76%. we'll be tracking all the angles, from stock reaction to political impact. banks around the world under pressure. barclays is down in double digit calling for diamond to resign. mean tile reports here that jpmorgan's trading loss may total as much as $9 billion. >> it is official, news corp unanimously approved to split the company. rupert murdoch will be the ceo of the entertainment business. and could rimm tip off the hat of what it's planning to do after consulting with itself? investors will be listening to signs of a turn around plan all hobbit health care. the decision on the affordable care act. a little after 10:00 a.m. this morning. at issue was the bill's constitutionality and whether the government can regulate the commerce of health care. whatever the court decides it would likely have a long-term impact on all americans and the medical care. hard to put it into context, jim, because there are so many other big stories competing for it today. >> look. this is one of those cases where every time we find ourselves in this soup with europe, typically in the banks, it becomes preemine preeminent. we were discussing barclays. jpmorgan, "new york times" saying $9 billion, "new york times" saying $5 billion. that "new york times" working with us. this deal is what this -- this decision is what is going to end up being the important story today ultimately because germany is going to be with us, europe is going to be with us for years. this is a decision that i think small businesspeople we have paychecks on this morning. not a lot of small business creation. this is a small business. 40-employee kind of decision. that's who is going to try to change the plans, i believe. if they decision comes down and says, listen, it's mandated. >> of course, you can get a lot of different combinations here. you can get them to strike down the initial mandate or leave the law intact. they could not be zef rabble, the two. and be overturned. all of those have implications and it is still very possible, we should point out, that they won't. they take it and they don't -- >> yeah, they don't. >> how unusual. >> they let it go in its entirety. >> because of the five loopholes, four liberals and the swing guy. >> yeah. >> wow. >> by the way, the ball likely goes back into congress' court, right? the court can only judge on law that's been written. and if republicans are serious about getting this thing overturn overturned, if it survives the court it will turn back to repeal. the saga that's taken us through u lie and the health care summit and reconciliation will continue. will you call it the decision of the century? >> i can't call it the decision of the century. of this particular century, maybe. i was thinking about ferguson going down there. >> that was a pretty big one. >> huge breakout decision. >> yeah. >> i think that, no, because of what you said. because it's just going to go back to congress. a lot of these companies have already adjusted to it. i do think that it would affect hiring plans in a country where hiring is -- >> hiring on both big and small companies. >> yes. >> and i think that there are very few people who want to come out and say, listen, we want to continue to be able to not give good health care to companies, to our employees. companies are not -- you're not going to get a ceo to come on our show and say i'm going to continue to not give good health care. >> plenty of companies don't give good health care coverage any longer. they've made it much more up to the individual. that has started to happen. there is at least the beginnings of a market rate environment where you take more control for your health care and, therefore, perhaps choose more wisely in terms of what you need and you don't need. part of that is, listen, we have had two employers in the last few years. ge and comcast start to pull away to a certain extent from what we're very, very strong benefits. >> do you have a private company? >> looking at me again, going where are you headed? >> no. >> what we need today health care. >> i would just like to stay away by employees by discussing these. that's just me. >> whatever may come may come. >> some say, gym, if they reverse the mandate, right? if they strike down the mandate, keep the rest h is the worst case scenario because people won't have to sign up. the pool gets riskier premium strike. others say it would be a sign of less onerous regulation on business and the market would rally. if that does happen today, is that good or bad? >> look. if you own stock, the group that you have been looking to for leadership is the retail group in america. wavering in the last few days. we're two-thirds surface and retail based economy, if you were to make it so that retailers have to pay more for their health care, the stock goes down, lead the market down. >> any service oriented company out there, retailer, restaurants. >> restaurants are bad. >> the ceo andy, the parent of carls and hardee's, et cetera, additional $18 million would certainly result in job losses. >> 18 million, that's all. i would think the price of gas loon falling would have more of an impact on retailers and positive way than this decision? >> i don't know. i think it mass more with to do with starting a business. do you want to start a business. >> or do you want to take it to more than 58 employers? >> i'm sorry, i'm going to say it. you will hate this. i'm debating going to the restaurant business. i'm debating going into the restaurant business. >> it's made for you. >> will you listen to me. i've always wanted a restaurant. >> you've always wanted another way to lose money. >> a place called home. >> mexico and then it's overrun by -- >> this is all about me having more karma, all right? >> a place to call home? mcdonald's off of route whatever. >> you watch too many episodes of "cheers." >> i think that's a great -- one of my people i was involved with said don't forget that decision at 10:00, that is going to determine whether you should go forward. that's just great. that's what i need to do, a supreme court decision is determining whether jim's home cook grill ever happens. >> i was thinking cramer's. >> cramer's cocoon. >> it's spanish, cad the fat mermaid. >> margaritas? >> high end mess cow. >> i'm there. >> i know it's a little off the top. this is what's happening. i will say in neck people are saying want to see that decision before i start something. >> yeah. >> that's what i'm saying. meantime, let's talk big banks under pressure this morning thanks to cuts from two different firms. citi cutting estimates and price targets on bank of america, goldman, jpmorgan, morgan stanley, saying weak trading results. all the banks are down sharply in the premarket trade but you've got to start off with this libor investigation because ceo bob diamond his job may be on the line. calling for his resignation. bcs in london trade is coming down. and other banks may be in the cross hairs in terms of investigation. rbc, citi, and ubs, all are trading lower at market. >> i thought this was too big to rig. this is one of those markets that i've always felt, you know, like super bowl betting, just a mention an honest market. >> sure. >> in this world, honest market. i thought that this was libor, melissa, you were mentioning how many people's lives, regular lives, depends on libor? >> just think about a mortgage. all mortgage rates are based on libor. think about when an arm resets. it resets a certain number of points above libor. >> it used to be your typical lbo plus libor plus 250 or something like that. >> isn't your mortgage set with libor? >> yes. three months, six months, there's different terms. but, yeah, it is. >> was my mortgage better because of this? >> was it worse? did people lose their homes because they got foreclosed because it was too high? >> i don't know. we're talking basis points here. we're not talking percentages. >> i think it's -- >> even a basis point -- >> could mean a lot. >> for billions or trillions of dollars or borrowing. >> we talk a lot about raj and they have tapes of the collusion. i think they could have a field day with barclays. >> quite a loss. this story was out there yesterday. bart capitol hi khilton was on. it has expanded since then. >> and it's not the only bank story out there. citi taking estimates way down on the big guys. >> yeah. >> and then this story about jpmorgan's loss, jim. we just talked to andrew about the discrepancies between misreporting and "the times" reporting. >> i think andrew -- >> that's a story in and of itself. >> listen, if you read the end of that story they actually come to perhaps say that the smaller number could be important. you wake up in the morning. you see -- i read brian solely on twitter. $9 billion loss, jpmorgan. that is all that sticks in your head. then you read the story and it's $9 billion in the headline. then a really respected quarter. >> the point that we don't know what it is yet. >> i would be very doubtful it would be $9 billion. at least in conversations that i've had with some executives and the like at jpmorgan. while they are not going to tell you at all what it is until we find out after the court earningses reports. just, again, just based on simple body language. i find it hard to imagine it would be that much. we should point out the story written by the "times" said rejethded losses could be $9 billion. eternal report in april that assuming losses could be 8 to 9. our own cape kelly reported last week that they closed out at least 70% of the decision. >> somebody's wrong, is what i'm saying. you can't have all these story bs right. 70% closed out, looking for five. >> some people can argue it is going to be more than the two that we originally heard about. we have heard nothing more from the company since then. >> why is this news? why did they decide that this was -- i'm just -- i've worked everywhere, every single newspaper outlet. write this story which they know is contradictory to a story we broke says that it -- the two things aren't necessarily in contradiction. in april they may have generated an internal report that said it could have been $9 billion and then in june they've exited the position we don't know to a large extent, we don't know what the loss is. >> it's also been some discussion here on the floor that if you look at some of the cds repository data, there's no big sign of a massive exit happening. at least not lately. which, again, throws into question a lot of other reports. >> right. and then boaz weinstein on the saga has closed out his end of it, according to some reports. we should also put in perspective, even if it was nine, which i can't imagine it will be, this is a company that is going to have lost $70 billion giving out mortgages over the last five years, lost $22 billion in its credit card portfolio over the last year, so that's $100 billion in losses from just doing the good old-fashioned stuff in banking and, by the way, still has plenty of capital to withstand those kinds of losses. >> i think that -- how about this? it comes on a real bad day. >> we can do news not all bad, news corp board officially approved a split of the company into two, separating out the entertainment business from publishing unit. rupert murdoch will be the chairman and ceo of the entertainment decision, publishing unit. shareholders will get one share of the new second company for each share of news corp they currently old. in murdoch's words, david, we will wow the world as two. >> yes. of course, he did not answer -- i was listening "the call" before we went on air, specifically why now as opposed to three years ago when they began this process or five years ago. this has been an idea that's been out there for quite some time. he did say forcefully, and i've heard this from others as well, this has nothing to do with the hacking scandal, nothing to do with this, this is is purely two. by the way, already, seen a reflective 13% move up in the stock price over the last two days. it was done because they felt like it was the right thing to do. both company, particularly for the entertainment company. one interesting part of this i think that we didn't know specifically is that he will be entertainment component. chase kerry, one wonders would have thought given murdoch's attachment to naup newspapers that he would have taken a ceo job of the publishing company. no mention of whether james murdoch, his son, had been mentioned oftentimes as his heir apparent. >> do you think that because this is all happened and was considered by many to have been unlike the company that other things are now in question, the dual class ownership that kind of thing? >> no. >> no. this is it? >> oh, yeah, they're going to keep control. no doubt about that. i can't imagine that rupert murdoch won't keep control until he takes his final breath. >> let's go back to hacking for a second. is it better for murdoch to be in the that? >> i don't know. the hacking will not -- >> >> do you think there was a reason why -- >> he's a newspaper guy. >> he's still chairman of the other company. it doesn't appear the liability. on day one, speculating that is possible some now howe. that does not appear to have played a role in this decision. which again, they began the process, and i've heard this from numerous people, three years ago. so before even the hacking charges surfaced. >> does chase carriages stick around as president of the company until murdoch decides to step aside? >> i don't know. you know, i think kerry is pretty happy with what he's doing. he runs things to a certain extent day to day. he was certainly one of the key voices arguing for the split up so many say his voice is one that is heard prop nently by mr. mur going dock. and he will be coo of what is by far the larger of the two companies, with, of course, the cable networks, the film studio, and the television product, direct broadcast or satellite broadcast. so much there. >> the other job would be too small. >> the other company is going to be a very small company. the question is, can you actually stop the lack of -- stop the negative growth with the losses. they're not losing money. they're still generating cash flow but less and less. >> and this is all going to come up in your 12:00 interview. >> yes. we're going to sit down with rupert murdoch and talk about a number of these issues. >> don't forget to ask him about "taking two." it's a nightmare for the short sellers. >> she's been taken. >> yes. >> i love that movie. >> can't wait for that. david with murdoch at 12:00 noon eastern. when we come back, main street, washington, all on edge waiting for the supreme court to rule on the affordable care act. there's a shot of the court live where apparently there are all sorts of protesters, belly dancers outside this morning. we'll see that video later on. one more look at futures. with all of that news we're looking at a potential downdraft, maybe triple digit. here some of the other stories we are squawking about ahead of the opening bell. nasdaq will release detail of the full computation plan related to the troubled facebook ipo. nasdaq offered to cash and discount to trading fees. american airlines parent company will let pilots vote on b of a proposal avoiding a bankruptcy judge rule that could have imposed tougher terms on the pilots. airbus is planning to build the first u.s. plant in mobile, alabama. boeing's european rival would use the plant to assemble the a-320 jet. >> between the airbus plant going into alabama, google making the tablet in the u.s., with they're not saying where, there is an incremental step forward for u.s. competitiveness and jobs down the road. >> i think that's a point. contract manufacturer, they're talking about different -- mexico being a better place to build perhaps than china. the undercurrent of all these is i think that china is less competitive than it used to be. i do believe at a certain point there will be a revulsion by younger people to buy product that is from the continent. younger people, i think, they're the first to recognize you've got to buy sustainable companies. i think they don't like these stories that come out of china about the low wages. i really do. >> with all the lines at apple stores. >> are they i'll withing to pay $100 more for an ipad if that means better conditions? >> i'm saying this is an issue down the road. not yet. it's not an issue right now. people are perfectly happy. but when i think about, make it in america and we pay people well and you should be proud of us, it's all part of a peace, i want to buy american and they treat people well. >> i buy it. >> it is cramer's mad dash ahead of the opening bell with the stock that is worthy of your attention. and the nation anticipating the supreme court ruling on president obama's health care reform law today could be decision day. and we will be all over it. let's look one more time at futures. it looks like a down day here at the open with the dow looking at news at 91 points. much more "squawk on the street" straight ahead. ♪ wow, what an opening bell we have on this thursday. a few minutes away. let's get cramer's mad dash. ahead of the market open, watching family dollar relatively disappointing quarter. >> dollar general and dollar tree have been stars of this retail rally along with walmart. this one is the chink in the armor, low end of the range. much lower seen more sales numbers. got to watch this because you can't have a pillar, the dollar stores be taken away at this fragile moment at the end of a quarter. >> you mentioned it's not dollar general. >> dollar general's really good. they had an analyst day the other day. dollar general just now moving into california. don't take your queue from family dollar but no one with will listen to that. >> you're watching hutchison and the disk drive news. >> hutchison technology, for those of you who follow the supply chain of disk drives, but digital is always appearing as having selling at four and five times earnings. hutchison assembles for these disk drive companies and they're saying is that business is slow. also bad for dell and hewlett-packard is if there isn't enough out there bad for hewlett-packa hewlett-packard. watch out. chink on tech. >> finally, a lot of big stories today. some people may be wondering if there's a play in rimm short term ahead of the results tonight. >> we saw some notes who said the estimates are finally low enough to be beaten. "wall street journal" with a devastating story today about how research in motion really truly didn't know what's going on. when you rate this story you say disarray, disarray, disarray, i can't play it. the numbers are finally low. >> all right. look at those names and a lot more after the bell. the opening bell just minutes away. wall street raising for the supreme court ruling on health care reform expected a little more than half an hour. big thursday here shaping up on "squawk on the street." ♪ you're watching cnbc "squawk on the street" on this thursday morning live from the financial capital of the world. opening bell set to ring in a few moments. in the meantime, a lot of big stories. talked about family dollar, talked and rimm, a radio shack, officer leaving. >> the macro picture, we saw lower in wti and random. above yesterday. so with that term lower we move through the energy stocks under pressure once again and with a look at the financials, that adds up to a negative at least open for the day today. >> that had been a bright spot yesterday. a lot of people talking about natural gas breaking up. a note saying, listen, time for you, you reverse that move. that was one of the pillars yesterday, along with ag and housing. you don't want to remove the pill lars of bizarre housing. stra