Nasdaq at 5,120. S p 5002,087 and the russell down almost a full percent. But we begin now with the big deal in health insurance. It is official. An them agreeing to buy cigna for 188 per share in cash and stock. An enterprised are value of 54 billion. Straight to bertha coombs. Combined anthem and sigma would unseat United Health to become the largest u. S. Health insurer with 150 billion in annual revenues. More than 50 million members covering nearly 1 in 5 americans. Anthems ceo joseph swedish aide mitts put admits putting the two big firms together will be challenging but with that scale they can generate operating savings and make them more affordable. It will improper our ability to serve customers across commercial medicaid medicare and International Markets and create greater efficiencies and afford ability for our customers. But the anthem deal taken with aetnas proposed merger with humana would result in the big five insurers becoming the big three. One antitrust lawyer tells me given how that worked out in the Auto Industry it will make for tough regulatory scrutiny. Researchers dont see the deals being blocked. They dont substantially reduce the competitive dynamic in markets, and so what is happening is that youre creating more capable companies but you are not necessarily reducing the competitive situation in a market. Of course it is market by market. The anthem and cigna deal does include a hefty breakup fee. Thank you, bertha coombs. To housing. New home sales fell 6. 8 in june. Diana olick is live in washington with all the doo he tails. I know there was still one region in particular that was still strong but in general has the Housing Market started cooling off . Reporter well, maybe a little bit, mandy. Perspective is everything on this number. The drop was unexpected but we are still up from a year ago and year to date. Heres the most positive item. The needsian price of a newly built home sold in june fell slightly from a year ago. Still near record highs but that helps for your first time buyers. Sales down 6. 8 for the month in june, up 18 for the year. I always like to remind folks that this number is based on signed contracts in june not closings. This is real shoppers out in the open houses in june. Mortgage rates were pretty volatile during the month, mostly moving higher. June Single FamilyHousing Starts were weak. I want to focus regional here. New home sales fell the most in the west and midwest. They were strong in the northeast but that area is actually the smallest share of newly built homes in the nation by far. You want to watch the west and the south which is where the vast majority of u. S. Home construction happens. They both fell in june but they are growing pretty dramatically year to date. The trouble just as is in the existing home market is weak supply. New Home Construction is still well below where it needs to be given demand. On pricing, were starting to see a little bit more lower price product come on and material prices are coming down which could allow builders to come off what had been those record high prices. Back to you. Thank you very much diana. Hillary clinton delivering a speech this our about her vision for the economy. She plans to talk to her proposed changes on Capital Gains taxes and her thoughts on what she calls quarterly capitalism. John harwood joins us live from new york city with more. Hi john. Reporter hi, tyler. Im at nyu where Hillary Clinton is going to continue today to lay out a series of steps that she hopes will both clang the Income Distribution in the United States, raise middle class wages, and also make more of a longterm focus on productive investment. On Capital Gains what shes laying out specifics on today, what she would say is you want to keep the current 20 rate on Capital Gains . Hold your investment for six years or more. If youre holding it shorter period than that, the rates going to be higher. If its up to two years, it is going to be an ordinary income rates for those top tax filers. Thats 39. 6 . Then you see it coming down in four percentage point increments year by year until you get the sixyear mark when you get to 20 . This is an attempt to try to rehadden orient from shortterm profit taking to longterm investment. There are other steps that shes going to discuss, though not detailed to policy specifics, to try to push back against orderly capitalism. They include activist investors, people like carl icahn who is encouraging Corporate Directors to take steps that would produce immediate returns. Also executive compensation. Also share buybacks. Along with Capital Gains, those are part of the range of steps that the administration hopes will reorient the focus on american capitalism to some degree. Not an overnight huge change but some. This comes on a chaotic day when she woke up to headlines about a potential criminal investigation of her email account that was handled on a private server rather than a government server. I can report that a Justice Department official has told me that the referral for a potential investigation is not a criminal investigation. Much different from the tenor of those earlier reports. This is something that Hillary Clinton, of course has dealt with for some time and will continue to deal with while she tries to talk about substantive issues like the economy, guys. Thank you, john harwood. Well get more analysis on the spate later on this hour. Jackie deangelis has a news alert. Good afternoon. Baker hughes out its weekly rig count report. Up 21 rigs. This is taking oil to session lows. 47. 82 is where we stand at the moment down 63 cents. This has been a very rough week for oil. Cracking that 50 mark. A psychological level that investors look at. A key technical level as well. This recount number really not supportive in any way but very bearish here and only adding to the fact that we got from the department of energy an inventory build. We saw total inventories, total crude stocks were up 25 year on year and production is still at peak levels just under 9. 6 million barrels. The fact that were seeing recounts actually go up mandy, very he staggering. Indeed. 47. 81 is where we are sitting. In less than 90 minutes well also get the close on crude for the week. Commodities are continuing to take a beating. The basket of commodities eye balling gfc lows. Absolutely. It is not just oil which is down roughly 6 this week a lot of pressure coming from that stronger dollar which is gaining momentum again today but we are also watching gold prices. 57 5 1 2year lows today. We broke a tenday losing streak yesterday but just barely. Of course gold is losing momentum today as well down 4 on the week 7. 5 on the month. Also in the metals space you have to Pay Attention to whats hamg happening to copper prices down 4. 5 on the week 7. 5 on the month. Everyone looks at copper because of china and the potential for demand there. Also for gold and oil as well. Thats a key factor. The dollar pressuring copper also and people look at it as an indicator of what what may be to come for the Global Economy and potentially stocks as well. Jackie thank you very much. Lets look at whats moving this hour. Amazon sure is sharply higher. Share prices there after the online retailer stunned investors by posting a get this profit. Amazon brought in 19 cents a share in contrast to the 14 cents a share loss that analysts were expecting and the move in the stock vaulting its value above that of walmart. Music streaming Service Pandora beating estimates by 3 cents. Revenue was also above estimates on a jump in both subscribers and ad revenue. Nice 15 more for that one. Tripadvisor, meanwhile, missing estimates by a penny. The travel website operator did see a 25 increase in sales but that was weaker growth than the street had been forecasting. Quite a tanking in the stock there. Take a look at this folks. This is new shocking video coming in from a fast moving brush fire in Northern California. The quickly burned a barn down on wednesday night. This video was taken by some ranchers who live nearby and were getting their own horses to safety. The fire in napa county has now spread to 7,000 acres. It is only 15 contained with 1,300 firefighters battling the blaze. We certainly do hope they have success. Lets get to Mary Thompson for a quick market flash. Housing starts getting hit today after a surprising report this morning that showed new home sales fell 6. 8 in june hitting a sevenmonth low. Look at the Home Builders. Right now all down just about 2 . Building material stocks also down about 2 . There we go. Sorry about that. Building material stocks. Back to you. Malaria kills more than half a Million People globally annually and there are no approved vaccines until today. Glak glaxosmithkline has just made history in the fight against the disease and we have details next. Speaking of Health Care Stocks you might want to buy in the sector straight ahead. Power lunch returns in two minutes. Technology empowers us to achieve more. It pushes us to go further. Special olympics has almost five million athletes in 170 countries. The microsoft cloud allows us to immediately be able to access information, wherever we are. Information for an athletes medical care, or information to track their personal best. With microsoft cloud we save millions of man hours, and thats time that we can invest in our athletes and changing the world. Biogen getting hammered at this hour. The quote there, off 20 . The company beating estimates but revenue came in below forecast. Firm also cutting fullyear guidance. That stock down 78 a share at 306. Spirit airlines moving down about 2 after the Company Posted a profit of 1. 05 a share. That did Beat Estimates by 4 cents. Now remember the stock is down about 23 over the past six months as you see there. American Airlines Reported a profit of 2. 62 per share, 2 cents above estimates. P. A. Aal is down 2. 3 on the trade today. Malaria. It kills more than half a Million People annually and there are no approved vaccines until today. Glaxosmithkline getting the green light for its malaria vaccine. This is a project the companys been working on for get this 30 years. A lot of drugs take a lot of years but 30 years is a long time in the making. Extreme. It was 1984 when they first started working on the malaria vaccine at glaxosmithkline. When you see the global chairman later today, its been 30 years since that photo was taken. The vaccine received a positive opinion Foreign Policy european regulators today to prevent malaria in Young Children in subsaharan africa. Thats important because the more than half Million Deaths from malaria annually, more than 83 of those are in kids under 5 in that region of the world. The next step is for a recommendation from the World Health Organization which today called the move a major milestone noting though that the vaccine may not be licensed for youth in africa until 2017. Glaxosmithkline says it invested 365 million in the development of the vaccine and plans up to 250 million more before it is done. It will offer it at a not for profit price covering just the cost of manufacturing bus 5 it says it will reinvest in similar programs. Vaccine is not 100 effective but it reduced cases by 27 to 39 . It could be an important new tool against this disease. Well hear from the coinventor himself. Well look forward to that interview. There is something that has been happening in the market that may be making some traders skittish. We will tell you what it is straight ahead. Plus todays crime and punishment. A book making operation so big, its ringleader buried 1 million cash in his own backyard. If you can afford to just bury 1 million and not think about it thats an indicator of what kind of success youre having. That story coming up right here on power lunch. It took Serena Williams years to master the two handed backhand. But only one shot to master the chase mobile app. Technology designed for you. So you can easily master the way you bank. Being a keen observer of the world has gotten you far but what if you could see more of what you wanted to know . With fidelitys new active trader pro investing platform, the information thats important to you is all in one place, so finding more insight is easier. Its your idea powered by active trader pro. Another way fidelity gives you a more powerful investing experience. Call our specialists today to get up and running. If you cant stand the heat, get off the test track. Get the mercedesbenz youve been burning for at the summer event, going on now at your authorized mercedesbenz dealer. Hurry, before this opportunity cools off. Share your summer moments in your mercedesbenz with us. By the time Police Arrive on a crime scene they could have little to go on. A vague description. A single piece of evidence. A partial plate number. With an app from ibm officers can now access over a billion police documents to find hidden connections and identify potential suspects. Ibm analytics helps one hundred thousand officers work smarter every day. The three major indexes just hitting new lows for the day. Heres a look at markets right now. As you see, the industrials off 119. It has been a bumpy week for the industrials. Down we need a greek crisis or something to keep the market up. Thats what im saying. Nasdaq composite off. 66 . It all went south when they solved the greek thing, mandy. S p off about. 75 . Be careful what you wish for, ty. In this market anything can happen. Tonight on 10 00 on cnbc american greed. A wine dealer makes millions of dollars selling his cheap basement blends through elite auction houses. But a wine expert is immediately suspicious. Downeys trained eye has discovered what she calls rudy tells. This bottle here is a magnum allegedly, of 1961 chateau patrice. The funny thing is that this label has a lot of things wrong with it. For one thing, the label is a sticker. And that is a telltale side of rudy production. It has been falsely aged. Its not on the right paper stock and more importantly it has a rudy tell that i can only find on rudy made wines and it is something that i can actually again trace back to the templates on his computer and that is that this e has an extended middle line and that is not seen in regular production. Its only seen in this production. He makes a foretuntune before his massive crime is discovered. Tonight at 10 00 p. M. Eastern and pacific on cnbc. Counterfeiting the labels. Thats ingenious. The press officially dubbed him the gentleman gambler. From 2006 to 2012 he ran a book empire but it all came crashing down. Crime and punishment. Investigators say it was one of the biggest Sports Betting operations theyve ever seen. The leader raking in tens of millions. So much in fact that some of that cash was buried in his own backyard. Take a look. If you can afford to just bury a Million Dollars and not think about it thats an indicator of what kind of success youre having. Reporter millions of dollars literally on the heels of investigators who were looking for cash but had no idea just how close they were to hitting pay dirt. Michael dixon, fbi. They found a pvc pipe not two feet from the soil. That triggered a greater search of the property and uncovered about four different sections of pvc pipe which ended up containing 1. 1 million in cash. Reporter the cash secretly hidden here. Investigators say the owner was running a massive book making operation with help from his brother. This assistant u. S. Attorney for the Eastern District of pennsylvania spread throughout the country and outside the country. It relied upon people relied upon internet websites. Reporter the websites were the main hubs for the operation. Bet bettors were given an account number and password where they could logon and place bets on loads of different games. Once the better got to their preset winner they had to pay up to the local agent. The agent would take his prearranged percentage and forward the rest of the funds to joe veto. I would say he was a brilliant person who became dwoes devoted to his business to the point it sort of controlled his life. Reporter controlled his life so much that even after he got busted in 06 and spent two months behind bars he went right back to book making. Perhaps he felt that he the cost of doing business was worth it to him. Reporter Prosecutor Says joe vito made no apologies for who he was and while on probation even wrote this letter to his probation officer. Saying, in part betting is an integral part of my income. By restricting my betting to costa rica and other offshore betting venues where betting is 100 legal, i will be allowed to make a living doing what i do best and love without being in violation of my probation. Thats something he wanted to do. Reporter but it was joe vito falling victim to a crime that finally collapsed his empire. He reported his vehicle stolen. When police recovered it they found a laminated sheet with the names and numbers of other local bookmakers. Some who had recently been prosecuted. Greed played an enormous part in it. Reporter realizing he was still in the game local authorities turned the case over to the feds. Irs special agent paul schnaufer. There were hundreds of bank accounts, hundreds of check transactions, dozens of wires that went overseas. Reporter money flowing to places like sweden portugal malta, antigua. Investigators charged that at its peak the book making operation had over 1,000 bettors and bets coming in annually. He was making money in all kinds of ways and making enormous sums of money illegally. Reporter both men pleade