First, lets go to the nyse where sue herera is standing by. The markets improving a little bit right now. Well off of our worst levels of the trading session. Still in the red, however. The markets right now show the Dow Jones Industrial average off 71 points onts trading day. The s p 500 is down about 6 3 4. Nasdaq composite down better than 1 1 2 points. Meantime our top story, that change of leadership at securities and exchange commission. Mary shapiro is stepping down as head of the s. E. C. And president obama is designating Commission Member elise walter as her replacement. Eamon javers is in washington with the details. Reporter this is a bit of a surprise announcement. A lot of other names had been speculated over the past couple of days here on who might succeed mary shapiro over at s. E. C. But the tap goes to elise walter today. She is a sitting s. E. C. Commissioner now. That means that the president will not have to face a bruising confirmation battle up on capitol hill for her to take over as the chair of the s. E. C. What were told is the president is likely to appoint somebody to fill out that term after Elisse Walter finishes up mary shapiros term in 2014. We expect that the president will name somebody else to follow on after Elisse Walter. A little bit of complicated moving and shaking here but already the consideration in washington turning to mary shapiros legacy. She took over at one of the darkest points in American Financial history in january of 2009. The s. E. C. Pointing out today that just in 2011 and 2012, theyve had 1,469 enforcement actions. They say thats evidence of a real crackdown over at s. E. C. On wall street wrongdoing. Of course, the doddfrank rule makings have been so extensive in the wake of that financial reform legislation, all of that wares mary shapiros stamp. The flash crash will be one of the points they talk about when they talk about mary shapiro. They ask the exchange to create a consolidated mortgage trail. But of course, there are critics on both left and the right who accuse shapiro and the s. E. C. Of either doing too much or not doing enough depending on their political or regulatory leanings. All of that will be hashed over here. Then of course the speculation begins immediately of who the president might pick now to succeed Elisse Walter as chair over at s. E. C. Thank you, eamon javers. Lets dig down a little bit deeper and talk about what the departure of mary shapiro means for wall street. Were joined by jeff kilburg. He just talk a little bit about mary shapiros legacy. How does a guy whos in the game view her and the change that may come with miss walter . Eamon hit the nail on the head, did she too do much or do too much wrong. Main street as well as Advisory Firms like myself are very concerned with her initiative for tackling the money fund reforms. If she gets what she wants shell essentially be pushing all of that money to the balance of the banks. Therefore, she will redefine too big to fail. From my perspective, im home that the money from business stays as it is. One of the foundations of our short term borrow pentagon. Maybe it was a problem she thinks needs to be fixed but a lot of people in the industry think it doesnt need to be fixed, specifically the idea of pricing that could go day to day and off the dollar. Priced at the market. Exactly. Theyre talk about a floating map that doesnt work. If you move 2. 7 trillion in assets to the banks balance sheet, it could be an opaque marker. Therefore maybe theres some type of reform necessary but not as far as she wanted. Were very interested to see what miss walter will do in the interim until theed a miss appoints a new why is that floating nab such a big thing . Why do i care if its 99. 96 cents or its 100. 06 cents . Great question. Loss of principal. You put in 1 million overnight and you get that. 996 overnight, you dont have a million dollars. Investors wont utilize that investing tool anymore. It has to be preservation of capital and liquidity. Thats what money funds are all about. Theyd rather earn less at a bank than yes. Than the other thing. Its called sleeping at night. Jeff kilburg, well be back and talk about other more important topics, like notre dame. Yes, we will, ty. Meantime, the man accused of being behind one of the biggest Insider Trading scandals ever had his day in court today. Bertha coombs is not far from me, live in Lower Manhattan with the details on that. Hi, bertha. Reporter hi, sue. It is the most lucrative Insider Trading scheme charge to date and the man charged is the highest profile person affiliated with sac capital charged today in the long running insider probe. 38yearold matthew martoma, ahead of this mornings bail hearing, seemed very poised and almost upbeat as he arrived with his wife going past a gauntlet of reporters. A former fund manager for cr intrinsic, a unit of sac capital, is accused of obtaining inside information on an alzheimers drug trial that netted his firm 276 million in profits. Bail this morning set at 5 million. Hell have to get three financial signatories, one of them can be his wife. 2 million in cash or property hell have to put up for that. He has fairly wide leeway as far as travel. Hes able to go to the new york area and massachusetts and florida where he has homes. At his florida home that he was arrested six days ago. Martoma is the fifth person affiliated with sac capital whos charged in the long running insider probe thats so far achieved more than 70 convictions or please. Though steven cohen, the sac chief, is not named in the complaint. The complaint does say that the owner of the firm was aware of those trades. Mr. Martoma will be back in court on december 26th for a preliminary hearing if he is not formally indicted first. Thank you very much. Lets turn our attention to the retail scene. Everybodys talking about it. We got it all covered for you. Julia boorstin is in los angeles with the latest on a deal between facebook and apple that bears on it. Courtney reagan has all the numbers from black friday to cyber monday. Brian schactman is in a lands end Distribution Center in wisconsin on how much cyber monday really matters. Lets begin with julia. Tyler, facebook is teaming up with apples itunes for its gifts initiative. A powerful alliance that could threaten other tech titans as they try to use social to drive music sales. Starting today, facebook will offer its gifts users the ability to give their friends digital gift cards for itunes starting at 10. You cant gift just a song or an album. You can give, say, a 15 gift credit and recommend albums, movies, games and apps. The Service Emails the recipient a digital itunes code. Gifts are currentsly just available to tens of millions of facebooks u. S. Users, but will be able as gifts rolls out broadly. This bolsters facebooks Retail Business tapping into Digital Content and subscriptions which are the fastest online growing retail category. Facebook wont comment on the Business Model but presumably facebook gets a cut and it does of course benefit when users were more engaged on the site. Today facebook shares rallied on a pair of analyst upgrades. This Partnership Gives apple access to facebooks users securing its position as the leading music distributor as it faces new competition from the likes of Microsofts Xbox music, google music and amazons cloud player. Now of course, if facebook can convince more customers to hand over their credit card information using that itunes as a lure, thats of course a good way to get them to spend more money on facebook gifts down the line. Thank you so much, julia. Now the countdown is really on. No pressure. The workers are going back to the office. Theyre thinking theyre going to be able to shop online. Courtney reagan is on the retail beat for us. It looks like they are. From this weekend, i mean what fiscal cliff . According to the National Retail federati federation, 139 million unique consumers shopped this Weekend Spending 59 billion. Nearly 13 more than last year over that same weekend. The holiday event shopping is not over yet. 129 million are expected to shop online on this day, cyber monday. 35 Million People shopped on thanksgiving day, up 25 from last year. Guess those early hours worked. 64 of shoppers hit the stored or scoured the web on friday spending an average of 423 a person, up 6 from last year. Apparel was the weekends most popular item and Department Stores the most popular destination. Followed by discount and electronic stores. But today is cyber monday and ibms so far online sales are up almost 21 compared to last year. Consumers appear to have been shopping on the way to work. 24 shopping on mobile devices by 10 00, it slipped a little bit as people got to work. Iphone driving the most Retail Shopping more than any other device. More than 9 of total traffic. 12. 5 using mobile devices to actually make those purchases, down slightly from earlier in the morning. Traffic is expected to spike right around now as people take their lunch breaks. Boo googles top five shernlging queries in the u. S. Include generally lap toll, nexus 7, tv, amazon, and tablet, wii and xbox. The weeks after christmas are especially important for lands end. It is now end by sears. Its shipping season for lands end. Brian schactman is live at Company Headquarters in dodgeville, wisconsin. Brian . Reporter hey, tyler, it is shipping season and it is important, but really have to mention that its also evolving. Cyber monday of course is a catchy phrase but it is not wholly accurate. Items being fulfilled and shipped behind me are orders from yesterday. 150,000 will go through here. Tomorrow though is when we see the actual impact from cyber monday when that number jumps to well over 180,000. We can tell you, theyve already told us they are tracking well ahead of last year. The website actually had an hour this morning where 24,000 orders were processed. That is a record. Other interesting nuggets about today, here theyll monogram 1,200 items in an hour. And theyll hem 900 pairs of pants in the same amount of time. But cyber mondays actually part of a sixday thanksgiving strategy. Every single day they have had virtual door busters. Every day a different item, usually discounted. This fleece blanket usually 29. 50. Yesterday went on sale for 10 and sold out in 11 minutes. So cyber mondays part of a whole package. Actually, ty, in about 30 minutes well talk to the lands end ceo. Were going to talk about the evolution of cyber monday. Were going to talk about whether the fiscal cliff has had any impant on this business, and of course well talk about that relationship with sears. Back to you. Thank you very much. Is all that spending translating into green for investors . Lets collection in with Kayla Tausche with a market flash. Interestingly enough, the Retail Sector is falling today in the red for most of the big retailers that had those discounts. Also was not the big winner even on friday techwise. So the wig question is how much will these discounts actually eat into the potential margins from those blowout sales. If you look, courtney said that Department Stores were the biggest destination but macys and nordstrom are two of the biggest laggards on the s p. Costco which had heavily discounted things like the nexus 7, also down today. To congress now which is returning to deal with the biggest economic issue of the day that fiscal cliff. John harwood on whether lawmakers are getting any closer to a deal. And coming up on closing bell, pet smarts ceo robert moran will join us live to discuss how his company is faring this Holiday Season. Thats all straight ahead. If lawmakers do not act to save the economy from falling off the fiscal cliff, 490 million would be cut from the centers for Disease Control and preventions National Breast and Cervical CancerEarly Detection program. Which would result in over 33,000 fewer women screened for breast and Cervical Cancer. [ male announcer ] tradings like a highspeed train. And you dont want to miss it with thinkorswim by td ameritrade. You get knockyoursocksoff tools, simple oneclick orders, realtime paper trading to hone your skills, plus anytime you need it support. Stocks, options, futures, and forex. Get your trading on track. Thinkorswim by td ameritrade. Trade Commission Free for 60 days, plus get up to 600 when you open an account. Lawmakers, their bellies full, are returning to washington after the thanksgiving break. The senate officially returns to work in 45 minutes. Congressional leaders expected to meet with the president again this week as they try to rise above and come up with a deal to avert the fiscal cliff. On january 1st, of course, we would run off the cliff unless action is taken. If theres no deal before that, a series of tax cuts will expire. There will be spending cuts and there will be jobs lost. John harwood with the latest from washington now. John . Tyler, im pretty sure those congressional leaders bellies were full even before thanksgiving. As you can see from the meeting they had just before the thanksgiving break, they were off to a smiling start with the president of the United States but there hasnt been much progress made since then. Lets go over the fiscal cliff by numbers. First of all, theyre all one. Theres one month left before we go over the cliff if nothing is done. Two, theres 1. 4 Percentage Points that the white house says would be shaved off of gdp if middle class taxes go up between now and then. Theres about 1 trillion which a democratic aide in the senate tells me they would need for a down payment deal to be done by the end of the year with the remaining threequarters of the deal to be done early next year if theyre going to get one. Finally, there was one phone call over the weekend between president obama and House Speaker john boehner. Now i just heard from a white house official that tom done house, the head of the u. S. Chamber, john engler, the head of the business u. S. Roundtable are in the white house today meeting with staff. There hasnt been a lot of negotiating progress. I still think there is a generally optimistic mood this will get done but we have a lot of hard bargains between now and the end of the year. One of the sort of controversial men in the middle here has been Grover Norquist, one of the few guys in washington who goes by his own name, grover. His first name, i should say. There are reports that some republicans who signed his no tax hike pledge are backing away from him. In the wall street journal saturday, he said, no, nobodys backed off. Whats the truth here . Well, hes wrong about that. They are backing away from him. But i have to say, tyler, this is an issue thats much bigger than Grover Norquist pcht Republican Party has staked out tax issue for a long time. It is not because of one individual and the pledge, although hes done a very effective job of marketing that and marketing himself. This is about a stance of the republicans as the party of less government. Democrats as the party of more government. But i do think because republicans lost the election, because theyve had a difficult time, new york jets fans might recognizefy said theyve had the equivalent of a butt fumble over the last couple of months. Republicans are on the defensive. They are backing away from grover and i think that is increasing the likelihood that were going to get a deal. Never thought the phrase butt fumble would be uttered on cnbc. Leave it to harwood. Especially from john harwood. But you never know. You never know. Meantime, ty, state attorneys general have sounded the fiscal cliff alarm this well. 43 ags have sent a letter to congressional leaderships urging them to extend the tax relief on the mortgage debt forgiveness. Diana olick has the letter and she joins us with washington with more of the details on that. Hi, diana. Sue, youre right. Five largest banks in this nation have already wiped out more than 6 billion of mortgage principle debt for thousands of borrowers under that giant mortgage settle many that just went into effect early this year. Theyve also wiped out according to the monitor of the settlement more than 13 billion worth of debt involved in short sales. That, say the nations state attorney general provide rerelief to homeowners trying to get back on their feet. That quote comes to a letter signed by 43 state Ags Urging Congress to extend the mortgage debt relief act thats been in effect for the last five years but which expires at the end of next month. Mortgage debt relief is usualally taxable. If it is not extended, all future debt relief that is your principal writedown, even foreclosures, becomes taxable resulting in 1. 3 billion in tax increases on the very families who can least afford it. In a Conference Call with reporters last week, secretary of housing and urban Development Shaun Donovan says we are worried it will put homeowners at risk of not being able to stay in their homes if the legislation is not extended. Tom miller added, it would just be outrageous for them to neglect to do that. The extension of this tax relief is included in a larger tax cut bill that was passed out of the Senate Finance committee but again, like all other tax relief, it faces the danger of of the fiscal cliff. Its not just the mortgage settlements involved here. Short sales have been a huge part