fitch cutting the raidting to junk.is smaller than the other two banks that failed a year ago. this is still a spark of the crisis in the regional banks. we have anton schutz on the cnbc news line from the raymond james conference in florida. >> good morning, frank. >> i know you are in orlando, but nycb is a previous topic of conve conversation. what do you think of the new ceo? do you believe he is the right forei person to fix this ? >> first, he goes by sandro. he turned around a failing back. the charges are non-cash. the material weaknesses are disturbing, but they made it clear they don't have to add more to reserves. they add over $500 million to reserves unallocated to beef up their number. they are unique as a lender. the important thing about the industry is they were the last big banks to report earnings. because of that, everybody assigned the group with problems. nobody else had the types of issues. nobody was under reserved or had tremendous losses in any segment. this is not the same as what happened in

abercrombie & fitch is cool again, they really are. the stock quadrupled in 2023.ng, this is a small pullback. the revenue mt. holiday quarter rose by 21%, but wall street greedy. it was the smallest margin beat in six quarters. so you know what? sorry, nvidia, you can't just quadruple every year and beat by, you know, a marathon. stuart: did you say wall street is greedy? if lauren lawyer yes. and and i said that positively. greed is good. stuart: remember that? if right. [laughter] openai's sam altman has fired back at elons musk over his lawsuit. can you bring me up to speed what this is all about in can you simplify this? lauren: i think this is a battle of egos and who should be the face of artificial intelligence. elon musk sued the founders of openai, and now openai is accomplishing e-mails that claim elon musk wanted three things, wanted openai to merge with tesla, wanted full control can of openai and eventually to be the ceo of opena airks. -- opena a i. stuart: that's what musk wanted. >> yes. that's what sam altman and greg brockman are saying. they're

again, fitch downgrading boeing's credit outlook going from positive to stable. not a huge reaction from the stock. i think the street looked at this and says, yep, that seems about right. guys, back to you. >> thank you very much, phil. brenda, you own it. does it seem about right, a fair downgrade of the kredcredit? >> it does. i hate to say. there has been nothing but bad news for boeing over and over again. we've been sticking with our position, though. we think that the pipeline for planes is not going to change. we think that the company continues to be well positioned in that regard. but clearly there is a lot of work to be done, and whether that's acquiring spirit and then bringing more of that control over the production in house, that would be a very important step in the right direction. clearly, there's a lot of work that needs to be done, restoring confidence in this company's ability to focus on the details. >> case in pearoint, an alert o boeing. >> i thought it would be a management change. >> that's what you're looking for? >> obviously i think t

, new york community bank rebounding after steep losses this week following a credit downgrade from fitchremember we are seeing the stock still down about 11%. and that regional bank stock move brings us to today's big take because the stock has fallen by more than 70% just this year and the story of how it happened includes missed signs, new laws, changing regulators and a lot of names underneath the surface unseen before. this begs the question have so much went unseen. >> first of all, we've worked together for so long, i think this may be the first time you and i have been on tv together one on one. new york immunity bank is a long and interesting story and it would be so nice to be able to tell you that there is one guy who made one mistake and it all comes down to that but really it is kind of a detail of three different buckets. on the one hand, classic ambition, the theme you and i love to write about when it comes to wall street. you had a small banker wanting to get big and then a big bank that became the big and then you have real estate, the story of affordable housing, a stor

itch abercrombie & fitch is crushing. this is look the hottest stock in the world.rom one foot in bankruptcy to the stock that won't quit? >> teens are so fickle and abercrombie & fitch came back, not only with a store renovation but also with the right merchandise that it's really resonating with the teen consumer and the other thing too is their margins are extraordinary. meaning they offer promotions but they're not discounting acrossed board. charles: here is the thing, you mentioned how consumers are cost-conscious but not teens. it is not their money. they go out, they have to have the hottest, coolest stuff, it costs a lot of money. >> exactly. this also brings to the point of of the psyche of the consumer. parents are not bellyaching as of when their kids spend $100 on a pair of jeans it underlines the strength of consumer. even though being picky orreriented elsewhere they're allowing teens to splurges. that capability also says that the consumer is still in a very healthy condition. charles: even though, the healthy condition reflected in the record high c

fitch just the second one in history, the first one in 2011. you're still being in from s&p and fitch issued. a warning at that time. and now they have gone and said, okay, we're going to we're going to take action and it's funny because that year, the rumblings everybody's incredibly surprised this. but as you said, we've got debt to gdp on public basis that is exceeded 100%. i think it's almost 125% as we're having a discussion. the imf has put out numbers which to janet yellen, the treasury secretary, has noted previous slave seems to have forgot about them in recent that the debt to gdp reload becomes unwieldy somewhere in the 70 to 80% range as the, you know, many of us would like to see it much lower, but that's the place where it really starts to top out and become a concern. we, the treasury and the cbo has put out many charts and many analysis that has said we're on an unsustainable fiscal path. so the idea that all of a sudden we're waking up and going, oh, wait, you know, the fiscal situation of the united states isn't great, is a li

. >> reporter: jeff fitch is postal -- >> we're trying to determine exactly what was taken. for breaking into the vehicle and taking u.s. mail, the reward has gone up. the original reward for these kind of vehicle break-ins and taking mail, stealing mail, was $10,000. now it's $100,000. >> reporter: in recent months, we've reported on a number of mail carriers being targeted for their mailbox keys. this time it was just the truck, but this mail carrier is warning his colleagues to be on alert. >> you know, i just want to make sure everyone's being safe and making sure that you're being aware. >> reporter: christie smith, nbc bay area news. >>> last call for those double-doubles, animal style, anything, at least in oakland. in just a few hours, the city's only in-n-out burger will close for good because of safety concerns. the restaurant has been open in the hegenberger corridor since 2005. recently the area has been hit hard by crime. mayor sheng thao says the city is working with the county and state leaders to make that area safe again. >>> staying in oakland, another viol

, and we have three of the most famous agencies in the world, they are muds, standard and force and fitchand it lowers the credit rating, the sovereign rating of ukraine. i said a lot about it. in the previous times, when i said that the credit rating is very important for any country, and i gave examples of the baltic countries, which today received a large investment, credit rating, sovereign rating, which added an opportunity, provided an opportunity to encourage investment, create workers places, that is, to build a sovereign, developed country of the future, which today, well , in fact, the countries of the european union are building, and in our case, as an example, i gave the baltic republics, but as for ukraine, this... unfortunately, it was very expected, because if we have aggression, we have a decrease in gross domestic product in our country after the aggression of 22nd year, our gdp fell by almost 30%, and although it increased by 5% the previous year, and we already talked about it last time, why it happened, thanks to the fact that definitely and the ukrainian economy was m

angela fitch. medical officer and president of the obesity medical association. dr. because the knock on some of the drugs is they will be too widely prescprescri. this ad takes target at that which is interesting coming from one of the companies that makes some of the drugs. >> yes, becky. thank you for having me. it is a very important topic. obesity is a chronic disease. it has not gotten the attention it deserves. it is our biggest epidemic in the country and world, actually, right now. it is nice to see the public service announcement to recognize the criticality of treating obesity as a chronic disease. >> the idea in the public that there is abuse of the drugs, but the way, it is not just an idea. there have been reports and we have done them here at cnbc and other locations, too, that really point out how you can call up a doctor -- melissa lee did a documentary on this. you can call up a doctor and for nine minutes, you don't fit chr charact characteristics and you can be prescribed these drugs. what happens to the drug companies if there is abuse? are they

stellantis hitting highs after fitch raised the outlook to positive. stellantis up about 1.4%.ello joins up next. this is bloomberg. ♪ announcer: from the heart aware of money, power, and technology collide in silicon valley, this is bloomberg technology with caroline hyde and ed ludlow. ♪ caroline: i'm caroline hyde in new york. ed: i am ed ludlow in san francisco. this is "bloomberg technology." caroline: full coverage of nvidia's annual gpu technology conference. they are unveiling their most powerful chip architecture yet. why blackwell will be key to the future of ai. ed: as tiktok faces a divestiture, and outlook on what is to come

fitch down graded over the summer specifically cited increase in polarization, declining governance over the past 20 years more specifically cited january 6th insurrection. under your presidency, if you are re-elected, what can you tell us about how stable the u.s. will be especially as it appears that you are stoking political divide. you held a rally in waco, texas, and sort of playing to this polarization of groups here. >> well, when i was roud any waco we had 100,000 people show up. that's where they wanted the rally. i'm like a businessman/politician. you go where the people are, and i go to places, had a tremendous rally this rally this weekend. we're having rallies in michigan. the rallies are bigger than they've ever been. we have, as soon as the season gets warmer where we can do outdoor. right now no arena can hold the number of people. >> does had matter we've been downgraded and that our credit rating could be at further risk? should there be further polarization? >> it's not because of january 6th. we're downgraded because of incompetent people, very incompetent people doin

ahead of friday's jobs report on the earnings front we get results from campbell's soup, abercrombie & fitch>> and then fed sanctuary powell kicks off with testimony on capitol hill. >>> stocks are coming off back-to-back sessions. take a look at futures right now. we're seeing them in the green across the bore board. the dow off of its highs still we look like we'd open 70 points higher. let's welcome in courtney. great to see you. >> thanks for having me. >> we saw the big selloff in the market, foo u turs indicating a bit of a rebond today. how do you i see things shaping up what's our w.e.x. word of the day? >> the markets are continuing the booming bull market. the market continues and the economy in general continues to be on good footing ultimately we're coming off of an earnings season where 90% of companies have reported earnings, and they beat expectations by about 8% we're getting the jolts numbers out today which shows we're continuing the last quarter saw 2$250 million and inflation comes to come in line with expectations it's a good backdrop seeing a day like yesterday is norma

people may realize, this is something i'm going to tell you that is -- you see this abercrombie and fitch? this has become a serial beaten that has become the best in the entire world of retail, the best. abercrombie is very well-run. i think this stock was at $29 a year ago. it is at 131 now. it's still cheap. cells at 21 times earnings estimates. many other groups besides tech work in this market. it's not all mag whatever. campbell's soups reports on wednesday morning. after the fascinating documentary let's not, how can you not worry about a soup earnings when they have a fair amount of junk food brands. can pepperidge farms but up consistently strong numbers in a world where people no longer crave cookies the way they used to? thursday were from kroger for the first time after its attempt to merge with albertson's. in a suit that i fear the government will win, i say there is no much overlap but the ftc is wary toward this deal because albertson's is a having a bad track record. i hope kroger can win on the merits. they will have to play legation. as anyone in the club knows, we don'

so again friday, just to back up, fitch ratings and moody's cut the bank's rating to junk over concernsvisions for credit losses over the next two years. things are just getting worse by the minute. if you stretch it out, you can see that it is, had a really difficult time. i just want to tell you what it has done over, just you know, one year. let's take a look here. over the past year, it is down 58%. but year-to-date, down 72%. bank of america, bullish target for the s&p 500, it has been hiked to 5400. maybe way too tame for our "countdown" closer, infrastructure scrap capital advisor jay hatfield has a even bigger target for the broader market index. spit it out, jay. >> we went from 5500 which we started at the beginning of the year. we were one of the more bullish. we're now at 5750 that is probably the risk to the upside. we're seeing it today, a.i. is supporting the market before we get the rate cuts. we think we will get summer rate cuts and a power rally during the summer. liz: we were pointing out the chips, the chip-makers were going nuts. there were seven of them we showed

it's like ab or carom by and fitch, how that one came back. lauren: turning around., no evs, no retailers. >> right. stuart: what else do we not invest in? [laughter] you brought a couple of stock picks. start with air products and chemicals dr. so there's a couple things here. first, a basic -- it's a diversified chemical, right? so we're positive on that the sector. this is also a dividend arrest accurate, so it's in -- achris cat -- aristocrat. it took a hit in february, it broke down. it churned there a little bit, now it's taken it almost all back. i think yesterday it might have closed the gap, if not, it's close to it it. this is one of our long-term holdings, and it's one of the biggest names in that space. stuart: a dividend aa risk accurate? what's it pay? >> this one pays i think just 3%. but a dividend aristocrat is a stock that continually raises their dividend year in and year out for 25 plus years. that's e what this does. stuart: next one is caterpillar. >> right. that's just a clear industrial play. if you look at that a one on the chat, it's had a n

the rating on the bank which largely caters the new york city landlords was cut friday to junk by fitcht rating for the second time this month to below investment grade. new york community bank with, which acquired failed signature bank during the regional banking turmoil in 2023, is now facing an uncertain future. will it need a lifeline from the fdic, the federal deposit insurance corporation? if joining me now in a fox business exclusive is the former fdic chair sheila bair. well, the way this is going, sheila, is that around the corner where the fdic is going to have to step in and say, heying everybody, it's fine, we will make sure to ensure all your depositors, each up to $250,000? -- insure. >> well, i certainly hope not. i mean, that would be surprising. i don't like to make predictions about whether banks are going to fail if or not can be. [laughter] but i would with observe that what the fed jutte a couple years ago approvedded this bank to acquire flag -- [inaudible] which increased its significantly. and ask and occ approved it to bid on signature's deposits and some of its

. >> the criminal complaint lists thefts from abercrombie and fitch, safeway and 120 thefts from thenestown target store, totaling more than $40,000. authorities say graves would often steal jugs of laundry detergent that can easily be sold in san francisco's illegal night markets along market street. that was 2021, going on three years later. aziza graves has faced more than two dozen hearings. she's still on the streets, and her shoplifting case keeps dragging on. >> i don't think i should be on trial for anything right now, graves told me. >> she is homeless and sleeps on friends couches, and that she has a hard time just surviving. her public defender declined to comment. >> let me talk to this guy. >> we went outside the hall of justice for an interview. i started with a basic question. so what do you want me to know about your case, i just want you to know that i had no intention of letting you go. i don't want to do this. this is. yeah. this is stupid. >> in an email to me, graves explained she was using the self-checkout at a safeway, and the machine said payment complete. af

. >> reporter: obviously caveat there are a lot of o vote left to be counted in san francisco but fitch up here moderate campaign headquarters. there were a lot of ott mitch on election night. >> i want to see proposition e. and f. right now are leading. [ cheering and applause ] proposition c. is leading. law legal cause and supervisor dorsey, proposition b. is losing. >> reporter: mayor london breed watched the early results come across the phone with the collection of san francisco's moderate democrats groups. grow sf, together sf, and san francisco democrats for change. and from the ballot measures to the d triple c slate. there was a lot of reason for cheering here. >> i think it's the entire democrats for change slate. [ cheering and applause ] >> all right. let's hear it for algebra. yeah. [ cheering and applause ] >> reporter: the major issues, however, were the public safety measures with f.. drug screening and e., altered police procedures. both ahead in the early results. >> we are in the midst of a voter revolt on public safety and voters are still speaking. thank you mayor

and i think it to me, it's really symbolic of the moment in fitch, the united states has sort of hugged israel close, but what is it gotten for that? it doesn't have the leverage that i think many people thought it had over israel's actions. >> in what do you think is going to happen is the israeli operation continues, they invade rafa where do you think this goes up? the hope for the >> administration has been that they're going get a temporary ceasefire six weeks in return for some of the hostages being released. it is getting closer to not happening, at least before ramadan. and part of that is as biden came out publicly and said, very clearly, do not yet won the war cabinet. we really oppose you going on the ground and rafa with ground troops, hamas started engaging with a much tougher policy and saying, we're only going to accept a permanent ceasefire and removal of all troops. so they feel like they were emboldened as biden is pushing not and you this really impossible position for biden to be in right now, the war, every day the war goes on, it's worse for him domestically, what

a federal general fitch, john porter heard of union successes in tennessee. so porter is in virginia on the peninsula, but he hears news of grant's successes in tennessee in early 62, and he gives all of his colonels permission to issue a celebrated jury ration to their men. he's pretty far away from successes of grant. he's all the way in the eastern theater, but he gets excited. he. he predicts that the union army will take richmond in about six weeks. and i say think that these celebrations as porters they show basic that that that official use of is being used to raise morale. so to stave off emotional exhaustion or mental fatigue if you will to try to steal the men and convince them to keep going. so those are what i would consider to be the official uses of liquor and the ways that officers use. what's important remember, though, is that even the soldier used liquor rations beyond what their commanding officers intend. and here, i think it's important me to note that officers are allowed to drink, but enlisted men in, lest they receive an official ratio

outfitters, used to be hot, my son took me there 15 years ago, a lot of those names, abercrombie & fitchhrough the roof. number one stock. i'm in gap stores. that is doing very well. urban outfitters is coming back? >> i think so. they have three strong brands, free people, an throw apology and urban outfitters. two of the three are on fire. we think change in the executive suite will bring back urban outfitters so we are looking at that, because we believe in growth stocks but they may not be "the magnificent seven" but as long as there's growth in them investors will find them. charles: so 3 in, i don't know where to categorize this. this is a name that has had very bad execution. they miss earnings on and off almost every quarter. there is some accumulation. seems to me the ultimate value play here. >> well i think the only reason why value ever is a success as a strategy is because you buy the stocks before they grow, right? charles: right. >> so we're looking at 3m. looking what they have as products. looking at the sectors that they sell into and we think that the company has some

some of these stocks, pull up aber com bee and fitch right quick, you look at this stock, you think, my god, this is a parabolic move. it has to be expensive -- even despite the move we've seen, it's still actually a very reasonable valuation for some of these names. so, you can understand why people are getting their arms around them. i still think -- we'll talk about macy's in a second, that probably sort of lef states sle up. we looked at home depot, i don't know if it makes the prior all-time high, but this is one that probably continues to grind. >> you are probably watching cap p capri. >> i sold it around $50. it just really hasn't performed the way -- it bounced that first day when i was announced, as soon as it was announced. really didn't hold price. kind of fell in a precipitous fashion. i sold my tap estry. as soon as we were doing this, i knew guy was going to bring up aber com bee, it's up 400% on a one-year performance. >> it was better than nvidia last year. >> right. >> if you look at american eagle, same type of thing. that kmchart is smooth, easy. it's funny, the t

people on the streets and in sports conditions better suited wraps of a ski slopes than a football. fitch. heavy snow hits software that's coming up with jo, got to escalate. the this know, keeps coming for california is mountain community is everyone so still hanging onto blizzard warnings today through california, sierra nevada. by the time it's all said and done some spots, we're talking $4.00 to $500.00 centimeters of snow. and yesterday's snowing, alberta is. providence is today's no instance schedule and we're trying to look into pickup about 40 centimeters of snow. the winds will be howling, cussing up to about 60 kilometers. prior to this we go. for the 1st time this year minneapolis could crack 20 degrees with that southerly breeze. and the rain stopped in new york paving the way for a beautiful day today. 17 degrees and the sun is out to the us gulf states. we go still dealing with fog issues here as warming, cold air or fighting it out. central america, it's fairly quiet. the most active weather will be around the bahamas, so some rounds of rain to go here, of course, where the

you ran away to new york, so it i'm gonna do it anyway, on live television, fitch i've always struck by your pieces about the difference for the contrast between what voters on the ground think and say versus maybe what's being reported at a national level on this issue specifically why do you think there's a very different national perception than what you seem to be hearing from the people on the ground? >> because a lot of the people >> doing the yelling on >> this issue don't spend enough time with the people who actually live it every day. it's just a fact of life. look, evan core, you just saw at the end of the piece there he's a democrat, he's a biden voter, but he's also somebody whose family has had a business for 77 years. steps from the mexican border to ask him his favorite restaurant you'll take a few blocks away in mexico. you go through the border. these people are used to going back and forth day to day, the americans and the mexicans who either live in sometimes work in the united states were just come to the united states to buy a wedding dress right up the street f

right before the start of the game, but he had to wait and sullivan, after minnesota head coach chris fitch was even a little confused of what happened sometimes you know, maybe it was a weird game forum with the ms start. i don't know exactly what that was about. i >> can't display you get he just had babies his wife, girlfriend friday, right asleep yeah, minnesota went away in the case. he won 19 to 140 over the blazers. yeah. not that the biggest of deals that maybe he was stretching too long in the back, but it's kind of odd for an nba player to tip. it is awkward, although now that i've heard that he has a new baby at home, i'm much more willing to forgive that because let me box all off. >> yeah. >> everything goes to hell. frankly, they're wonderful. look, man. do they make it hard for you to show up on time for anything? andy scholes. thank you very much. >> all right. up next here on this super tuesday, donald trump is hoping to knock nikki haley out of the race, plus the president biden needs to do in his state of the union address this week >> the greatest stage they >> talk abou

fitch says the data is a sober reminder of the tendency of inflation to perpetuate itself.ey look specifically at three-month annualized core which was 3 in october and has gone to 3.8. >> the so-called super core, if you want to narrow it down, it has turned higher in the last couple months. it goes along the same lines. it really comes down to the market's tolerance and the fed's tolerance for us being one percentage point shy of target. by the way, on pce, we're closer to the 2% target. it does seem right now, it seems like the suspense is still there in terms of what ppi is going to have on thursday and how that feeds it going into the fed meeting. yeah, you have an immediate response in the bond market, two-year plunge and elevated from there. we'll see how the stock market handles it. all yields are still within that ring. [ bell ringing ]. >> a >>. >> celebrating capital markets day. at the nasdaq it's red bull racing, celebrating its partnership and commitment to diversity in formula one as we try to hang on to the mid 50, 100s. >> 1.3% off the all-time high, someth

. >> a remark out of fitch the spread between the establishment and the household survey is getting wideit of space between them in prior months, but it's getting wide enough where you start to have to question the strength of establishment. >> right. because household has been weaker and a lot of people think that's reference point. this has been a story for a while and some of the more bearish comments like david rosenberg have written you have to pay attention to households because it is showing weakness. under the surface you are seeing the weakness come through. we talk future job openings, for instance. the pieces are coming together, but if this is what a weaker labor market looks like everybody will take it because we're still seeing nice employment growth and real wage growth. one other good story i wanted to highlight in the jobs report that has been a story all year and in the last year female labor force participation. international women's day so it's appropriate to highlight this. it has surged past prepandemic levels and also it's coming back faster than overall labor forc

angela fitch says nausea is a common initial side effect of the drugs and that new patients should takeer. i started my workout routine again. >> apart from strength training, experts say the key is good nutrition with protein, the building block of muscle for those seeing significant weight loss, doctors suggest protein supplements low in sugar and foods like lean meats and vegetables there's no silver bullet for weight loss. it's all about the that well-rounded approach. >> it's fascinating to see how many things these weight loss drugs are affecting. >> the sweeping impact absolutely. >> all right >>> all right. let's get a check of the weather from double d over here. >> everyone has a nickname now. >> we've got a double couple of storms that are going to move in here we have this area of low pressure bringing the rain into mid atlantic and northeast right now. this is going to make its way up into new england as we continue through the day. then we have this cold front that's going to approach as we go into tomorrow it is also producing some of the stronger storms, heavy rain down

fitch down graded over the summer specifically cited increase in polarization, declining governance overction. under your presidency, if you are re-elected, what can you tell us about how stable the u.s. will be especially as it appears that you are stoking political divide. you held a rally in waco, texas, and sort of playing to this polarization of groups here. >> well, when i was roud any waco we had 100,000 people show up. that's where they wanted the rally. i'm like a businessman/politician. you go where the people are, and i go to places, had a tremendous rally this rally this weekend. we're having rallies in michigan. the rallies are bigger than they've ever been. we have, as soon as the season gets warmer where we can do outdoor. right now no arena can hold the number of people. >> does had matter we've been downgraded and that our credit rating could be at further risk? should there be further polarization? >> it's not because of january 6th. we're downgraded because of incompetent people, very incompetent people doing incompetent things. losing countries. we lose iran, this one

this is an under appreciated impact of those moody's and fitch rating downgrades that happened friday. one thing that flew under the radar is moody's cut the long-term credit rating on the deposits to three levels below investment grade. we found institutional clients who care about the rating. some with the mortgage service and the banking service with cr crypto. one is known as circle where they serve as the back office to some of the deposits. when you are suddenly below investment grade, what does that do? talking to industry sources, they say it could trigger requirements for more collateral or trigger a requirement for them to move deposits to another bank. certainly when you think of the cost of money these days, any offering would cost them more money to hold on to their deposits. from what we can find, there are roughly $15 billion of deposits which could be at a flight risk. that is 25% of the deposit base adding pressure to nycb. >> we only say those four letters, hugh. there has been zero contagion from this. not to minimize it. new york community bank. would you leave muc