Plan. Another repeat of the old. Youre not happy. New figures have shown more workplace dropouts than new jobs and the latest poll show six out of ten think were on the wrong track. Not much joy on the market unless you own a piece of facebook. Were talking a stock price surge. Ive never seen anything like this from a big name company. Its going straight up. And you will see it. Varney company is about to begin. With fidelitys options platform, weve completely integrated every step of the press, making it easier to tr filters and strategies. To get a list of equity options. Evaluate them with our p l calculator. And execute faster witour more intuitive trade ticket. Im greg stevens, and i helped create fidelitys options platform. Its one more innovative reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. Right out of the box. Look at this. This stock, facebook, will be the stock of the day. The week, maybe the month, maybe the year. And do you remember how everyone was worried it wasnt making money for mobile ads. They wont worry more. Theyre making ads from their smart phones and they have 700 uses 1. 1 billion monthly uses and look at this, the stock is up huge. Stay with us, and watch it go up. And stay with us, too, charles is going to let us know if its too late to get in. Its up about 30 . And now, the speech thats receiving negative reviews across the board. President obama is taking more than an hour for Campaign Style speech on the economy. It was the same, tax the rich class war fare, more taxing points. He wants to talk economy and how well its doing since he took office. Some numbers, 9. 5 million and thats how many people dropped out of the work force since the first four months in office and its more than the number of jobs created on his watch. Here is another one. 15 million, how many people have signed up food stamps under this president , more than twice the number of jobs on his watch. Today, the president talks infrastructure. He wants more spending. And thats this afternoon in jacksonville, florida. Going to get to the markets, they will open lower, is it because of the president . Well have an answer on that one, and plus, congressman kevin brady is here, hes investigating the irs. What does he have to say about the president saying its a phony scandal . Listen to this. And this endless parade of distractions and political posturing and phony scandals . Washington has taken its eye off the ball and im here to say that this needs to stop. My mantra . Always go the extra mile. To treat my low testosterone, i did myesearch. My doctor and i went with axiron, the only underarm low t treatment. Axiron can restore t levels to normal in about 2 weeks in most men. Axiron is not for use in women or anyone younger than 18 or men with prostate or breast ncer. 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Choose 2 cash back or double miles on every purchase every day. Told you id get half. Whats in your walle thats good. Thats i dont want to talk about it. And president obama away from the scandal. And scandal, kevin brady within a couple of moments and were a minute from the opening bell. And here is tres knippa. I know youre not an individual stock kind of guy. I have to ask you about facebook. Ive never seen anything like it. That stock is up 30 . Well, isnt it possible, stuart, that a lot of people may have really lowered their expectations for what the stock could do . Because the Stock Performance has not been that great. Lets look at it from the executives point of view and maybe the focus now that they are a public company. Maybe now their focus is the stock price, not necessarily the user experiencee ive actually been a member on facebook, been a user and also been a user on the other side because i do own a Small Business. Ive looked at the ads for marketing purposes and things like that. It wasnt right for me, but clearly, thats what theyre trying to focus on and the stock price suggests that its working. Youve got it. Im sort of digressing from a normal subject, but whats going on. Were off and running and the market is going to be down. This is the overall market and the Dow Jones Industrial average is lower down about 17 points and everything gets rolling, were probably going to be dropping, im guessing now, if im looking for the futures. Probably down, 50, 60, 70 points, and lets go to facebook. Im going to call it the stock of the day if not the week or the month. More monthly users, more from mobile apps and a million advertisers, do you remember when the concern was, that they had no advertising revenue . Again, i have to say it, ive not seen a big name stock like this move like this before. And i want to bring in ed butowsky. He manages money and im looking at facebook at 26 . What do you say . Well, i think you are absolutely correct on this, stuart, i mean, ive managed money for 27 years and for a big name stock you dont see moves like this, as tres said, this surprised everybody, expectations are lower, but this means that every analyst for the most part missed the growth rate of this company. And its growing, that means mobile apps are being used, but advertising online is a huge deal. And you dont see this. You might see it on an ipo from time to time on a big name stock, but never have i ever, in 26, 27 years seen a stock this big move this much in one day. Stay there, im going to ask you about other stocks in the market in just a moment. The let me move on with other companies in the news, nicole, come in and tell he me about 3m. A dow stock. I know theyve made more money. I had so much for you on facebbok, lets talk about 3m of the Second Quarter earnings on the rise and see what were doing now, down 1 for this, obviously, a Global Company and a dow component and they did have sales growth, but its to the down side. And next care advantages and post it notes. Okay, give me ten seconds on facebook. I know youve got all of the material stored up there, what have you got . I was talking to the traders and they think that facebook is such a powerhouse and remains a mystery what they can unfold and showing that theyre doing well in mobile advertising and the huge social app and the fact that they have streaming content and that there really is a lot of undiscovered all of a sudden, our eyes or the eyes of investors are open and up that thing goes. Tell me about amazon, we flashed it briefly below 300, where is it now . Right now 300. 21 cents a share and so the reporting after the bell today so well keep an eye on this and its higher. Weve got it and its reporting profits i think later on today. Thanks so much, nicole. I want you to take a look at this, please, geewhiz stuff from google. Theyve got a new streaming device, call it the chrome cast and plugs directly into your tv and lets you watch netflix and other online video and gone are the days of the bulky cable box on your mantle and google stock responding not at all to the device. Down 7 bucks, 895 on google. More geewhiz stuff in our next hour. The future of retail. What are the stores going to do to get you off line and into the actual stores . Theyre going to make it a virtual experience in the store. What theyre going to do. Halograms, cool stuff. Intel joins us with that in the next hour, back to nicole, gm. Strong profits, are taxpayers closer to getting their money back, nicole . Right, we talked about the fact that weaw ford yesterday. Gm much of the same story, doing well with pickup trucks, and doing well in north america, and the stock at a high. It was at a high yesterday. Another high today. Up 1 1 4 and also the fact that they said exactly what ford said, the losses in europe that theyve seen the losses have narrowed and gm did well with silverado and pickup trucks. 37 on gm. Not too long a door stopper, i should say, 223. Thank you. Ed butowsky still here. All right, ed, weve dealt with facebook and the overall market, which is down close to 60. Youre itching to respond to the president s speech, but my first question is, did it have any impact at all on the stock market . Yeah, not at all. Traders, investors really dont listen to what obama have to say any more related to the economy and theyre numb to it. He has no impact on the stock market. Okay, and that speech was received with a great big yawn. Now, waste your whats wrong with what the president is saying about the economy . Well, sure, i mean, stuart, he calls it an economic speech, but its an economic Brain Washing speech. What hes saying is the farthest from the truth. Things are not Getting Better to the point where they should be. For instance, ill give you an example, hell say unemployment is back to the level that it was prior to him becoming president. Well, the rate itself is meaningless. 7. 6, 7. 7. Here is the point. That we have 9 1 2 Million People have dropped out of the work force. As a result of that, had we had the people back in the work force, unemployment would be at 11 . We need 350,000 net new jobs a month to get our economy back to a place where we could pay off our debts. And were at 190,000, stuart. Nowhere close to where we need to be. What do you care . Wait a second, what do you care . You manage money. You get rich people and you manage their money for them and when the stock market is at one record after another, why dont you want another three years of president obama on the economy . Hes doing great for you guys. Yeah, well, first of all, he has no impact on the stock market itself. I care about this country and the middle class as well and when hes out there working for the middle class, its an outright lie and his policies suggest the opposite. When you have a weak economy you have to print money, when you print money, you make the economy much, you know, makes it much more difficult for the middle class to make ends meet and the lower income people to make ends meet. When he says that, he says one thing and his actions are opposite. So its a Brain Washing tour hes on trying convince people that things are better and they arent. Not working with the voters either the approval polls are down considerably. And one more point about that, one more point is that the economys been growing at 4 or 5 , growing at 1. 7 or lower, so that impacts everybody, were all in this together and the president is failing all of us. And those are your last words, young ed butowsky. Thank you very much indeed. I want to look at the market before we move on it a bit more political work. The dow jones average is down 72 points, but thats probably not the big story at the moment. Look at facebook. Facebook is the story. Its up 6 bucks, almost 7 bucks, it was up about 8. And now, its up 676, 33 a share. Im going to repeat myself i know. But when was the last time you saw a big name stock go up 25 overnight . Ive not seen that before. President obama, to the economy, dismisses the irs and other scandals, and ask and kevin brady is investigating the irs scandal. All right, congressman, a phony scandal . He wishes it were a phony scandal, these are serious abuses and serious scandals and really what it does, washington hasnt taken its eye off the ball of the economy, this president has. What we heard yesterday was the movie groundhog day all again, the economy is still struggling, the president is still blaming everyone, but truth of the matter is, hes still stuck on higher taxes, stimulus, more regulation and those are the road blocks to the economy, but more importantly, i think what he says is im not interested, his signal to the public was im not interested in working with republicans, and to either get the economy going or to avoid another phony crisis would could occur later this year. If the president came to congress and said, look, i want to raise taxes, i want to raise spending, but i want to do a deal. Ill give you something, you give me something. Do you think the current state of the congress would allow a peal to be made . A bad deal, absolutely not. And he already has his taxes, and had the spending and did not get the economy in the right direction ywould we take another bad agreement that doesnt move in the right direction. If he were to get off the campaign trail and sit down and say, okay, how do we get the economy moving and how do we get our financial house in order and address medicare and Social Security . I tell you, he would have open arms among those in congress. Those are the priorities. This afternoon, the president speaks in jacksonville, florida. We are told hes going to make another call for Infrastructure Spending, is that dead on arrival, if he even gets to congress . You know, Infrastructure Spending is something we agree on. The problem is how do we pay for it, and what do we invest in, the surplus, huge amount of money, very little went to infrastructure, and by the way, infrastructure takes years and years and years to have an impact on the economy. And which, by the way, if he would have started this process five years ago, maybe then we had he actually be seeing some progress. But, again, what were not talking about is is all the regulation thats really stymieing Jobs Creation and the president S Health Care law is really a problem on main street. He doesnt seem to recognize it. We hear you. Congressman kevin brady, texas, thanks for joining us. Thanks, stuart. Okay, check the big board. Were down about 60 odd points as expected. But again, the story of the of the day is facebook, its up nearly 7 bucks. Moving on in the markets, stay in the markets sphere here. The price of oil is down to 105 a barrel. Detroit, bankrupt, and in our next hour, were talking to someone who says los angeles could be as well. Two or three years from now. Next, a city theyre calling a boom town. New orleans, guess why . The answer is next. announcer at scottrade, our clients trade and invest exactly how they want. With scottrades online banking, i get one view of my bank and brokerage accounts with one login. To easily move my money when i need to. Plus, when i call my localscott, i can talk to someone who knows how i trade. Because i dont trade like everim with scottrade. Me. announcer scottrade. Awarded fivestars from smartmoney magazine. We replaced people with a machine. R, what . Customers didnt like it. So why do banks do it . Hello . Hello . if your bank doesnt let you talk to a real person 24 7, you need an ally. Hello . Ally bank. Your money needs an ally. Wii flashed this breaking news earlier. The feds are charging sac capital with securities fraud, wire fraud. These are criminal charges. Theyre also asking sac to forfeit illegal profits made from alleged Insider Trading dating back to 1999. That could cost them billions and criminal charges could put the company flat out of business. Its headed by steven cowan. Probably the best known Hedge Fund Manager in the world, steven cohen. Theyre in deep trouble. Were down about 60 points, 60 points down, 54 were at now. Look at the price of gold this morning and here is your gold report. Where are we . 1324. Weve been hovering around that level for the past week. Cant take your eyes off facebook, nor should you. Never seen anything like this before. Big name Company Straight up. A 25 gain for facebook hitting 33 this morning. And well, detroits bankrupt, new orleans is booming. 8 years after katrina. How are they doing this . Joining us is michael hecht. First of all, booming. Spell it out. You tell me. Absolutely, new orleans is by the wall street journal number one most improved in the country. And bloomberg just named us number two boom town in america. You told me earlier that you are youve got a tech room . Its remarkable. Forbes had a piece on cities winning for tech jobs. Everybody expects it. Number two,an francisco and in my mind, the same as silicon valley. Number three, new orleans. Youre kidding me, its extraordinary. And its based on data thats true. Were known for embracing the past and now embracing the future and the turn around. Youre from greater new orleans, inc. , a booster for the city. Tell me how you did this. A number of factors, one thing we keep reducing taxes and right now louisiana is the fourth best in the country in terms of tax rate. Number two for starting a new business. Second thing, regulation has been low in louisiana where a right to work state and always given the Market Freedom to operate. Third, this is i think most important is after katrina, the Business Community game involved. It used to abdicate responsibility, i would sa