thanks to our guest host, steve case. you know your last word has to be aloha. let's come together in washington to get things done. >> we really need to deal with immigration reform. that and aloha. that's a longer aloha. and mahalo make sure you join us tomorrow. "squawk on the street" is next. very nice. what a night of television last night as amc's "breaking bad" comes to an end. we promise not to spoil it for you z we are on episode 5 at home.

so do not even start to think about it. >> only 57 to go. good morning. welcome to "squawk on the street." i'm carl quintanilla, jim cramer, david faber. we are going to have to deal with a potential government shutdown. futures down triple digits as the unknown looms. take a look at the ten-year. another one to keep an eye on at 2617. europe has its own issues as the political wrangling between italy's enrico letto and b berlusconi continues. italy taking its toll on the global market today is the day that carl icahn is set to meet with tim gook. no one puts ballmer in the corner. we have video of the microsoft's ceo emotional good-bye to his

employees and the soundtrack to his acceptedoff. first up, a number ahead wins for the markets today. the government shutdown looms at midnight eastern borrowing a last-minute agreement. the house did pay a bill that keeps the government running but delays the president's health care reform law. political turmoil in italy. member of former p.m., berlusconi pulling out of the ruling. asia, fell a full point from mid-month levels to 50.2. so, jim, the overriding dynamic today is? >> weesh got to go back to 2011, 2012. look at these and say this is still very early in the decline of the market. it's vicks is only at 15. the thing that saves us is that the fed didn't taper. interest rates are very low. the alternatives are not that great. gold is down. go figure that. you look around the world. you think, i still need some

income. dividends are going to give me that. i'm searching for why the market isn't down. it just reads real bad. >> i guess the fact that we have visited these types of deadlines before. i'm thinking more of the debt ceiling which we have 17 or is it 18 days we're still not to october 1st, to go. >> but, these are all merging, resolution, government shutdown, debt ceiling but last time people remember, if i sold into that, i ended up being regret full because of the huge rally that took place right at the beginning of this year. >> el with, i think you can sell in october and then buy at the bottom in november. every one of these selloffs have given you a better opportunity to buy. if you wanted to. i'm willing to look through this. maybe you are bet teeing ting i 1995/'96 shutdown. for those trying to be prudent, betting that there will be a

week from now a lot of rancor is a good bet. >> you mentioned the '95/'96 shutdown. that lasted from december 16th to january 5th. it was the longest shutdown we have ever had. s&p down 37 going into it. a month after, it is up 10%. it this like a big sale, everything on sale. >> there were two shutdowns. dow down 2% on the first one. dow gained 2% on the shut down, then, continued to rally three. what i did, i went over that period. it is relevant. we just didn't think that the government mattered that much. we did worry about interest rates. that year, you saw rates go down from 7.78, this period in 1995. then, they went to 6.58. that's rather remarkable. you had some things going for you back then. >> by the way, also back then,

congress had already approved a number of appropriations bills. >> right. it was more political theater. this just doesn't feel like theater. this feels like claymation death match. >> the fact we are headed into the death match, will be more destructive if that was to happen. everybody will give you those odds. those odds if we get a government shutdown would potentially seem to shut up. a little shutdown. we will still have plenty of people working. you won't be able to go to the national parks or do a lot of things but the impacts on wall street will be much greater if we hit the debt ceiling and go past it. >> this, again, is why i say, listen, you can still take some stock off. we have been talking about once we finish tapering the discussion to that, we will go into this. now, we are just going into it. why today would you decide is the day to buy. i just think that is not prudent. >> while we are dealing with

italy again, ten years finally going up. will berlusconi pull out? will they be able to form a new government? will they hold snap election sns. >> it does help europe is doing a little better. >> you mentioned the collision between this deadline in washington and the end of the quarter. the best quarter since q-1 of 2012. dow is up 2.3. s&p is up 5.3. dow is up 11%. >> i went over the charts this weekend. i said, wow, this market is so hot. aerospace is so hot. biotech is hot. any sales into europe is hot. any sales into asia is hot. it is not like we were set up to be down a lot going into this. it is just not the case. >> the nasdaq, 25% for the year. last week alone, amat, yahoo! facebook, up, 8%, 9%, 10% in a week, jim. >> if we didn't have this,

wouldn't we be talking about profit-take s profit-taking. let's layer on a debt ceiling or the fact that there are a lot of people in this go-around who seem to think that they are very detached from the real economy, who are trying to make a big point in washington. the big point is that the government must be shut down. i think there was a lot of regret that the government was shut down by the republicans, certainly, in '95 and '96. now, i think they would say, it has to happen. we have to prove our point. these are people whose 401(k) is clearly not in the stock market. they don't have 401(k)s. >> one can only be wondering what would happen if we were to have gotten an energy or farm bill or any legislation that would move the group forward? the same group would say anything is bad. >> we need berlusconi here to make it better, someone who is

cool-headed. the italian government z what would prudent do? >> iron fist. >> watching some foreign news. it reminds me of all the other times which we have had these. we look very mickey mouse. our companies are not mickey mouse. our companies are doing incredibly well. apple. >> yes, talking about apple. >> in fact, jim, today is the day apple's ceo tim cook will be meeting with billionaire, carl icahn. the company share buy back program expected to be on the agenda. icahn says he believes that apple is extremely undervalued. they had a number of different plans. it is not clear what the meeting is going to include, eating, eating in a public place or simply meeting at mr. acahn's offices at the g.m. building. they are not sharing if they settled on a final plan. you are going to have carl icahn sitting across from tim cook.

i am told cook has been a student in the way of icahn. >> pass/fail? >> how you listen to carl when he is coming at you and telling you to do better things. >> carl is not going to give him any advice on the business, per se, one would imagine. you need to do better. >> i think cook comes in on a high. i think the phone is great. i am playing with all the features this weekend. there is a lot to offer. i don't think he is coming in with hey, i'm sorry i didn't deliver. >> what he will come in with is a sense for the balance sheet that will simply say, you can do better in terms of buying back stock, which will only help, that you are generating so much free cash even under a not great scenario. you are still going to do $50 billion in free cash flow. >> there is this brand strength.

apple displacing coke as the number one brand. apple is now number one. last year, they were number two. they were number 8 in 2011. >> where is samsung? >> samsung is third from last. >> third from last. >> of the top ten. again, i think tim cook comes armed with good product story. >> icahn can come armed with, listen, this buyback is huge. it is not big enough. >> if i were tim cook, maybe i would say, we bought back "x" today, carl. what the heck do you want? >> when i was dealing with aubrey mcclen non, when icahn had some ideas that he felt were substantive. >> i don't remember having those conversations with him, whether it be about yahoo! or time warner. >> did he say anything to read

hastings. >> i think he generally deals with the big picture. why do you buy in biotech? people want to live. they want to live longer. >>. great matter, the breakthrough in gray matter, right? >> that's all i will say. you even mention something, people want to shoot you. >> is. >> speaking of "breaking bad," did you see what warren buffett tweeted? off of his twitter account. his fourth tweet ever. he says, not even oracle knows. that's warren buffett wearing a heisenber hat. >> it captivated a lot of people in the show. >> he come in. it is a cable show. it was hard to find. i was like, can i tape homeland? what do i do? >> did you watch homeland also.

>> i watched homeland and switched over. the ratings may not be cablelike at all. people talking about them cracking 10 million viewers. you see why netflix does well. one of the places people should go is the network stocks. they have buybacks that carl icahn probably loves. they don't let the stocks come down. >> they use a lot of free cash flow to buy back stock. that's one of the great stories we mention. big, big buybacks. this world is a world of time shifting. we are there now in terms of all those different arguments. i'm time shifting everything. carl clearly is not. he is on the network's clock. >> i have a lot of different systems. i had two backing up homeland. i had two just in case some clown would call during breaking bad. can you imagine? >> the one thing i was able to

get rid of on my dvr were the jets and giants games. >> erase them. >> broncos, on the other hand. >> wow. >> if i were you, i would stay quiet until the super bowl. >> only one team has scored more points this far in, the 1966 cowboys. >> when you play the eagles -- >> only one team has given up more than 34 points other than the new york giants. >> 144 offensive plays. two fast break teams playing. they were exhausted. >> when we come back, a look at the emotional steve ballmer. also, ahead, enter the king. >> success. who doesn't like success? if we stay hungry, if we stay motivated, success will follow. a team leader. i understand every single pitfall and up and down. it is all about staying even

keel. can't get too high or too low throughout the course of a season. it is too long. if you maintain the focus and understand what the job is at hand in a great position to have success. >> lebron james has bonn nba championships and olympic gold medals. >> i understand he is a fantasy football guy. it might be worth hearing who he played. >> we will have an exclusive about leb bron about new territory he is looking to conquer. another look at futures. as jim said, looks pretty bad as we countdown to a government shutdown and, of course, the end of the quarter. squawk on the streets back in a minute. at bny mellon, our business tis investments. managing them, moving them, making them work.

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the world. soak it in. >> ballmer was certainly soaking it in, taking a lap around seattle's key arena, to the tune of, i've had the time of my life. i think that's joe cocker. >> jim, you look pained. >> i'm closing my eyes because it blinded my retina. >> steve was like in this college. he was so fired up. he as fired up about nothing. full of sound and furry. >> he must have been fun at a party. >> he was. he had a name for me. at that point, i had hair. he would come in and he would be a ball of fire. i always loved his enthusiasm. he was the manager of the football team. loved the enthusiasm. the stock has been going up because of thatal malawi rumor.

in the journal today, it looks at mark fields. >> i know mark pretty well. i think he is the right guy. jack del rio not mentioned. is he talking about the southern cal job. if it weren't for the fact there was a gazillion things, that guy was fired from a play at home. the stories that broke this weekend that were nonwashington, really gave washington a run for their money. >> trying to give washington a full run for its money. >> i'm just trying to cheer things up a little. >> so gloomy. when we come back, cramer has some advice on how you can end the month on a profitable note. we will hear that in his mad dash. not only is lebron going for three nba titles. when it comes to business, he knows what time it is. our exclusive with the king is coming up. take one more look at futures as we wrap up this third quarter

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we are setting the scope for the opening bell here on a monday. looking down at the overall market. a lot of people focused on washington, d.c. we are focused on? >> ship poet lay achipotle and . morgan stanley downgrades panera and upgreats chipotle. if you buy a stock recommended, this will go up the most. panera has been challenged. chipotle has the right momentum. >> 42% gain year to date. you should never focus on what these stocks are up over the course of the year. has the growth rate moved up enough to justify that move? >> the rest of the world's

growth is so low that people pile into what has the growth. chipotle was down 100 points in a day, it has accelerated growth year over year. panera has decelerated growth. people are surprised panera has missed a couple. i think they are both high quality. people like to trade back and forth. >> completely flat over the years. people are talking about head and shoulders. when we get into this kind of turmoil, a lot of the big growth managers, they look at that. >> they go back to their charts. >> they cling to their charts. you may think that that is factuous. i say, be careful of this call. people want to call one or the other. if panera does well, that would be the better one. panera has been going down for a long time. >> it has been stumbling. >> i do thing jack hartung, who

is the cfo of chipotle. the consistency of that company in terms of its lodge-term pattern and growth path overseas, really fabulous. both are fabulous companies. >> i see the lines around the block in mid-town, out the door and around. >> they love this food with integrity. it does matter. a continual theme in this market is, people want whole foods, they want chipotle. they believe these companies offer an organic and natural food that will make it so they will not have long-term illness. it is part of a major health care theme. i'm not kidding. >> back to carl icahn, people want to live longer. >> fasten your seatbelts. a couple of minutes to go before the opening bell on a very potentially volatile day right here on squawk in the street.

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minute and a half. end of the quarter, best quarter since q-1 of last year. we are bracing for a potential government shutdown tonight. the first one in 17 years. the senate, not due in session until about lunchtime, jim. it is not like there is a big rush. no one is running to the fire, necessarily. >> obviously, trying to figure out what would happen if they did an extension, a two-month extension to work things out. people would just say no. that's not enough. we really think something substantive. people in the stock market. what carl said, there is no end game in the negotiations. last time around with the debt ceiling, there was the possibility you would end up with something much better. now, there is not even a game plan. >> unless you are vehemently opposed to obama care. >> if you are boehner, you are going to get the bill out and

strip it out and try to pass it? >> his party won't let him do anything. >> there are republicans that would vote for it. part of his party. >> there are republicans that are part of it -- >> look for a lot of red at the open here. there is the opening bell. the s&p at the top of your screen. the big board leidos celebrating its name and ticker change. focusing on science and technology for health care spinning off from faic at the nasdaq. manufacturer of air-conditioning and heating equipment, celebrating the company's 25th anniversary. a lot of people watching charts today, jim, over the weekend. on friday, 1684 did hold. not with futures over the weekend. people now looking for support. 1665, 1665. >> after a run like this, individual charts, the charts that are connected with

overseas, very vulnerable, but they do have the best fundamentals. last time, we didn't mention this. china had a disappointing number. you don't want to lose china. china has been a major prop to the last four weeks of this stock market. you don't want to lose biotech. i'm watching regeneron. a new study one of their drugs is doing well. watch them to see if there is any bounce. watch the financials to see if maybe that cloud lifts for a couple of days because the interest rates, even though some of then would do better with rates higher. >> regeneron. the number one loser is jcp, the biggest loser for the day. >> they raised a lot of money. you take the credit problems off the table. >> do you take the problems off the table? >> now, management has a credibility problem. now, it could be out of date.

this was on friday's reporting. the large share hold terse had not sold. you see the entire shareholder base turn over. >> they raise the money to calm anybody in the credit chain that would be concerned but it's not clear that that is the case. >> this is you buy gileat before you buy at jcpenney's. i salute ben bernanke. why did he taper off his buying. he said he was going to be here. he made a very good prediction. maybe he is a chartist. >> if we get a debt ceiling, maybe we get q-e-4. >> that was a smart move. >> bernstein, keep an eye on

blackberry. bernstein raises it to a market reform. any lax of credibility is priced in. they give it a better than 50% shot. >> the security business is not bad buried within that company. it does have some -- >> while we're under a -- with the threat of the debt ceiling, the government shutdown is a possibility. you are not going to see a lot of transactions to begin with, period. >> financing, leverage buyout of blackberry was difficult enough. >> we will talk about that tonight when you are coming on "mad money," the 20th anniversary. the idea. >> the 2000th episode. >> my 20th anniversary. >> that was a day ago, 2000 episodes tomorrow. i think we got to talk about the idea of where is activism, specially after carl icahn.

we don't want that prop taken away. >> for the largest companies, which, again, is a fascinating thing. a new era in activism where we can talk about companies like apple. nobody can take a percentage position that is large enough to threaten them in a real way. yet, because they have the support of the rest of the shareholder base or enough of them, management and the board really listens. we have seen that in microsoft. we have seen it in p&g. >> these are incredibly large companies. these are not $5 million companies. they are among the biggest in the world and they are still le listening. a change in terms of governance. the company had always been product oriented, still is. microsoft always felt, one thing we have gotten right is the cap structure. people question the cap structure. >> you mention financing may be

taking a halt. people are saying the twitter ipo could be delayed. there is chrysler on the docket. >> you are not going to bring these if you have incredible volatility. the opo market was bubbled. if it is cloud, it has been fabulous. it is kind of like, if it com on it, it is fabulous. i would like to see that part of the market cool. >> let's get to bob pisani with the dow down. >> cyclical names, basic material stocks, energy, tech, financials are the weakest groups here. many of them down about 1%, 2%. the least affected names are defensive oriented, utilities and health care stocks. take a look at the asian markets. the nikkei down 2.1.

china shenzhen, on the up side in asia. most of europe is down about 1%. italy is down close to 2%. everybody knows the ministers in berlusconi's party resigned. it is not clear if the government is going to survive. the p.m. seaid for a confident. everybody knows this. a shutdown in 95/'96. >> a very, very low level. i think the markets may be underestimating the impact, particular particularly if you have a collision between the budget and

the debt ceiling fight. this could collide. i don't think people are anticipating having a prolonged shutdown. i have made some phone calls. the fdic and the fed would remain open. fanny and freddie would remain open. they say only 4% of their employees are essential. a little market surveillance. any work on policy issues would fall. i spoke to the sec, they have a policy paper out, essential functions would continue. ipo reviews, are you listening, twitter, that would probably cease. most enforcement actions also would cease from the sec. there are real impacts here that could happen if we get some kind of shutdown. cooper tire here, this is the day the share holders are expected to approve the sale to apollo tires from india, $35 a share. you should get that news very shortly. guys, back to you. >> thank you very much, bob. let's get to scott cohn.

breaking news regarding mark cuban. good morning, scott. >> reporter: good morning from dallas, carl. mark cuban is in a slightly unaccustomed place for him, federal court, where he is about to take part in a two-week civil trial for insider trading charges. a case that dates back to 2008. cuban has been fighting this case very vocally over the years. it involves an internet stock trade in 2004. he just walked into the courtroom a short time ago. here is what he had to say. >> i'm excited about this finally to come to court. i won't be bullied. that's the key element. the thing i'm really looking forward to is shedding some sunlight on how the sec works. >> reporter: he wouldn't elaborate on that part. that is likely to come up in this case which involves the sale of a stock he owned called mama.com, canadian search company, back in 2004. allegedly, he was in possession

of inside information that the company was going to do a secondary stock offering that would have die luted his shares. he said he was under no obligation to keep that confidential or to hang on to his shares. that's what will besided in his civil case. he is a multibillionaire. only a few million dollars at sta stake but it is the principal. >> never seen anything like it. taking them on. no one takes the sec on, right, scott? this is highly unusual. highly unusually that mark is taking them on, that anyone is taking the sec on? okay. anyway, let's shift to bonds and the dollar. rick santelli is in chicago. >> the treasury market still acting somewhat calm. continuing its trend started on statement wednesday of lower yields. as you look at a two-day chart of fives, specially against

friday's lows. if you look at tens, we traded under the 260 mark. the last time we were at these levels, around the 8th of august. hold that day. hovering just below 1.80. bund. you can see it is moving down. foreign exchange, we could talk about the dollar and what's going on in government. if you look at the last two fridays, unemployment reports, specially the one around the fourth of july, the dollar was on its way to weaker prices, exaggerated by ongoing buying by the fed, of course, with q.e. and the issues in washington. if you look at that chart, we are offering at the highest levels of the euro versus the dollar since february. dollar index, the mere image reflecting that dynamic. piercing some key support

levels. back to you. >> thanks very much, mr. santelli. the bond report. where is my drumroll. i'm waiting for my drumroll. >> thank you very much. let's talk about amr. we have a trial coming up, november 26th, government versus american airlines. it's potential merger partner as well is what we are talking about as well and whether that fact will occur continues to be the real question. at amr, while the company keeps trying to get its employees feeling good about the future, whether it is dependant or independent, this morning, the company comes out with what it is calling record august earnings for its apparent airlines ceo, tom horton, saying we are making good progress on

the merger front. not quite sure what that means. here are the numbers $2.34 billi billion, up 7%. they remain open to discussions with the justice department regarding settlement. i'm sure that's the case. >> shut down. sequester. >> i did want to bring that up. last week, we watched hertz, particularly its airport business heard, we saw ual, passenger revenue per available seat miles not good. both those stocks were hurt. the group took a hit, as you can see, many of the names right there, of course, in terms of what we're talking about. u.s. airways, potentially, the merger partner for amr, that i was referring to earlier. that's a big one coming up in the not too distant future. not sure if we have a government

shutdown. i guess the justice department will continue. they will be able to actually go to court. >> the big issue i had, when you go back over the conference calls, each is the question pertinent. nonessential this time. washington does some very good articles in the washington post about it. >> the d.c. economy will have serious pain coming if this happens. >> kelly evans is here. she can do her report before p.m.i. in two minutes. >> i would never mess with p.m.i. it is actually to the point david was talking about with some of the stuff happening on the sequester front. the political rhetoric about the deficit as we head toward the shutdown seems to have disappeared almost as quickly as the deficit itself. here is a look. the back drop, projecting u.s. budget deficit to fall by 2% by fiscal 2015. 2% of gdp, largely because of

the economic recovery. it rewidening as we get 10, 20 years out. the sequester is harming and not helping those longer term projections. it is increasing unemployment in those areas interested in growth while not doing anything necessarily to curb entitlements. the biggest risk to the deficit an the debt load are those entitlement programs and any recession, any renewed weakening in growth. t the longer the government shutdown lasts, is as much a risk to our longer term budget, if you want to call it profile as potentially what's happening on the o he ba obama front. the deficit will be shrinking a lot more quickly if it weren't for everything happening in washington right now. >> this is just what the tea party said they wanted. we don't hear about it this time. it is all about the affordable

act or obama care. >> the rates go up because we violate the full faith and credit. those that want the deficit down, they are going to send it so we have a much bigger deficit. >> it needs to stay top of the mind. >> goldman does say they see the prospect of a shutdown tonight, quote, fairly likely. they say, if it lasts a few days, the macro econ effect, pretty modest. >> 0.3 percentage points off growth. the economy is only growing at about a 2% range because of the a for mentioned physical head winds. let's get to rick in chicago. chicago, much better than expected, 55.7. that headline number is the strongest since march -- may, when we were 58.7. let's look at some of the internals that are most important to us. if we look at the employment

index, that moved from 54.9 to 53.2. new orders moved from 57.2 to 58.9. a little deterioration in employment index. most traders aren't taking a big look at it considering the dynamics of the day. when we come back, an exclusive with lebron james. what has the team owner and carnival corp chairman, mickey ericson, told him about the business. the markets, off of the lows doesn't seem to mean much today. the dow is down 140. we're back in a minute. lyrics: 'take on me...' ♪

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and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. the dow down 154 points. walmart barely hanging on.

it is early. people forget, there is a full session. >> you hear rumors of something good. the market will go up. we are in that phase where there will be rumors during the day. just get some conviction either way. my conviction is that the market could go lower. i done think it will go dramatically, because the alternatives aren't there. i think there will be an uglier moment than now, i believe. how about that? >> in the meantime, take your mind off that. four-time mvp, will lebron jame unveiling his $150,000 watch for audemars. we asked him about his relationship with carnival cruise chairman, mickeyy arison. >> he talked to me about business, winning championships. i've won two of them. >> we'll talk to lebron live not just about basketball but about business and leadership.

whether you are a miami fan or not, he has. >> carnival has been challenged. nike, not challenged. >> nike, the best performer on the dow for the month. it hasn't been in for the entire month. >> a lot to ask him about. very smart guy. i like when we bring these athletes on. they offer an apple versus samsung perspective. >> we know what he uses. >> he did the big ad for samsung. oh, boy. maybe he switches. >> no, he is not going to switch. as we look forward to the 2000th episode of "mad money." this is jim imitating lebron. >> oh, oh. in valuation of nike stock, as only jim can do. >> i didn't like the stock. there is a height difference, you know. >> you are just as quick going

to the rim. >> am i? >> oh, man. >> i had cuban on when he did one of those long shots and banked it when we were in indiana. the 2000th show is an important milestone. >> hey, i'm cramer. >> #mm2k. in the meantime, here is what's next on "squawk on the street." coming up, investing in this market can be as tough as an obstacle course, a dirty, muddy, ugly race but we've got cramer here to steer you in the right direction. six stocks in 60 seconds is next. now, go hit the showers. we'll be right back. bny mellon combines investment management & investment servicing,

giving us unique insights which help us attract the industry's brightest minds who create powerful strategies for a country's investments

which are used to build new schools to build more bright minds. invested in the world. bny mellon.