second session in a row wednesday with the dow kicking up 150 points, nasdaq up 28 and s&p 500 up 15. and that's despite a gdp number that fell short of expectations. gold continues to trend lower, slumping $51 yesterday. oil gained 17 cents. dish network is ditching its potential deal to buy clearwire. clearwire shares fell 2% in heavy trading after the bell on the news. and mortgage applications fell 3% from last week. home-buying activity took a breather as interest rates crept higher. let's get down to business this morning with todd horwitz of average joe options. good morning to you. - good morning, angie. - this feels like a relief rally, but will it be enough to keep average investors in the market? they are scared. - you know, angie, i don't think so. i think that the average investors are probably what pushed it up here. they're probably going to get hurt again. it looks like yesterday we pushed up to some resistance levels. the rally was on light volume. not real impressive. i think we are going to be looking for the downside here pretty soon. - the fed heads have been talking this week - the federal reserve presidents. have they said anything at all that has changed the dynamic in the market? - you know, i don't think so, but i think yesterday's gdp number has traders thinking that they might get back involved again. i think that's false, and i think we will see the markets resuming the new trend they started on may 22nd, which is a downtrend. - some interesting moves have been made in some stocks this week, including apple. where do you think the bottom is on apple? - i would be very surprised if apple doesn't trade at least $385, which was its previous low. i am not a buyer of apple at any price yet until i can see $385, and then i would look at it. so i am looking for $385 before i would even think of buying apple back again. - what stock would you buy? - right now i am buying short etf stocks. i am looking to be short the market. if you were really looking for something to buy, you would want to buy something like armh around the $35 level. it's trading just over $36 right now. i'm holding. it's a nice company, it's got a solid chart pattern. - thanks for your thoughts today. - thank you. a hearing gets underway today into the tragic blast at a fertilizer plant in the community of west texas. two months ago, 15 people were killed in the massive explosion that left 100 people injured while also devastating homes and schools in the area. senator barabara boxer of california called for the hearing. she tells the dallas news it's too soon to tell if new laws are needed to prevent similar tragedigies, but reports from the epa chemical safety board, along with other testimony, could suggest a review of national standards for the storage and handling of dangerous chemicals. a top-level walmart executive has suddenly "exited" his job in india. raj jain has been replaced by ramnik narsey. walmart has been struggling for 6 years to increase inroads in the indian market. the retailer wants to establish a supermarket presence in the country. the ceo of walmart asia says, "we remain optimistic about our business in india and look forward to our future in india under ramnik's leadership." indian officials will meet with walmart executives today. the retailer is involved in bribery investigations in india, mexico, brazil and china. the saga continues for the american ceo stuck behind the walls of his own factory in china. chip starnes insists that he's tried everything to leave his medical supply plant outside beijing, but after 35 laid-off employees got severance packages, the remaining employees demanding similar compensation deals have blocked him literally at every turn. starnes' lawyers are trying to negotiate an agreement with government officials for his release. until then, "i think i'm here to stay," he says. the full senate may vote as early as today whether to go along with an immigration bill that sets "tougher employment eligibility standards" and "beefs up" border security. but the house may not take up the senate version in favor of writing its own immigration reform. the senate measure adds 20,000 border agents, 700 miles of fencing, and deploys more than $3 billion in surviellence technology. coca-cola is testing out an artificial sweetner in its beverages. coke is releasing coca-cola life, a new beverage containing the sweetener stevia instead of sugar. the low- calorie option is currently only available in argentina. in the latest in the irs scandal, a watchdog report says irs employees used work charge cards to pay for pornography, bottles of wine, expensive dinners and kazoos. the treasury inspector general report was released as part of a normal audit of the irs budget. on the upside, the inspector general reports most irs employees "appear to use their purchase cards properly." popular credit card rewards are dwindling. a new study by bankrate.com finds that fewer credit card companies are offering new customers introductory bonuses. "although we see more cash-back credit cards, the bonuses are not as generous as they were last year. you have to spend more to get the bonus you had last year." greg mcbride of bankrate.com tells us annual fees are also on the rise for cash-back cards, jumping from 18% last year to 22% this year. the pope is making a bold move on banking. pope francis is setting up a special commission that will examine the vatican bank. the commission is made up of 5 members, including a harvard law professor, and will report directly to the pope. the vactican bank has been criticzed for a lack of transparency, and according to reports, there have been several attempts already this year to launder money through the bank. the report is expected by the end of the year. microsoft rolled out its new operating system, windows 8.1, at its developers' conference in san francisco, and after what some call "a lost decade" in development, the company now appears to be listening to consumers as much as it does i.t. managers. tech analyst rob enderle shared his thoughts: "migration was slow. now, you open it up and all your stuff comes across. the other, they had a five-pc limit. they've removed that limit. now you can have as many as you want." enderle says the windows store has been redesigned to help identify hot apps more easily and encourage checking-in to see what's new. windows now has built-in support for 3d printers, also. microsoft stock closed 2% higher wednesday at 34 dollars. bp is on a media blitz, claiming it's overpaying for damage to the gulf from the 2010 oil spill. "the disaster is ongoing, dolphins continue to die in unusually high numbers in the gulf, and there are tar balls washing ashore on an almost daily basis in florida. i think the residents don't buy all of the media hype. they know the cleanup is ongoing." that was sara gonzalez-rothi, a senior policy specialist with the national wildlife federation who is keeping watch of the massive clean-up project. in the ad set to appear in the wall street journal, new york times and washington post, bp accuses trial lawyers and politicians of encouraging businesses in the gulf to submit thousands of claims that are inflated for losses that do not exist. bp is blamed for an explosive accident that killed 11 men onboard the deepwater horizon oil rig. for months, oil spewed into the water of the gulf coast. back in april, a judge upheld a settlement bp reached with a lawyers and plantiffs requiring the oil company to pay billions of dollars in fines. the second phase of the trial begins in september. when we reached out to bp, we were told the company is not doing interviews at this time. more consumers are making the switch to electric. automakers are highlighting recent growth in the electric vehicle market. nissan reported leaf sales topped 2,000 in may - that's a 319% jump from last year - while automotive tech company bosch notes that it's installed over 7,000 residential charging stations over the last 4 years. the growth is picking up on the east coast, in georgia, virginia, and washington d.c. the west coast leads the way in hot spots for car thefts. the national insurance crime bureau, which works with the fbi, ranks modesto, california, as the city with the most stolen cars, followed by fresno, bakersfield, and stockton. yakima, washington, rounds out the top 5. even sesame street is not immune to layoffs in the workforce. children's television workshop, the company behind the long- running show aimed at kids, is laying off 10% of its staff. operating revenue fell 15% last year. the company remains optimistic about the future for big bird and the gang. following her emotional apperance on "the today show" wednesday, celebrity chef paula deen reportedly is charting a new career course. fox news reports a second cruise with the southern queen of the kitchen is being booked for next year due to fan demand, reportedly on a royal caribean ship. deen is facing troubled waters after using racially insensitive launguage during a deposition. among her loses, reports say: walmart will end sales of her cookware, the food network is calling it a wrap this month, smithfield foods will no longer use her as a spokeswoman, cesear's entertainment is closing paula deen-themed restaurants at casinos, and qvc is reviewing its relationship with her. she is gaining support from a diabetes drug-maker along with a few food companies. forbes is out with its annual list of hollywood's most powerful celebrities. topping the list is none other than oprah winfrey, who returned to the number-one spot after two years in second place. pop icon lady gaga came in second place, who's made a whopping $80 million within the last 12 months. the oscar-winning "lincoln" helped steven spielberg climb to number 3, and beyonce's multi-million dollar endorsements put the singer at number 4, with madonna trailing behind and rounding out the top 5. still to come, the heat is on the at the box office! the film opening this weekend our critics says you won't want to miss. but first, more on the financial fallout of a "supreme decision" is next. in a week-long flurry of decisions, the supreme court decided that married couples of the same sex are guaranteed the same constitutional rights as marriages between a man and a woman. our cover story looks at the financial benefits this ruling allows. john litchfield, an attorney and president of the gay and lesbian bar association of chicago, says legally-married same-sex couples will be able to take advantage of tax breaks, pension rights and other benefits available to other married couples. "the savings on joint federal income taxes could be in the thousands of dollars a year." the case was built around edith windsor, a new york widow who received a $363,000 estate tax bill from the irs after her wife died in 2009. the justices also dismissed a california appeal that allows same-sex marriage to resume in that state. "the importance of this case is to send a message to children that you are no less because of who you love or who your parents love." for employers, the ruling extends medical benefits to same-sex spouses, including those in the military. "we, the dept. of defense, will impliment this as quickly as possible. we think it's the right decision." "if the employers are past the threshold, with obamacare, they now have to provide for a lot more beneficiaries than they had before." passed 18 years ago, proponents of the defense of marriage act hoped to boost conservative turnout and, it was argued, save the government money. in 2004, the congressional budget office projected that the government was losing revenue because married couples of the same sex would pay more into the system than they'd receive. "both partners' incomes will be taken into effect, so i don't think there will be a big hit to the government." same-sex marriage is legal in 12 states and the district of columbia. legal analysts say expanding it elsewhere may follow an easier path now that the federal argument against it has fallen. thank you chuck. turning now to an update on earnings: profits slipped 3% at monsanto. the world's largest seed company is reeling from last year's drought, weaker seed sales and lawsuits from farmers over genetically engineered crops. the company, however, expects better earnings growth in the second half of the year. at general mills, profits improved 13% on better-than- expected sales of cereal and betty crocker products. however, the food company did mention consumers are becoming more budget-conscious. coming up, our film critic is already calling the sleeper hit of the summer. find out which film will be generating "heat" at the box office. first business continues right after this. our film critic says two comedies are set to open at the box office this weekend, but only one was actually meant to be funny. our movie guy, erik childress, is here for movies and money. we'll get to that in just a moment, but first, a big weekend last weekend at the box office for pixar. - yeah. we sort of expected it. "monsters university" did $82 million, so that's exactly what we expected it to do, but it was actually the second-best opening and pixar's history. it's kind of a good news, bad news situation: good news for them, bad news, i think, for the audience, because it seemed to suggest that they could get away with putting out a lazier product than they're used to, and we'll still show up. - coming in at no. 2 at the box office over the weekend, "world war z." is this a win for brad pitt? - it's kind of a moral victory, i think, right now for them. $66 million opening is far greater than anyone was expecting. but this film, $190 million budget - at least that's what paramount is telling us right now - we're still looking at probably only 25% of what it needs to break even at the box office. so, good for this weekend. we're going to see how it holds up. it's probably not even going to be in the top five come july 4th. - also at the box office over the weekend, "man of steel," "this is the end," and "now you see me." coming up this weekend, "white house down" and "the heat." which one is supposed to be funny? - "the heat" is the comedy, yes. "the heat" is from the director of "bridesmaids," paul feig, with sandra bullock and melissa mccarthy - two women who, their box office strength has never been as high as it is right now. i think this is going to be sort of the surprise sleeper film of the summer. the film is actually quite funny. i think women haven't had something to go to at the box office other than "great gatsby," and men will enjoy this movie, too. the movie is that funny. - what's so wrong with "white house down?" you're already laughing. - "white house down" is supposed to be sort of a serious action thriller. it's our second - if you can believe it - white-house-under-attack movie this year after "olympus has fallen." this one, it's not supposed to be funny, but i laughed all the way through it, and i had a great time laughing at it. as a movie, it's not very good at all. but as a comedy, it works tremendously. take a couple people who want to go see a really bad movie. this has sort of so-bad-it's-good status attached to it. i don't think it's going to do as well as "olympus has fallen" did, but, you know... - but it could make some money for a comedy routine. - it absolutely could. it could be a little cult movie, sort of something that the "mystery science theater" guys can do in the future. - what would be your pick for this weekend, and it doesn't even have to be on this list. - there hasn't been much. i would say go see "the heat." "before midnight" is still in theaters, obviously i have been recommending that, but "the heat," if you're looking for a comedy, it's been in short supply other than "this is the end," which i would also recommend. go see "the heat" this weekend. make that a success for the women. - good acting. - yes. - good to have you on the show. thanks, erik childress. - thank you. just ahead, we are going to turn our attention to recording flooding across the midwest and how it's affecting farmers and traders. chart talk is next. hi, i'm ben affleck, and many actors have played the part of a u.s. serviceman in the movies, but for veterans like james crosby and so many other brave men and women, his service and his sacrifice for our country are real. outside baghdad, a rocket attack blew up my humvee, killing one of my marines and leaving me paralyzed. [ben affleck] when james returned home, he, like many others, was in no condition to cope and advocate for the services he needed. fortunately, paralyzed veterans of america's trained experts were there to help him so he could concentrate on getting well. for over sixty years, paralyzed veterans of america has worked to ensure that our injured veterans get the medical, housing and auto benefits they have earned. i'm so thankful paralyzed veterans of america was there for me. surely those who sacrificed so much deserve no less. join me in supporting our paralyzed veterans. visit p-v-a dot org. in chart talk this morning we're taking a closer look at what's happening with soybeans and corn. joining us now is rjo futures' kevin craney. good to have you on the show this morning. we are hitting record levels of rain in iowa this week and across the midwest. what are you seeing in the forecast? will this continue? - i think we've seen the biggest bulk of the shower activity actually pass through the western part of the midwest, moving off to the east. we have seen record amounts across these particular areas, certainly it can have a benefit to the crop, but for some of those crops that were planted later, it can be very detrimental from an emergence standpoint and a growing standpoint. - how is this showing up in the charts? let's start with corn. what's happening here? - you know, when you look at the december corn contract particularly, we see it bouncing around here a little bit. certainly the shower activity i would say more negative, because we also have some heat with it finally, and once this actually clears up and we get some heat with it, because we do show that in the extended forecast, it allows for this corn crop to really take off and grow. it's got plenty of moisture, it's got all the nutrients it needs. give it a little bit of heat, and we'll start to fire up, take off, and we get into the pollination season. so that really puts a lid on prices for the moment. - what's the trade in soybeans? - i think for the trade in soybeans, you really have to be concerned as well, the reason being we have a record amount of corn that was actually planted this year. you've got the biggest bulk of the soybean crop out. soybeans at this time of year, they need the heat. they're getting that heat. they're also getting the moisture content as well, and it looks like we could have a pretty high yield so far. but again, we've got a long way to go through the growing season. but at this point, i think you see a little bit of pressure on prices as well. - are you staying nimble? - i definitely stay nimble, because the weather can change, the environment can change at any particular point in time. we could shut the rain off for this point going forward, and that would certainly be bullish prices. for the time being, looking out for the next two to three weeks, we do see some rain in the forecast, maybe not just like we've had over the past couple of days. - our thoughts are with the farmers. thank you for being on the show. - thank you. coming up tomorrow, it's traders unplugged, with our pro traders deciding how to play the rock and roll stock market. plus, find out why the american economy is going to the dogs! from all of us at first business news, make it great thursday! ♪ >> now a paid presentation for meaningful beauty advanced by cindy crawford. >> with special appearances by debra messing. >> valerie bertinelli. >> christa miller. >> and stars from tv's royal pains and the mentalist. >> hosted by network tv correspondent katrina szish. >> brought to you by guthy-renker. >> hi, everyone, i'm beauty and style journalist katrina szish on location in beverly hills. in just a few minutes we'll meet one of the most beautiful women in the world, supermodel cindy crawford.
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