Well, we have seen records last week, we are looking at records this week. One third of one 3 . Percentagg terms that you do see, the dollar is the downside and commodities are in this and there has been some articles on gold and that is a big deal. Secondquarter earnings, five to 10 , mcdonalds is down 2. 75 . Numbers are little weaker than expected. However, a couple of things havent been going on with this. Playing a part, they did well with some of those in the system. Back to you guys. Lori and now we are bringing you the latest out of detroit. An expedited hearing this wednesday at 10 00 a. M. Chris wallace is with us now. That is the term of 2014. The judge is going to have his own ideas about how this should go. But we are going to be very proactive, we are asking for an order, the appointment of committee come we are going to try to do this with the staff. Lori investors with 18 billion and bankrupt bankruptcy. David, welcome to you, thank you for joining on on the show with us. This judge is one of your law school professors. What should investors be thinking . I think that investors should be concerned about a bunch of issues that required federal procedures and those that have been started, whether the judge will rule the state proceedings in an other ball gets rolling and that is the case generally. Do you think that this will have a contagion effect in michigan and even beyond . I dont think so, i think that this has been in a particular situation for quite some time. It has been reporting this in terms of population and what the revenue capabilities are. So therefore i feel that this is a pretty isolated case. We know that the market at the out the whole has been under some distress, especially recently with the tapering happening thanks to the feds actions last week. It seems to have been pushed off. But just the top of that. It has come up with these rates a little bit. Potentially out of concern, this is the largest municipal filing we have ever seen and there could be concerns in the Municipal Market and i think in terms of this in particular, with been priced into my dont necessarily think that all the risks and concerns are going to play themselves out over the next month or year in this case and it has been priced for the better. Is a distress investor, you look at assets and governments that are struggling and situations. How do you know when there is potential investment been in a distress situation . We are going to look up the fundamental valuation of the entity insecurities that we think that we can market as well. We will go having debt investing. In contrast to many situations, theres there is the likelihood in corporate situations to get equity in the reorganized entity. There is no equity upside. Especially with respect to this with fonts on the dollar. Bankruptcies have gone on around the world. We are dealing with Pretty Healthy situations where revenue was robust and the debt load was really great. I think the revenue potential for detroit is very much requiring a command us turn around. Dc more opportunity in the wake of the european sovereign debt crisis and its inventory right now . It was very likely that there was action of a bailout. The federal government has been sitting on the sidelines for now and it seems like we are working out these troubles about the weekend. Adam will has been losing for the barrel. Phil, where will he see the crews go. Might we get some relief today . I think you might see more really. The market is looking very heavy here. We have had an incredible run up over the past few sessions. If you look at the price of oil when they backed off today, it is probably normal when we have a lot of concerns late last week. We are worried about egypt, we are worried about this situation and people dont like to be short. You get through to monday, there is not any major problems, but the other thing is that most oil analysts are expecting a rebound in crude oil supplies this week after the dramatic selloff. Adam lets talk about drama. We have been watching gold. Closing about 1300 for the first time in five weeks. It is up almost 42. You know, we saw a record positions in the gold market. It was going to go down to a thousand dollars and it was looking at ben bernanke to give reassurance. So with all of these, they are either going to have to make delivery part of the upside. This could be the beginning. Back to you. Adam thank you, phil flynn it is good to talk to you. Lori the ipo comes three years after this hotel chain left the market. They say that it will use the proceeds. They brought the company out of bankruptcy back in 2010. Investigating bribery allegations with Certain Senior executives appears to have acted outside of the processes and controls chinese law. Chinese have tried to bribe several. Apples developer has been shut down by hackers. An intruder attempted to gain security information. Creating software and applications for apples operating systems. Originally apple has said that their system was down for maintenance. In toyotas massive recall. Adam deciding to cash out your chips in gold. A key investor is departing the company and we will tell you why. Lori and we are on royal baby watch. Princess cate entering st. Marys in london. We will have the details. My mantra . Trust your instincts to make the call. To treat my low testosterone, 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 oren with prostate or breast cancer. 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[ male announcer ] from broadband to web hosting to mobile apps, Small Business solutionfrom at t have the security you need to get you there. Call us. We can show you how at t solutions can help you do what you do. Even better. Lori it is time to make money with charles payne. He is making you some retail profit with the company that is my own personal playground. Stocks incorporated unfortunately for my husband who gets the bill. Reporter that is right, friday stocks spike really nicely. You can see this has been in the rumor mill for a long time. Stocks have taken over over a decade ago. I love to see somebody come in like a private equity, and, sort of separate back to the operations and that was their plan, they have been growing their store, and it is going pretty well. I havent done anything with it yet, but i wanted to bring it to the audiences attention. When i do look at this, operating margins are still a problem. I think that this stock may be with or without the whole speculation something worthwhile and investing in. Lori the application is very userfriendly. But you can look at it on your smart phone, it is luxury retail. Yes, you really do have to have this. Anyway, it is interesting. Sachs and tiffany is very similar. They have been disappointed in their flagship stores. Outside of you in a couple of your friends. Maybe im not as fashion forward as i think i am. Or you are too fashion forward. Adam okay, the jury selection will start in the first case over vehicles. The first case was a woman who died because the vehicle sped up to 100 Miles Per Hour on its own. The trial in california is first of 80 to determine if toyota is liable for deaths and damages. It will serve as a bellwether and toyota has already settled some wrongful death cases. After that the recall of the issue, they began and the shares have been reported. Adam lets take a look at stocks with Nicole Petallides. Reporter the stock down 3. 5 . Still down about a dollar. We know that third point, the campaign to overhaul this and what we are looking here is that he is going to be stepping down with two other directors that are affiliated. Yahoo has about 40 million shares of their own. Yahoo is in 2 stock, obviously you can see stocks today are coming back a little bit. Lori the fcc is charging the city of miami with security fraud. More such fraud cases are on the way. We have an investor on here. You look at a city like miami, and it makes you question what is really going on. That is right. Thank you for having me on. Because cases like this are going to be rising across the nation and at the same time investors run away from this into stocks, that means that what happened here was miami was being accused of shifting money for construction into the general fund because they were potholes in there. Cities and states are doing this across the country. But what has got the sec so angry, they have launched this in 2009 and youre going to see more of these cases. Look at what they said the fact that a city official enabled these a few years after miami was already reprimanded by the sec for the same conduct going back to 2001, the fact that this happened again said that this is appalling and unacceptable. What we are also seeing is essentially things that have broken out in places like yours were, rhode island, illinois. Stocks in San Bernardino also being talked to about on fraud. And then you find out that they are underpinning their pension funds. So this is something that we must clean it up. The. Adam an indepth look at an economic game changer. Lori and the Financial Recovery five years on. We are in washington dc ahead of the president s midweek economic pitch coming up next peace of mind is important when youre running a business. 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Help the gulf whene made ourecover and learn the gulf, bp fromhat happened so we could be a better, safer energy company. I can tell you safety is at the heart of everything we do. Weve added cuttingedge like a new deepwater well cap d a stateoftheart monitoring center, whe experts watch over all drilling activity twentyfourseven. And were sharing what weve learned, so we can all produce energy more safely. Our commitment has never been stronger. The one at 23 minutes past the hour, i am lauren green with your fox news man. One person has been killed after ousted president Mohammed Morsi took place on july 3. In cleveland, 35yearold Michael Madsen has been charged with three counts of aggravated murder. Officials believe the women were killed within the past six to 10 days. And as the world awaits the arrival of the royal baby, british betting agencies have reported that they have taken tons of bets on what the royal babys name will be. Those are the headlines. Back to lori rothman adam shapiro. My money is on victoria for a girl. Adam really . Lori i would bet on victoria if i was a betting person. Adam president obama kicking off a series of speeches with an address to the nation from knox college in illinois. Rich edson has the story. Reporter after weeks of focusing on gun control and immigration, president obama is heading back to the midwest to push his economic proposals to replace some of the Government Spending cuts and increase this. On thursday he goes to jacksonville, florida to Push Congress to enact his proposals. We still have a long way to go to restore this. Too many families are fighting to rebuild. If we move forward with the eyes fixed on the growing middle class, i am confident that we will get to where we need to go. Reporter Administration Says that the president will outline steps that the congress and private sector can take to improve the economy. President obama is getting ahead to a fall season of budgeting price. Adam rich edson in washington dc. Thank you so much. Lori one thing that is boosting the economy is the Fastest Growing oil and Gas Producing industry. So this weekend, tracy byrnes and Ashley Webster will be doing this segment. It is a real key on how to make money. Today we are kicking off. Then we have Michael Smith with us. He is doing his first interview in pennsylvania governor talking about cracking. He found no chemicals as a result. He will be here as well. In clean energy ceo Andrew Little fair. So a lot going on in this. Lori that sounds like good stuff. I love it. So much potential. Adam that is a great point. See you soon. Americas energy boom doing little to keep an eye on oil prices today. Lori june home sales surprise us with sales disappointing. We have ed pinto coming up next. Shes still the one for you you know it even after all these years. But your erectile dysfunction you know,that could be a question of blood flow. 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Ask your doctor about cialis for daily use and a 30tablet free trial. Lori stocks now as we do every 15 minutes. Back to the floor of the New York Stock Exchange and Nicole Petallides. Youre watching new 52week highs, nicole, though looks like the broad averages are flat right now. Right. Sometimes they hit 52week highs, they pull back. Im bringing you over here to halliburton. That was exactly the case for halliburton. Look how the stock is faring. It is right now down 3 4 of 1 but earlier today hit a 52week high, highest level since 2011. Weve seen other names in that group there, ubs, keybanc, walgreens, kellogg, these names have all been hitting some highs worth noting. We should also talk about halliburton and whats happened there with their quarterly report. So they, international versus north america. They were doing well internationally, not so much in north america. So they have pulled back some. Overall as you noted even major market averages moved back to the unchanged line. A lot of it stems from i will will the fed or wont the fed . Hard to keep on track because of those housing numbers. Back to you. Adam thank you very much, nicole. Nicole just brought up the housing numbers and existing home Sales Numbers in june fell 1. 2 as 30year rates, Mortgage Rates climbed to new highs over the last two months. Were joined by American EnterpriseInstitute Fellow ed pinto with some expert insight as the reason behind the numbers and where this market is going. We appreciate you being here, ed because it can be very confusing. Month to month were down but still yearoveryear up 15 . This seems to me like the housing recovery is still Pretty Healthy. Am i wrong . I think youre absolutely right, adam, i think the number to focus on is the yearoveryear. Monthly numbers are pretty volatile plus i think the expectation of what this months number was going to be, or last months number was going to be was unreal list i cannily high. I follow one. Experts that came in a number much closer to the final number that the numbers that were considered the expectation. Adam sure. I think weve seen a runup as you mentioned in Interest Rates which i think is actually healthy. We were experiencing a market that was getting a bit adam irrationally exuberant . Yes. Adam let me ask you not everywhere but in some markets there were real problems. People were starting to start multiple, multiple bids and things like that. Adam forgive me for interrupting you. You had cash offers in places really hot like california. Dont bother get a mortgage. Weve done stories here on fox business. I want to he show you a chart. I dont know if you see it but it comes out of research we did with you. It is on supply. Just a little over five months of supply of homes that it all it would take for all the existing homes on the