Wall street traders are using things to do things they shouldnt be doing. Well show you how it works today. First though to sue at the nyse. Sue . Good to see you, ty. The market is a little bit on the dunn side through much of todays session, at least so far. Right now the dow is down 46 points. The s p is down 6. 75. Nasdaq off 12. 75, and the broaderbased russell 2000 is off 6. 25 points on the trading session. Lets talk to bob pisani about the market at this point and weve had a big amount of earnings last week. What are you watching most this week . The big thing is mr. Bernanke on wednesday. A very delicate dance to make sure were not saying too much because its got to be all words. No press conference on wednesday, and then, of course, nonform payroll reports on friday so the market is kind of reflecting a little bit of that sort of indecisiveness. You can see the dow, and this looks like fridays chart, a down day on friday but middle of the day drooped down and then kind of came back and ended in positive territory towards the close. Well see if that actually happens. A lot of problems in asia. Japans got a mini little meltdown, down 8 in the last few days. Japanese stocks are weak and the yen strengthening against the dollar. Thats a major problem. You see some of the stocks that are weak here today and china growth is a big issue as well so some of the emerging markets like the eem, big eatiev there, thailand and india, philippines all to the weak side. Not a big trend here in the United States a. A little bit of weakness in cyclicals. Banks are down. Europe had a close on the bottom. Barclays, talk of a recapitalization plan, the european and u. S. Banks are weak as well. Sectors, energy and financial stocks. You see a bit to the weak side but so is health care as well. Not a big, big trend going on there. Caterpillar, if you cant dazzle them with the earnings guidance, and there was a lot of disappointment last week, announce a big buyback. That always helps. They are buying back 1 billion worth of stock from society general. Accelerated. Ing to it immediately. One thing to say well make a buyback and another to actually do it. We get a lot of buybacks that announce nothing ever happens with them, but thats about 2 of the company. Thats not an insignificant, you know, amount. The street seems to like it today so thats good. Thanks, josh. Up to josh lipton for a market flash. Hey, josh. Were keeping an eye here on biogen, reports that synthon has filed a patent for a generic version and up still nearly 50 . Sue, back to you. On to the next fed chief. The white house says it wont make a decision for the next few months but seem to be floating the name Larry Summers out there. Were talking about it today with eamon javers and josh boque of the fiscal times. Thanks, sue. Mr. Summers is certainly no stranger to washington, not by a long shot, but hes known as somewhat abrasive sometimes in washington. How do you think this is this is all going, this trial balloon that the white house has floated so far anyway . Well, look, the abrasiveness is Larry Summers downside but the upside is his brain, and im told by former white house insiders that the president really respect Larry Summers brain, though hes somewhat mystified by Larry Summers behavior so the question is did the trial balloon work or not work in terms of getting Larry Summers the job, and i think if you talk to some of the former insiders they dont see anything that came out last week as totally damaging to his chances. You saw the letter from Senate Democrats saying they would prefer janet yellen get the nomination. You saw some information in the wall street journal on friday about Larry Summers consulting with citi and nasdaq and some others. That doesnt seem to be disqualifying, at least to the people that ive been talking to in their political analysis. They think he survived the first week of the trial balloon process, but well wait so see whether more comes out. Josh, do you agree . I dont think you do agree on this. Ive heard so many different conspiracy theories and mac nations that this makes game of thrones look like sesame street. On the one hand youve seen a campaign for janet yellen being kickstarted. You had alan blinder on the oped pages of the wall street journal today talking favorably about her candidacy. What youve not seen thus far is a real reaction from senate republicans. The likes of rand paul and ted cruz are holding their fire on twitter, and we really dont know if whoever obama puts forward can get those 60 votes in the senate yet, around thats the key criteria. Can they get 60 votes, and thats going to take at least six republicans. Do you agree with that, eamon . Yeah. It does come down to who is the best person for the job obviously. Well, yeah, and comes down to who can get the votes for the job, too, sue. Thats the key. Josh is right. It will come down to how many republicans they think they are going to get. They will lose some liberal senators on the left. Theres no question about that, and some of those might be some of the people who signed on to this letter thats been circulating supporting yellen, so they were going to lose some of those people anyway perhaps, so the question is how many republicans can they get to make up the difference, and thats where this is going to be fought out. In the center of the political spectrum. They will lose the far right and a lot of right wing republicans as well so they will need some centrist coalition here in the senate and they have to get 60 votes and thats a lot of votes for anything in the senate these days. Certainly. Is that will be the key, youre right. Gentlemen, thank you very much. Up to chicago in terms of the market and what the market wants to see. Jeff kilburg is out in chicago for us. The trial balloon with mr. Summers picture on it, if its right over your head, what nathan landow, shoot it down or let it float . Reporter i think we have to realize that this contest for the fed chair, that isnt americas got talent. We want a boring, continuity from a longterm perspective and i think honestly Larry Summers put in the volatility index and vix term, about a 35 or 40. Highly volatile character where yellen, theres a seamless transition. I think she will continue. I think the market is expecting yellen despite the fact that the administration put out summer balloon. Thank you. See you again in just a few minutes. Ty, up to you. A few hours ago we learned Federal Reserve chairman ben bernanke can be deposed in a lawsuit filed by American International groups former ceo hank greenberg. Greenberg is suing the u. S. Government over the terms of the 2008 bailout. He argues that the government was unfair to shareholders, like him, who held stock in the company at the time of the bailout. Judge Thomas Wheeler of the u. S. Court of federal claims rejected the governments effort to keep bernanke from being deposed saying the fed chairman was, quote, a central figure in the decision to bail out aig. Meantime, about a fifth of the companies in the s p 500 report their Quarterly Results in the coming week, and its an especially big week for energy companies. Most critically, big oil. Year to date chevron is up about 16 . Conoco phillips up about 12 and exxon mobile up 8 . Jackie deangelis is at the nymex, and she has more. Hi, jackie. Reporter hi, good afternoon, tyler. Its interesting when you look at the s p 500 largecap Sectors Energy up 15 year to date so in line with the figures that you mentioned. Not the best performer, not the worst perrer but kind of middle of the road, so a lot of analysts are wondering if the earnings this week will give the sector a jolt it needs to move a little bit forward. Starts with anadarko pet crumb. The Company Expected to report 91 cents a share on 3. 5 billion in revenue. Analysts looking for how apc is doing in terms of exploration in the gulf. Thats whats going to be driving growth for this company, but the big question is how changes in Commodity Prices like oil and gas might impact the companys top line as well. Now, tuesday were going to hear from bp. The Company Beat Expectations last quarter helped by two new oil fields and also strong trading profits, but analysts typically strip out the special items. They look for that adjusted profit to be ahead of consequenceus. Remember, of course, b. P. Is still fighting lawsuits over the deep water horizon accident more than three years ago, recently seeking to halt spill claims as possible misconduct is investigated. A federal judge denied that request and on thursday well hear from exxon mobil. Expecting eps of 1. 90 on 1. 5 billion in revenue, think that revenues is down on a percentage, in the teens and still looking for strong eps growth in this country and that, of course, will depend on how margins are trending and how the company is managing its costs. Friday well hear from chevron. Expectations for 2. 90 a share on 56 billion in revenue. Both projected lower from the same quarter last year but chevron was able to deliver a really big beat in that last sucked quarter so some analysts are saying it could happen again, and it could move this stock. Sue, back to you. Jackie, thank you very much. Three multibillion dollar deals to tell you about. We begin in the advertising sector. Omnicon to combine with francis Publishing Group in a merger of equals. About t would create the Worlds LargestAdvertising Agency with more than 130,000 employees globally. The company is up 25 this year alone. More about that in a second. First though over to josh lipton for a quick market flash. Reporter if you have a look at interpublic, in the green off session highs. Does not see a need for a major merger acquisition. Following that merger announcement from a pub lift in a statement to reuters, the ceo is saying there is nothing about scale that makes for better Creative Ideas or leads to better integration of marketing disciplines. Ipg, up more than 4 . Sue, back to you. Thanks, josh. To retail, where shares of saks are moving higher. Higher by almost 3. 5 , in fact. Canadas hudson bay, which also owns lord taylor, will buy the retailer for 2. 9 billion or 16 a share. A 30 premium in may when it reports first surface there. They are up some 50 year to date and elan is also moving higher. The drugmaker to be acquired by u. S. Drugmaker for 8. 6 billion in cash and stocks which comes to 15. 60 a share, a 10 premium. Perego plans to become an Irish Company and its up about 4 . Jeff kilburg back here with us from chicago. Cantor fitzgerald downgrading whole foods to buy noting we dont have an incremental catalyst or sufficient basis to raise our targets or estimates. Take a look at the threemonth charge of whole food markets, up more than 25 . Do you agree or disagree here . I agree, ty. We call it whole paycheck here in chicago but they have had a sensational run, as you stated in may. Went to 44. Want to see it come back to around 47, so this is a very prudent call and refreshing to have analysts come out and say this. Lets go from whole foods, a whop dose products you wont find very often. Credit suisse upgrading Hormell Foods from outperform to neutral. Based on two factors. Here it is. Turkey and pork margin expansion. Jeff and the skippy acquisition. Take a look at a oneyear chart. Shares of hormel up near 50 . Love that corn beef hash, jeff. Got to love some spam with the hormel. I agree with this upgrade as well. Were seeing the meat expansion for sure but the china play, skippy. The most popular plan in my house hold as well as china, so this is the key to more expansion, more products in china. Its going to open up the door for them. This is a company thats paid a dividend since 1928. We see them just double their dividend. We really like this play here, so i do agree. The chili is good, too. Oppenheimer, upgrading cabot oil and grass from outperform to perform noting the reserve and its potential in the marcellus. So far the shares of cabot oil and gas up more than 50 . Do you agree or disagree . Im going to agree with the analysts, the cabot oil and gas, focusing on the gas, hit the nail on the head with the marcellus, observe 200,000 acres in the northeast pennsylvania area. Thats the sweet spot. Were seeing natural gas stabilize at the 3. 50, 4 level. 52 , 7 per quarter subsequently so we really like this play here. A lot more room to run and they have a great, great piece of property in the marcellus. And we give kilburg credit for the idea of the day and thats to turn the choice for the next fed chief into an americas got talent competition. I think howie mandell, mel b. And howard stern really should make the decision here. And it would be killer. That would be killer from kilburg. All right. 136 million in jewels stolen from one of the worlds most Glamorous Hotels in broad daylight over in cannes, france. Thats coming up right after the break and Kayla Tausche with concerns over a new way to communicate. Kayla . Tyler, called snapchat, huge on college xisz and on wall street. Its a brand new way to share and hide secrets at the same time. See how it works. Thats coming up next on power lunch. Announcer where can an investor be a name and not a number . Scottrade. Ron im never alone with scottrade. I can always call or stop by my local office. Theyre nearby and ready to help. So when i have questions, i can talk to someone who knows exactly how i trade. Because i dont trade like everybody. I trade like me. Thats why im with scottrade. Announcer scottrade proud to be ranked best overall client experience. Welcome back to power lunch. Im josh lipton. Watching expedia, the Online Travel agent in the red. The shares hitting a new 52week low. Remember last week expedia reported and missed expectations. Not as bullish today, la sew ard cut their rating to neutral. Sue, back to you. Thanks very much. Police over in europe are on the hunt after a masked gunman walked into a hotel in cannes, france, swing 136 million worth of jewelry. Its the third Major Jewelry theft in that city since may. Movie stars at the Cannes Film Festival were targeted just a couple months ago, but this time it happened at the famous Carlton Hotel on the french riveria. It was home to that Alfred Hitchcock film to catch a thief in 1955 starring carry grant and grace kelly. Fortunately no one was hurt. Police arent talking about suspects, but many are pointing to the pink panther gang. Yes, there actually was a pink panther gang. Last year six thieves broke into a mall in london in broad daylight on motorcycles stealing hundreds of thousands worth of items and rode right out of the mall. The gang has stolen more than 400 million worth of goods over the last several years, and they are accused in a prison break in switzerland last week. Ty, up to you. Wow, great video there. Anthony weiner, you may have heard of him. He probably wishes that snapchat had been discovered a little earlier and he had been aware of it. Its a program that lets you send stuff to another user photographs and then it selfdestructs. Is that a good thing or bad thing . Kayla tausche on the case. Feel like i need a gavel. Luckily Anthony Weiner has it for this campaign if he chooses to use it, 200,000 selfdestructible messages sent every day. More popular than instagram and its biggest fan base wall street, messages ranging from the embarrassing to the excessive, like hampton pool parties but should the fact that the vanishing communications are so hot with the trader set raise regulator eyebrows. Jim cramer asked the wall streets top cop. Can they get away with it because you dont have the technology to stop it . I dont even know what youre talking about. Priceless look on bhararas face. Said Law Enforcement has done well to scour new technology, emails against steve cohen and goldmans fabulous fab. They have been able to adapt email they didnt have a decade ago but they are locking at snapchat. I like the phrase, unflattering or compromising selfies. Going to show me how this works. I cant promise thats what we have on here, but my inprep i had producer took some snapshots earlier today. Come into your in box. Thanks to curtis for sending one in earlier so here is one that she sent. Do we know that guy . Thats a video. You see it counting down at the end and you can also put text on it. That would disappear . Hardly work is more like it. So and you see it count down and you cant get back on it. If i i try to click it again, i cant reopen it. Not on here. Heres the key question. Can i defeat the purpose of snapchat . You can. A few loopholes, want to do it the colloquial or laymans way, take a picture of your device with another device. Do a screen grab. Do a screen grab on that exact same device. Thats frowned upon, and it will send the person who sent you a snapchat a message that you tried to do that so youll fall out of favor with them. Lets say im in real trouble and a prosecutor wants that file, that picture, can they get it . You can get pretty much anything with a subpoena and Forensic Experts have found out where on your device these images get stored. A husband thought a wife was cheating and thought he could prove it by snapchat and turned out he could. The access to that video file disappears, but that file does not. Its still there somewhere. It is still there somewhere. Kayla. Read the fine print. Thanks very much. Sue, down to you. All right, ty, thank you. In business money talks, as you know, and Everything Else walks. Tomorrow night on cnbc were premiering a brand new show with that theme constantly in mind. The show is the profit. Heres the deal. Ill write you a check and im willing to give you 200,000. It allows you to solve the debt that you have. It allows you to put some cash in the business and bring things cute, and it allows you a chance in addition to tha