good morning. thanks for being with us. i m marla tellez. i m jon kelley, everybody. the discovery of a massive marijuana growing operation in the east bay. richmond firer firefighters alerted to a fire at warehouse of 6th and ohio streets. when they arrived on scene they found much more than just smoke. a lot of irony in that sentence. christie smith live at the scene now where police are literally removing hundreds of pot plants. good morning. reporter: good morning to you. this really caught richmond firefighters by surprise. they came for a basic call of an electrical fire. but when they arrived here, behind this gate, they found a warehouse full of marijuana plant. police have wrapped up, but they still need to find the building s owner. police seize the marijuana by the truck load this morning. this is probably one of the largest ones that i ve seen here in richmond. reporter: a grow operation worth hundreds of thousands of dollars. a large-scale operation. wh
elementary say it is already too crowded in the classroom. concern. pam: in oakland, no teachers are expected to receive pink slips at this time. it planned to avoid layoffs of teachers because it is cutting jobs in other areas. we have had significant staff reductions. we have cut the size of the work will force by 20-25 percent of the past several years. adult education program focusing on k-12. that has given us extra money as well as a general tightening of the belt. in addition to staff layoffs, the district plans to close five elementary schools next year. the governor s budget plan is heading to the state legislature and would do two different things to state workers. governor brown proposes that employees such as those at this dmv office to work four days a week. most state offices would be closed on fridays but open 9.5 hours monday through thursday. public safety workers could also have their hours trimmed. off with a warning for salary cutbacks. a spokespe
they are preparing for the worse. i am terrified. i cannot move out, i cannot support a family. what do you do? amounts? make more money back to this is because i love it. now, what am i qualified to do? i have a master s, i am bilingual. i have ever for the ed tatami. i have taught pre kate- eighth grade and i still cannot find a job. to leave this state or is it just california? to leave my family and friends? and james: the school district laid off 17 teachers this week. and in on the outcome of the current state budget battle, some of those teachers the possibly be retired. in oakland, no teachers are expected to receive an eclipse right now. the school district plans to avoid layoffs because it is cutting in other areas. we have have a significant reduction in noninstructional teachers. and we have really downsize the adult the education program focusing on k-12. justine: in addition to staff layoffs the district plans to close five elementary schools next year.
and now the dow is down 21 points at 12,669. the nasdaq is up four points right now. technology among the leaders today. we re up to 2906 on the composite index and s&p still below the critical 1340 level. we have a couple of stocks and story stuff on our radar this afternoon. among them, jpmorgan chase. the stock rebounding a bit today after ceo jamie dimon survived a shareholder push to strip him of his chairman title. he apologized for the recent $2 million loss but now the government is opening up an investigation. jcpenney shares getting hit ahead of the company s earnings. retail has been doing well. they will watch the company s no sales pricing strategy, which has yet to resonate with consumers. people love a bargain. and a quick look at today s market themes. gordon of rose sen blat says that the credit market seems to be more fearful of the events present and future in europe than the equity market. men time, check out home builder markets. housing starts are be
craig, i want to congratulate you. this is incredible. you must be waiting for next friday. as a retail investor i wouldn t approach the stock on friday or the next monday, tuesday, or wednesday. i wouldn t go near it. would not go near it. so you think 50 bucks, somebody gets it for? a 50% premium? 50, 60, you re talking about $6 billion in flow. i wouldn t be surprised if that trades three times in the day. ned says maybe around 60. do you buy it on the first day? ned says no. ned, what do you think that does in a year? take a guess. where do you think it goes? i think it will be lower. i think it will be lower than the highest price we see next friday. and without going into the fundamentals, it s just another new kid on the block that eventually will burn investors and the prices in the new offerings and the ipos are absolutely ludicrous. look at linkedin and the others. yeah, they re selling a little bit higher than the original, but a lot of them haven t. and if