i'm done. he said, look, i can't continue working for a dollar, i can't continue doing this, getting bashed in the public's eye and not getting the compensation that i tee serdeserve. again, that's my analysis. he stands by the story that it was his decision that it was time because it is clear he has blished what he has set out to accomplish. and that he and mike o'neal decided this together. now, others in the market tell me that they were like oil and water given the fact that o'neal is a commercial banker, vikram is coming at this from a different standpoint in terms of institutional banking. so we'll see. i believe more will be revealed, but it seems at first glance that this is an issue over compensation. >> and that tension between commercial bankers and investment bank everies very old story on wall street. marie, a great stuff as always. i know you'll have a lot more coming up later. thanks so much for calling in with that exclusive.

steven, your comments. >> doesn't matter why he's gone. buy the stock. >> a lot more coming up on the fast money show at 5:00 which i will be hosting today. here is power lunch. p sfwlo the second half of the trading day starts right now and what a fascinating day it has been and promises to be as we move through the afternoon and into the evening. board room brawl after solid earnings yesterday, citigroup's pandit as you surely know is out today and now the questions mount and mount. we had some answers just a moment ago from maria bartiromo. there will be more that comes out one has to assume. we'll speak to an analyst who upgraded the stock just a few weeks ago. is he standing by that call.

and we'll speak with a shareholder who has wanted pandit side lined no years. he got his wish. what happens? we'll break it down. and don't forget this chart, it is the dow, it is rally time . markets higher by 119 points. sue. >> in-dead deed we are all over citigroup story. we want to begin with the markets because we have a big rally going on. we're only about give or take 600 points away from hitting an all-tame high once again. kenny, i know that you think that there are some headwinds for the market further down the line. hard to argue with gain of 118 points.

>> we're where we were last week. i think you got great news out of europe that the fact that spain's actually going to come to the table and ask for the bailout that they don't really need, right? >> but they'll ask for it. >> good macro numbers. but i think we'll keep hitting our head at the 1460 level unit there's some more head way made really down in washington p. the thing that people will have to focus on, things that will happen in the fiscal cliff. is there any sense they're making progress, the market takes off. >> you'll be with us sxwen agai few minutes. >> now to that bombshell rocking wall street. vikram pandit stepping down effective immediately. the bank's chief operating officer also out.

it was clearly a board room showdown of a type we haven't seen often or recently on wall street. there's the stock up 48 cents. kayla tausche, i know pandit spoke with maria. how do you filter the story? >> two of the key things he said is that he had been considering resigning for some time now and that it was he who called mike o'neal yesterday to discuss this, but nonetheless, a few more details with habout how th communication went down. sources say there were a multitude of issues for thepand performance. among them, the shareholder revolt over the 2011 pay package

and a write-down of over $34 billion $34 billion losses. i'm told the decision evolved over the last couple of weeks.34 billion losses. i'm told the decision evolved over the last couple of weeks.4 billion losses. i'm told the decision evolved over the last couple of weeks. billion losses. i'm told the decision evolved over the last couple of weeks.$ billion losses. i'm told the decision evolved over the last couple of weeks.$ billion losses. i'm told the decision evolved over the last couple of weeks.4 billion losses. i'm told the decision evolved over the last couple of weeks. nik o mike o'neal called the operating committee this morning and employees found out when the press release and internal memo mitt. so what does pandit get? michelle pulled out the contracts and found language quote lining no golden parachutes or severance upon termination of employment. outside of citi's broad base separation plans or local law. any equity awards not accelerated upon termination. one benefit we're told of this timing, every's surprised that this came out the day after such a sole lid quarter. and especially when you could have waited until the end of the year. p but one theory behind this is

citi will have to go through the stress tests again at the beginning of next year. if you come in january 2013, you're a fresh face on that field and hard to put togetherc. >> a banking source i spoke to said perhaps the board was waiting for its first glimpse of d day white. then giving the kind of cover that it needed to make the move. then giving the kind of cover that it needed to make the move. obviously citi and government have worked out some prices. sue, down to you. >> let's talk more about what's going on at citi and where the bank goes from here lacking forward with me now. first of all, your reaction. i think i heard some of maria's reporting.

do you buy the fact that it has been planned for some time? >> there was obviously unhappiness here, but the fact that this suddenly comes out the day after earnings doesn't reflect well on planning at citibank, doesn't reflect well on pandit or the board. >> what's next for city? is it going to become a slimmed down version getting back to core businesses or the not? >> presumably there was tension between pandit and the board. now, one would presume that this whether move things more toward the commercial banking, the traditional sort of business that citigroup was involved in. >> but that will make it harder for them to make money because the business has changed considerably. >> yes, but obviously boards have changed over the last several months and the appetite for risk among board, the appetite among risk for regulators, to see it within large banks like citi is so-called too big to fail has gone way down. so you can't run a bank in 2012

like you did in 2007. >> what do you think of the new pick for ceo? >> he has a lot of experience inside citi, so -- >> a long time employee. all right. thank you very much. >> sticking with the citi story, what does mr. pandit's departure mean for citi's stock and it shareholders? here with the wall street take is fred cannon. he upgraded citi's stock to outperform on october 1st. welcome. you upped to out perform. did anything that happened today change either of those things in your view? >> not at all. in some ways while it's too bad to see mr. pandit go, what's going on today with the leadership on the board i think it will accelerate what's going on and make citi probably a better stock over the next five to section monix months. >> whose company is this now?

>> both. they're coming in as a teemg. clearly the board is in control here. and clearly they think corbett's the right guy to execute the strategy. the strategy has been set for a while. it's about can they get the capital deployment from the fed with the stress test. >> do you know mr. corbett? i had one source telling me he's a long team employee there. >> i do not know him. i do know mr. o'neal. >> let's talk about the outstanding issues that the bank needs to surmount in the short term and then in the long term. not only to deliver on your price target of $44 or maybe exceed it, but longer term to make the bank as healthy as it can be. as you isolate those issues, what are they? >> first of all, it is accelerating the wind down of citi holdings.

number two make that work for sharehold shareholder, you have to get capital. so working with the fed and regulators to get difference denied and share repurchase. third is executing globally on what citi really still has as a unique global footprint for a franchise providing value to their clients. >> all right. thank you very much. sue. our next geks hkxt guest ha calling for mr. pandit's med for several years now. william smith is the senior portfolio manager with smith asset management. when we were upstairs listening to maria's debrief, you said i've been living with this for four years now. how do you feel about the replacement and how do you think it went down? >> it's four years too late, but the board of directors made a mistake by hiring pandit.

we went in with a mandate of not breaking the company up, but they got caught in the credit crisis and they broke the company up at $3 a share instead of $40 where he entered. they should be expanding their balance sheet on the good stuff and be getting rid of citi holdings at fast as possible. >> mr. corbett is the new ceo. he's been with the company for a long time. and the buzz is that may be a good thing, but it also may be a bad thing because he's already in the established citi mold. are you pleased as someone with a position in this stock with mr. corbett's ascension? >> he seems to have done a good job at holdings. having said that, though, right now i'm actually glad to see somebody that's played with a football instead of a calculate tore coming into the position. >> mr. pandit came from a risk

environment, managing risk rather than commercial banking. so that i would think would work in mr. corbett's favor. but what would you like to see him do first? >> again, you have to look at the company today. even today at $110 billion market cap, you have citi cards which is one of the largest credit card companies in the world worth about $30 billion. so you're basically valuing the rest of citi only at $80 billion. so there's still a lot of assets that can be broken up. >> do you add to your holdings of citi? >> i still think it's interesting if they can monetize this company. >> thank you so much for joining us. appreciate it very much. big news here. while citi shuffles the deck, earnings over the street at goldman sachs bouncing back. strong report this morning huge jump in investment banking revenue. let's take a look at goldman sachs shares. $124.80. year to date up 37%.

mary thompson diving in to the latest numbers. >> it was a good report along with strength in investment banking, strong results in fixed income and investments as well as its investments and lendings unit drove the quarter offsetting a 16% decline in the company's revenue. goldman's beat coming as cfo saying the clients remain risk averse and given the uncertain i about the global economy as well as domestic issues. >> traders themselves have to be more comfortable that the market environments are being driven by economics as well as politics and i think maybe you've had a slight shift, but not a big shift the at all. >> goldman's earnings handily beating estimates as did revenue of $8.3 billion thanks to unrealized gains. goldman set aside more money for compensation in the quarter, but the ratio of comp to revenue was only slightly higher than in

past quarters at 44%. gold man's return on equity edged up slightly to 8.6%, still below peak levels. also saying the firm remains on track to cut expenses by the targeted $1.9 billion by year end. sue, back to you. another big piece of breaking news today, this time from the tech sector and apple p. shares of apple are up 2%. keep in mind it is a very strong day for the nasdaq which is up 33 points, but one of the reasons the tech giant is moving is because it is sending out invitations today to a special event on october 23rd. and the shares have continued to move higher by 2%. jon fortt is in silicon valley and he's on the invite list and the big question is a mini ipad coming, jon? >> yeah, that's exactly what i'm expecting. a couple of key questions with this announcement. what other surprises might apple have. and, two, how much should a mini ipad cost. first there have been rumors for a little more than a month that apple is about to update the

imac line with new designs and maybe another laptop with a high resolution receitina display. timing makes sense because apple whether be trying to steal thunder from microsoft windows 8 launch. on the ipad mini itself, we're basically expect an 8 $200 and . this has the ability to shake up the market. consider analysts say every five tab lets that sell cannibalize two pc sales. this is apple saying we think we figured out how to sell more tablets and own this market. >> jon fortt, thank you so much. we have a big rally on our hands. the dow at the high of the day. up 124 points. almost a full percent. we are now less than 600 points from a new all-time high. transports confirming that.

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welcome back. watching shares of omnicom group. its ceo making some concerning comments saying that the looming fiscal cliff here in the united states and leadership transition in china are both creating uncertainty among clients and thus making it difficult for the firm to forecast the next few quarters. shares down on that news down about 3%. sue, over to you. >> all right. let's check out the bond market. we do have a significant rally in the dow jones industrial average. all the major indices. is that taking the steam out of the bond market? >> it is, but not a lot. as a matter of fact, if you look at a 24 hour chart of ten,

really the biggest detector was the potential for a line credit by spain. and that indeed pushed rates up about 7:30 eastern. but we see rates have climbed, as well, not breaking that initial range. if you look at the euro currency, you can clearly see that was the delivery mechanism for really way bunds and treasuries are behaving. but it doesn't end there. let's look at the flip side. year to date of the dollar index reveals that the dollar continues to technically suffer as it distances itself from that very significant 80 level and looks like we're breaking to the down side in a similar fashion. another all-time high for the lqd. that's price, not spread. just hours to go under round two, romney and obama facing off again tonight. it is a town hall style format

this time. many expecting a different and maybe more pugnacious obama. our chief washington correspondent is here with thoughts. john, you did a town hall with president obama a couple of yeayear ago. does this format favor one or another, how comfortable is he versus how you might anticipate governor romney to be? >> i think it depends which one is on his game. president obama is capable of debating effectively. he was not at his best in denver. democrats make the argument that rim a romney is out of touch with ordinary americans. they will and he be surrounded ordinary americans. president just landed. mitt romney has been here since

early this morning. we know the president spent more time on on debate prep this time than he did last time. >> let's talk about the topics that will come up tonight. this is foreign policy and domestic issues. certainly benghazi, certainly the fiscal cliff. what else? >> i think benghazi will be an issue where mitt romney goes on offense the way paul ryan does against joe biden and we'll see how effectively especially after hillary clinton took blame for the lack of security in the interview that she did from south america last night. but i think it's still going to gravitate back to the economy. that's where the pressure point is, that's where voters' minds are. and the question is whether or not the president can wield some of the advantages. the popularity of the auto bailout, the 347% video which hurt mitt romney. >> and which didn't even come into play in debate number one.

do you expect the 47% to come into play tonight? >> absolutely. and i expect some mention of bain capital, as well. joe biden foreshadowed some of that in the debate with paul ryan. hard to hear sometimes with all the histrionics, but he was raising the issue about mitt romney and the 47% video and paul ryan came back and said you you know you're familiar that sometimes things don't come out so smoothly. yes, but i say what i mean and i think the president will reiterate that. >> john harwood, thank you very much. we'll see you tonight on our coverage of the presidential debate live from hofstra, university. it begins on the kudlow report at 7:00 p.m. eastern time. the bulls are definitely in charge today. the street making a number of calls. wells fargo says there may be a spark left in this tobacco stock. shares put out this year down 16% overall. is this wells fargo call correct? and we're also tracking some of

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breaking news now on news corp, the motion for an independent chairman has been

unsuccessful. the motion failed. we'll see whether or not the stock is reacting to that. there were a number of proposals that we were watching. this was one of them. right now the stock is up just under 2%, 1.77%. keep in mind it's an extremely strong market day and julia boorstin is following the story and she'll have more, this particular motion which calls if an independent chairman which failed, there were others on the docket, as well, and she'll have an update for you. >> time to analyze this. there's a lot going on with citi, other action on wall street, a food seller, cigarette seller and watch seller. let's start with kroger. upgrading to buy from hold. market share gains have accelerated. the firm raising it price target to 30 bucks. you like it? >> i do. they gain market share when

competitors weren't. they used gasoline as a loss leader to get people in to the stores. but it's had two rallies. it rallied this morning and when they raised guidance. >> let's move on to wells fargo getting bullish on tobacco stocks. gn new port menthol volume growth up but not as feared. >> it's ironic we're talking about it today because in russia, they just talked about it. pays about 5.5% dividend. i'd look to sell some of the puts that expire in about a month. >> and let's move on to fossil. they see attractive risk reward. favorable currency. new brand product benefits to 2013.

fossil's down 2% over the past year. >> i don't like it. it might do fine, but i'm not interested in it. but a watch, i'm not sure. it's the second thing you have on your body that's equipped for that task of telling time. cell phones. my kids don't wear watches anymore. and i know it doesn't need to be practical to be a fashion sense, but at the end of the day, it's just bracelets f. not for me. i'm not interested in fashion particularly watches particularly. >> all right. i'll know what not to get for you christmas. >> i wear because it's a habit. >> thank you, gentlemen. let's check the gold market. we know equities are perform to go the upside. gold market's had a more difficult time of it today. sharon epperson is tracking the action. >> we've actually seen gold prices stabilize. we're up about $9. looks like we'll close right around the 17.346 level. and a lot of the help has come

from the euro. recapturing that 1.30 level that has helped in terms of what traders are looking at. they're looking at progress perhaps being made in terms of any bailout program that spain would take advantage of, they're also looking at perhaps maybe some inflationary signs looking at the cpi dwat take that we got. and they're also looking at the fact that we saw a sharp selloff in the previous session. and it's time perhaps for the markets to stabilize. yesterday's loss, it was the biggest one day loss we have seen for gold and silver in over three months time. as a result, retail investors took some money out. back to you. >> news corp meeting with share hold eer holders. the motion to strip rupert murdoch as chairman has gone down. the latest from that meeting and as we head out, stocks moving big in this rally. it has been a triple digit kind

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we of course are keeping an eye on citigroup which is up at 37.03. kate kelly will have more details on mr. corbett who are l. replace mr. pandit, a story we continue to follow all day here. we're also following a big move in the market. let's get the trading action with bob pisani. transport r transports are confirming this. is this a red fwllag for the bulls? >> i put it in my note i wouldn't be surprised to see them challenge it, but i think the market will get topped again and it will get exhausted because unless there's a real change in sentiment to push us over, yes, macro data is better,

earnings are all of a sudden great. people are hungry, so they'll buy pizza. but until there's a broader macro issue with the fiscal cliff, that will keep the cap on the market. >> i know this is taking send fidd second fiddle, but we're ten points away from the -- >> that's why we started with the markets because i do think that story is it getting overshadowed by citigroup. >> we're moving moves in the euro, spain is doing very well. they're trying to figure out some way to sort of have their cake and eat it, too, with the bailout. that's what's moving the markets. >> absolutely. another conversation about how they'll rescue greece and spain. you can tell the market wants clarity on all of these issues. so when it gets it, we get --

>> if you're a long term investor and you see the march to new all-time highs, if we have a couple more 100 point plus days, we'll be there. so as the individual investor, do you get in now? >> you get the opportunity to buy it a little cheaper. not much. >> 3% is all we can manage. >> so if the market moves higher you can people will feel like they're missing the boat and they will jump on. but you have to be patient. >> and you need comfort food. meatloaf tonight. >> i love meatloaf. >> let's head to the nasdaq. we have a significant gain in the nasdaq, as well. >> thanks in part to apple. shares close to $650. but also overshadowing news from

rival microsoft. microsoft announcing that it's taking pre-orders on its surface tablet which will compete with the ipad. same size, but 100 bucks less. meantime chips are the best performers today ahead of intel's news this afternoon. we'll get that earnings report after the bell. but the biggest reversal of the day, clearwire. analysts there cut the stock this morning on valuation. but then it moved again and so she upgraded the stock. says she'll hold it there for now. but the story is still the valuation and she doesn't believe sprint will make a move on clearwire anytime soon. >> thousanow back to the shake citigroup and what happens now that pandit is out. mike corbett is the new ceo. what have you learned about the new guy? >> the new kass as a surprise to

many bei many, but it appears michael corbett was not one of them. this transition was under consideration for a while. corbat had been the likely successor. the question that's murky is whether it was a more deliberate transition plan in the works prior to yesterday. of course maria was told by pandit himself that it was his decision. c on corbat, harvard football player. joined in 1983. became a lifer at salomon and eventually at citi and has been involved with nearly every business from trade to go we gi management to citi holdings. ultimately off load about on 40 of the firm's most toxic

holdings and assets. most recently, corbat was c chlt oechlt of the middle east and africa. he's said to be. uhe lar with the bank's clients which could lend a hand to its sales and banking efforts here and abroad. >> long time insider with broad responsibilities. one of the issues as we were just talking that some are saying was one of the stumbles had to do with the sale on pay resolutions that were there. is mr. corbat going to have to deal with the same ideas? >> he will, although it will be version 2.0, if you will. what happened is in april of this past year, compensation package awarded to pandit last year of $15 million or so all-in was essentially voted down. it's a nonbinding vote, so the company doesn't have to go along with it, but they still haven't

taken an official action. they're certainly i'm sure going to factor that into their thinking. post 2008 comp for ceos is not what it once was, but often hire than a dollar. >> mr. corbat will do fine. mr. pandit did fine. because when he sold his hedge fund to citi, me a lot of money. >> that was an $800 million purchase of the menlg fund. he got about $166 million pretax that year. the following year, he got almost $40 million which was a heck of a lot for the year 2008. and since then he had a couple of lean years. but he's made out okay. >> his 401(k) is better than mine, believe me. if citi is too hot to handle, how should i look at the big banks? >> i leicht the story on the big banks.

if the market does well, big banks could do very well. the thing with citi bank specifically, it's not a superstar otherwise it wouldn't be up. i think bank of america is a little better pick. but i like the banking sector. >> all right, jim, thank you very much. let's move to a market fwlash. >> there are reports circulating that the om group is in the market to sell including a refinery in finland. we're seeing a run up in shares. we'll continue to track the story. on the watch list this hour, julia bourewel boarulia boorsti news corp story. stock up almost 2% on the trading session. check out the invite for apple's

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chart of the s&p 500 up almost a full percent today and that is an indication that we're very close to new highs in many of the major indices. nasdaq doing quite well, as well. up better than one full percent on the trading says. >> black rock shares are on the move a day after it planned to cut etf fees less than expected on its e shares line of etfs.

some analysts think this will make blackrock more competitive with van guard and charles schwab. vikram pandit abruptly quit. why do you think mr. pandit is leave something 6% say he wanted to leave on a high note. 6% say he's unhappy with his compensation. 45% of you say something's fishy. and 39% say he was pushed out. 4% say personal issues. let's see what's coming up on street signs. i bet they have citigroup on their sights, as well. >> you win the prize. we'll all be over the shake up at citigroup naturally, but first and foremost, is the depart chur of the ceo good or bad for the stock? also wad tim bad timing for the house. another green company backed by president obama filing for bankruptcy. should the go. even be using taxpayer money

this way? and we've got a first on cnbc. linkedin gives us a tour of the newly redesigned website. we'll debate whether or not the social media is annoimmediate s continue their run. back to you.standout can continue their run. back to you. news corp meeting with shareholders to discuss its future after the hacking scandal and the various other challenges the company faces. jul jul julia boorstin live from l.a. >> the shareholder meeting happening behind me. all the proposed directors were elected to the board. a motion to to have an independent chairman failed. that would mean ousting murdoch as chairman and ceo. the compensation plan was approved and motion to eliminate the two tier voting structure has failed. that of course does help the murdoch family maintain control. they own only about 12% of

shares. but they control about 39% or 40% of the votes. murdochs also have the support of the prince who controls another percent of shares. but more dock would say all of his proposals were approved and all the moves to oust him were because of the performance ever the stock which is up nearly 50% over the past 12 months. rupert murdoch kicked off the meeting by acknowledging the mishaps and problems at the uk publications saying the company has proposed vehicle policies with oversight as well as more auditing and dratraining. he says more details about the management and the board of those two companies will be coming by the end of the year. and now the meeting is still on guilty doing. fund managers are taking the microphone.

talking about the need to make it a more diverse management board. >> thank you very much. let's move on to the state of technology and we will get clues when webellwethers ibm and inte report. ibm up about 14%, but intel going the other way, down a little more than 8%. jon fortt live in san jose to get us ahead of the numbers. >> two very different outlooks for these companies. intel in the throes of a pc downturn that some are hoping windows 8 might fix. let's start with intel. the chip giant warned of a billion dollar revenue miss pointing to enterprise spending and emerging market softness as the reason. those two areas had been perennial bright spots as the consumer pc business had flagged.

analysts for 3.2 billion in revenue. on ibm, a trick quarter. sales got a boost, and spun off retail solutions business in the quarter. guidance is key. ibm, we're looking at the services backlog among other factors. >> citigroup's vikram pandit surprisingly stepping town from his role as ceo today and it's effective immediately. maria bartiromo sport with mke pandit and he said it was his division to resign. all higher.

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joining us is bob pisani and first up, perhaps no surprise, vikram pandit's departure. the stock falling since he took the helm, but rising 250% since the march lows in 2009. so what's his legacy? >> i think it's tarnished because of exactly what happened today. i'm sorry, this was not a thoughtful separation as he seems to be implying. this was a shotgun divorce. if it was not full, discuss it with the board, form a search committee. but this can't happdidn't happe. i'm sorry, this was either dispute or pay or strategy or both. >> and the stock has lost steam. >> up 1%. the street has spoken with about

how cataclysmic event they think it is and the answer is not bad. >> you agree? >> i agree. it's hard to think that he'll have a positive legacy here when the stock is down about 90%. in addition there's been stumbles all the way. there's been the dividend problem, the morgan stanley smith barney problem, problems with the pay, problems with the dividend getting rejected. so with all these things, it won't be a positive legacy. you can say, yes, he got a very bad hand like president obama, but after a while, you bought it, you broke it. >> he does pretty well selling that hedge fund to citi, though. >> that was his best move. >> apple shares sending invites to a special event on october 23rd. if you take a close look at the invitation, the company says we've got a little more to show you. emphasis on little. what do you think, bob, a new mini ipad and do we need it? >> yes, we need it because they want to compete against amazon. and they've been very successful

with that little kindle. i see people with that little kindle sitting around on the subway. so, yes, it's about the ipad mini and i think it will be very successful. >> i have an ipad and my daughters have an i touch. not a lot of room in between. and i think that the people using the kin kedle are the che people don't want to spring for the ipad. pizza put backing away from its pledge to give free pizzas to anyone who ask the candidates about their favorite topics. >> they got all the publicity they needed out of this p. people were talking about it. >> so it was good there was a lot of krcriticism. >> they got what they wanted and it was the right thing to pull out. >> the world has digested the point that they'll be talking

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we're hitting a new high in the dow. up 126 points. nasdaq up better than 1%. 33 points to the plus side. and s&p 500 up 1% at 14.63. almost every hanmajor group is the up side, although always more weakness in the home building stocks. >> what does the market know that i don't know? it clearly knows a lot. what changed from last week? let's look at some earnings, specifically bank of america. >> i like the fact that some of the other banks have posted pretty well. to me it's a confluence of two things. bank of america is breaking out of a congestive p