best buy vowing an all-out war against cyber showrooming promising to match the low prices you find online. but will it work? is it too late? hard at work at the new york stock exchange is my partner, sue herera. down at the big show room! you got it, ty. indeed. right now down here after trading higher for a good part of the morning really, stocks have moved slightly into the red. energy in the banks not having a particularly good day. even though one of those banks had something really good to say about housing, as you mentioned. jpmorgan s ceo jamie dimon says it has turned a corner. he made those remarks as part of that company s earnings roll out earlier this morning. before we look at which companies could get a boost from that in a turnaround, let s begin with kayla tausche. what did mr. dimon say and what s he citing as evidence that we ve turned the corner? it was a bold call, a prepared quote by dimon in jpmorgan s earnings press release saying it has turned a c
tyler s off today. simon hobbs is my partner for the hour from the nyse. a lot of pressure in this market today, simon. let kick off with the markets. the s & p falling for a third straight day. the nasdaq 100 breaking below its 50-day moving average. intel and certainly apple are weighing on tech he is today. commodities also on the move a big move on oil. full team coverage on cnbc. sharon epperson at the nynex and rick santelli just off camera with breaking news on the bond markets. let s begin with bob here. big move on tech and discretionary. 3-1 declining advancing stocks on the flat line until 10:30 or so when the your row, yes the your row, started breaking to the lows of day, euro down, dollars moved up, our market, moved down, this is what happened, prior to 11:00 eastern time. look at the s & p 500. you can see we were not far from the flat line and just drifted right down as the euro hit the lows for the day. elsewhere sectors, you know what is going on with a
and we re going to talk wliv with one very influential member of congress who wants to put a cap on your capital gains taxes forever. a lot of people think that that s a good idea. we ll talk about that in a minute. first down to simon at the nyse. he s my partner for the next couple of days. in just a short while members of congress will start a hearing on whether major mesh corporations are skipping out on their taxes. reporter: the hearing gets under way in just about an hour. we re already seen the report from senator carl levin. a democrat. head of the senate permanent subcommittee on investigations. senator levin said that he found significant abuses inside many american companies. multi-nationals have avoided billions of dollars in taxes using these offshore gimmicks. they have benefited greatly. but these loopholes and abuses exact a tremendous cost. reporter: there are two companies in the crosshairs today. first is microsoft. senate report saying from 20
i am gerri willis. we have up-to-the-minute coverage on tropical storm isaac. as you know, it has been wreaking havoc on the gulf coast. the deadly storm making a painstakingly slow trip inland with major surges and flooding expected throughout the night red fox news anchor shepard smith is in new orleans with the very latest. what is going on there? if you are in this french quarter of new orleans, you would say we got a lot of rain and there was a little flooding. but if you were here in plaquemines parish or east along the mississippi coast, you might think you are revisiting of this from seven years ago. in fact, the plaquemines parish president said today that the flooding in his area south of new orleans was worse today than it was when hurricane katrina struck mississippi seven years ago. 750,000 louisiana residents are still without power. the storm has been very close to hurricane status. you said painstakingly slow, and you are spot on. the storm is moving at 6 mi
right now the shares down at 81.05. to see now at the nyse. hi, sue. hi, ty. a major shocker as you mentioned this morning as the man responsible for modern day banking, make everybody do a double take. former citigroup chairman and ceo sandy weill was the guest host. it was only on cnbc. what we should probably do is go and split up investment banking from banking. have banks be deposit takers. have banks make commercial loans and real estate loans. and have banks do something that s not going to risk the taxpayer dollars. that s not going to be too big to fail. if they want to hedge what they re doing in their investments, let them do it in a way where it s marked to market. that s a radical idea, though. breaking up the investment banks and banks. are you suggesting going back and breaking the companies up? that s exactly what i m suggesting. when i say i m speechless i m speechless. i apologize. all right. let s get to the washington side of this story. republ