rigged or not rigged -- a wall street watchdog weighs in on claims about the stock market. in today's cover story... reaction to la clippers owner donald sterling who is out of the nba for good. plus...tired of hearing about tesla and apple? some stocks that are off the beaten path. and... freshen up your finances with a new twist on spring cleaning! first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning! i'm angela miles.it's wednesday, april 30th. in today's first look: stocks soar ahead of the fed.an announcement comes today. on tuesday, the dow rallied 86 points, the nadsaq 30 and the s&p 9. gold fell a couple

dollars, oil edged up 17 cents. twitter tumbles on earnings. shares fell 10% after the close in very heavy trading volume after failing to show wall street enough growth in people using the social media site. ebay shares fell about 3%-- even though the e-tailer topped projections. it's outlook was weak the alstom board accepts ge's offer to buy its energy businness for $12 billion dollars. it's a french turbine business that ge wants and reportedly so does siemens, a battle is brewing... trader lincoln ellis ofgreen square capital is at the helm of the trading day for us. good morning to you. what is the fed likely to say and what is the market telling us about what the fed is likely to say? >>a bit more of the same and i think that tidal wave has turned a bit of that fear of a slightly tighter interest rate

environment into the welcome news that the economy is actually doing a little bit better. >>what do you think about the latest earnings news? does it show us signs that there us growth out there? >>some of the earnings have reflected further growth but i think what we're seeing is actually a bit of a plateauing. you saw it reflected in the housing numbers yesterday and you've seen it in some of the consumer confidence numbers as well. plateau's aren't slowing down but plateau's are different than growth. >>what's to like in this market? >>theer's lots of things to like. continue to take on that slightly defensive posture as we move higher up into the price range. dividend yielding stocks, maybe some utilitiesand some consumer staples that have been slightly discarded as we've moved higher in the s&p. >>thank you lincoln. have a great trading day. >>you bet angie. let's turn it over to chuck coppola now for the story that has traders and just about everyone talking about this morning. in today's cover story, l-a clippers owner donald sterling has been banned for life from

any involvement in the n-b-a effecive immediately. and fined two-and-a-half million dollars--the maximim under league rules. it comes after sterling admitted to a racist rant that he made privately to his girlfriend that became public. in his first crisis after taking over as nba commissioner less than three months ago from david stern, adam silver threw the book at l-a clippers owner donald sterling. "mr. sterling may not attend any nbva games, be present at any clippers facility or participate in any decisions relating to the team." players were proud that silver said he'll urge the nba's other owners, to force sterling to sell the clippers three quarters of the owners must agree to it. "we want immediate action. we want a timetable for when this

vote will happen." the clippers' website immediately showed only the phrase "we are one" after the commissioner's news conference. according to the commissioner, sterling confirmed the voice on the recordings was his, condeming his girlfriend, vivian stiviano from associating with african-americans including former nba superstar, earvin "magic" johnson. while clippers players turned their jerseys inside out in protest, sponsors, kia motors, carmax and state farm insurance bailed. kevin johnson spoke on behalf of nba players. "i hope every bigot who sees this realizes that if mr. sterling can fall, so can you." "he's got to get out. sell for market rate. it's over now." sterling bought the clippers for 12-million dollars in 1981. the franchise is estimated to be worth at least a half billion. there's a lot of a-listers on the short list. media mogel david geffen says he's

interested in buying the team. matt damon says he'd jump in. and conflicting reports that magic johnson is interested. commissioner silver said he hopes sponsors see the n-b-a's response and will return. the head of the sec tells congress-- u.s. financial markets-- are not rigged. mary jo white-- chairwoman of the securities and exchange commission -- says the markets are not perfect-- but are the strongest and most reliable in the world. and, there is no evidence yet high-speed traders have done anything illegal. white was responding to the book "flash boys" written by famous author michael lewis who claims high speed traders are using electronics to gain unfair advantage over average investors. she made the comments during a house of reprepsenative review of the sec budget. a chicago trading exchange is considering placing daily limits on price moves in gold

and silver futures to control wild swings in the market. cme group already has price fluctuation limits on energy, agriculture and financial futures. the director of metal products at cme says unusually large moves in gold and silver futures are turning off potential investors. a high ranking wall street executive is calling it quits as criminal proceedings pile up. hugh mcgee, ceo of barclays americas, is stepping down after two decades on wall street. mcgee says in a statement.. "after 21 years with lehman brothers and barclays, i have made the difficult decision to leave." it comes as three barclays employees in new york face charges of conspiracy in connection with libor rigging. next month, barclays is expected to reveal sweeping changes to scale back its business amid tougher banking regulations. northern trust is served a subpeona from the s-e-c. the probe reportedly has to do with documents related to the financial services company's securities lending activities.northern trust also said that a number of lawsuits have been filed claiming that northern trust - quote - "failed to exercise prudence" -- in the investment management of collateral.

three nominees clear a senate hurdle to join the federal reserve board. the senate banking comittee has backed president obama's nominees.the full senate must now vote for final confirmation. among the picks... stanley fischer, who is slated to become fed vice chairman. former u.s. treasury official lael brainard is nominated to the fed's board. and current fed governor jerome powell, who is up for a second term. there is no scheduled date for the full senate vote. the clock is ticking, though! in june -- the fed will lose 4 of its current 7 members, for the first time in more than a century. the senate is expected to take up a test vote on the minimum wage later today. specifically, raising the minimum wage to $10.10 per hour from the current $7.25. the democrats would need at least five republicans to join them in order to advance it, but that's not likely to happen. despite strong public support for the wage hike, labor relations professor bob bruno says this vote is more about politics than the issue itself. "there was a time when we could

pass minimum wage bills, and we did them under democrats and we did them under ronald reagan, we did them under republicans, there was a deal to be made. it's not being made now, frankly because it's clear there's party discipline being imposed by the republicans simply not to give the president something" the minimum wage is expected to be a camapign issue in upcoming elections. the largest power company in texas-- is filing for chapter 11 bankruptcy protection. energy future holdings owes more than $40 billion to hedge funds and investment firms. some of the lenders may get ownership of part of the business. normal operations are expected to continue despite the bankruptcy filing. a mt. gox revival is in the works. a class action lawsuit has been settled between mt gox and former customers, who lost hundreds of millions of dollars when the exchange abruptly shutdown in february. under terms of the settlement , former mt gox customers take a 16 and a

half percent stake in a new company, sunlot holdings, which is buying mt gox.customers will also divy up 200 thousand bitcoins recovered by the exchange. the world's largest pork producer is shelving its multi- billion-dollar i-p-o. w-h group is citing weak demand and market volatility. w-h group became the world's largest pork producer after buying us-based smithfield foods last year. the company took on a considerable amount of debt in the $4.9 billion acquisition. wh-group earlier, cut the ipo offer size to $1.9 billion from $5.3 billion. at the upper range, the i-p-o would have been one of the world's biggest offerings. target installs a new chief information officer in its latest effort to regain its footing after that massive data breach. bob derodes has a background in information technology and comes from home depot. he has also advised government entities on information technology issues. the retailer is also tightening the security of its branded credit cards. the re-issued cards will be whats callled 'chip and pin' -- more secure than commonly used cards because of an ability to generate a specific code for each transaction.

in our earnings watch this morning...shares of coach could be tough to handle after falling 9% yesterday. the high end retailer predicts an upcoming 10% decline in sales. shares of good year tire hit the skids falling 7 tuesday.. profits were hit by reduced demand as auto plants and tire dealers closed during extreme winter weather. merck shares rose 3% on earnings that topped wall street expectations. however sales were down 5% as merck lost exclusivity on certain drugs. home prices rose in february at a slower rate than a year ago. the case shiller index composite of 20 metropolitan areas rose point 8%. a poll of economists by reuters expected a point 7% rise. in a continuation of a trend, the west saw the greatest price increases while the northeast experienced the smallest year-over-year gains. a couple of luxury car companies are recalling vehicles for fixes. mercedes-benz is recalling 284,000 c class cars produced from 2008 to 2011.

it's for a possible failure with the rear lights caused by corrosion. replacement parts won't be available until august or september. at bmw-- 156,0000 cars and suvs from 2010 to 2012 will be recalled next month to replace faulty bolts that could cause the engine to lose power or stall. consumers put price on how much gratitude for mom costs this mother's day--- about a hundred and sixty dollars. moms, cover your ears for this next part--the national retail federation says the average amount spent per mom will be down from a high last year to $162.94 this year. all told, spending is expected to reach $19 billion -- also-- down from last year's $20.7 billion. billion.

how apple stock managed a "secret" rally plus..... why your savings may need some spring cleaning -- and...these stocks may not be on wall street's "a - list" but ...maybe should be ...stay tuned for that, after the break!

chances are if you are watching this show you are hoping to hear about a stock that's about to breakout. while we can't make guarantees-- we can bring on pros who are scouting for stocks. joining us by skype this morning is cody willard of scutify.com. good to have you here. >>thanks for having me. i can't make any guarantees but i can sure get your mind stirred and give you some ideas. >>one of the sectors you're

watching is the drone area. you think you've uncovered a couple of stocks here worth watching. what are those stocks? >>i always like to try and find an area i consider to be revolutionary looking out 5-10 years. i think the drone revolution is just now about to starthitting over the next 3-7 years. two of the names i like in that are jds uniphasewhich is a blast from the past and a more modern one is invninventsense. >>why jds uniphase? aren't they into fiber optics? >>correct. that is the primary business they've had and the stock's down believe it or not still more than 99% since the top of that tech bubble in 2000. they've got a lot of geography related chips sets that are going to be going into future drones and i think they were an undiscovered play in the drone area. in the meantime i do think that fiberoptic telecommunication is also in an

upswing in a growth cycle. >>sounds like a smart move. you're also watching some stocks connected to marijuana. not an area we tend to go intojust because everyone else is doing itbut what do you see in some of the pot stocks. >>looking out over the next 5-10 years i think there's a clear trend of legalized marijuana in this country and i think the clear playsall day everyday i get people who email me about these terrible penny stocks in the marijuana realm. i don't think you should mess with any penny stocks at all. but there are 2 that i like that sell water infrastructure plays. lindsey is one of themlnn is the symbol and calgon carbonccc is another one that sells water systems that i think will benefit from legalized marijuana over the next 5-10 years. they also have great businesses already. >>cody it was a pleasure having you on the show today and we hope you'll come back soon. >>thanks so much for having me and check out scutify.com. a relatively quiet rally has been happening in apple this month. shares touched a 52

week high yesterday and are trading just below $600. there's plenty of news moving the stock. tuesday the tech giant sold $12 billion in corporate bonds. it also released a new macbook air notbook and knocked a hundred bucks off the price. in courtroom action-- a jury is deciding whether samsung stole apple's iphone features. coming up...in chart talk... traders tweet to twitter: not good enough!!! plus... how to know when it's okay to toss "important financial documents" into the trash... we'll be right back! afflec

and many actors have played the part of u.s. servicemen in the movies, but for veterans like james crosby their service and their sacrifice are real. and too often when they come home, their struggle continues. for over sixty years, paralyzed veterans of america has been fighting to help our injured veterans get the benefits they need, and have earned. paralyzed veterans of america was there for me when i came home. join me in supporting our paralyzed veterans. visit p-v-a dot org. spring is a great time to spruce up your finances. marty nevel of consumer estate services is on set with us this morning. good morning. you bring us 5 easy tips to clean up our acts here. starting with number 1out with the old. >>make sure those beneficiary forms that are old are updated

and corrected because they are crucial and important. number 2deep cleaning. spring clean those finances of yours. make sure you have a well thought out and executed financial plan and that it's monitored on a regular basis. declutterbad debt can really have a negative impact on your finances. make sure those high interest credit cards are paid down. same thing with high interest auto loansget rid of those. spruce up your tax plan. we all just finished our income tax filings. you want to make sure you have a comprehensive tax plan in place to limit your tax liability for next year. >>find those safe havens now. >>correct. >>finally, take out the trash. i love that. >>take out the trash. you want to make sure you get rid of certain documents. if you do get audited you want to have the right documents they're looking for. >>this is where everybody gets confused. what do you keep and what do you toss? on your list you say tax records should be 7

years. >>correct. for at least 7 years keep your tax returns and tax records. >>pay stubskeep for one year. >>keepthem for one year to match up with your w2 at the end of the year. >> bank statementskeep for one year. how long would you keep credit card statements? >>i would recommend people keep them for a year because you might have certain things one there that you make charitable contributions by credit card and you might want to use that during tax time. >>absolutely. i rely on that. finally, what needs to be shredded and what can you just toss? >>you always want to shred anything with your account numbers on it, your birthdate, social security numbers, passwords, and pins. identity theft is the number one problem in the country and worldwide, you want to make sure you shred anything that has crucial information that can be used against you. >>thank you for coming back to the show. we'll see you next month with more tips. >>thanks. i appreciate it very much. still ahead--- a gas station stock that could speed higher on earnings. chart talk is next.

fleck, and many actors have played the part of u.s. servicemen in the movies, but for veterans like james crosby their service and their sacrifice are real. and too often when they come home, their struggle continues. for over sixty years, paralyzed veterans of america has been fighting to help our injured veterans get the benefits they need, and have earned. paralyzed veterans of america was there for me when i came home. join me in supporting our paralyzed veterans. visit p-v-a dot org.

trader james ramelli of keeneonthemarket.com joins us now to break down a couple of trades. good morning james. >>good morning. >>let's start with twitter. what was your reaction when you saw the earnings report? >>twitter has come off quite a bit this yearkind of a victim of the pop in the bubble in momentum stocks. the numbers that they reported tuesday night actually weren't that bad. but because the stock has been so weak i think for the stock to get a lift, traders really wanted to see them beat and beat by a lot.they beat on top and bottom lines but the market said not good enough and the stock got crushed initially on earnings. they were implying that the stock could sell off as much as $6 by this friday. i think it can move every bit of that $6. they're implying about

$8 through the end of may. the chart looks broken. it does not seem like traders like the earnings announcements. i think the stock is probably going to head lower and i would be looking to get short on any rally in twitter. what would be your play here? give us a play using options or not. >>i went into the number flat. we actually saw a big move higher in the stock going into the release of earnings. the stock was up as much as 8% near the highs on tuesday. we've seen all of that come out and we're seeing the stock continue lower here. what i would be doing here is looking for downside put spreads with really good risk/reward setups in through may because i think the stock is going to be weak throughout the rest of the month as the traders have come in and sold the stock aggressively on earnings. >>interesting. coming out this morning we're going to hear from an oil company. what's your play on phillips 66? >>i've been following this one fror a while. it has been one of my favorite stocks this year. what we saw on tuesday was the stock actually touched off of a new 52 week high before pulling back a little bit. i still like psx as a long. we've seen bullish activity in it all year long in the options market. a lot of out of the money call buyers and the price actually looks pretty good into earnings. it has a very good chart. it's trading in bullish territory on all the metrics that we use. so i'm looking for

a long setup here with an upside target of around $86 by this friday which is exactly where the options market is implying the stock can go. >>let us know what happens. thank you james. that's a wrap for today.. coming tomorrow in movies and money-- our critic will screen earnings this week from major film studios --plus give us preview of big budget film the amazing spiderman 2 --opening this weekend. from all of us first business.. have a wonderful wednesday!

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