Know, hes weighed in on anything that finally were going to get some clarification. The big mover today is delivering alpha. It is. It is. A lot of people promise to seek alpha. Very few deliver. This is the humphrey hawkins, maybe his last one, among the House Financial Services committee on Monetary Policy begins at 10 00 eastern. But his prepared remarks will be made in time for us to look at them at 8 30 eastern and investors obviously are going to be hanging on every word, if he adds and if, if he takes out an adjective, you never know about the future of the feds bond buying program, which we tried to say that we were going to good news as good news and im not convinced were there yet. Every time you think something im not there yet either. It is still the addicts are still it is the accommodative punch bowl that i do think the biggest shock may be out of the system. Cant confuse people again that fed tapering may be coming. May be the biggest shock. This ridiculous argument about whether cutting back on the bond buying constitutes tightening and people are parsing it is not raising rates, but the thing is, when people anticipate the tapering, the rates seem to go up and though they dont orchestrate the market never had quantitative easing to react to before. And the guess is that you will get that Market Reaction you usually get from higher Interest Rates and when you see theyre reversing direction. Did you see the analysts saying it is going to be dovish today, even more dovish than you normally when i did the he loves me, he loves me not, he loves me, he loves me not, i got hes going to be less dovish. Did you see every time he does one of these things on average the market goes up, i think it was. 1 , a study that was done, so traditionally if you hang out i think it is the twoday average after he speaks. What i saw was the average gain for the rest of the year when youre up that much is like 7 . Yeah. It doesnt normally it doesnt mean youre doesnt go back to the main. That would be nice. In other Economic News today, Housing Starts and Building Permits come at 8 30 eastern and then the feds, i dont know if well report those today, with the delivering alpha thing. Did we preempt delivering alpha for the government stuff . We have not only the government numbers, but a lot of other things that were expecting to see right around the same time. Has to be pretty important number. Pretty weird for us to break in. Fed beige book at 2 00 this afternoon. Looking for Housing Starts to rise by 3. 9 , permits looking to increase by. 5 . It is also another busy day in earnings central. Results before the bell, bank of america, abbott labs, bank of new york mellon, northern trust, pnc financial, st. Jude medical and u. S. Bancorp. After the bell, well hear from American Express, ebay, ibm and intel. So it is a pretty busy day. Also, watch shares of yahoo today. That company reporting better than expected earnings after the close last night. The revenue outlook fell short of consensus. The stock initially fell on the news, but then moved higher in some bouncy trade after hours. Ceo Marissa Mayers was upbeat on the companys progress. Speaking to analysts via Video Conference. In q 2, we continue to invest in our core business. Strengthening our teams and launching new products in our quest towards longterm growth. We made Real Progress over the last year, and we have positive momentum heading into q3. Have you ever seen a Video Conference call before . I have not. Or the company ive never seen that either. But it adds another dimension. You can see what they look like when theyre saying these things and thats kind of interesting. Anyway, well talk more about yahoo in 15 minutes. There is another after the bell mover, csx, beating profit estimates. Growth in merchandise and intermodal shipments set off a drop in coal volumes and shares were up on the news. Well talk with michael ward at 6 50 eastern time. And in other Corporate News today, michael dell is reportedly Standing Firm on his buyout offer for the company that he founded. Dell is not expected to raise his bid for the pcmaker, even if a vote skethd for tomorrow is delayed. Carl icahn is leading the opposition to the bid, presenting a proposal of his own, in fact, sweetening that deal once again. Icahn is a keynote speaker at todays delivering alpha conference and that is Perfect Timing with that vote set for tomorrow. I should say, sources i was talking about last night think the vote now will be delayed. People are coming here today to see carl icahn who have booked flights and or one private plane supposed to go to austin, texas, after. So well see what all happens. To hear what he has to say. To hear what he has to say first. Other news for you this morning. The European Commission reportedly considering a plan to cap debit and credit card transaction fees. The proposed plan stops short of a full pledged ban on debit card fees which had been considered. In 2007, the ec had ruled that fees for cards issued in europe violated competition rules and raised costs for consumers and merchants, shares of the major credit card issuers dipped on the news late yesterday. A federal judge ruled the u. S. Government may pursue its 5 billion civil Fraud Lawsuit against s p. The case accuses s p of misleading investors by inflating credit card ratings credit ratings. Thats a huge case. Finally, in other legal news, the case against former Goldman Sachs trader fabrice tour continuing in new york today. Earlier in the week, the judge warned lawyers to aroid cvoid z confusing jurors with lingo. In other developments, this was pretty interesting, the s. E. C. Attacked one of its own witnesses as hostile. John paulson lieutenant john pell greeny was one of the architects behind paulsons successful bet against the housing market. The regulator labeled him a hostile witness indicating his testimony may be prejudiced in favor of the defendant and there was a back and forth yesterday that went on for a good ten minutes where he claimed he didnt know what a cdo actually meant. Until he finally copped to knowing what it was like the definition of is is. They would say what is a cdo, well, a cdo could mean and then it got a little testy. Wasnt the judge the one who said lets not use the technical terms to begin with and now theyre arguing about the technical terms. They made a sheet for the jury, an abbreviated list. In other legal news, asiana i did just see this. Decided not to pursue legal action as a result of that was a losing case. A public apology by a ktvu that reported the names of the pilots of the asiana flight 214 with a straight face, by the way, and instead theyre going to use all the resources to support the investigation into the cause of the accident and family members that were affected by it. Theyre not going to they could have never sued. You would have to prove damages, reputational damage, whatever reputational damage already happened. Right. Why doesnt hes got tourre, and it is pronounced tour. Why have all the if youre not going to use them, why tourre, isnt he french . He is french. I was told that why . It just seems they dont want to confuse the guy on msnbc. He only has one name, doesnt he . The trademark situation, a licensing problem. Can we is ross are we able to ross isnt how did you know . I read the notes. Where do you get those . In my old did you see this thing . Antique phone. You turn it to do the ring and talk into one thing and hold the what is this called . A blackberry. Ive seen this in a museum for what people used to it works. Thats how i knew it is all about texting with these emails. We like to talk and we like to text. It is like a model t and ive got a ferrari now with an iphone. I know time for the Global Markets report, karen cho, confirming beckys reporting, standing by in london. Ross is not there. Good day might be afternoon. Ill go with good day, karen. Were coming up to the lunch time session, still morning here, guys. Im stepping into ross rather sizable shoes. Lets look at the market action. We have been extremely choppy here this morning. There was an initial burst of enthusiasm for stocks out of the gate, but thats faded pretty quickly because it is all about Central Bank Speak today. Were coming up to what ben bernanke will say to lawmakers. There was also a reminder this morning about the problems. With had mark carneys first meeting with the bank of england, those minutes were released this morning. And we sthau aw he voted agains further qe this is what the market has been waiting for. The wild card was that he managed to convince the rest of the mpc members to vote with him, against qe, so he saw a 90 vote. Thats what the markets have seized upon today. Also comments suggesting that more qe could complicate the eventual move towards exit. Across the charts, you see the extent of the red. The ftse was tracking up about half a percent first up, now down half of a percent. The cac quarante in france, the xetra dax down. 6 in germany. It is the spanish market that is the weakest of the european markets, down near 1 selloff on that market. Let me show you a couple of individual stocks moving around today with big stories as well. Barclay shares down almost. 8 . The u. S. Energy regulator has fined barclays and its traders 453 million. This relates to allegedly manipulating Energy Prices in california. Investors, though, say it is not material to the companys earnings. Novartis also in our focus today as well. This is after the drugmaker says it is not part of an investigation by chinas authorities into alleged bribery in the pharmacy sector. This comes on the back of the glaxosmithkline scandal in china, apparently four more Global Companies are in the eyes of regulators. The share price tracking lower by 1. 4 . Lets move on to what were seeing across on some of the bound markets. U. S. Treasuries in focus with what ben bernanke will say. Ten year gilts is where we see the most movement today. They were tracking lower. We spike to 2. 33 , not matching up to u. S. Treasury. Still firmer in session and across on the periphery, there are some gains there as well. On Foreign Exchange markets, it is the trade in sterling, the most activity has been. We saw a fairly sizable jump after those minutes as well. Were tracking firma through the 152 mark, guys. Back over to you. Thank you for that. We got a scandal in china this morning. A nationwide crackdown on the sale of illegal medicine today, promising to tighten industry regulation, the comments coming a day after the Chinese Police accused glaxosmithkline of widespread bribery of chinese officials and doctors to boost sales. They did it through travel agents. Bribing people, paying through travel agents, creating fake conferences. Cnbcs eunice yoon joins us from beijing with the latest this morning. Good morning. Good morning, guys. There is a very common practice here and a common belief that when the government tries to send a message, they basically go after one big fish in order to scare all the little fish. And a lot of people here are starting to believe that glaxosmithkline is that big fish because the government has been on a nationwide campaign to try to root out corruption. We have seen that because they put in place a very powerful anticorruption czar, also been trying to cut access within their own ranks, but today, the Commerce Ministry said that they were going to go after any form of commercial bribery, no matter the company, where its from. They said whether or not a company is a Chinese Company or international company. The government also said today that they were not going after foreign companies, particularly, but there have been a couple of events in the past couple of days that have led a couple of people some people in the International Community here to believe otherwise. One thing is that in the peoples daily, a communist party paper, today, wrote an editorial which said that a crackdown of commercial bribery among Multinational Companies was necessary in order to bring order to the market economy. Another event that people are watching and were unnerved by is the fact that one of the detained glaxosmithkline executives was put on nationwide tv yesterday, supposedly confessing to these crimes. So we dont know the circumstances around this socalled confession, and we also dont know exactly what the glaxosmithkline executives actually did, but what we do know is that the particular circumstance is making a lot of people in the International Community very, very nervous. Guys . Eunice, real quick, do we know how far up the chain this went . There seems to be a sense that perhaps the office in beijing, in china, was lying or trying to cover this whole thing up so that it is not clear that the folks at glaxosmithkline headquarters knew, but i always wonder about things like that. Well, at this stage we dont know how far how far up the chain it actually goes. But what is interesting here is the fact that there have been a lot of people within the drug industry who said that some of the practices that they heard that glaxosmithkline executives actually did was not terribly uncommon in china. This is a place that has rampant corruption. And especially the pharmaceutical industry. In fact, there are a couple of people who have been asking the question as to whether or not this is a Market Access issue because we know that big pharma has been trying to get into the chinese pharmaceutical industry. They have been complaining for years about the lack of distribution and the public hospitals. Also been complaining a lot about the ipr issues. There have been a lot of people who have been talking about how this particular industry was just rife for all sorts of questionable behavior. And some of it illegal, some of it not so illegal because in china, a lot of, you know, there is with the legal system, just isnt very firm. Sometimes you see that there is a gray area within this legal system. And there you are, thinking that, like in mexico, or china, that you have the same sort of Playing Field that we have and automatically glaxo that theyre at fault here, when to do any business over there, im sure you got to play by the local rules, just like in you were shocked that walmart had actually to deal with local officials to build in mexico. It appears it was done in secret. They knew what they were doing wrong, they were moving money through the travel agencies, creating conferences that didnt exist, paying for trips that didnt you know how hard it is to get Market Access in china and youre ready to sell all of our bacon to the chinese. Were you out in the truck . Did you see that . Well have none of that next year. The bacon. Or the sausage or any pork products whatsoever. Any pork products. If thats the world that you want to live i love your blackberry when i think about it. I miss mine. You dont email anymore. You dont text. Are they a sponsor of yeah, i love i miss mine. I miss my blackberry a lot. Coming up, chopping trading in yahoo after the Company PostedQuarterly Results. Everyone is buzzing this morning about Marissa Mayers unique Video Conference call. Looked a little weird. You can see it makes such a difference. The ceo twitches when theyre looking down, left, right. I personally i think it helped. You do . It gives us video. Right. Were a visual medium for some. Were going to talk to yahoo analyst next. Right. First, squawk sports news. The first inning of this last night, unbelievable to see the Robinson Cano get hit in the knee. In an exhibition game. I did see that. The most valuable player. I watched the two reds in first inning both barely just evil swings. The American League shut out the national league. Who wants to watch an allstar game one of the league gets zero. It was 30. They lost so many in the row at one point many years ago, but we saw mariano named mvp. Pitching a 123 eighth inning. Now the American League will have Home Field Advantage in the world series when whatever a. L. Team plays the reds. Oh, really . Counting your chickens, are you . Yeah. Yahoo posted Quarterly Results last night after the bell. The internet i guess an internet giant trying middle sized giant trying to grow, reporting profits of 35 cents a share. Is it better than analysts estimates . Congratulations to those of you who helped us, i guess, drive some type of traffic to our website basically. Armchair analyst poll, you got it right, has anyone not bet that a company is going to beat in any of these polls yet . No. But yahoo s revenue outlook joining us is ken sena, managing director at evercore partners. What are the key metrics we watch now with this company . I think were looking at growth in the asian assets which came in very strong, Margin Expansion in the asian assets. 2013 was basically about im sorry, it was about 50 below what the street was expecting. So that i think sent the stock down initially. But i think as people dug through the slides, et cetera, you could see some of the disclosures it was something you wanted to step in and just when you step back, actually, from yahoo the core business is only about 25 of the value now. Really about 50 is alibaba. It comes down to whether or not you really make a bet on that business. And just to put it to frame it a little bit, ali baba is probably it is more than amazon, ebay com