bought up. you had oneover the analysts talking about they put a buy rating, growth potential, but we'll see. it's a tough one, it's certainly not a billion dollars. ashley: and the bells are ringing on wall street. we're waiting to hear from urban outfitters, their latest report coming up after the bell, and they have rung. liz: let's take a look and see how stocks finished. looks to the downside, but again, we wait to see how trade settle, and if you're down just .20 for the s&p 500, it could flip over. we're watching the nasdaq down about a third of a point, so it's really just sort of flat on the session. ashley: it really is, no conviction at all. liz: we are kicking off an important week for your money. tune out anybody who says august is slow. we're telling you what to watch, and we will bring you perspectives from some of the smartest people in the business world. ashley: we'll hear three picks

that renee haugerud thinks will move the markets. liz: stocks are little changed with all three major indices ending to the downside. i'm a little hesitant to call this one because the s&p -- that guy right there, looks like it's about to flip over. we're not sure about the s&p, but we can call it to the downside. telecom and consumer discretionary were the worst performing sectors while health care outperformed. after hitting a fresh five-year low on friday, the vixx rebounded today. the so-called fear gauge jumping nearly 5% to end the day at about 14.02, and when it jumps, that means there's more concern in the markets. platinum was a huge winner today in the commodity pits rising more than $25 to end with the highest close since early may. there was some violence at one of the mines overseas, we're watching that closely. ashley: phillip in the pits of the cme, and for our street

fight today, get your gloves on, gentlemen, jamie cox says investors need to be positioned for a pop in the market, but doug dale says the market getting ready for a correction. let's start with phillip at the cme. phillip, you think -- if i'm not mistaken -- we are due for a correction. was -- where does the s&p 500 you think, perhaps, go? >> i think we're still going down. i mean, i'm looking at china, thai trading at a -- they're trading at four-year low. yeah, earnings have been okay, but i think once the earnings cycle is done, i think we start focusing back on economic data. i think it continues to deteriorate. i think the fed definitely disappoints on any type of quantitative easing. i don't think they do anything this year. so i think that the stock market correction will start to begin, you know, and i think that people are going to run for the doors as soon as it starts. liz: let's just explain that when the fed does something, that tends to make it a

government trade, and markets believe it will be propped up and, therefore, we've seen in the past if there was some fed involvement where they started to buy up bonds or depending whatever form it takes, the markets move higher. why do you believe that's not going to happen? >> well, i don't think that the fed wants to influence any kind of political outcome with this election race. so i think what they'll do is wait until after the election before they do anything, and i think that they'll really wait until at least the january meeting before they make any kind of move. i think that it would just be unwise for them to try and prop up the market, extend it higher and provide this stimulus. i think it gives too much of an advantage over to obama. ashley: phillip, we talked about platinum just a few minutes ago. how high could this commodity go, do you think? obviously, this is related to the violence at the mine in south africa, but do you think we could continue to see it move upward? >> yeah. once we breakthrough this 1455 on -- 1500 an ounce level, we

could get there sometime this week. the reality is that this was the third largest mine in south africa. they produce about 60,000 ounces annually, and this labor strike, this isn't something new. these labor conditions, they've been deteriorating all over that country. and if you see this spread like contagion, like what we see in the eurozone, you may see violence and protests and strikes in other mines, and that's where the supply and demand fundamentals start coming back in, and you see platinum really move up. start looking at palladium, that hasn't really made a move yet. liz: and that's a big med metal when it comes to the our toe industry. we barely closed lower to the s&p, so we're going to come back to you in just a few minutes. thanks so much. ashley: all right. so are stocks headed for a rally, or are we at risk of a big pullback? liz: that's why we have our street fight for the bulls, we've got jamie cox, harris financial group managing partner, and for the bears we

have t. doug dale, security wealth management chief investment officer. okay, t., you are calling for about a 10-20% correction. we've heard that from a lot of people for six months, it's coming. i haven't seen it yet. what would be the catalyst for that? >> sure. well, obviously, with everything that's going on in europe, that could be the impetus. things going on in china are oaivel deteriorating year-over-year quicker and surprising people as data comes out about what's going on in china with their growth slowdown. and really what i would just simply say if you look back on june the 4th, the s&p was at 1266. today we're over 1400. the market is short term overbought. it wouldn't take a whole lot, in my opinion, to get the market to come back to those same levels in a relatively short period of time on some bad news. ashley: jamie, you say the markets are positioned for a pop by the end of the year. you don't think this market is overbought? >> no, i don't think it's overbought at all.

if you look at specific sectors in the s&p 500, it's absolutely not overbought. look at apple today. we've seen tremendous buying in apple. there's a lot of exciting things going on in technology. even hewlett-packard which is at the bottom of the stack has had a decent run over the past couple of days. so i don't believe that economic data, i don't believe the unknowns that we keep talking about fiscal cliff and europe and news cycles and that kind of thing are going to drive the market down. i actually believe that we're going to slide sideways for the next couple of weeks as the news cycle becomes more and more prevalent, but we're going to pop into the election. i think we're going to have a much more surprising result to the market. we're going to be a tom lee market, not this negativity. i think tom lee at jpmorgan is going to be proven right when he raised his price target for the s&p 500 a few weeks ago. liz: okay, that brings us to the question, though, that if we are, indeed, in this market where people will start turning away from the bad headlines out of europe and so-called decoupling from it, don't you

love these terms? [laughter] looking more at the earnings names, where will the demand come? >> you're talking to me, liz? liz: yeah, jamie. >> okay, perfect. i actually think that for us, i mean, i'm looking at housing, and it's been such a horrible sector for the last couple of years, and all of a sudden you're starting to see a little bit of a sign of life, and that's fantastically important for banks and for people who have been scared to death to buy bank stocks over the last couple of years. it provides you the base on which to build a long-term portfolio of bank shares. i think that banking, which has been in the headlines in the negative sense for a while, this is a good place to be making long-term bets on banks with jpmorgan, and i think that would be a very good place to start. ashley: t., you talked about a 20% correction, so how do investors play the market right now? do you like gold? >> yeah, i do. particularly the gold mining shares. by the way, i'm not a total stop market bear in terms of all

sectors. if you look at the gold mine sector in particular, that sector's been beaten up some 50% in the last 12 months. that's an area that clearly still has strong secular tailwinds associated with all the central bank printing of money going on. i think that's a good hedge position so to speak or to be a satellite position with your clients' portfolio to hold some gold mining stocks. a lot of them are trading between 10 and 14 times earnings. i'd just be rather buying stocks that are oversold versus overbought in this environment. and banks are not a bad place to be. i would argue there are a little short-term overbought, but they haven't been clobbered, let's be honest. liz: do you have a favorite bank? >> yeah, i like wells fargo. they went through the 2008 financial crisis relatively well. they're obviously one of the bigger banks, but i think they're going to be one of the ones that make it that, quite frankly, through the end of this deleveraging process that's going to take a long time. liz: jamie, when you go stock

bigging, you like bb and t and deere, i'm very interested to know about deere. it's heavy machinery dependent on a rebounding economy. what do you see with deere? >> well, i think it was a little bit oversold based on its earnings last week. but what i really like about it is that agriculture, in my opinion, is one of those very important ec to haves, and john deere is completely levered to agriculture. so if you like food and all the droughts and things that we have, i think you're going to see that john deere's perfectly positioned to, you know, take advantage of that as we move forward into the future. but i would like to say something about one of the places i don't like and that's the defensive sectors like verizon and at&t. telecom companies are terribly overbought. verizon in particular has some problems. they're negotiating with their union right now, so i'd be very careful about stepping into that one. ashley: that was a good find. liz: i love these guys. thank you so much, jamie cox and

t. doug dale. officials say the drought, speaking of what jamie was just saying, the drought could be peaking, but we've got a top hedge fund manager who says there's still money to be made in the commodities realm. she's going to tell you which ones are the winners coming up and which ones she really doesn't like. that's next. ashley: and troubles surrounding shares of groupon and facebook are giving internet stocks, let's face it, a bad name. we've got the number one internet panelist to tell you the three companies he thinks are buys right now. liz: and barnes & noble taking it e-book where they have never gone before. we've got the story coming up. ♪ ♪ [ male announcer ] let's level the playing field.

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ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pain; it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. stop taking viagra and call your doctor right away if you experience a sudden decrease or loss in vision or hearing. this is the age of taking action. viagra. talk to your doctor. liz: urban outfitters just reported second quarter earnings moments ago, shares are surging in after hours trading. ashley: let's head back down to nicole on the floor of the new york stock exchange. what are we hearing, nicole? >> reporter: let's take a look here at urban outfitters, earnings coming in at 42 cents,

so beating the street for earnings per share as well as revenue. revenue 676 million versus the 671.5 million that analysts had been anticipating. as a result, the beating the street on both the top and bottom line, we're seeing urban outfitters doing really well here. when you break down urban outfitters, not only do they have urban outfitters, but they also have free people, anthropology, free people the retail segment there, we're up 12%. anthropology was unchanged, but after these numbers coming out and the sales are looking good, we see urban outfitters popping. that'll be one to watch tomorrow. liz: love free people. very santa cruz. [laughter] ashley: you'd know. liz: yes. [laughter] ashley: tell you what -- liz: with a little bit of -- ashley: malibu, baby. let's go back to phillip at the cme group to find out what they're telling us. >> well, not a lot going on.

we're closing right around 1414, we really don't have much economic data coming out here tomorrow. so look tonight you've got german producer price index coming out about 2 a.m., and after the bell you've got api coming out, so that'll effect crude oil. that's where all the action's going to be. liz: okay, we'll see. thank you, phil. ashley: agriculture secretary tom vilsack saying he thinks the impact of the drought on crops may be peaking. liz: but the founder and chief investment officer says climate volatility is here to stay, she joins us to explain how you can make money off of it. renee, welcome. why do you believe we will still have the heat or perhaps the problems that the drought has brought us which keep commodities high? >> well, we think yields are actually lower than the usda is forecasting and even lower than some of the independent reporters have predicted. liz: you're saying they're wrong? >> yes, we are. liz: okay. >> actually, i just got back from minnesota, iowa where we

have the edge in research center where we do our on-the-ground checks, and in one of the fields that was predicted to be about 100 bushels per acre, it's down at 60-70. from the road the crop looks great, but when you get into the field, corn bore, there are yield issues that we think are deeper than are known right now. ashley: the government is underestimating how bad -- >> yes, we do. we think so. ashley: how do people play this? do they play the actual commodities themselves or companies in agriculture? >> well, we think an active manager managing commodities is the best way to go. the indices have too negative a roll yield and are very difficult, and some commodities are falling while others go up. they have independent supply and demand fundamentals. as far as a company, getting your exposure, we think it's the worst way to get exposure. you're buying management of a company. a bushel of corn, a bushel of beans can't commit fraud,

doesn't have any management problem. it is what it is. we think it's the commodity itself. liz: okay, i'm loving how you explain this to our viewers because it is boots on the ground, you're not leaning on government numbers which i think is great. >> we always watch them. liz: okay. so you believe you've eyeballed corn, you've gotten into these cornfields. what else looks like it's going to be very expensive going forward? >> well, we think the whole food sector is on the uprise, and we don't think this is just inflation or speculation. we think we're going through a repricing of commodities, and it's a natural aftereffect of three decades of paper, stocks and bond outperformance. now we're just shifting into the productivity gains that we saw in the paper market, and inelasticity coming into the feed, food, agriculture markets and commodities as we meet up with increasing demand due to emerging markets, population moving up the food chain and supply shocks at the same time. it's a perfect storm, and it's

here to stay. ashley: that's a great line right there. you don't like all commodities, though, do you? >> no, i don't. we think the industrial metals have gone ahead of themselves, we're a little bit short copper. we think the housing crisis that we're showing in china today to be a little higher than expected could put off a little bit of the reserve requirement -- ashley: if you believe them. >> if you believe them. but if any event, we think there is a little bit of a slowdown in china, but they're going to procure their food supplies. as far as restocking, their industrial metals, we don't think so. liz: clearly, you're bullish on corn. you also like ca knoll la. we haven't had a lot of people talk about that. why? >> well, it's the feed component. really it's the protein. it's about two times what the soybean meal is, and so with dwindling supplies across the board of soybeans, canola, corn, we think that the meal replacement and the protein in canola makes it a good

substitute. liz: in the last half hour we had both nicole and jeff flock talking about natural gas, it had a little bit of a pop, but it's still $2 and change. what do you think about natural gas? >> we like 15, 16. the front end is getting a pop due to the possible hurricane and then also storage levels have decreased significantly from, you know, 50% against the average to about 10% -- liz: would you buy it in units? how would you buy nat gas? >> just the futures. looking at 14, 15, we think $4 is a good, average cost of production. and right now we have the inverse. there used to be a thousand more nat gas rigs, strictly nat gas, more than oil. now it's the invoice. there's a thousand more oil rigs than nat gas. in addition to that, we think that overall demand is going to increase, we're going to be coming an export, up to 10% of demand could be exported in

another couple of years. and if something significant happens on the political arena -- ashley: right, always could. >> game over. [laughter] liz: you're well positioned. thank you, renee. ashley: great stuff. thank you so much. liz: want to invest in a hedge fund but don't have a million bucks? we've got a money manager who's basing his mutual funds on hedge fund-style investing. he'll join us. ashley: plus, california taxpayers may be footing the bill to help underwater homeowners pay down mortgages, and guess what? the bill may end totaling hundreds of thousands of dollars. a great story, it's coming up next. ♪ ♪ it's the little things in life that make me smile.

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ashley: time for a quick speed read of some of the day's headlines. five stories, one minute. barnes & noble is making its long anticipated international push, it will start selling e-books and e-readers in britain this october. the cme group is applying to launch a london-based derivatives exchange, it will begin selling foreign exchange products next year. the global fight against cyber crime is expected to hit $86 billion 2016, a report released expects u.s. spending alone to exceed $32 billion within the next four years. a california produce supplier is recalling more than 2,000 single heads of romaine lettuce due to possible e. coli contamination. the recall effects lettuce

shipped to 19 states and puerto rico. and guess what? the augusta national golf club is adding female members for the first time in its 80-year history. the home of the masters announcing condoleezza rice and business executive darla moore will become readers next season. that's today's speed read. liz: well done. ashley: all that practice paid off. liz: he practiced over the weekend this front of the mirror. ashley: uh-huh. stopwatch. liz: a controversial federal program designed to help owners pay down their mortgages may be hurting taxpayers. ashley: william la jeunesse with the details on this story. >> reporter: contrary to what voters were told, one state has now taken the unprecedented step of giving banks and struggling homeowners up to $100,000 to help reduce the underwater mortgage problem. we're talking about $8 billion in federal money. now, originally banks were supposed to absorb 50% of the

cost of reducing the principal of those where homes were worth less than the actual mortgages. homeowners had to pay the money back when the home was sold, and, three, taxpayers would then pay the other half. well, when the banks refused to write down even a penny of these underwater mortgages, california has now decided to pay the entire amount, 100%, and reduce or rather, basically, release homeowners from their obligation. so now taxpayers are wholly responsible for the financial obligations of this housing crisis. >> there are people who say, look, i've been a renter all these years, i've been paying my mortgage all these years, why am i bailing out these people who made a bad decision? >> reporter: so california's one of 18 states that receive the federal handout. officials here said this is not ideal, but they couldn't force the banks to participate. what that basically means is we have $2 billion now helping out about 9,000 homeowners,

basically, critics say that california's rewarding poor judgment and sometimes greed, but officials here say it will help stabilize prices. >> i'm acutely aware of every home that goes into foreclosure in my neighborhood. my property values are going down. so if we can help save some of these people, you know, that's to my benefit. >> reporter: now, this month basically the treasury asked fannie and freddie to do the same thing, get involved with mortgage write-downs. it said it wasn't worth the cost and, secondly, they worried about people abusing the system when they found out that free money, if you will, was available. they're not doing it. we don't know if other states will follow california's lead. back to you. liz: that's always the risk. william la jeunesse, thank you very much. ashley: hedge fund returns are underperforming the s&p, so why would you want your mutual fund to use hedge fund tactics? that's a fair question. one money manager makes his case next. liz: and the number one internet

analyst clears through the hoopla over groupon and facebook. the companies that are worth your investment dollars right now. and don't forget to log on to our facebook page, facebook.com/after the bell. tell us which internet or social media stocks you would consider buying right now. we'd love to hear from you. ♪ ♪ ♪

[ male announcer ] to hold a patent that has changed the modern world... would define you as an innovator. to hold more than one patent of this caliber... would define you as a true leader. to hold over 80,000... well, that would make you... the creato of the 2012 mercedes-benz e-class... quite possibly the most advanced luxury sedan ever. ♪ join mercedes-benz usa on facebook for the best summer sweepstakes. ashley: we have some breaking news regarding the epa. let's go upstairs to sandra smith. sandra. >> we're responding to concerns over the drought and skyrocketing grain prices we're getting word that the united states environmental protection agency is opening a review of the corn ethanol mandate. of course there is a certain percentage of ethanol right now is mandated to go into our gasoline tanks.

epa, the according to the epa, the law allows 90 days for the agency to make a decision. so they have opened a review and obviously this is responding to state requests that have been out there to wave waive that ethanol mon date as mandate as food prices go up. i got over the phone with traders and will watch the reaction in the grain markets. corn was up today. ashley: that, certainly thank you very much, san drachlt that was talked about a possibility last week. liz: jeff flock broke the story of the possibility. that are. >> thank you. liz: stocks ended the session slightly in the red with telecoms leading the declines. telecom and financials were the best performing sectors with hewlett-packard and bank of america leading the dow jones industrials. european markets took a bit of a tumble with spanish and italian stocks giving up

more than one%. stocks reversed earlier gains as the european central bank debunked reports that it was considering a program of aggressive government bond buys when yields move to certain level that become alarming. though said, no, that's not what we're doing. corn rallying nearly go%. wheat jumping 1%. soybeans were the biggest winner. remember what sandra told you. globex will start trading tonight. watch out for the grains. ashley: hedge fund are have returns below the s&p so far this year but one strategist is styling his after the investment strategy of a hedge fund. liz: tell is how this works? what do you mean you mimic the way a hedge fund works? how do you do that? >> well, we were a hedge fund. we were a hedge fund from 2001 to 2009. in 2009 it became evident that people wanted liquidity te, transparency. they wanted i to be registered with the securities & exchange commission.

better tax reporting. so what we did was we open ad mutual fund which can be 100% long, 100% short and fully in cash and we've been all those things over the last few years. we have a long and short strategy. we're generally long or short the market and we manage the exposure of the portfolio to the market. ashley: the s&p beating both of your funds in returns over the past year. does that concern you? >> it does not and i'll tell you why. our goal is to manage the risk of the portfolio. it is the opposite of a long-only manager. a long-only manager buys and holds. what we do is hedge the portfolio to make sure we don't lose more than 10%. over the last 10 years we never lost more than 10%, high to low anytime. if you watch the downside, the upside takes care of itself in a way. for instance, mathematically if you only lose 10% over time you only have to capture one-third of the

upside to beat the market. so it is a winning by not losing method of investing. liz: what is your method right now? are you long, are you short? >> we use a combination of fundamentals and momentum-driven models. right now we are fairly optimistic about the market. valuation are pretty reasonable. fed is putting money in the market globally and in china and the ecb and europe. the other thing on a sentiment basis everybody hates the market. nobody thinks the market is going up. liz: everybody hates the valley, meanwhile it continues to climb. >> it used to grind higher. there is so much cash on the sidelines. hedge funds are, have a lot of cash. mutual fund have a lot of cash. most people are standing back. if this market goes up and challenges the highs of the last few years, many

managers have to catch up with those benchmarks. they're behind right now. we could see this market pop and so we're fairly bullish on the market. ashley: which funds do you like best right now? >> well right now we think, we've been investing, we like the s&p 500 as an index. we only invest in indexes. but right now we see technology coming on. we see emerging markets beginning to pick up. and i think the jury is still out on this but maybe small caps will come back too. we think we'll see a broading of the market into the more, the more aggressive sectors of the market. that's what we think will happen over the next month or so. liz: year-to-date, small caps, russell 2,000 up 10%. >> yeah. liz: 52 weeks up 5%. what do you mean coming back? they look like they have done pretty well. >> if we see this pop they could do a lot better than that. we're up, i think about five or 6% for the year right now. if the market really pops we

could see a you know, a larger, a larger gain. the thing is we believe on a long-term basis the market is probably stuck between this trading range. even if we make a new high on the market we think there could be trouble ahead, perhaps later this year, next year. and that's when it comes in handy to be able to raise so much cash and be able to go short which we can do. ashley: very good. ricardo cortez. booed mark, asset management. >> thank you. liz: recent social media ipos have stumbled, thai facebook. traditional online names have been feeling the love from investors. which names should be in your portfolio? the number one internet analyst on the street giving you his top picks right here. ashley: no laughing matter for the staff of "the tonight show" as it faces layoffs and pay cuts. we'll have that story ahead on "after the bell."

>> i'm sandra smith with your fox business brief. dreamworks animation entering a new five-year distribution deal with 20th century fox. starting next year fox will be responsible for certain marketing and distribution in both domestic and international markets for all animated feature films produced by dreamworks animation. 20th century is fox is owned by news corporation which is the parent company of this network. urban outfitter shares are jumping in extended trade after the retail posted better than expected quarterly results. a group of former dunkin doughnut franchises are reportedly suing the company for discrimination against minority owners. the suit alleges that dunkin' donuts pushed

minorities into poor, less profitable areas. that is the latest from fox business network, giving you the power to prosper.

liz: all the new and flashy social media stocks like groupon and facebook as you know have been performing pretty poorly in the markets. ashley: internet analyst mark mahaney says there is still money to be made in online stocks. he is the number one analyst for the sector and he joins us now. all right. you like the more what we would call i guess, mark, the more traditional companies. what are they and why do you like them? >> yeah, it is funny that you call them traditional internet companies but in a way they are. a little bit of gray hair there. so look, these are the names we like. we like priceline, google and amazon. i have liked the stocks at different times over the years but particularly like them right here. priceline you have a stock that corrected recently on european mack coconcerns.

we think there is a internet story of growth for that name. google dominates search and. youtube is doing phenomenally well for the name. amazon takes market share day in, day out on retail. kindle, amazon, all three stores are intact. we like them in that order. priceline, google and amazon. liz: good to see you. you covered the dot-com bubble filling and bursting t was priceline was considered one of the fly-by-nights. remember they did the 33 to one reverse stock. i know i'm getting it wrong. it was crazy at the time. look at it today. don't you have to believe, though, that travel is going to come back in a meaningful way? what is really behind your positivety about priceline? >> yeah, no absolutely travel comes back. originalably there are parts of the world like europe where travel is more of a fixed expenditure rather than a consumer discretionary spend item. so priceline is still

well-positioned across europe and 25% of the their booking internationally are out of latin america, asia pacific. it is a good global distribution company. they have 70% of their pocking from outside the u.s. it is the most global company frankly that cover. you also made a good point, liz. you're implying, it is interesting priceline did from the ashes did reinvent itself. liz: yeah. >> raises the question whether groupon could potentially from ashes. though there would have be a lot of changes as there were for priceline. ashley: you like priceline but don't like monster worldwide, do you? why? >> there is one mistake that investors have made including myself in the internet space over the last, 1015 years, competitive risk. secular growth for opportunities for on line travel, retail, advertising have been what people thought are and perhaps greater what people thought over time. the competitive risk and google to undercut yahoo! or in this case a linkedin to undercut a monter worldwide

is very present that is what we're seeing with monster. too much competitive risk especially coming from linkedin. liz: mark, we love to have you on because you're a very realistic and strong sense what is working and what doesn't. when you brought up group pan and said they would have to make a lot of changes, this company had a $7 billion offer to be out right bought by google. listen, hindsight is 2020 should they have taken that deal? is this just, something that nobody anticipated that it would be a lot harder as a publicly-traded company to prove to investors how you make money? >> i think it's a lot harder for the company period, regardless whether it is public or private. what seems to be happening is that that daily deal market that the world was really infatuated with 12 months ago, six months ago, the growth there really slowed down. that market really matured or become saturate ad lot faster than certainly the company or most public investors thought were possible. they're bringing in new revenue streams but they're not coming in fast enough to

offset the slowness in the core business. yes, i'm sure if they could turn back the wheels of time they would have taken that 6 to 7 billion bid from google. liz: good to see you, mark. ashley: you think? liz: don't you wish, right? mark mahaney. great to see you. mark is with citi. >> nice to see you as well. >> this is an interesting story. one popular late-night tv host taking a costly stand, giving up some of his own pay, we're talking millions to save several staff positions. we've got the details ahead. liz: comedy queen phyllis diller died. she was born in 1917. she was 95 years old. she died this morning at her home in los angeles. diller helped pave the way for female comics beginning her career in the '50s and rising to fame alongside the legendary bob hope.

ashley: nbc trimming down the staff of its top-rated late-night show to cut costs. >> workers including the show's own host they are taking a pay cut to save other jobs on the line. fox business's dennis kneale. dennis, i always thought leno was untouchable? >> the i will imagine of leno took a beating a few years ago when he happened tonight show to

conan o'brien and reneged after failing in prime time at 10:00 p.m. conan o'brien sent packing be making himself into cause celebre victim before starting a new show at tbs cable network. now jay leno the nice guy is back. he pulled rarest of stunts in hollywood. he agreed to take pa pay cut of $5 million or more to save staff jobs in the at "the tonight show." that is a dramatic gesture of generosity in a town where it is all about me. it is reflection of harsh realities. jay leno in the last season before the conan o'brien debacle, brought in 5.2 million viewers a night. that is down 29% now, to 3.7 million a night. the nbc late night franchise under the oversight of tightfisted new owners at cable giant comcast corporation imposing a 26% budget cut and axing 20 or so jobs or 10% of the staff at "the tonight show." the cut would have been deeper except for leno's concession

cutting his own salary by $5 million a year deadline hollywood says. leno will still earn $20 million or more every year after taking the pay cut. sound pretty steep but there may be less than meets the eye. turns out the show had a budget that had grown a lot for that failed effort at the 10:00 p.m. time slot. only now is nbc cutting back to the late night lower budget levels. the cuts take the weekly budget down to 1.7 million from $2.3 million per week. ashley: that is lot of money, isn't it? there is a lot more late night competition from cable shows. let's not forget jon stewart on "the daily show"? >> he is roaring. much bigger than a few years ago. leno has extra specially motivated rival cutting into the audience. conan o'brien. his show on tnt brings close to one million viewers t exists only because leno reneged. conan has never forgiven him. maybe he will pick up a few

staffers from leno it now because of the layoffs. ashley: dennis, thanks very much. liz: we have the numbers you need to watch that could affect your investments tomorrow. it is "tomorrow's trades today" next. ashley: the drinking doesn't stop at the wedding toast for married women. liz claman will explain next. ♪ . so... [ gasps ]

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ashley: earnses alert for you. want to go over the numbers released not long after the closing bell by urban outfitters. you can see this stock moving nicely higher after-hours trading. epa 43 cents a share. the estimate was 33. a nice beat there. revenue coming in at 676 million. the estimate was 671.5. the a beat on the top and the bottom. as you can see the stock reacting because of that. they had record sales in the first quarter as well. urban outfitters. liz: free people. time to take it "off the desk". the drought giving new meaning to candy corn. as corn prices skyrocket one kentucky rancher has gotten created when it comes to

feeding livestock. earlier this year he began buying secondhand candy mixing it with ethanol by-product and minerals to feed cows. the animals have not shown any health problems from eating candy and gaining rate as they should. ashley: that is called obesity. also "off the desk", love, marriage and booze? a new study found married women generally drink more heavily than single women, widows or divorcees. men on the other hand, not what you think drink less than single friends and significantly less than divorced men. the reason? women help keep their drinking under control. men are simply a bad influence for their wives. liz: okay. time for top three things to watch tomorrow. at number three, best buy earnings ahead of the fell. the stock fell more than 7% after the struggling retailer hired a new ceo. he came from the loning sector. the company has been in the spotlight as founder richard schulze has been

attempting to take over the company. analysts expect earnings per share of 31 cents on 6.10.62 billion in revenue. ashley: dell, the computer maker could give us insight into the global consumer. investors have not been so kind to the name with with the stock hitting a 52-week low earlier this month. by the way analysts expect the company to report earnings per share of 45 cents and revenue coming in at $14.66 billion. liz: the number one thing to watch tomorrow will be a speech by atlanta federal reserve bank president dennis lockhart. the markets have been hanging on every single word and preposition, you name it the fed has said and exactly as a voting member and advocate of more quantitative easing, more large-scale asset purchases his comments could very well move the markets. so you really have to watch for that. plus as sandra smith mentioned you could watch the globex trading tonight in the grain ma