frank joins us now. >> morgan stanley, shares moving down about 3% lower despite inline revenue and aas 8% above estimate buzz still 9% lower year over year. revenues of $938 million, well below the estimate of $1.11 billion. wealth management also missed expectations. again, shares down more than 3%. >>> travelers insurance moving lower after a beat on revenue but really actually moving higher now. 1.25% after a beat on revenue but a big miss on eps. profit more than 30% below estimates, catastrophe losses that led the personal line of business, which generates just about 40% of revenue, to be unprofitable. however, that headwind was expected. you can see right here, shares up over 1%. last but not least, procter & gamble shares moving higher this morning. profit, 6% above estimates. 7% organic growth, that beat estimates. shares up 2% right now. the fabric and home care business that includes mr. clean and downy, really, the driver of the quarter. becky, back to you. >>> okay, frank, thank you very much. let's take a final check on the markets right now. the futures have been in the

stanley. >>> coming up, pollster frank luntz joins us to discuss the latest from washington as congress readhment vote and then nick pinchuk joins us, the ceo of snap-on tools. it lives here and here- on your iphone, and it will save you 6% on holiday gifts at apple; like iphone, apple watch, airpods pro and so much more. ♪ apply in as little as a minute, right in the wallet app. apply in as little as a minute, johnsbut we're also a cancer fighting, hiv controlling, joint replacing, and depression relieving company. from the day you're born we never stop taking care of you. [ drathis holiday... ahhhhh!!! -ahhhhh!!! a distant friend returns... elliott. you came back! and while lots of things have changed... wooooah! -woah! it's called the internet. some things haven't. get ready for a reunion 3 million light years in the making. woohoo! -yeah! . >>> the house judiciary committee, 658 page report was released overnight it outlines two articles of impeachment against president trump. abuse of power for withholding aid to ukraine while pressuring the country to investigate political rival joe bi

stanley. it's also hired pr crisis firm joel frank.public demands of chipotle after becoming its second largest shareholder last month. shares of chipotle down more than 12% in the last two months. so roughly spanning that investment horizon. but still down about half a percent. they did have earnings this week too. >>> and general electric is in discussion with baker hughes on partnerships. while nothing is concluded, none of the options include an outright purchase. last week believes that the oil market has bottomed. but demand for equipment that the company makes would take longer to recover. we discussed whether ge is getting in or out of this business at exactly the right or wrong time given the prices of crude at the moment. >> and twitter announcing it's going to discontinue vine. you ever done it? >> no. i've watched vines. >> all right. i i was going to make a joke but i decided not to. >> about vine? >> yeah. it's part of twitter's cost cutting efforts -- you can figure it out. a 9% cut in its workforce worldwide. the vine w

frank. thank you for the report >>> when we come back, former four-star general stanley mcchrystal advises companies risk. what he is telling his clients right now. we're back after this. with models that fit any lifestyle. and innovative ways to make your e-tron your own. through elegant design and progressive technology. all the exhilaration, none of the compromise. the audi e-tron family. progress that moves you. >>> welcome back to squawk box our next guest is a retired four star general i want to bring in general stanley mcchrystal right now served as commander of the u.s. forces in afghanistan now founder and ceo of the consulting group mcchrystal group. i'm curious what you're telling your clients amid the risk on the business battlefield, if you will. >> thanks for having me, an trt -- andrew i've been out of the military for 12 years now and had the privilege to work with talented ceos across all kinds of businesses they're worried. they're worried about things that are unpredictable they're worried about pandemic this week a banking crisis maybe war in asia. cyber attacks. accidents. you n

planned to go public within days goldman sachs and morgan stanley were actually running the book on the ipo meanwhile on another side, frank'sere not talking to each other this is one of those unicorn deals. one of the many unicorn deals that happened in the last couple of months now where big tech has bought them literally within moments before an ipo. it seems to be a trend i don't know if we're going to be able to get them back, guys do we have them? i think what we're going to do ndrylip in a quick break a t to get them back apologies for the missed connection we'll be back with them in a mmpbt. for decades banks have been getting away with it. charging you excess fees. making you wait in line. keeping billions of dollars of your interest. they've been treating you like you're lucky to have them. that's not right. show them who's the boss of your money. you. better is out there. ally. do it right. if you're waiting patiently for a liver transplant, it could cost you your life. it's time to get out of line with upmc. at upmc, living-donor transplants put you first. so you don't die waiting. upmc does more living-donor liv

stanley. from yesterday. >> they're already on your desk, frank.k. >> for the business in the when i started walton goggins goggle glasses, i had no idea what i was doing. but godaddy airo does. using ai to build a logo, website and social content. so i can let the world know, if your goggles ain't goggins, they don't belong on your noggins! world's largest portfolios for decades, from. properties generating income today to developments appreciating for tomorrow. our billion dollar fund is designed to bring balance to your portfolio. >> helping you grow your. >> wealth year after year. >> start growing. >> your real estate portfolio today with the fundrise flagship fund. >> the fbi calls it house stealing, the latest scam where a cyber thief transfers the title of your home out of your name and steals your hard earned equity. >> it's roughly 60. >> to. >> 90 days for that person. >> to even figure. >> out that they're the victim. >> of. >> this crime. >> you start getting. >> foreclosure notices. >> and you realize. >> you've got. >> four mortgages

frank has that story. "squawk box" will be right back. >> announcer: davos 2022 is sponsored by morgan stanley. to supporthief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop to senior management to make the appropriate decisions, which ultimately contributes towards the bottom line. if you're thinking about growing your business, if you're thinking about driving the business forward, inclusion is a strong part of this. i am peter akwaboah and we are morgan stanley. insights illuminate better choices. allowing us to see differently and do more. with kpmg you have the people and technologies, to uncover insights and turn them into action. when we act on insight, with the right people by our side, opportunity is everywhere. let ins

frank has been so great. they're kicking ass, doing wonderful. >> i'm agreeing with you, joe. >> thank you. >> you know, morgan stanley also, you know, had a muchbout ten years ago than it had at the present time. you know, the banks have been forced to siphon staggering amounts of money into the u.s. government directly and through the federal reserve as a result of all of these regulations that they've been throwing at them as a result of velocity of money. and the u.s. economy has gone down consistently year after year, quarter after quarter which has slowed economic growth and banks right now are firing tens of thousands of people and they're getting rid of branches. and if you take a look at what is in the bank earnings in this can quarter, you can't understand what the fed is saying. because banks are sitting here with staggering amounts of money which they can't lend to anybody because presumably the borrowers don't want it. so dodd/frank is having a bad effect on the banking industry. and banks are not making a huge amount of money relative to ten years ago. the other thing that's interest, dictatorship of the fed on the regular side th

frank luntz on each candidate. as we head to break, here is a look at the s&p 500 winners and los losers. with e*trade from morgan stanleyfor whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? >>> good morning. welcome back to "squawk box" live from the nasdaq market site in times square. a little red. not too much what happens. we will see what happens as we get in the session at 9:30. we got there at 5,500. >> a lot of analysts are 5,500. >> now they are talking year end. >>> now to the stress test. federal reserve announced the banks can continue to lend to consumers and corporations. joining us is the senior north american banks analyst. all 31 banks passed. there is an issue of how well they passed. people keyed into that. goldman and wells did not look good. can you walk us through why? >> thanks a lot for having me. we said this going into the stress test and inherently opaque. as you pointed out, goldman and wells did not look as well with the stress capital buffer. the requiremen

frank luntz, always with an interesting perspective. great to see you this morning. thank you. >> thank you >> when we come back, breaking news this morning, we'll talk about it, morgan stanley$13 billion just crossed the tape. we'll talk to a wall street analyst after the break and also a reminder, you can watch us live on the go, of course on the cnbc app we're back right after this. legendary terrain in telluride, the unparalleled landscape of park city, or the famed peaks of whistler, you've faced the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. with unrivaled pricing, real time tracking ship skis delivers, hassle free. ship ahead and go catch those first tracks on fresh snow. ship skis. your skis. delivered. >>> welcome back, everybody. let's look at this morning's big movers for that we join dom chu what's going on? good morning >> we have a lot of leisure and hospitality themes going on this morning for movers on earnings headlines. start with the price action in norwegian cruise line holdings, shares up 1.5% on a thousand shar

stanley >>> welcome back, everybody. donald trump's spending level jumped to the highest in august but still trailing hillary clinton's campaign cash. robert frankore. >> good morning. donald trump's campaign did ramp up its spending in august but cut back on the controversial payments to his own companies. trump's campaign spending top $30 million in august. that was up from $18 million in july. so big jump there. hillary clinton still vastly outspending him with $50 million in august. now, his biggest expense was $11 million to giles parscale that does work for trump's private companies. to date his campaign has spent more than $8 million on his own businesses like his golf courses, his office tower rent, and that aircraft company that he owns. but that amount dropped dramatically in august. only about half a million dollars went to trump and his company. most of that was going to tag air, that's the aircraft company he owns. he's now chattering planes from a new hampshire company called private jet services. the campaign spent a total of $2 million on companies affiliated with him or his children in august. that includes $1.6 million to the m

stanley. >>> welcome back to "squawk box. president biden taking aim at the wealthy with the bear minimum tax. that numbers coming out over the weekend. robert frankor is it continuing? >> reporter: it is continuing, especially when you add in the great reporting on the share buyback. the white house with sending a message to those at the top. the tax is called the billionaire minimum income tax it applies to households with $100 million of net worth. that is the top 20 households. the first part is a minimum tax of 20% minimum tax rate they pay a tax rate of 12% currently. owe additional 8% on income. it redefines income to include unrealized capital gains they pay up to 20% on the increased of value of stock or business if they never sold. they would have several years to pay the tax. the stock goes up one year and down the next, they get a credit against the future payment let's take an example of mark zuckerberg that stock has been all over the place. worth $128 billion at the end of last year. 2021, he would owe 20% of that or $25 billion of that total as a one-time tax going forward, he only pays for the annual change based on the stock pric

frank will join attoight after the break with th sry. "squawk box" will be right back. - so this is pickleball? - pickle! ah, these guys are intense. with e*trade from morgan stanleyever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? harry & david makes mother's day easy. share a gift, made with love, with the mom in your life. choose from hundreds of stunning baskets and towers. it's the perfect way to say thank you - for everything. harry & david. life is a gift. share more. norman, bad news... i never graduated from med school. what? but the good news is... xfinity mobile just got even better! now, you can automatically connect to wifi speeds up to a gig on the go. plus, buy one unlimited line and get one free for a year. i gotta get this deal... that's like $20 a month per unlimited line... i don't want to miss that. that's amazing doc. mobile savings are calling. visit xfinitymobile.com to learn more. doc? >>> while broader housing market is suffering from higher rates, there is more supply. and robert frank is joining us. all cash

stanley. >>> welcome back to "squawk box. democrats have pushed for years to tax wealth the same as work, but that gap may be widening under house tax proposals. robert frankay be dressed to tax the rich. >> i didn't dress for that this morning, andrew. this raises the capital gains tax rate and income tax rate rather than close the tax gap on work and wealth it actually makes it higher. on the sale of assets is 20% tax rate for wage income is 37%. over the past year, democrats have ramped up their calls to increase taxes on wealth biden planned to raise the capital gains tax to ordinary income levels both at 39.6 the senate even has a plan for billionaire's tax to tax wealth and unrealized gains the house, well, they had other ideas. it is proposing a capital gains rate of 5% at a top income tax rate of 42.6%. that includes a 3% sur tax on top earn ers. rate gap between taxing work and wealth would be 17.6%. that is large r than the current 17%. the house also avoiding biden's plan to end the step-up in bases which allows the rich to avoid taxes for a lifetime or even generations. most of the revenue, bottom line, for any reconciliation would likely come

frank and policy of the administration is to end too big to fail. >> how did do you know you've done that and how do you know when goldman stanley blows up or one ofgo in there on a weekend and you're panicked like your predecessors were panicked and you go in this with taxpayer money to bail it out. >> i certainly hope we don't have a real time test. the goal is to build procedures and mechanisms which we test with stress tests and with oversight that is very serious to make sure that there are adequate resources in place so that institutions can handle problems that they get into on their own and that if there is a need for resolution, there is an ordinarily process like the single point of entry where you can go through it without it causing the failure of our financial system. an awful lot of work has been done, an awful lot of work remains. that is the stated policy of dodd-frank. it is the law of the land. it is the policy of this administration. >> you will not be signing that resolution committing taxpayer funds. >> we are committed to ending too big to fail. that's what dodd flank does as a matter of law and what our rules are intended to

frank, is that you, buddy? >> not yet. we're working on that. >> so cool. >> we do have big hour of "squawk box" coming up after the break. gop candidate john kasich joins us with cone langone and stanleyckenmiller. e of other educat. e of other educat. that's wonderful but... i can tailor a curriculum for each student by cross-referencing aptitude, development, geography... sorry to interrupt. but i just have one question: how do i keep them quiet? (pause) watson? there is no known solution. we believe in the power of active management.management, by debating our research to find the best investments. by looking at global and local insights to benefit from different points of view. and by consistently breaking apart risk to focus on long-term value. we actively manage with expertise and conviction. so you can invest with more certainty. mfs. that's the power of active management. where self-proclaimed ofinancial superstars , pitch you investment opportunities. i've got a fantastic deal for you- gold! with the right pool of investors, there's a lot of money to be made. but first, investors must ask the right questions and use the smartcheck challenge to make the right decisions. you're

frank has been crunching the numbers and joins us with the latest millionaire survey. >> what do you think, do they wa tnto pay more >> yeah. not them, but -- >> yeah. >>> the honest to god stanleynow game seven of the nhl championship is tonight in boston the boston bruins and the st. louis blues will face off in the series in the deciding game. game sevens are so great there hasn't been a game seven since 2011, which also happens to be the last time that the bruins won the cup, among multiple -- how many times that's why you hate them, because they've won so many times. you can watch the game tonight on nbc, of all places. game seven in any sport is -- and especially this. it's going to be great. >>> coming up, we're going to talk boardroom diversity, the markets and much more with john rogers of ariel investment, and tim ryan of pwc. and you're not right now, but hopefully, you're going to be looking at -- yeah okay, i don't want to lie. you're looking at a live shot of capitol hill in a few hours, lawmakers will hold the first of several hearings looking at the dominance of big tech. we'll have a preview "squawk box" is coming right back your brain is an amazing thing. but a

stanley and ubs. the plans will detail how each company would conduct a quick and orderly resolution in bankruptcy in the event of failure or material distress. they're under the dodd/frank financial reform law. >> we'll be watching the shares of boeing. they've increased this 20-year forecast predicting demand for 34,000 new jets worth $4.5 trillion. that's up from a prior forecast of 33,500 jets that would have been worth just $4 trillion. it cites growth in emerging markets by airliners to use more fuel efficient aircraft. most companies have trouble with the next 20 weeks. not the next 20 years. these are long order businesses. you look at what it takes to build a jet. you see the big huge places where they're built, the biggest buildings in the world are where they put these things together and you see the fuselage and all these guys working and it is very cool. it takes a long time. they probably have a pretty good idea of what they're going to need. if you've driven any time recently with children, you'll see why the jet market is such a viable -- >> tell me why. >> you haven't? even if you go just to south carolina, it takes like 14 hours and you pass thousands o

stanley. >>> little more than half an hour to go before the opening bell on wall street. franki want to start with general mills. those shares are trading lower, down almost 2.5% even after beats to the top and bottom line. it's the guidance that appears to be weighing on the stock. they said they expect full year revenue to be flat to 1% growth, profit to be 1% lower to 1% higher, shares up and down just about 2.5%. >>> vf corp. shares, a price target raise. analysts say they are on track for a turnaround when it comes to cost, margins, and innovation under the leadership of ceo bracken darrell, who celebrated a one-year anniversary in july. they say the sale of the premium brand for $1.5 billion will provide relief to the balance sheet. those shares up just over 4%. for the year, just up 2%. >>> blackrock and microsoft are dl collaborating on a new fund focused on a.i. datacenters and power that could total as much as $100 billion. the global artificial intelligence investment partnership will look to raise an additional $30 billion and also look to debt financing to reach it

much more on the market movers of the morning morgan stanley will be one of them >>> up next, why millionaires are flocking to florida. robert frankwhat's coming up >> home prices in miami jumping 10% in the quarter while new york just had its worst year since the financial crisis we'll look at how the new tax law may be causing that millionaire migration. >>> and we'll show you a new condo tower in miami designed by armani right up after the break their questions. ring aflac is auto insurance, right? no. uh uh. is it homeowner's insurance? no... uhuhuhuh! is it duck insurance? nope. ahhh! do they pay me money directly when i get sick or injured? yeah. aflac! you got it. you know aflac! boom! get help with expenses health insurance doesn't cover. get to know us at... aflac dot com. you still have service? call the insurance company it's them, calling us. it's going to be a week before they can get through on these roads shhh, sorry, i didn't catch that. i said ask how soon they can be here not you. right now? what's now? he says they're surveying our property now they're probably at the wrong house i don't see any hovering his nam

stanley. >>> we have news this morning. freight trucking company yellow is shutting down the company notifying workers it is halting operations and closing all locations. frankland is here with more on this. frank. what's going on? >> andrew, the bankruptcy means $5 billion in freight volume is up for grabs that is 3 million shipments from yellow customers like walmart or home depot overall, this disruption is boosting other companies in the less than truckload space. that's where several companies have i temptems in the same truk a common saying in transports with the carriers expected to get the yellow volume at premium. in four months, we swung from recession to dow transports trading close to a 52-week high. trucking rates have bottomed and now heading toward an upswing and they are negative year over year, but look at these tough comps. the supply chain continues to normalize. a number of tailwinds in the second half include the summer produce and fall harvest season and holiday shopping season. and economists say they appear to be reversing. back to yellow the shutdown could have 30,000 workers potentially looking for work many are truck drivers which

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