final trade. >> i like mrk. >> ebay. long. >> short euro as a hedge. >> objection dexidental petrole. "power lunch" begins right now. a year ago they started a movement. today occupy wall street clashes with police on the anniversary of that movement's beginning. dozens arrested but has the movement missed its moment? no miss for apple in its latest iphone business. setting records already. people camping out already for those phones that hit the streets on friday. how you may be able to ride the co coattails on apple. finding the hidden gems. why the industrials may be engineering a recovery and may be just the right thing for your portfolio. sue is off today but simon hobbs

is with us leading the charge at the stock exchange. good afternoon to you, tyler. as far as trading down here, the proverbial calm off the trading storm at the end of last week. high-volume rally on the fed, took the s&p up what? 2% during the course of the week? the s&p up now over 16% for the year. today financials, industrials, materials are lower. slightly down from what you'd expect. now to the action outside the new york stock exchange where police and protesters have been standing off all day long. it is of course the one-year anniversary of occupy wall street and with it has come protests and arrests. kayla tausche has the latest. >> reporter: well, simon, midday here in lower manhattan, it is quieting down, thinning out and protests are spreading farther afield. a lunch time meeting brought all

the protests across this area of town back to the birthplace of the movement just a couple blocks north of where i am right now. that was serving to help them regroup a little bit but now they're heading out again, some back down to water street, others over to world financial center. some also back to bowling green where there was a movement at around 11:00 a.m. with about 1,000 people. as they spread out these protests are thinning a little bit leading police to be able to arrest people a little easier. i'm told that there are roughly 100 arrests so far today and it is unclear how many more there will be. we do see the police forces also thinning out as more arrests are made and more protests wind down a little bit. but certainly a lot of momentum early on in the day for this birthday, so to speak, for the occupy wall street movement. perhaps it's most lasting impression though is the rhetoric. of course everyone talks about the 1%, the 99%, the middle class and income inequality, one of the biggest issues this election but it is unclear as far as what happens to occupy

wall street itself, how much longer after today it can live on. >> for sure. kayla, stay with us. john carney, our regular viewers that john essentially was embedded with the wall street protesters last year and again he's been catching up with them today. john, this was very different from last year. when i came into the exchange at 6:00 this morning it was on lockdown. they couldn't get -- >> the police were much better prepared this year. they had a much larger presence and everywhere around the new york stock exchange is completely cut off. >> the tactics were very different. perhaps the aim this time is very different. >> i think that's right. i think they wanted to actually keep it from getting more violent by having it controlled from the very beginning. i think that worked. we did have a little bit of violence, some arrests but nothing near the kind of pepper spray incidents we saw last year. >> you said it was almost an air of celebration, people saying happy birthday. kayla, how would you sum up the

atmosphere? >> it was definitely much more boisterous first thing in the morning, simon. the effect of the movement spreading out a little bit. on one hand it is created chaos over the entire bottom tip of manhattan but on the other hand, it's led the movement to be less centralized and less noticeable from the top of wall street here where i stand. of course earlier on in the morning it was incredibly tough to get into work. police were three rose deep. there were police on horseback as well. you could really feel the energy from the movement with it spread out, you can't really as much though -- i get what they're trying to do with that. >> kayla, john, for the moment, thank you very much. jane wells is in l.a. with a news alert on casino mogul steve winn. >> on the eve of his attorneys's originally being scheduled to depose his former good friend and partner, okata has fired back with an announcement not only does he believe he still

owns 24% of wynn shares, shares stripped by the company, he's now nominating two board members for shareholders to vote on at the annual meeting in november saying that in the last year of value of wynn common stock has plummeted by almost 30%. we believe current and potential investors in the company that lost confidence in the company's management and the board. he is nominating to the board a professor jonathan macy from yale law school and looking over macy's resume on the yale law website, he has been a member of the legal advisory committee to the board of directors at the nyse and he has also been appointed in the past to the economic advisory board for the national association of securities dealers. the second board member that okada is nominate something frederick reynolds who served as cfo of cvs until he retired in 2009 and is currently on the boards of companies like kraft foods and aol. again, okada still claiming to be wynn's largest shareholder even though the company and board earlier this year stripped him of those shares claiming he

was working against the company by planning a gaming casino in the philippines. okada meantime is accusing the wynn board of an unusual loan in mac macao. this fight continues to go on and we'll see at the annual shareholders meeting when they'll vote on this and they'll also be asked to vote out okada as a wynn board member. anger and frustration over the struggling economy. still of course a key driver in the election. the president is in the swing state of ohio today talking jobs and talking tough on trade. john harwood is here now with more on that thrust. >> reporter: president obama and mitt romney both say they're free traders at bottom but we're in a close election. they're fighting over the issue of jobs, fighting for the votes of blue collar workers. mitt romney says that he's going to get tough on china but declaring them a currency manipulator on day one of his presidency. president obama says i'm walking

the walk right now. today his administration filed a trade complaint with the world trade organization against chinese for allegedly subsidizing auto parts. here's the president today in cincinnati. >> these are subsidies that directly harm working men and women on the assembly lines in ohio and michigan and across the midwest. your senator sherrod brown has fought as hard as anybody to stop this and we are going to stop it. it is not right, it is against the rules and we will not let it stand. >> reporter: now mitt romney is trailing in the state of ohio. that's president obama's trying to reinforce his lead. but mitt romney's trying to deal with another issue that is his poor support among hispanics. he's addressing the hispanic u.s. chamber of commerce today. the romney campaign says he'll provide more detail on his policies especially on the economy this week. however, on a conference call a little while ago that i was on, his aides said they would not be detailing how they're going to pay for his tax cuts. >> john harwood, thank you very

much. the romney camp striking back after the stinging new article in politico in which it describes the campaign as, "stumbling." more now from politico executive editor, jim vandehai. i want to start with a quote from your story to get your reaction from the stories we just heard in the news. one report is a growing number of conservatives, not necessarily affiliated with the campaign but not necessarily not affiliated with it, are blamie ing stuart stevens for advocating a campaign of caution, one that puts all the emphasis not on how good romney could be, but how bad obama is. we've just heard that ed gillespie, a long-time gop hand, has come in and is advancing a new thrust that would flip that. is that a direct response to this article and to that view that the focus has been too much on obama and his failings and

not enough on romney and his strengths? >> i don't know if it's a direct response to the article. for the last week there's been a lot of conservatives who have gone public. not the media -- conservatives. the "wall street journal," weekly standard, trent lott. lots of conservatives who said they're very frustrated with the romney strategy. they feel they need more detail. they want the candidate to make an affirmative case for what the world will look like with some specificity under mitt romney versus barack obama. a lot of people are pointing the finger at stuart stevens because he's the message guru. he does the ads. he works on the big speeches. he does the debate prep. and they say that he's advocating this sort of cautious approach when what republicans need is a bold approach. they need an aggressive contrast with barack obama. i think the reaction is the real frustration among conservatives, real frustration internally which we pick up and there is a lot of it in the piece that we wrote for this morning. and then just in general among the donors and other people in the republican infrastructure. they want a different approach.

>> is part of the issue -- and why stuart is such a focus of -- stevens is such a focus of it -- the fact that he is not -- let me put it this way -- a dyed in the wool conservative who came up through the party. he's got some hollywood connections and so forth and that makes that wings of the party uncomfortable. >> there's definitely a lot of conservatives who are suspicious of stuart. but the truth is that the campaign was going well and conservatives liked the message. they woents care, they don't give a hoot who the campaign manager is or who this strategist is. what they want is a belief that they have a winning formula. so they're faulting stuart stevens. if you read the piece, the truth is all of this reflikts mitt romn romney. this is his campaign. stuart stevens was his pick for the job so it is his campaign that he is managing. it is a structure that he set up and it was his decision to run cautiously. >> it feels as though, as we look just to the quote there, it

said that what the campaign may need is a consultant from bain and company. sort of the irony of ironies that the national conversation over the past ten days or so has pivoted a little bit away from the economy, though not entirely, and towards foreign policy. this is an area where romney has had some recent stumbles looking back to that sort of tour around the time of the olympics, to last week's late night descriptor of the president's foreign policy on the day the ambassador was killedliby as disgraceful. not his strong suit, right? >> not his strong suit. and by his own admission not his strong suit. he picked a running mate whose expertise is not in foreign policy. it is in budget matters. what frustrates conservatives is they feel they have actually a really good campaign message to take to the voters. they feel like by having paul ryan on the ticket, they can go and they can talk about privatizing or partially privatizing medicare. they can talk about reducing the deficits. they can talk about simplifying the tax codes.

they can talk about getting all of these trade pacts through congress and getting them in to place, that they can talk about the sort of long-term structural debt problems that the country has. they want this war of ideas and they feel that's where mitt romney would actually be good, given his business background. and where they could authentically make a difference. if you're playing on foreign policy, one, voters say right now it is very low on the issues that concern them. they care about jobs, they care about the size of government. very low down the list do they care about the middle east. yes, it affects the world. it certainly in the long term affects all of us but voters care about the economy and just the future of governance. that's where conservatives are most frustrated with mitt romney. >> thanks very much for being with us. we appreciate it. jim vandehei. let's turn our attention to apple on a down market day. it is still managing to trade higher. pre-orders for apple's new iphone 5 just started and they are already off the charts. jon fortt has been looking at

what are record numbers, no? >> yeah, simon. 2 million iphone 5s preordered on friday alone. i want to look at what the big first day tells us about apple and what it doesn't tell us. the iphone sale cycle used to be a little bit more even. iphones launched in the summer, sales ramped into the fall and peaked in the holiday season and the quarter after. there was one slower quarter and we got another iphone. now that's changed. the iphone 4s launched last year at the beginning of a holiday quarter so we got two gigantic quarters for december and march, tlen a pretty big drop in demand for the june quarter. we're really front loaded now. the holiday quarter coming up, i'll call that the u.s. quarter. the u.s. will drive it because it has a lot of upgraders, people with older iphones and other phones trading up on contracts. the march quarter i'll call that the china quarter in 2011. it was big because verizon got iphone. but in 2012 it was big because the 4s launched in klein. if growth is going to be big in 2013, apple is going to have to outperform in china with either

the iphone or a combination of other products, miniipad. what we don't know yet is whether the strong iphone 5 pre-orders mean that demand is twice as strong as a year ago, or developed markets like the u.s. have got an lot more front loaded. my numbers suggest to me a large part of it is front loading. >> jon fortt, thank you. jeff killberg is here with us for the hour. first, congratulations to the irish for beating michigan state on saturday night. it was a nice game. i know you enjoyed it. >> wonderful. >> apple, very close to $700 a share. what do you like in the mobile space and is it apple? would you dare buy in right here? >> it's folks like myself waiting for this pullback in the apple. it hasn't happened. it's been huge velocity in the sales, probably 10 million coming this quarter. if you're averse to pay $700, you may try micron. they're the flash memory. right now consumers are going to continue to create faster speed on our portable machines right now micron, as well as at&t.

>> a stock that certainly hasn't run as far and fast as apple has. >> at&t's been a dog in the big picture. they hooked me with the initial iphone but right now with the 4g coming out i think they are poised for better growth than verizon. verizon is already the leader here. at&t is going to play catch-up. let's go to jackie with a market flash today. >> good afternoon. we're watching shares of vulcan materials today. there was no renewed bit for mln. there was optimism last week about a restart of the hostile deal but some analysts are saying just because we didn't hear anything today doesn't mean we aren't going to see another bid. for today, vulcan is down 7% and martin marietta is down by 3%. ahead in the show, american carmakers have been adding extra shifts and pushing production lines on some automotive models to capacity. but is there a bump in the road looming? ahead on "power lunch," the labor dispute not even in this

country that could hit the slowly recovering sector. phil lebeau will be back with that. after the announcement of qe3, we've been running through some s&p targets for the end of the year. we want to show you some numbers. more on that after the break on cnbc. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to

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but i've got the bond report for you at this hour. and there you see, treasuries, a kind of mixed picture there. the six-month bill down a little bit there. the one-year treasury dead flat. the five-year note up a little bit. ten-year -- the same. and the 30-year t-bond, you see the yield there, nipping above 3% at 3.03%. the yield on the 10-year note at $1 1.83%. action last week and into this week, having in the bond market. the week long strike at one of america's largest school districts continues. the chicago teachers union saying it needs more time to review a tentative deal.

meanwhile mayor rahm emanuel is striking back and is seeking now a court order to force the teachers back to work. meanwhile, contracts for striking canadian auto workers are expiring at midnight tonight. this could put a dent in the recovery of the u.s. automotive market. phil lebeau is live in chicago with details on that. >> this is certainly something the automakers do not need right now, especially with the tight supply in u.s. show rooms and when you look at the pipeline for u.s. automakers. when you look at what's happening in canada, keep this in mind -- we're not just talking about final assembly of vehicles for general motors, ford, and chrysler. we're also talking about a lot of components that are built up there. strikes at canadian plants would quickly impact the u.s. supply. a good example -- look at the dodge dart. there are several components for the dart. final assembly is here in the chicagoland area but those components are built up outside of toronto. well, the auto supply is so tight, if there was an extended strike two hit supply of the dart rather quickly. that's why when you look at shares of ford, keep this in mind as we consider the

possibility of a strike by the canadian auto workers. ford is the target contract. if they reach a deal with ford before midnight, look at that as a blueprint for reaching a deal with the other automakers. this won't have an immediate impact in show rooms but it won't take long to notice the impact if it is an extended strike. >> tomorrow you've got the ceo of ford, allan mullally, on this program. a big interview for you and an important time for the company more broadly. >> absolutely. mullally has faced a number of questions definitely within the last two weeks about what's going to be happening with his future at the company. he can stay as long as he would like but it is fairly clear talking with sources close to the company and inside the company that at some point he wants to manage a smooth transition over this to this gentleman, mark fields, the president of the americas. by all accounts people i've talked with inside the company said listen, ultimately this guy, mark fields, will move into the top job.

perhaps they put him into a coo spot first. the question is how do they manage that transition. tomorrow when we talk about alanm tomorrow, most of the questions will focus on his future at ford and when the pub comes out and publicly says here is the transition we see forral lan mu allan mullally and ford. watching ticker ks. down more than 6% intraday falling after a downgrade to equal weight from stevens. stevens saying we've see a run-up in this stock of 30% since mid-july in hopes container board will increase in price. it may not go through so a little bit of skepticism in this stock today. time to aenalyze the

analysts. after a short break, metalled and refiners in the spotlight today. should you heed new warnings on them? later, facebook and the social stocks with a buzz last week. how are they doing today and is it time for you maybe to get in?

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i'm here with jeff kilburg. citi downgrading the refiners from neutral to a buy because of a valuation but it is raising some price targets. the company says we believe there are a number of risks that could contain or cause margins to narrow once we move past the third quarter. mar tho marathon, valero down. >> i agree short term. really moving markets with this downgrade, no doubt about it. i think the one trump card they're not taking into consideration is the middle east tension. the israel-iran tension. there is going to be a movement in oil here. it feels imminent as well as inevitable that something's happening. if we see $110, $115 in the price of crude? these stocks go up. >> but right now you agree short term with the call on thee three as a group. jpmorgan downgrading metals and

mining companies from neutral to overweight. u.s. steel, ak, metals usa, reliance all down 3%, 4%, and in the case of cliffs there, you see 6%. >> it's been a wild run. saying bolt doing a 100 meter dash? like you and i doing a 40-yard dash? we all need a breath of air. we need to keep in mind the fact we're going to see central bank measures globally. big ben really brought it last week. what will we see additionally out of china which makes steel demand go up. agree short term, disagree long term. >> jeff kilburg, we'll check in with you later. i'll run 40 yards against u stain bolt's 100 and he'd still beat me. the final floor trades in the metal markets are being made right now. miss epperson will join us from the nymex to find out whether gold can hang on to its recent

gains. we're right back.

gold prices closing right now. sharon epperson is tracking the action at new york merc.

>> very different trading day than we saw last week. gold right now closing just above $1,770 an ounce, down about $2. nothing much to speed of. traders really taking a pause and analysts taking the time to tell folks what they think the outlook is for gold longer term. morgan stanley saying the bull case for gold for the fourth quarter this year could see gold touch $1,960 an ounce. they say the recent fed action is a complete game changer here in terms of the length of time we're going to see more quantitative easing as well as the length of time we'll see more low interest rates. even the base case scenario for gold will have it probably around $1,750 in the fourth quarter. elsewhere in the metals market we are seeing this pause but keep in mind, we are also looking at some traders saying they can't fight the fed and that they'll actually continue to provide some support for the metals. but the biggest action that we're seeing in the met aals happens to be in platinum. it fell 2% in this session after

rising 10% in the two weeks' time following the labor strikes in south africa and many of those mines. largest producer of platinum in the world is anglo-american platinum. they now say they'll have their workers return on tuesday. that's part of the reason traders say we're seeing a bit after downdraft here after such a run in platinum prices. >> a lot of the trade today seems to be in answer to what we had last week. mary thompson is looking broadly at the equity trade here on the floor of the new york stock exchange. we saw the steel sector quite badly damaged. >> that's playing into the weakness we're seeing in materials. you know, simon, today what we're seeing is what we've seen for a lot of other mondays, a weaker session before the markets. today stocks trading a very narrow 40-point range for the dow jones industrial average on very light volume. half-way through the trading session we were at 1.4 billion

shares in the consolidated tape. keep in mind, last week we saw volume pick up some and because of all the excitement about qe3, et cetera. today it could be because of the jewish holiday you are seeing a little bit of weakness. but that's the story. take a look at materials, they're the weaker stocks as simon mentioned earlier. weakness in the steel stocks a play there. on the other hand we do have a number of sectors approaching either multi-year highs and all-time highs. health care sector, very close to an all-time high in today's trading session. the telecom sector also close to a five-year high in today's session. in a quiet day like today, they're also seeing investors go into a safer investment, specifically sin stocks. remember if you don't have much money, what are you going to do? smoke and drink. sin stocks are all higher today. >> what about the industrials? >> we've been taking a look at it because we're looking at whether or not qe3 has any benefit to some of these sectors. in looking at what analysts and strategists were saying, they said really at this point right now the industrials may be a

little overbought or expectations may be too high for industrials despite the fact we have qe3 coming in to it. they don't think companies will surprise at all on the up side in 2013 earnings. they're a little bit cautious. that being said, we did have an analyst from jpmorgan picking up two industrial stocks he likes. one of them ge which owns a minor stake in cnbc. in large part because of the services sector has a very stable -- the services revenue from its portfolio, very stable there. and then sbx, which has been beat beaten, but those are two stocks that he likes. bertha kums at tcoombs at t? >> on a day when the market seemed to be more in profit taking mode. biotext, gill yad getting some support from morgan stanley which boosted the price target from $70 to $75 a share.

these others hitting milestones. little bit of profit taking by united. apple hitting another intraday high, all-time high, nearly $700 at the open. it's come off of that right now that bears watching this afternoon and over the next couple days after the first round of iphone sales sold out in 24 hours. a lot of us will be waiting a while to get our phones. meantime, you can get an iphone 5 if can you order one at yahoo!. marissa maher says you can get any phone you want, except for the blackberry. they're not offering support for them anymore. buh-bye, unfriending. >> groupon up 25%. think facebook climbed 10%. >> yeah. today we're seeing a bit of a pullback. facebook actually started the day off stronger with capstone making some positive comments saying that they expect to see them perhaps beat estimates on the third quarter. they've seen a tick up in the gaming growth which is key for

groupon. it could be key for zynga. but groupon -- or the key for zynga, rather. grop groupon is on the sell list at ev evercorps. facebook may have moved in part because there's such a big short interest compared to the others. 12% compared to an average 6% for the others. that's something that bears are watching as you watch the fundamentals and how volatile this stock can be. >> bertha, thank you. mr. t? >> our next guest says he's bullish on the markets over the next three years. but that treasuries are either in or about to go in to a cyclical bear market between now and the end of the year. the chief investment officer at u.s. trust is here, he helps oversee $334 billion in assets under management. chris, good to have you back again. i want to get to your call about

the long range bull market that you see coming for equities but let's focus on the short term. between now and year end, do you think that u.s. stocks have either hit their peak or will trade in a very narrow range or what do you see between now and year end? >> more than likely a narrow range. it sounds a little bit like an okay oximoron. a fear island is far too crowded right now. there are still a lot of flows going into fixed income and net equity flows. looking atted broader market, $1, 1,462 on the s&p. >> you say basically a tight trading range between now and year end in treasuries though, we can say really since the lows of the summer, we're already moving in to kind of -- not a

bear market but a time where treasury investors are getting hit. >> at the ten-year level we've gob from 1.38% in june to about $1 1.80%. the fed is trying to engineer a very steep yield curve and actually push the curve up right now. a lot of people were talking about operation twist. this new open-ended easing program that they've entered into should do the opposite, push treasury yields up, shrink mortgage spreads and help out both ends of fifxed incoxed inc. however on treasuries, cyclical bear market. >> you see this as a game changer for stock prices over the next three careers. you think we're going to go into a long-range cyclical bull market. >> yeah, absolutely. you take a look -- >> we're not already there. >> if we're not already there. we have been there since march of '09 but we're going to extend this out. the fed is clearly looking for

5% to 6% nominal gdp growth. when they tell you they're going to get there, they're most likely going to get there. and they may go too far, push inflation up a little bit more than we warrant. public sector is the leveller here, going to shrink about 1%. when you think about a secular bull market, you see pes at 14.5% to 15% now. one point higher than expected. >> the fed is not at least explicitly trying to engineer a bull market. what it is trying to do is to stimulate the economy. that would suggest to me that that means growth, growth stocks. >> yeah. absolutely. engineer a growing economy in that range of 5% to 6% nominally so you can get the cash flows to service the debt and to actually increase capital spending and hiring. >> what do i buy and what do you shun? >> on the technology side -- i know it is an easy thing to side. there are pockets of real growth in the technology sector. whether the fed does oee or not

nor the next 2 1/2 years. there's huge things in the areas like software, cyber security, et cetera, through technology. on the energy side, we're still neutral right now looking at upgrade possibilities. oil prices and the whole chain itself is kind of come up the spectrum recently. we'll let it settle down before we look at that. in materials. >> as a play on an expanding economy. you might lean away from defensive sectors like? >> utilities and telecom. very, very, very highly valued at this point particularly because of the yields. we've been saying dividend growth rather than the high dividend yielders. we've been saying get paid to wait for a while. we're starting to move away from that as an anchor in a portfolio and more towards growth. >> chris, thanks very much. thanks for coming. he's got a market flash. >> looking at thresholds pharmaceuticals. shares plunging today after announcing its cancer drug th302 didn't improve survival rates

among pancreatic cancer patients. that was not in a statistically significant way in any way. shares down 19% though it was a worst picture earlier this morning. at this point not a great stock to be holding in your portfolio today. coming up on the program, it is the one-year anniversary of occupy wall street. what do you think the movement stands today? go online, go vote now. yahoo!.finance.com. results here after the break. first a quick look at how the most actively traded stocks on the nyse are faring right now. how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. get 200 free trades today

and explore your next investing idea.

up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. apple, $700? who knows. we'll see later today, later

this week. who knows? today's yahoo! finance poll we asked about the one-year anniversary of occupy wall street, where do you think the movement stands right now? 8% say it's still raising important questions. 11% say significant but missed its moment. 81% say it never made a real impact. let's see what's coming up on street signs which always makes an impact. >> it really does, tyler. we're going to try to make an impact today by talking about what we call the great american disconnect. for example, you had 2 million iphones sold in a day, but you got $46 million people on food stamps. right? try to piece those together. plus, have new regulations designed to control the big banks actually help make them even bigger? and our favorite headline of the day -- can the mcdonald's mcrib save christmas. it is a real story and it is only coming up on street signs. back to you. >> any man who does a daily segment on bacon is not going to miss that one.

>> given the people what they want. salted meat. let's go for a market flash. >> from bacon to banking. we're talking about wells fargo. shares looking a little bit pricey according to steeple nicholas, cutting shares from a buy to hold. look at that chart there, down 1.4% saying wells is suffering under the fed's lo interest rate policy even though strong mortgage business could offset that in the third quarter. we'll be watching that very closely. there's a new push under way by the federal government and individual states to curb lending abuse practices in the payday lending business. have the payday lenders found a loophole? amm . >> payday lenders are known for charging high annual interest rates of several hundred percent but states have been fighting back by setting interest rate caps. some payday lenders have found a loophole by partnering with indian tribes that gives payday lenders a cover.

cash fairy has teamed up with an i indian tribe in montana. charging online interest rates in the 700% range. the indian tribe sovereignty gives them the ability to make loans in new york state but loans are capped at 25%. colorado is leading the fight against this partnership. we spoke to the colorado attorney general john sute esut. >> we started to receive complaints with outrageous rates, nondisclosure. when we went after the payday lenders, they said you can't touch us o, we're not subject t your state regulation because we are affiliated with a tribe. >> the federal government is getting involved now. an oregon senator sponsored the safe lending act which requires online lenders to play by the rules established in the state where the borrower resides, not where the business is established. not all the tribes are happy to play a role here.

coming up on street signs, i'll bring you the story of one tribe that didn't even know its name was being used by a payday lender. >> so how do those payday lenders justify charging a 700% interest rate? >> well, a lot of them will argue that people are unbanked and they need access to quick cash, or they're going to pay a bounced check fee that might be higher than a very short term loan would cost them so they say for this segment of the population, they need access to that credit even though it can be really, really expensive. >> for the moment, thank you very much there from washington. coming up, the winklevoss twins lost their battle for facebook with mark zuckerberg but they are giving the space another shot with social network professional investors. will their investment be worth it? we'll stus when "power lunch" returns after this quick break. [ male announcer ] for the saver, and a big first step.

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welcome back to "power lunch." a quick market flash -- we're looking at open table. rough day for the stock, down about $2 or 4%. piper jaffray cutting to neutral from an overweight saying that

the run-up in the share price is a little bit problematic given that we've got moderating diner and client trends, combine those two and you've got fairly priced shares at this point. open table not faring well in today's trade. power rundown time. with us today, michelle caru caruso-cabre caruso-cabrera. yahoo!'s new ceo giving every single employee a smartphone of their choice provided it is not a blackberry. is this just a headline grabbing move or more trouble for research in motion, or both? >> i think it is a wealth transfer from yahoo! to apple. basically this is 12,000 yahoo! employees who used to have blackberries. there's only one choice here at the top of her list -- the apple iphone 5. i think all those folks are going to transfer from blackberry to the iphone 5. this is a benefit to apple. >> you're an iphone person. >> i have an iphone and a

blackberry. i give her the benefit of the doubt. she says she wants her employees to use the product that most of the users of yahoo! are using. and so blackberry is very corporate and yahoo!'s supposed to be a consumer experience. i think there is some logic there. >> let's move on to the next one. perhaps surprisingly, the nation's elite business schools continue to see sharp declines in applications. have mbas totally lost their luster? why are the apps down? >> because they were way up. when there is a terrible economy, people get their mba, go back to school. we saw the huge peak. you can expect some kind of secular decline. plus i'm not sure it is bringing in the wall street money that it used to bring in. >> mbas maybe not worth as much as they used to be. >> majority of mba programs were up but it is a lot of the part-time, accelerated programs, the very practical programs -- teach me accounting, teach me finance. don't get into the ethics stuff.

that's a waste of time. life and times of jack welch. all this fuzzy stuff around mbas. just give me the basics so i can do my job. >> i wonder if it doesn't have something to do with the high price of those mbas and people saying if i have's got to pay $52,000 a year for two years, $100,000, i'm glad to make that on my own. >> exactly. >> the winklevoss twins, those harvard boys who famously lost control of facebook and they were not very happy about it. they're sinking some of their proceeds into the $65 million settlement that they did get into what else? a harvard start-up. i know you guys have an opinion on this. >> i just can't wait for the reality show. it is inestable. these guys just bought an $18 million mansion in hollywood hills. infinity pool. perfect for filming. yet this business is in new york. his qualification, he said in the journal article was i used to build legos when i was a kid so i like building things. >> this is a social networking

about stocks. right? >> yes. >> i don't know, isn't that cnbc.com? >> and a lot of other places. >> exactly. >> good luck to the winklevi. tyler, in the next hour of the program, in the next hour of cnbc, the countdown is on to christmas. and mcdonald's is banking on the mcrib to save it. is your mouth watering? the golden arches certainly hopes so. "power lunch" is back right after this break. [ male announcer ] you are a business pro.

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welcome back to "power lunch." watching shares of kb home. reporting quarterly results on friday. we're told that all eyes are going to be on orders. isi expects tose ordehose order decline 13.6%. there are some bigger ticket west coast sales so we'll be watching that very closely but today, shares down nearly 5%. many people will tell you that the market is waiting for new themes to develop. fedex reports tomorrow so an

important snapshot of where we are with the transports. later in the week, europe will have their flash pmi. that could also just change the view perhaps from where we are with the recovery or not in europe and the actions of the ecb and the fed. mary, what are you watching as we head into the afternoon trade? >> we're watching to see whether or not the markets decline accelerates. it's been trading at a fairly narrow range throughout the day but it is starting to wide an little bit. basically mondays have not been stellar for the markets to say the least and in fact the first day of any trading day of any week, be it a monday or tuesday, down 15 of the last 16 sessions. no change here as we head into the second half of trading. again, hard to tell. this is a quiet session. there's a jewish holiday. volumes are very low. but you get the sense after all the build-up about qe3 and about the next space for the european situation, you get the feeling that investors are taking a bit of a breather here. it could be until earnings season that we see any swing one way or the other. >> you have big, big high-volume

rallies at the end of the last week. i guess it is kind of inevitable. mary, thank you. from one irish supporter mary thompson to another, it's a good time to be an irish supporter. first time you've beat an top ten team in a long time, michigan state. what are you watching this afternoon specifically? >> looking at crude ale right now. funds are more expensive than the other ones. the geopolitical backdrop as well as the qe3, it is going higher. traders are on eggshells because of the spr. it could and knee-jerk reaction in oil. >> oil is down a couple of bucks in just the past half-hour. >> just came off a hearing last five minutes. uso, the etf you've got to look at today. >> simon, great to have you with us today. appreciate you joining me. >> always a pleasure. >> back at you. that will do it for this edition of "power lunch." thank you all for watching.