liz: i'm sorry, too much capacity? i mean, you're adding 15 new routes. >> yeah. and a little bit of -- competition. i think overall in the industry competition is at a reasonable level, but in our market there's a bit more than the last couple of quarters. liz

also the fresh grocery delivery business and how that may be faring. a lot of news to follow. both of these names. in the meantime, they both have up arrows. ashley: all right. thank you so much. stay tuned to a fox business for complete coverage of today's earnings. coming up after the bell. tracy: and nicole spends so much time at sharp -- starbucks she should own shares. ashley: a big part of their economy. tracy: we have to go back now to the big story of the day, criminal charges for a multibillion-dollar hedge fund, sac capitol. it was a hotbed for insider trading for years. now sac stands for fox business. what is next? we have to find out. charlie gasparino all over this. >> reporter: to some my interview, the fox news contributor. very close friends. private eye connects new york city cop. above the sea in tonight. he did threaten me if i went after. fifty-seven at least it's on the record. here's the thing. what he couldn't answer that made no sense, he goes, they are making a case. this is circumstantial. why we busted for something somebody else did. here's what he

read a look at the world currencies and how they fare against the u.s. dollar. we will be right back. i want to make things more secure. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband toeb hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ >> 23 minutes past the hour your fox news minute. spanish before the opening a formal investigation into the driver of the train that derailed and caught fire in northwest spain killing at least the people, injuring 140. seen's transportation secretary confirming the train was speeding. fat home the center for disease control saying people in seven states are suffering from a stomach bug, a parasite found in contaminated food or even drinking water sickening at least 275 people, 175 of those cases are in iowa. the department of

it was the same, tax the rich class war fare, more taxing points. he wants to talk economy and how well it's doing since he took office. some numbers, 9.5 million and that's how many people dropped out of the work force since the first four months in office and it's more than the number of jobs created on his watch. here is another one. 15 million, how many people have signed up food stamps under this president, more than twice the number of jobs on his watch. today, the president talks infrastructure. he wants more spending. and that's this afternoon in jacksonville, florida. going to get to the markets, they will open lower, is it because of the president? we'll have an answer on that one, and plus, congressman kevin brady is here, he's investigating the irs. what does he have to say about the president saying it's a phony scandal? listen to this. >> and this endless parade of distractions and political posturing and phony scandals? washington has taken its eye off the ball and i'm here to say that this needs to stop. my mantra? always go the extr

we create the lowest fares for our customers. liz: sometimes, let's first talk about the royal price drop. $19.90. seriously? >> yes. it applies to a number of our markets. if you are willing to behave in ways that sell us money, that is the beauty of our model. liz: do you like to ski resorts? >> we fly to denver. people should think of them as options. when you go to buy a car, do you think of it as a fee to get the bigger engine or that is just what you pay to get the bigger engine? they are not really feasible and you can choose not to pay them. liz: i am with you. we are not a consumer channel where we are complaining about the fact that you charge for a blanket. i have talked to people. now i have to pay a hundred dollars to check a bag? >> what that carry-on fee does it results in people bringing fewer bags on board. it makes the flight more efficient. we do not want to do the transaction at the gate. we do not want anyone to pay that $100 fee. liz: your fleet is made up of airbus is. you have a bunch on order. some troubl

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look how the stock is faring. it is right now down 3/4 of 1% but earlier today hit a 52-week high, highest level since 2011. we've seen other names in that group there, ubs, keybanc, walgreens, kellogg, these names have all been hitting some highs worth noting. we should also talk about halliburton and what's happened there with their quarterly report. so they, international versus north america. they were doing well internationally, not so much in north america. so they have pulled back some. overall as you noted even major market averages moved back to the unchanged line. a lot of it stems from i will will the fed or won't the fed? hard to keep on track because of those housing numbers. back to you. adam: thank you very much, nicole. nicole just brought up the housing numbers and existing home sales numbers in june fell 1.2% as 30-year rates, mortgage rates climbed to new highs over the last two months. we're joined by american enterprise institute fellow ed pinto with some expert insight as the reason behind th

the politicians pay the fare and that is exactly what has happened. happened. >> those who did not there is a pursuit we all share. a better life for your family, a better opportunity for your business, a better legacy to leave the world. we have always believed in this pursuit, string to bring insight to ev, and integrity to every plan. we are morgan stanley. and we're ready to work for you. peace of mind is important when so we provide it services you bucan rely on. with centurylink as your trusted it partner, you'll experience reliable uptime for t network and services you depend on. multi-layered security solutions keep your information safe, and secure. and responsive dedicated support meets your needs, and eases your mind. centurylink. your link to what's next. john: welcome back to this special edition of stossel. we are in las vegas for "freedom fest." most people here are libearians and we want to shrink government. we don't like taxes. we need natialdefense and pollution control rules. there are some thingthat most of us say government must

the politicians pay the fare and that is exactly what has happened. happened. >> those who did not did you know that people born from 1945 through 1965 have the highest rates of hepatitis c, but most don'tnow they're infected? people can live for decadewithout symptoms, but over time hepatitis c can cause serious health problems. if you were born during these years, the cdc now recommends that you get a blood test for hepatitis c. so talk to your doctor and find out if you have hepatit c. it could save your life. know more. john: welcome back to this special edition of stossel. we are in las vegas for "fedom fest." most people here are libertarians and we want to shrink government. we don't like taxes. we need national defense and pollution control rules. there are some things that most of us say government must do. i se why. it is tough. our taxes always seem to go up. grover norquis, who is head of americans for tax reform persuaded politicians never raise axes. and steve moore is with usfrom "the wall street journal." so rome had hig tax rates? >>

the politicians pay the fare and that is exactly what has happened. >> those who did not the boys used double miles from their capital one venture card to fly home for the big family reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly any airline anytime. two words. double miles! this guy c act. wanna play dodge rock? oh, you guys! and with uble miles you can actuay use, you never miss the fun. beard growing contest and go! ♪ win! what's in your wallet? win! if you've got it, you know how hard it can be to breathe and man, y know how that feels. if copd includes emphysema how hardand chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 2hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalersor sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, inhor an enlarged prostate. these may worsen with spiriva. discuss all med

the politicians pay the fare and th is exactly what has happened. >> those who did not john: welcome back to this special edition of stossel. we are in las vegas for "freedom fest." most people here are libertarians and we wa to shrink goverent. we don't ke taxes. we need national defense and pollution control rules. there are some things that most of us say government must do. i see why. it is tough. our taxes always seem to go up. grover norquist, who is head of americans for tax reform persuaded politicians never raise taxes. and steve moore is with us from "the wall street journal." so rome had high tax rates? not always. efforts were about 400 years they had no real direct internal taxes. because they looted their neighbors. john: we are not advocating that. [ughter] >> even that wasn't enough. so hey had dramatically higher taxes. taxes started with tariffs. constantine had the first one. property taxes, people wee actually abanding their property. things got towardshe end, very rough and it's a part of why things did not work. >> one penaltyof being sold ad slavery. >> or kill

want to take a look, ashley and tracy, at some names that have reported and take a look how they're faring particularly in the energy realm. this is markets now as you get a broader picture of the markets. dow and nasdaq to the downside. s&p slightly higher there. that is obviously a big deal considering we've been down all stay. look also at both schlumberger, baker hughes. one is going one way, one is going the other. schlumberger up 6%, baker hughes down. that is beat and a miss. schlumberger is the word's largest oil field services company. better-than-expected profit. drilling activity outside of north america hit a 30-year high. stock hit a 52-week high. lower than expected profit with baker hughes. tracy: thank you, nicole. we'll see you in 15 minutes. >>> on deck, one ceo says president obama's health care law will fundamentally change the workforce. andy putser in, chief of hardee's and carl, jr.'s parent kke will tell us how. ashley: the market is just slightly flat today. the u.s. dollar has been strong of late but somewhat after mixed performance overall. as you see a little we

we ran a public agency, cut fares, multimillion-dollar surplus, reduce reliance on taxpayer dollars and took that to detroit, saved $39 million on their transit systems so it can be done even in a community as challenge as detroit. stuart: if you wipe out this $18 billion worth of debt, take it off the books, detroit starts again, it could work? >> there is a culture of corruption in detroit that needs to be dealt with. i will give you one example. we found one employee we were working with across the country, that job would pay $80,000 a year, she was making $450,000 a year. stuart: a government job? >> you bet. you got to get to those issues that are at the core of corruption. stuart: you know what you are talking about, appreciate it. back to the markets. the big winner on the dow, general electric, selling more jet engines and the oil-drilling equipment, up $24.74. another winner not on the dow, big beat on earnings for jacoby and that stock is up 7% above $400 a share. three fresh headlines on the climate front. first off, senator harry reid is blaming climate change for fueling mo

the politiciansay the fare and that is exactly what has happened. >> those who did notther, it puts a big smile on my face. he was so warm and loving. he died from melanoma when he was 31. every hour someone dies from melanoma. it doesn't have to be someone you love. john: welcome back to this special edition of stossel. we are in lasvegas for "freedom fest." most people here are libertrtarns and we want to shrink government. we don't like taxes. we need national deense and pollution control rules. there are some things that most of us say government must do. i see why. it is tough. our taxes always seem to go up. grover norquist, who is head of americans for tax reform persuaded politicians never raise taes. and steve moore is with us from "the wall street journal." so rome had high tax rates? >> not always. efforts were about 400 years they had no real direct internal taxes. because they looted their neighbors. john: we are not advocating that. [laughter] >> even that wasn't enough. so they had dramatically higher taxes. taxes started with tariffs. constantine had the first one. pro

the politicians pay the fare and that is exactly what has happened. >> those who did not. that is another topic. we will return with the creepiness of rome. every parent wants the safest and healthiest products for their family. that's why i created the honest company. i was just a concerned mom, with a crazy dream. a wish that there was a company that i could rely on, that did all of the hard work for me. i'm jessica alba, and the honest company was my dream. [ male announcer ] legalzoom has helped a million businesses successfully get staed, includg jessica's. launch your dream at legalom today. call us. we're here to help. ♪ honey, we need to talk. we do? i took the trash out. i know. and thank you so much for that. i think we should get a medicare supplement insurance plan. right now? [ male announcer ] whether you're new to medicare or not, you may know it only covers about 80% of your part b medical expenses. it's up to you to pay the difference. so think about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all stand

first, how the world currencies are faring as the u.s. dollar. ♪ if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment th helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd. iriva helps me breathe better. does breathing with copd weigh you down? don't wait to ask your doctor aboutpiriva. businesses

we're taking a look how it fared as far as earnings per share, 39 cents versus the estimate of 39 cents. revenue, 12.8 billion versus 12.9 billion. as you noted we saw back and forth action with the stock but now.ing to the upside for intel. the interesting point they talked about the they're rerating the company's priority on creation. creating new products. creating for the ultramobile market. we know pc sales have been dwindling. they talked about the fact that they have sinking demand for personal computers that is something everybody noted. they had to lower their full year numbers, their full-year revenue outlook. that is not good news for intel and its shareholders. sales are roughly flat from the previous year. i know you are talking with the chief financial officer later in this show but for right now we're watching intel actually squeezing out some gains. david: thank you, nicole. actually right now we're watching e bay. the numbers are in and despite the numbers there is an after-hours drop in the stock. we'll talk about why in a second. earnings per share, 63 cents, right on

>> well what i do think is that, you know, it's anybody's guess how ali baba will fare once the ipo it could either way. nobody knows which way it will go. it might flush a lot of money yahoo!'s way or might not. certainly there's a little bit of excitement there. you know, what it could do for yahoo! and its shareholders. we'll have to wait and see how that works out. david: karsten, talk about the future for a second. i just bought a new mac air, i was thinking about storage capacity. they said, don't worry about it, you can go to flick air product purchased recently by yahoo! and they will give you one trillion bytes of storage capacity in your computer. just a huge amount of capacity. they're not making money from flickr yet but a lot of people are turning their attention to flickr a lot of consumers. how do they monetize that? >> flickr is a great product. yahoo! brought out a new mobile app on the iphone 4 for flickr. it's a great app. flickr is the one product that is really shining, how do they make money, scars ten? >> it may not have to make money. it may be a loss leader in

ashley: the department stores, how are they faring? >> department stores are weak. they continue to be week. 5% down year-over-year. the results don't seem to be all that special. see big discounts to the store. not to say they're overmerchandised but we're seeing discounts to clear. ashley: this all leads into the all-important back-to-school season. how is that shaping up? >> we're not seeing heavy ordering back to school. retailers are being conservative with the orders they place. it will probably come closer to actual needs. august, september we'll see more of the sales. but it should be a little more full-priced selling at that point. ashley: can you, as you look towards the end of the year, do you expect more of the same with regard to retail sales? >> yeah, we're looking at the moment, below singles, 3%, 4% type holiday season from a same-store sales type basis in aggregate. not too bad. it is a tighter season this year. there are 26 days versus 32 between thanksgiving and christmas. ashley: how much is increase in hiring? we've seen nearly 200,000 jobs adde

they want to see how it fares, but i'll tell you eventually this gets more immersed in our travel schedule. you will see more airlines adopted because it's a great plane. cheryl: i'm looking at the stock, the volume. its intense as we continue to look at live pictures. this is what traders and others are watching. again, the reports are that tv footage that appears to be s787. down over 3% in early afternoon trading. i want to remind our viewers that we're still getting details about what happened. no passengers on this plane. an ethiopian airlines jet. it's at heathrow airport. it was at the gate. you can see it on your screen. it's clear. we're watching a major sell-off right now. as these reports continue to come in, the footage, this is what traders are seeing, what you at home are seeing on your screen. etf been airlines is the customer of boeing and the 787. there are not that many aircraft. maybe 50 or 60 at the most. that's i estimate. >> yes. that seems a little bit high. more coming on line. with any new product whether it's an ipad, you don't want to hear anything happening batt

first, a look at how the world currencies are faring against the u.s. dollar. ♪ i want to make things more secure. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ can help you do what you do... even better. the math of retirement is different today.ek. money has to last longer. i don't want to pour over pie charts all day. i want to travel, and i want the income to do it. ishares incomes etfs. low cost and diversified. find out why nine ouof ten large professional investors ishares incomes etfs. lchoose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes read and consider its, carefully before investing.. risk includes possible loss of principal. ♪ >

gerri: let's talk about making the fares cheaper, what do i do? you have to be in the shoulder season, right? >> certainly iyou can buy your ticket for example before the second week in june, ther therea little bit of break. the last week in august ticket prices drop, kids go back to school. in between they are e expected tickets are. there is a $30 surcharge each way on those days so if you don't fly on those days,e will not incur the surcharge. tuesday afternoon is after the sales occur, monday night everything mates tuesday morning. tuday afternoon is the best time to shop. gerri: we did cheapest destinations in europe, now cheaper destinations in the u.s. what if i didn't want to pay up for it? >> northeast the cheapest city of boston. let's help the folks out in boston. washington, d.c., baltimore area. toward florida, orlando, tampa, fort lderdale competing pretty heavy. the southwest austin, san antonio, some of the cheapest places to go right now. denver, los angeles are your best bet. gerri: there's a lot to do, a lot of history. >> fenwa

banks are going to pass those costs on to the consumer and how do you think the banks are going to fare? >> those are several questions. i will try to answer each separately. david: please. including ours have are very highly leveraged toward a rising rate environment. for example, bank of ireland, everyone hundred basis points increase in base lending rate adds well more than 100 million euros to their profit because the reality with most banks is that the asset side of their balance sheet is far more rate sensitive on a very short-term basis than is their liability side. so strangely one of the things that's good for banks is a rising rate environment. liz: sure. >> but you were going to answer exactly how those costs that the banks have to assume are going to be passed on to the consumer? >> well, right now we're in a time period where the cfpd is being very, putting a lot of pressure on banks to cut spreads to consumers. so there is a real tug-of-war is going to be between the banks, as i make a decent return on equity and the regulatory pressures being put by the consumer protectio

having tougher capital requirements than everyone else, ended up as a big part of the reason our banks fared better than european banks in the crisis. lori: as you know the complaint from the banking industry as well, this is going to tie our hand. we have tougher capital requirements. so we're not going to be able to lend as openly and as freely. are you buying that argument? >> first of all it is not the banks. a handful of banks are making argument. the smaller banks are disadvantaged to bigger banks have lower cost of fund because they're assumed to be implied government guaranty. lori: even bigger banks say we have to charge you fees for, higher fees for using atm or higher swipe fees if you're using -- >> that has nothing to do with capital requirements here. lori: okay. >> at all. in fact i would argue -- lori: some. banks would say that is exactly why they're charging higher fees. it is an easy excuse. >> it is an easy excuse. i would point out in europe, for the most part the european banks are accepted by the european governments as sovereign risk. we saw this proven in greece, rig

when i ask people what their air fare costs and tell me it is 200 and i paid a thousand. it is not so bad with gasoline but you could save 20 or 25 cents per market if you take active role picking out the gasoline and choosing among a lost different numbers there. never seen as much move from spring to summer or from market to market than we're seeing right now. crude is really flat but gasoline prices have been up or down and probably on a little bit after down roller coaster. adam: what would it take, i don't want gasoline prices to go up. we had hurricane andrew and hurricane sandy last year which would cause prices to go up. what would it take? >> a gulf coast hurricane. if you get probability cones in the gulf of mexico this year, particularly, july and august. after september not so much. if you get that we've got about nine million barrels of a day of refining capacity, more than half of the u.s. refining capacity is in texas, louisiana, mississippi. so, if we get some violent storms and they threaten refineries, refineries have to close on a precautionary basis. w

some look at currencies and how they are faring against the dollar. we will be right back on markets now. ♪ ♪ >> 23 and it past the hour. i am jamie colby. this is your fox news minute. more firefighters going to battle the firefighter in arizona. nineteen firefighters were killed yesterday. the blaze is still 0% contained. 85 miles north west of phoenix. president obama says the u.s. is still evaluating an article alleging that u.s. buying on european allies that the u.s. bug european union offices in washington and new york eavesdropping on diplomats. putin says snowden needs to stop leaking u.s. secrets. the pilot of a helicopter in new york city landed on the hudson. he activated flotation devices and landed safely on the river yesterday right side up. they were all rescued by boat with no injuries. miraculous. those are your headlines. back to connell. glad to and on that happy note. connell: a young guy. think you. jamie colby. the day of reckoning for scotland and did expected to plead guilty for securities fraud. >> one count of securities