CNBC Top Videos: Naked Shorts, Wells Fargo & More

Wednesday, 16 Jul 2008 | 6:10 PM ET

SEC's chairman Christopher Cox issued an emergency ruling against naked short-selling, and Wells Fargo reported surprisingly strong quarterly results and raised its dividend. Following are the day's top videos:

Cox on Naked Shorts
SEC Chairman Christopher Cox yesterday rocked the financial community with an emergency ruling regarding how stocks are sold short. He discusses this ruling with CNBC's Erin Burnett.

Cox on Naked Shorts

“What we are particularly concerned about is the potential for there to be maliciously manufactured, false information that feeds into a run, which is furthered by not legal short selling, but illegal naked short selling."

--Christopher Cox, SEC Chairman

Wells Fargo CFO on Earnings
Wells Fargo CFO Howard Atkins discusses the company's earnings and outlook with CNBC's Dylan Ratigan.

Wells Fargo CFO on Earnings

“We have indicated, in at least the real estate parts of our portfolio, our losses will probably go up before they go down. If you can build a franchise of an organization, what happens when the cycle does turn—you have a stronger company.”

--Howard Atkins, Wells Fargo, CFO

EIA Data
A look at the energy inventory report, with CNBC's Sharon Epperson; Tom Reiley, SCS Commodities trader and Addison Armstrong, MF Global

EIA Data

“We got the follow through that we looked for with these numbers. We’re going to break through last week’s low of $135.14, probably get down to $132—we’ll test that level—if we get through that level, $129. It looks like the bubble may have burst for the short term.”

--Tom Reiley, SCS Commodities, Trader

Stop Trading, Listen to Cramer!
Mad Money's Jim Cramer shares his stock picks and pans with CNBC's Erin Burnett.

Stop Trading! Listen to Cramer

“I think a lot of us who have traded for a living are surprised is that it’s very clear: “selling stock short and failing to deliver time of settlement with the purpose of driving down the security price is illegal.” That’s taken right from the document. I don’t know what these emergency powers are. I think commissioner Cox should go back over his division of market regulation bulletin and see that he had the power to stop this all the time. ”

--Jim Cramer, CNBC's Mad Money

Maria's Market Message
CNBC's Melissa Francis sits in for Maria Bartiromo to discuss the day's top business and financial stories, and looks ahead to tomorrow's Closing Bell.

Maria's Market Message

“An encouraging earnings from the financial sector helping drive a 276 point rally on Wall Street. Crude falling $4.14 to close the session at $134.60 per barrel because of an unexpected jump in supplies. Oil has now fallen by more than $10 in just the past two days. Wells Fargo reporting a 21% drop in its second quarter income—better than what Wall Street was expecting. It's prompting Wells Fargo to hike its dividend by 10%, at a time when other financial companies are cutting their own payouts.”

--Melissa Francis, CNBC's Closing Bell

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