Iwatch but rest of you are greeting it with a giant slug. Shrug. Only 14 of consumers would buy an i watch priced at 350. Its a bargain. We have charlie gasparino. Elizabeth macdonald and jack hough. Would you buy one of these things . This survey is meaningless. 350 bucks, we dont know it will sell for that. We have no idea melissa well, 41 said they wouldnt buy it regardless of price. They dont know what it is going to do. Next week well seduction of one of these watches from google. I think after that people will change their tune once they see what the thing looks like. Theyre pretty sleek and allow you to access your phone on the go. Melissa if you can make a call, i would be interested in that. Full disclosure. I just got one of these. Melissa i dont even know what that is. I use ad flip phone for many years. So im not a tech expert. Melissa your clamshell went into the got that. Thats right. That said, i think they jumped the shark with this thing. A smart watch . If sounds so ridiculous. Are you going to make calls from your watch . Melissa i have to say i was on the set poopooing the ipad when it came out. Hard to admit that but with a big group at some other network. Between the name and idea if you had a laptop and you also had a phone why do you need this ipad. Now we have like six. Could be a goodlooking watch, too. Melissa good point. Could be a range of prices. This is a limited survey. You have Angela Aarons from burberry over there. Melissa maybe 350 is too cheap. Maybe if you want to make it something apple, stylish, people want, has to be 1500 bucks. Booed looking watch with a lost apps. This is not the next big profit driver for apple. Melissa might be. How big is a screen on your wrist . Size of figure newtons. Melissa 2 1 2 inches. Like 2 1 2 inches. So bigger than what my wrist would be. Talk to your wrist like dick tracy does. Melissa i dont know. Im not going to be as quick to dismiss this one. Ipad is still around i guess. You have that, why do you need a cell phone. Melissa thats what we said about the iphone. A pleasant surprise out of the Housing Market. New home sales jumping more than 18 in may. That is the biggest surge in 22 years. That is a big number. What do you think of this one, emac . I thought it was good to see new home sales strengthening of that is precursor to possibly strengthening in the market. The plus or minus on this is 11 . This is real tight survey. A good indicator but margin of error is pretty big. Melissa big jump, 18 surge. Largest in 22 years. Couple that with the Consumer Confidence number we got this morning i wonder if the economy is better than everyone feels like it is. What are the odds, charlie. I have no to know who is buying . Is it upper end buying . Middle being in buying . We dont know that. It kind of supports one of your other segments later on i guess or next one. Plosser wants to raise rates. He will use this as intellectual sort of support. Prices are up 10 after they plunged 30 during the downturn. Houses should not move like stocks. Something is wrong in the Housing Market where is the shadow inventory of foreclosed homes worried about coming into the market and depressing prices. You want to buy a foreclosed home. Im talking 11 million put out. Melissa theyre all different. 2014 has seen the good times roll on wall street. Not everyone is getting in on the turn though. Big corporation, and Prestigious University endowments may have abandoned ship a little too soon. They were looking at some of the biggest, you know, harvard, yale, stanford. Your alma mater. Melissa yes. Switching out, trading out of stocks and into alternative invests before the big runup. Maybe not a great idea. Or smart. What happened in the last five years really mystified a lot of really smart people. I was at a Panel Discussion with kyle bass, predicted financial crisis. He was talking about how like the fed is inflating the economy, blah, blah. I sat there, you know you missed the runup. We went from six to i think at the time when i was interviewing him or did the panel to 11. Guess where we are now . 16. Melissa yeah. You can actively managed fund can not beat this market. When you have, dont put your money in a hedge fund. You want Pension Funds missing some of the upside from a roaring stock market rally because i dont want it that deep into stocks because their obligations look more like bonds. You want them buying, what they really should do is get away from how bull at upside . Easiest way to make money in last five years was buy an index fund and not worry about how to, paying steve cohen 2, three and 50 on your investment. That is the thing. Melissa when youre talking about pensions and stuff you want them to be diversified. The obligations are thick so you want returns to be thick. Diversify with the market. Listen, heres the thing. Im hearing from congress they want to weigh in who exactly is advising Pension Funds . Is it hedge fund crowd running away with the money and overcharging big fat fees for this . Looks like private equity shops do better than hedge fund crowd. Who was managing Government Funds and also we know that harvard, we know Harvard Universitys endowment has been in trouble for years. Take the endowments out. Im not sure how that work, but state Pension Funds is political. Who gives the biggest contributions gets assignment. Melissa it has been 24 straight months since the economy hit the feds 2 inflation target that Philadelphia Federal Reserve president Charles Plosser struck an optimistic tone on opening bell earlier today. Weve had period of somewhat lower than targeted inflation we expect to drift back up towards our target. The last few months and pce and cpi have been drifting back up towards our target. Were not there yet but i think that is encouraging and stablizing and moving back towards our target and that is a good thing. Melissa emac what is your interpretation . Big headline out of this interview the Charles Plosser admitted fed is not good calling bubbles. Like taking a hammer to a gnat with rate hikes. That is the big headline. Talking about inflation going up is there a government bubble . Is there a bubble out there . Yeah. Will we see rate hikes im glad to hear folks said we dont need more help. Ask yourself who out there is thinking about doing business right now doesnt feel Interest Rates are quite low enough yet with junction bonds yielding less than 5 . Theyre holding out for little lower mark on Interest Rates. There is no one out there, go to the grocery store, tremendous food inflation. Price of coffee through the fuel. Here is the problem for economic planners. If you have 2 growth and you have inflation on food and stuff going up where you have to raise rates what does that do to the 2 growth when you start raising rates . Melissa no, it is a disaster. A major gaffe could be causing insomnia over at yahoo marisa mayer reportedly did her best Sleeping Beauty impression. That is her from vogue. Failing to wake up on time for a crucial meeting with advertisers. So this, i mean it was a huge gathering. Big festival. She, we dont know exactly what happened. I mean of course yahoo is saying that their relationship with advertisers is great. We dont know that she was asleep but people commenting at the meeting, they were waiting for two hours plus for her to show up and for whatever reason she wasnt there. Jack, youre smiling. Im not sure, i hope she is wellrested. Im not sure that is yahoo s biggest problem at this point. I think they missed out on some key things, internet search and e emails they havent done well over the years and struggling to catch up. Melissa if youre the ceo of miller coors and shibani there waiting and she is two hours late and doesnt look good. Melissa wall street journal quoted ad executive at meeting saying if it were investor meeting or Board Meeting or potential acquisition im sure she or someone from her team would have woken err you her up. Another instance she demonstrated she doesnt care, or doesnt understand the value of clients ad revenues and agencies. No matter what everyone is talking about this today, whether we dont know what happened. Everyone is talking about it. Is that bad for yahoo . I dont know. Heres the thing, my first impression, my first thought, she has got a kid. She overslept. That happens. How many people oversleep around here . Everybody oversleeps around here. I will say this, whatever, everybody oversleeps. Just happens. I will just say this. Someone who covered Corporate America a long time. Jimmy cayne smoked pot for a fact. Jimmy cayne was investigated for cheating on his golf game. In and of themselves were not bad things but symptommic of his rule at bear stearns at some point. He had to go. Bear stearns was the First Company imploded. No but they are symptomatic. Could be. Melissa how she feels about advertisers or make people feel her time is more important. Management style broadly. Working mom with 2yearold. Melissa apple watch might have an alarm so she should look into that. Melissa San Francisco cracking down on a popular app, i love this, allows drivers to auction off their parking spots. The City Government ordering monkey parking to cease operation immediately. This is public property. You have the prime, like George Costanza episode, prime parking spot and prime street in front of the house opens up. It is sitting there and bid on that spot before you sit there, the person waits for to you get there to have your spot. Not your spot. Melissa exactly. That is the problem. Including a human being to wait in parking spot for you. Melissa person auctioning off the spot i have the best spot right on, you know, 90, whatever. Do you want it . They should be able to do this says capitalist. If you own a home, rent an apartment, you cant simply sublet it. You have to get approval of the person that owns it. If they shut it down, look a way of replacing some of those functions. Allow people to reserve spots. Probably want to make money. Melissa i think it is all about semantics. Rather than auctioning off the spot like youre auctioning off service as seat warmer, you could change it around. Once governments involved, to this extent. This is the problem with government. They control this. There is no melissa you dont other than the street. They own the street. Melissa guys, thanks so much. So do you believe in magic . The head of the irs sure does. Why he is asking for supernatural intervention before congress. That was priceless. A golfing prodigy finally making good. Michelle wie captures her first major but putting her back into it. More money coming up. Fore melissa the case for the missing emails continues. Irs commissioner John Koskinen taking to the stand yesterday he needs some magical help. So you told us all emails would be provided. When you discovered all emails would be provided you did not come back and inform us, is that correct . All the emails we have will be provided. I did not say i would provide you emails that disappeared. If you have a magical way for me to do that, i would be happy to know about it. I said i would provide all the emails. We are providing all the emails. The fact three years ago some of them, not all of them, but some of them were not available i never said i would provide emails we didnt have. Melissa amazing. Joining me to discuss is mary kissell of the wall street journal. It is really astounding. My thought in this day and age you cant really make emails totally disappear. A lot of people wanted to in the past when there are incriminating things. A lot of other people learned the hard way they never really go away. That is threw. One thing is clear, president obama promised to get to the bottom of this. The administration is closing ranks. Theyre stonewalling. They have no, no intention of actually telling us what happened some well have to rely on these congressional inquiries and ultimately courts to force forensic discovery. Melissa does that strain credibility when he sits out there, says that if you have a magical way for me to do that to know about it . Is there possible case they cant really be retrieved. I dont think so. What is important to distinguish what we dont know and what we do snow. We know conservative groups were targeted after the 2012 tea party victory. Congressional democrats called for the inquiry. There was inneragency communication between the irs, doj and other agencies potentially. We dont know yet, the fbi for sure. We know that the doj attorney who was appointed here to investigate is a big Obama Campaign donor. What do the emails that we dont have . We dont know what those congressional democratic staffers asked the irs to do. We dont know what was said. We dont know that inneragency communication here. We now have lost seven key staffers and their emails . So when democrats say, look, there is nothing to see here, please move on, well, not exactly. There is a lot here that we dont know. Melissa hearing taking place today, white house lawyer Jennifer Oconnor is testifying. Could she link others to this investigation . Why is that significant . She was at the irs when they were collecting documentation at congresss request. Of course now we know that the irs found out months ago that they had lost these emails and just decided not to tell congress. We found out that through a house subpoena. So i find it highly unlikely you will get some big breaking news out of this white House Counsel today. Again ultimately i think it will have to go to the courts and judges will have to compel the irs and these other agencies to produce documents. Melissa how long would that take . Could take months. Could take years. Melissa absolutely. Mary, thank you so much for your insight. Always appreciate it. Thanks for having me. Melissa to the latest developments in iraq. Secretary of state john kerry taking his call for unity to kurdish leaders, meeting in northern iraq, secretary kerry urged support as a possible tactic to force iraqi Prime MinisterNouri Almaliki to cede more power to iraq sunni, kurdish minorities. Iraqs largest refinery falling to militants. Iraq Security Forces losing a fierce weeklong battle to remain in control of the 300,000 peril a day facility. Energy traders watching this one very closely right now. Lets go to andrew keane at cme. What are you watching for right now . We talked about this slow grind higher. It wasnt like catapulting higher, squeezing a lot of shorts out. We got to 108. We found selling pressure. There were immediate buyers underneath 105 should act as support. One thing i found was interesting, uso, which tracks the wti price saw institutional buyer come in to buy straddles. Theyre expecting big movement between now and september. Kind of slow right now. Were not moving as much as i expected. I expected bigger movements. But in the future theyre expecting more movement in the price of wti. Making a bet between now and september, the price will not be where it is right now. Melissa were looking next to you at a chart of brent. That is where were seeing a lot of the price action, right . That is significant for folks on the east coast that is what is used to refine our gasoline. Seems shortterm top could possibly be in here for oil. See it pulling back here. There is a lot of fear priced into oil. With no resolution the price is going to go higher. We see a little pullback today. Nothing significant. If i had to choose a position i would rather be long it, rather than short it. It is overbought here. We could see immediate selloff. Melissa and drew, thank you so much. Thank you. Melissa taking it to the streets. World cup celebrations forcing highway shut downs in los angeles. It is all fun and games until someone calls the riot police. Plus, hold on to your hand sanitizer. U. S. Soccer fans might be bringing back some very unwelcome souvenirs. Do you ever have too much pure rel . When folks think about what they get from alaska, they think salmon and energy. But the energy bp produces up here creates Something Else as well jobs all over america. Engineering and innovation jobs. Advanced Safety Systems technology. Shipping and manufacturing. Across the united states, bp supports more than a quarter million jobs. When we set up operation in one part of the country, people in other parts go to work. Thats not a coincidence. Its one more part of our commitment to america. That, my friends, is everything. And with the quicksilver card from capital one, you earn unlimited 1. 5 cash back on everything you purchase. Not just everything at the hardware store. Not everything, until you hit your cash back limit. Quicksilver can earn you unlimited 1. 5 cash back on everything you could possibly imagine. Say it with me everything. One more time, everything and with that in mind. Whats in your wallet . Melissa bend it like wie. The womans u. S. Open champion stopped by fox friends and fox business this morning. Michelle wie turning her game around with a tabletop putting strategy if you havent seen it. Sadly the golf superstar not having much luck on new york city sidewalks. She is so money. Ratings for her sunday win were 89 higher than last years final round. Highest in seven years. May have had something to do with the shorter shorts, the hair, glamour. I dont know. Anyway. World cup watchers, beware of dangerous mosquitoes. A virus carried by insects prevalent in brazil. Fox newss dr. Manny joins us now to discuss. Wow. It is coming to america. Melissa so theyre going, can they really bring it back . Of course they can bring it back. We had a couple cases here in new york. A couple of thousand in florida already. Look, this is price you pay for globalization. This virus is a mosquitoborne virus. It gives us arthritic type inflammatory response in joints. Get a lowgrade fever, a lot of pain. I probably had it last summer as a matter of fact when i was in the dominican republic. A lot of people around me had it. But you know, it is selflimiting. You have a miserable pain. Yo