the bank will consider internal and external replacements. david: the government ran a budget deficit $139 billion, 11% jump year-over-year. the deficit from eight months in 2013 fiscal year was down 26% from the previous year. liz: $3.5 billion buyback program. the world's largest cable company said it intends to move the program in the next 10 years. david: bringing in $6.9 billion in revenues. liz: facebook greeting its own version of the hashtag define what other users are talking about. acknowledging the future is similar to services like twitter and others, but trying to do it in their own way. "after the bell" starts right now. david: let's get right to it on a big down day. the president and cio says a pullback, and he pulled a great opportunity to buy in. also, in the pits of the cme. and we start there in chicago. do you smell fear in the market or is this just a pause? >> two or three weeks ago talked about how great it was, now we're seeing a shift as they ponder the conundrum. our earnings in stocks? not really. the fed will be selling them soon and do we buy housing? the rates will be higher. liz: why are the homebuilders getting ravaged? what is going on? is there something a little bit more sinister going on? >> we have to take it on a case-by-case basis. companies like that, actually like. trading in multiples, gobbling up land, the ceo had great things to say. they are struggling a little bit more. really the point is move into the space where you have strengths and low valuations. remember, lumber prices are still cheappand will stay that way at least here in the next six months. david: you say the still b may e more to the pullback. what sector screams out as a buy right now? >> at this point big cap tech is certainly there. in the oil services area. oil and gas pipeline companies, some great opportunities. longer-term, financials. with the improving economy, dividend yield curve, m&a activity, this is a great thing for financials going forward. liz: lets get to some other names you really like because we want you to show us the money but specifically what in technology do you like right now? >> cisco has a lot of things going for it. if you were on the last earnings call you saw a ceo like a kid in the candy store. we have not seen them this excited for six to eight years. some studies say over the next five years we will see internet traffic increase by three fold because we want to see the streaming video, we want to see it in hd. the position to be the number one provider for internet infrastructure. we will see dividends move up, stock price move up. they are taking advantage of m&a activity as well. david: i like what you are doing. you look at the big picture, bandwidth. with regard to natural gas, another game-changer. the world has access to it has never dreamed of five years ago, the best play for natural gas is kindred morgan. why? >> for us it is the energy play in general. the last five years we have all these controversial horizontal drilling and fracking and as you said w were able to pull natural gas and oil out of the ground at rates we never thought we would be able to do. the energy, toll roads for energy infrastructure. we don't care which way the commodity price is going as long as there is gas and oil flowing through these pipes we will be getting paid a lot of money for that. firing on all cylinders, growing the dividend five to 10% per year. 4% dividend now. still having great acquisitions able to take advantage on what is going on in the capital market by buying cheap and growing organically and outright purchases. a great place to be, a great income play, something we will be very happy about over the next five years. liz: he was here on that exact day revealing all of those numbers and how excited he was. will this be a quiet summer? >> quiet, probably not. what we are seeing is the professionals are betting on anything but quiet. in fact if we look at the options specifically starting to get more expensive. the market has been coming down quite a bit. in that time, probably a little bit more downside. i like the tech sector, the energy play, and natural gas. quiet, probably not this summer. david: even though you see a homebuilder problem, a pullback of sorts continuing, there is a play on the weakness. why do you like it? >> aacouple of things. if you listen to their call, firing on all cylinders, gobbling up dirt at record low prices. 57%. from last quarter. from last year. that is insane. they are the lowest in the state, for me, that makes sense. there are not a lot of cheap homes. david: we have half the number of home contractors that we did seven years ago. even if they wanted to build full out, there aren't enough houses. thank you very much. we appreciate you. we will see you in a couple of minutes when the s&p futures close. liz: with ten-year yields near 14 month highs, what is going on? big bond investors started to reduce the exposure to treasuries, is the bond bubble many have been calling for about to pop? coming up next. david: plus, california's pension crisis could be unraveling. with some big cities in much worse financial shape than anybody originally thought. also, we want to hear from you, can a company like google in the center of it, can google outsmart the government when it comes to accessing your data? who is smarter, the private sector or the public sector? your answers coming up. 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[ heart rate increases ] woman #2: but i don't even live near the water. what you don't know about flood insurance may shock you -- including the fact that a preferred risk policy starts as low as $129 a year. for an agent, call the number liz: on a down day for the market, national day for greece bucking the trend. what is going on? adam shapiro on the floor of the new york stock exchange. adam: you talk about the national bank of greece closing up, one of the reasons is they will have 7 billion euro left over once they bail out the countries for biggest banks. they need 27.5 billion euros. about $9 billion push, so there could be trouble in the future. the banks recapitalize. the country of greece got kind of a slap when the stock exchange was downgraded in the emerging market status. the banks have to recapitalize to get back off on their feet. they have been down. david: am i hearing bagpipes in the background? adam: you are hearing bagpipes. i don't know what the word is in greek. david: thanks a lot. s&p futures are closing right now. let's head back to the pits of the cme. we saw the market go down at the end of the trading day as the market settles. is the same thing happening with the s&p? >> i heard within an earshot going to close, going a little bit lower. looking for investors tomorrow, retail sales numbers. we need the goldilocks numbers again. 25% will probably what the market will want to see. unemployment claims are out tomorrow. 45,000 is the expectation. it sounds horrible, but may be reading slightly higher could cause the market rally. treading water a little bit lower on the s&p. liz: we know a lot if you have piled into t bonds because many look at the ultimate safe haven. yields on your 14 month high after an auction of $21 billion in the 10-year note drew the weakest demand in 10 months. is thissthe sign that the bond bubble, many have been calling for is about to burst. we have a debate over this. senior vice presidential candidate and affects cmc senior currency joining us. i will start with christian at the moment. you are of the belief we see there might be a bubble popping at a time when there really is no news yet out of the federal anything else. why are you so adamant in your belief? >> we're in the final stages of the bull market and bond because of the secular trend in that generation of the investor and conditions to achieve a certain level of return, simply not there in the market at the moment. they have distorted the capital market, and now investors because of career risks are forced to take on risks in credit they would normally not do. they would allow the dangerous concentration of capital and high-yield emerging market bond historically capital flowing into the market it goes slowly and exit quickly. that is what causes the crisis. liz: anthony, he is not wrong. you look at the pylon trade. 300 billion was the high-yield bond coming to the market last year alone. certainly a lot of activity. yet you don't believe we see a bubble getting very thin on the skin and about to pop, why not? >> i don't see a bubble. an expensive market, sure, no question about it. high-yield, 300 billion, a bulk of that was refinancing. to me, that is at the fringe, speculative behavior but we are not seeing the signs you saw in 2007 or even the beginning of 2008. liz: the world's largest bond fund, billions and billions, a tiny scaling back to percentage points of their holdings, but it is enough to make people interpret something is about to happen. is that an incorrect interpretation? >> that fund has been increasing over recent times. i view this selloff as just one that we have had, another we have had over the past few years. we had it happened in march of 2012, 2011. before coming right back down. 240 could be the upper end of this selloff. the market has refused tapering with the fed interest-rate hike. the fed has to a better job of this to mush and between the two next week but again, there are good reasons the bond market is expensive, europe still in recession, i do see higher yield over the course of the year, but it is probably the finishing spot for the 10-year at year-end. i think illiquidity has fueled the selloff and gone a little too far here. liz: let's say you are right. what would the action of a bubble popping look like and sound like and feel like for people watching right now who may own the treasury? >> the reach for yield what we're seeing in emerging markets right now with currency and the bonds getting routed, in the beginning stages does not take much with the conference crisis in the developing market. liz: would it hurt unemployment? >> i think a lot of it, the guiding hand of the fed, professional investors sentiment is based on what are they going to do or not going to do. in two months they have to go increase, that could be the point where investors say the emperor has no clothes. the powers of the federal reserve. it shows the central banking has a history of failure. liz: anthony, let's say you are correct, you still believe there might be better opportunities, different opportunities that are pretty attractive at the moment. what are they for the viewers interested in knowing? >> longer-term the weakness we have seen in corporate bonds, high-yield bonds are ultimately buying opportunities, i still think that is where your best total returns will be over the balance of the year, perhaps longer. it could be a potential short-term buying opportunity, but the 10-year treasury auction not enough, not a ringing endorsement. not ready to bottom out. probably a little too early. longer-term getting an opportunity however that market is still very weak. liz: very firm ideas of whether we will see a bubble pop or not. thank you both very much for joining us. >> thank you. david: trillions of dollars invested in that debate. liz: way more than the equities market. for which the boat of the equity market roles. david: california on the risk of on the brink worse off than previously thought and it could mean huge cuts in amenities and possible taxpayer bailout. fox business special report you don't want to miss coming up. liz: want to have lunch with yahoo ceo melissa meyer? pick her brain over little salad and a sandwich. david: we have some breaking news from inside the beltway. peter barnes is on the story. >> the deputy director of tte cia has resigned after 30 plus years at the cia. he stepped in as th acting direr of the cia after the affair scandal broke. and then held that position until john brennan, the president's top terrorism advisor fro for the white housek over at the cia, so now saying he will retire, wants to spend more time with his family and is being replaced as the deputy by another obama aide. currently deputy assistant to the president and legal advisor at the national security council obviously worked closely at the white house now going over to the deputy director of the cia. david: like an onion. we will wait and see what they are. it is time for a quick speed read. five stories in one minute. first up walgreens will pay $80 million for failing to control the sale of narcotic painkillers. they said the fine is a largest ever paid by pharmacy chain. the national highway traffic safety of ministration giving christ went to state responded to the request to recall 2.7 million jeep grand cherokee is an liberty suvs. first request for recall was refused by chrysler. the automaker reduced the prices of the chevy volt by $4000 to boost the sales. and a charity phone assistance of warren buffett. she will dine with the winning bidder at yahoo headquarters to raise money for charity. current bid $67,000. and the new version of the galaxy smartphone, equipped with 16 megapixel camera. and that is today's "speed read." california is right on the brink. new changes coming in the way of state and local governments account for pension costs. that could spell big trouble for a number of major cities in california. liz: it could result in credit downgrades which means less money for everything from roads to police to construction. liz macdonald with more on our home state in trouble again. >> moody's already applying new standards. listen, you are underreporting your pension, had to do better disclosing what the real costs are. we found the state budget solutions run by former government actuaries and they found los angeles, san francisco, san jose, inglewood are underreporting their unfunded liabilities. deeper in the whole 25 to 50%, and what we're seeeng is $329 billion is with the amount of california unfunded pension liabilities double what it has previously reported. this does not even count health care retiree cost, that is the next step. the dollar amount owed will be deeper. a statement from expert looked into these numbers, let's take the soundbite. >> the key thing is a growing number of california cities are much worse off than people suspected. due to kind of the ca gimmicks y used. it indicates these cities need to take action now to address the unfunded liabilities rather than wait until they going to bankruptcy situation. >> the talk is technical insolvency. they are not providing the same cops or firefighter services. a statement from a senate joint economic report from the g.o.p. and this is interesting. with states asking for a bailo bailout, it will be more prudent see for the reckless is, so talking with loaded into what is going on with the pails for pension. retired at age 51, and librarian 234,000, sanitation worker in l.a. 280,000. these are retired. just be pension cost mostly. 94 workers in the city of stockton getting 100,000 plus in pension cost so this is a story rolling forward throughout the year as the exchanges come down. moody's already has 30 cities under review. your borrowing cost and you don't have the money to pay for your service. again, this is not include health care retiree benefits. liz: so there is that. david: google and other companies claim they did not offer access, but once the nsa gets into your system can they just get anything they want. asking an expert if google's defense can hold up. liz: any violent clashes rocked the country for two weeks. we have the very latest on this next. 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[you want a hotel room yat an amazing price. tonight. impossible? not anymore. ownload the free hotel tonight app o book rooms in over 85 cities around the world. when we get rooms that would otherwise go empty, you get the best rates, guaranteed. so with three taps and a swipe, you can book a great room for a great price. download hotel tonight free then sign up with promo code "deal" for $25 off your first booking. liz: breaking news on what they're calling a high angle rescue in midtown manhattan. you're looking a the hurst building, 44th and 45th floors. you can see two workers who were trapped on the collapsed scaffolding appear to have been rescued by firefighters from fdny who were able to crack through the window of you can see some activity there, and they were balance enough to be able to grab those two workers who were trapped at the moment. a high angle rescue at midtown manhattan at the hurst building on 57th and 8th. david: thank god they got out. reports that nsa spooks have virtually unfettered access to pipelines of facebook, google and microsoft and sent companies into spin overdrive. google's shot a letter to the fbi aad attorney general yesterday saying quote, google's numbers would clearly show our compliance with nsa request falls far short of the claims being made. is that right? one who should know is larry clinton, president and ceo of the internet security alliance. larry, great to see you. thanks for coming in. "the washington post," the gaapian and other publications claim the nsa, i'm quoting "washington post," direct access, that's a quote to google, facebook and all the others. google denies they have direct access. who's right? >> they may have direct access but that doesn't mean they have direct access to everything and what usually happens in a situation like this is that the federal government make as case, in this case they make their case first through the legal authorities. they work with the companies and very often the companies will push back and say, no, we don't think that's appropriate and they work it out to the point where it finally gets legal authorization. only in those instances do things move forward. david: here's the thing. i'm a non-geek, okay? i may be asking a dumb question here, forgive me but that is the extent of my knowledge here. one gets the impression, a non-geek gets impression, once somebody like the nsa with these supercomputers, get into a system they can rome around and get about anything they need is that a correct perception or not? >> no, i don't think that is a correct perception. there is all sorts of security in these systems and there are all sorts of arrangements the gove private sector in order to do these things. the private sector is very sensitive to this sort of thing. google and others need to operate in the public sphere. they're good public citizens. they don't want to violate their customers privacy. they're going to work in a responsible fashion because it's in their economic interest to do so as well as their job as good companies. david: certainly in their economic interest and they have got a lot of explaining to do. they have been trying to do that but again you've been hearing these reports, some nsa insiders, some fbi counterintelligence guys say, once they get the data point, so far it is just the data points but nsa and fbi folks are saying they can get the content. it is not just the data points, it is the actual content the information that the nsa can get access to when they're in the system to which you say? >> well, i mean it depend on the specifics of the instance but as a general rule there's a difference between the metadata and the content. it is absolutely true however, once you get access to metadata, et cetera, you can put together a fairly good picture of what you're looking for and in the digital world the combination of this met at that data, with we call the analytics that go along can lead to substantial information. i'm not saying by any means that this is not an important issue that need to be looked at from a privacy perspective. but on the other hand, it also need to be understood from a security perspective and government and industry need to operate within legal framework, what my understanding so far is going oners i understand the security concerns and they're serious but it all beg as an interesting question here though, who is smarter the government or the private sector? it used to be the government was always 10 steps behind the private sector geeks in whatever you were talking about on the internet. now it seems that may have changed. when you look at this huge, nsa facility that is about to go online, you think maybe the government is bert at it than the operate sector. is that true or not? >> yeah, i 10 to doubt that. david: that is good to hear, by the way. >> the government, the private sector is much bigger. from a security perspective what we need to do is have the private sector work with government in a collaborative and lawful fashion to protect both ourselves from outside threats and to protect individual privacy. the thing that keeps me up at night on the privacy side of this is not so much the government getting stuff but the millions and billions of record that criminals and others are breaking into the systems to attack us. david: of course. a more desk question what happened, if snowden a high school dropout working as a part-time employee for the nsa through booz allen, and can get access through all the information. we've only seen access what information he is sharing with media sources what does that say about security? >> that's very, very troubling. we have the same situation with private manning and wikileaks thing a while ago. we have to do a much better job in terms of weeding out who people get the high security clearances go to. as a general rule we have a -@security clearance problem whe we're not getting people in the private sector who really do need these security clearances and are sophisticated people and help us from the security side. they're not getting clearances. instead they're going to low level people. david: not private, a very public forum between the private sector and public sector how to work together to protect all our information that could be done in the public, not behind closed doors. we have leave it at that. larry clinton, good to see you, larry. thanks very much. >> my pleasure. david: liz, over to you. liz: david more than two thousand people have been injured between clashes between police and protesters in turkey. earlier today turkey's president calling for open dialogue with demonstrators. we have the latest on that next. plus one of the nba's biggest stars teaming up with microsoft at this year's e-3 expo. roy hibbert of the indiana pacers is telling us why he is putting his muscle behind the company's brand new xbox. we'll talk about that when we come right back. ♪ >> i'm jo ling kent with your fox business brief. stocks under pressure for a third straight day as questions linger over when the federal reserve will start scaling back on its stimulus measures. at the closing bell the dow finished 126 points lower at 14,195. charlie gasparino learned that manhattan attorney spokeswoman is set to join sard bennett. defending steve cohen against the insider trading probe. it raising eyebrows as the manhattan u.s. attorney's office is weighing possible charges against sac and steve cohen. sard says davis will not work on matters related to the ec. that's latest from the fox business network, giving you the power to prosper. at od, whatever business you're in, that's the business we're in with premium service like one of the best on-timdelivery recor ana low claims ratio, we do whatever it takes to make your business our business. od. helping the world keep promises. 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(announcer) scottrade. awarded five-stars f from smartmoney magazine. david: those antigovernment protests have rocked turkey for nearly two weeks. what began as a small sit-in protest turned more violent with more than two thousand people injured yesterday. >> joining us from istanbul with latest, fox business reporter leland individual earth earth -- leland vittert. legal land? >> good even ing from istanbul. you hear the cheering and chanting behind me in the square. 10 of thousands of people have come out. that is the battle line where the riot police have moved in and tried not to get anybody farther past them that is the battle we saw happened so fiercely yesterday. today there was a bit after change from the government, prime minister erdogan's government. we're willing to put up issue what will happen to the square and the green park around it in turn with everybody leaving. erdogan accused of being authoritarian dictator has not caved on any of. protesters said that is stupiddist thing we ever heard of we'll not back down until erdogan hears and understands. the other issue it had been a secular democracy a long time. many are accusing prime minister erdogan trying to move the country toward an islamist state. changing the liquor laws into much more draconian way. back out here live outside the park where the protesters gathered. it is 15 minutes to midnight here in istanbul. thousands of people are streaming in who will continue to be here and camp out here until they get their way. in a bit of business news i guess you could say the famed turkish coffee street vendors changed their wares. they're selling gas masks here and helmets to protect protesters from rocks and rubber bullets and those kind of things is going for five bucks here. back to you. david: interesting, you can tell a lot about a nation what it is selling on the streets. leland vittert. thank you very much. nba star roy hibbert is teaming up with activision to promote the latest version of call of duty. he will join us live from the e-3 gaming convention. >> if you enjoy life in the fast lane and have lots of extra cash on hand, we have a deal for you. a new supercar starter pack is on sale. we use the term loosely. we have details coming up next. ♪ we went out andsked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is howo you make sure you have the money you need to enjoy all of these years. ♪ liz: the e3 expo in los angeles california, is a major event for the videogame industry and this year's expo is being described as the most important one to date with unveiling of new consoles from sony and microsoft. david: robert gray joining us from the e3 expo at the l.a. convention center with nba star and gamer, roy hibbert. robert? >> hey, guys. it is not openly about the consoles and games. e3 is nothing if not a spectacle. you have flashy games and ladies of course. all the gamers are coming out. you're never surprised when you run into folks particularly pro athletes. big-time gamers. speaking big-time, roy hibbert, all-star center for the indiana pacers and nba. big-time gamer. big guy as well. you're a big fan of "call of duty" and the shooters. what is it about it? you get away from the game and relax and kick back? what is the appeal? we know athletes love to play the games. >> you love getting emersed in the game. i love playing with my friend and family. some teammates as well. talk a lot of trash. it is pretty fun. >> do you go online to play with guys or go in the locker room and compare scores or do you have a game in the locker room? >> we don't have a game in the locker room pause the internet is not that great. give each other a call, we're on "call of duty." let's get on. >> so you play together? >> we play together and sometimes against each other. that is the most trash-talking then. >> what game brings out the killer instinct? you play "call of duty." what about some. sports titles ? basketball game. >> a lot of people play 2k. a lot are competitive with fifa i'm not into sports games. imegging guys on to play and this, that and the other. bilge story is the new consoles. xbox one, playstation 4. you lean more toward either one or excited about jumping in. >> i like xbox a lot. i like ps4 group of games. so it is in a lost games that got award. i'm a "call of duty" guy at heart. first person shooter that is my genre. >> did you start playing at georgetown or playing when you were growing up through the years? is this something you picked up in the locker room in indiana? >> i've been playing since a kid. multiplayer i probably picked up in college. been playing videogames with sega and again sis, mid 90's. i'm a gamer since i was kid. >> a folks want who do you pick to win the finals? >> san antonio. i hope dunk con gets another ring. >> have yyu played the block with carmelo on 2-k? >> no, i haven't. everybody talks about it. >> you do the real thing you don't have to do it again. roy hibbert, from indyana. thanks for talking with me. back to you guys in new york. we have more games to play. david: we do indeed. thank you very much, robert. liz: great. thank you very much. there is at least one winner coming out of the national security agency scandal. we'll tell you who saw a 5,000% jump in sales as the scandal unfolded. david: not bad. we asked you on facebook and twitter, if you tho company like google could outsmart the government. your answers coming up after this. ♪ my mantra? always go the extra mile. to treat my low testosterone, i dimy research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as uneected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and meditions. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarg or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side fects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. ask your doctor about e only underarm low t treatmt, axiron. david: time to go "off the desk." in the wake of the ongoing national security administration scandal george orwell's novel, 1984 is again experiencing major popularity. one of my favorite books. the classic novel about totalitarian government jumped from 7397, way down, to number 125 on amazon.com's best-seller list. sales of the centennial edition gone up 5800% as of last night. the november vessel celebrated its 64th anniversary this past saturday. liz: whatever gets people reading the classics. also "off the desk," if you have a need for speed and a little cash spend it on a superstar starter pack. ferrari of england is selling a treo of ferraris for $6 million. it's a starter pack. 1994, f-40. all the vehicles excellent condition with less than 800 miles on the odometer combined. david: holding out for the tesla. liz: my good friend has one. david: i see. we asked you on twitter and facebook if you think a company like google can outsmart the government when accessing your data? bob on facebook wrote in to say, this is my favorite, google is in the black and rewards their stockholders, the government is in the red and steals from their stockholders. good point. liz: stef on twitter told us, the government and google are same entities want to take our freedoms and internet privacy away. david: guy on facebook, he wrote in to say the whole mess brings into question again the intelligence of the patriot act itself. liz: there you have it. the number two thing to watch next week will be may retail sales set to be released on thursday. i would say this week, tomorrow. economists are expecting sales to rise by .4 of a percent, slightly higher than last month's reading of .1 of a percent. retail sales are a good gauge of the economy. they count for one half of total consumer spending. david: number one thing to watch tomorrow will be the initial jobless claims. they may tell whether we're in for the fourth straight day of losses on the dow. economists expect claims to come in at 345,000. this is slightly lower than last week's reading of 356,000. liz: the markets will be in focus tomorrow as well. of course we saw three days in a row of downward moves for the dow jones industrials. will it be a four-day in a row loss? again the dow had a 260 point swing. up once at 150 points. you see where we're ended down. david: the reason we focus on the initial jobless claims, if there is bad news on the jobless side the markets might turn around. sometimes the markets react better to bad news on the economy than they dot other way. all comes down to interest rates and what the fed might do in response. liz: money with melissa francis is next. melissa: i'm france france an here's what's "money" tonight. forget the whistle-blower, should a journalist who leaked secret nsa documents be prosecuted? congressman peter king says yes. he joins to us explain why. plus, should employers be able to reject job applicants because they have a criminal history? regulators sue two major companies over it. we'll tell you how the outcome could affect every business in the country. "who made money today"? let's just say they're cranking up the music and head banging in celebration. stay tuned to find out who exactly that is. even when they say it's not, it is always about money.