frank. morgan stanley, the stock has been terrible and even though i can question why that is so cheap.want citi. they want corbat. >> at least they want him now. ? they want him now. >> as we said, a busy morning and busy week shaping up. why did one wall street analyst say he got cold feet when buying a samsung galaxy phone. also following the money flows, why does job's friday fit in. >> take one more look at futures. as you know in general, monday's not terribly positive so far this year, but we are looking at a live open. more "squawk" at post 9 when we more "squawk" at post 9 when we return. tdd# 1-800-345-2550 when the spx crossed above its 50-day moving average, meeting this as the company's 787 dream liner on back in service. ethiopian airlines flew it earlier this year. pre-market shares of boeing are pulling back a bit and they've been at 52-week highs and phil lebeau will interview james mcnerney later today. >> they weathered the storm one would say, jim. >> not bad. >> never waiver. people don't understand, this is an engineering company and they always seem to think that

e*trade from morgan stanley >>> robert frank live here in monterrey. the super car summer with both classic and new super cars rolling into monterrey. we're going to talk to the ceos of lamborghini and ferrari about why hybrids are now driving the upper end of the super car atrket. th's coming up right after the break on "squawk on the street." each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one. at aes, our energy solutions have powered the world forward for more than 40 years. and as demand continues to scale, so do our solutions. introducing maximo - our new ai-enabled solar robot. max makes construction faster, safer and more cost effective than ever before. and with max doing the heavy lifting, even more people can join the team. solar energy is changing the world, aes is changing the

. >>> frank, it's interesting that you lk to morgan stanley about it because they've been under someata they'vgiven us, although it's a couple yea old, shows within the bank they need -- there is progress to be made still >> yeah. i spoke to a chief human resources officer about that he said that they're working on it most of the big banks would admit they have work to do one of the things is that many of the biganks they're feeling competion from outside companies, tech. other people startg their own finance companies, wanting to bran away and part of that is i think that's something that i know for a fact morgan stanley says they're working on and the other big banks as well. >> frank, your work this week has been exemplary and it's a story that resonates across all kinds of new silos financial news, general news, you name it. >>> coming up on tech check, the ceo of hpe is with us on the company's latest quarter it starts at 11:00 a.m. eastern time "squawk on the street" in the meantime will be right back. ok, at at&t everyone gets our best deals on all artphones. let me break it d

i don't know the answer, the way frank quattrone was wuchblts morgan stanley would say it's not true, but it does come up in a lot of conversations. >> i had heard anecdotally a lot of my friends in the smith barney network got the call saying, i know you didn't put in -- here's your 5,000, 25,000, confirmed that went went on. some chatter that you guys are way off the reservation, so it was very clear, it was like a 36-hour period where i think gorman and grimes recognized i know there will be over the tra transom order, but the way that nasdaq screwed it up, it was difficult for the flip to occur. there was a flip to be had, but you couldn't flip it. >> and that will come back time and again and simply say we'll never really know how it would have gone had it not been for the major screwups, and that perhaps stability has been found. so a very good pieces, tau you about how there's a diminishing return, go back to that quote, it's his throat to be choked. odd that in this would ever put themselves out in that way. this is a guy that's a successful investment banker. it wasn't really

frank at hq. >> when we come back, gary bettman joins us live. we'll talk about rangers/kings, stanleybig way. we're back after a break. huh, 15 minutes could save you 15% or more on car insurance. everybody knows that. well, did you know that game show hosts should only host game shows? samantha, do you take kevin as your lawfully wedded husband... or would you rather have a new caaaaaar!!!! say hello to the season's hottest convertible... ohhh....and say goodbye to samantha. [ male announcer ] geico. 15 minutes could save you 15% or more. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today. you need to see this. show 'em the curve. ♪ do you know what this means? the greater the curvature, t

someone on frank's show that talked about that's where the action is. i prefer to buy a wells fargo or a morgan stanleyrket hideously, down a lot, and that's another thing to buy. wells fargo, doing great job. no one cares. >> no. >> scharf is great. you know charlie, right? >> i do a bit, yeah. >> should we call him? >> no. >> after you dance a little bit more on our way out. >> we don't need to call. >> thank you. >> it's going to be a great robot future. one big dance party. >> david, that's probably what we're going to have to take up because we won't be needed here. >> how about a split screen here. really quick before we go. one more. >> send us to break dance thing. >> know. look sam altman. no need for any of us basically. >> "mad money," 6:00 p.m. eastern time. when we come back, art cashin's playbook for '24 in a minute. (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ they're waiting for you. hey, do you have a second? they're all expecting more

frank, joining us, talking about bezos. jim, in the meantime, a little -- not big notes, but some notes about amazon today, morgan stanley doeses, but argues they're hitting some speed bumps in fashion, in terms of the number of respondents who say they turned to amazon for fashion related items, especially in apparel. but hard to believe that's going to have much of an impact today. >> jpmorgan is interesting, they talk about amazon web services and advertising. the 17% of revenue, but 85% of what the company makes, they're talking about the double digit margins you get in 2022, talking about operating margin expansion now. i think the stock will be up substantially if it weren't for the divorce news and i got to tell you, the divorce news, you can talk about community property, but certainly doesn't mean that she's going to dump the stock. if you think that she's going to dump the stock, that is, i think, a little shortsighted i feel bad about talking about this stuff he put it out there. it feels terrible. >> i know. >> i feel bad for -- i play with an open hand i was married for 18 years i loved my wife. i'm great friends

frank >>> as you can see, the markets have deteriorated a bit. we came in this morning with the expectation we would be higher mike wilson the well known strategist at morgan stanleyat, talking about earnings being weak next year that's going to do it for us on "squawk on the street. "techcheck" starts now >>> happy monday, welcome to "techcheck" i'm jon fort today more on the street's top picks where to put your money as the nasdaq continues its fall this morning down a little more than 1% more on the street's top tech picks, yes and plus retail investors buying the dip this year and bumping their heads on the ceiling again and again on the way down while institutions get bearish who's right? we're going to discuss

stanley and goldman sachs recently. the bigger question is can you get r.o.e. up 7%. it's the capital requirements and dodd-frank>> when i see these acquisitions and stock goes up, banks have to start acquiring other banks again to have profit margins go higher. >> we're not talking about smaller guys who aren't public talking about commission dollars go down and capital makes it very difficult in the brokerage business. still to come, handicapping tomorrow's election effects on the market and front lines of the gas lines of the local station. get ready. another big day of trading ahead. the opening bell is up in three minutes. for over 60,000 california foster children, the holidays can be an especially difficult time. everything's different now. sometimes i feel all alone. christmas used to be my favorite. i just don't expect anything. what if santa can't find me? to help, sleep train is holding a secret santa toy drive. bring your gift to any sleep train, and help keep the spirit of the holidays alive. not everyone can be a foster parent, but anyone can help a foster child. he loves risk. but whether he's cli

frank and still half of the banks have objected. they haven't done so in a thorough enough manner, authorities have said today. the plans that were outright objected to were -- worth noting plans from morgan stanleyan sachs, they had flaws but the agencies didn't say whether to reject them. they have until october 1st to address the shortcomings and if they fail to do so they could be forced and havely. s placed on their growths. they told reporters, some, quote, difficult choices may be necessary to comply and while no two banks' issues were exactly the same, some were around derivative exposure, governance and capital positions. jp missouri began and jamie dimon as you were discussing this morning said they would do everything possible to fix the problem but highlighted the capital position. others in a similar boat made similar comments to that end. citigroup as you said was the only one to receive no objection. so in victory laps ceo michael corbat has said -- but this is the second time in recent years the majority of banks' living wills have been rejected. most passed the fed's stress test. now the question is how much are the regulators moving the goalpost, simon, as we get farther and far

, you know, within dodd/frank for example could the as a ru vol car rule change -- >> only took them seven years to get it right? you reported on this endlessly. >> morgan stanley of some of its hedge fund stakes, they're still figuring it out. the thing is it's a tome that legislation. >> yes. wilfred, thank you. >> pleasure. >> the effects of the presidency are also hitting manhattan, midtown manhattan to be precise. our robert frank is on fifth avenue. he's outside the trump tower. and i guarantee there's a lot of traffic out there as well. >> reporter: yes. very bad traffic, david. and the new york mayor and new york police department expected today to announce a plan somehow to accommodate the needs of both our next president and the needs of the residents, the shoppers, the companies and the traffic in new york city. mayor de blasio of course meeting earlier this week with mr. trump, but they did not talk about the issue most important to new yorkers and companies here, and that is the traffic and the security. now, behind me when these buses get by is trump tower, that's where mr. trump has been holding all his transitional meetings and where his company

stanley that's a strength because we have industry strength all over the world. >> i'm curious, it's interesting because i was looking back to james' first interview for cnbc in 2010, talking about dodd/frankt regulation at the basil 3 end game in the higher capital requirements that will be falling under your purview. how do you plan to prepare for that new regime? is it a matter of shifting around capital allocation plans or are you looking at potentially buying any businesses that are well capitalized to help prepare for that >> i'll just kick in here because i've been -- >> you're the forefront. >> i've been living it for a long time. the fed has asked for proposals of all kind to comment on this proposal here. this is going to take a long time you can't change your business model anticipating something might happen you need to know what will happen we've carried excess capital for 10 years we have the highest capital ratio of any of the largest banks in the world right now we have buffers. it won't change our strategy whatsoever that's different from do the banks need more capital? i have a strong view they don't. the large banks are well capitalized. proven year in and year out. but

frank. >> were you making calls -- i thought there was this last ditch attempt by lehman to get the koreans to buy -- >> yes. >> considering morgan stanley mitsubishi? were they close, david -- >> no. i think it was a dream. it was a dream dick fold had. >> everybody was prosecuted. they all went to jail. >> we all remember how quickly confidence can disappear. that's the lesson of bear stearns and lehman and the financial market. like that. here we are, four years later, aig is still the most amazing story. having sold off more than any other company, at $35 today. >> here's a company that graen sh trichet said it is a bankrupt company. the obligations they thought they'd never have to pay. remember that december 6th-7th analyst meeting in 2007 where they said they owe nothing? they had some pan professor saying things were great. >> what are you doing with it to generate any kind of yield? >> travelers is doing well. those days were so dark. i don't think people realize how dark -- these are days i said, listen, i want my paycheck, i want to be sure everything works. is my house going to be cut in value in half? who had's going to be l

cisco, we appreciate that, frank holland in minneapolis we'll take a break here and talk about apple's product announcement when we come back, what katy huberty of morgan stanley is saying about the company today and what they may say in the earnings print next week d aitus e antime, furear reagn. back in a minute incomparable design makes it beautiful. state of the art technology, makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $349 a month for 36 months. experience amazing at your lexus dealer. did you know that petco, lease the 2021 nx 300 for $349 a month for 36 months. is now a health and wellness company? their groomers work wonders for my confidence. i trust their vets, and i'm known to have trust issues. they deliver high quality food the same day. i was outside digging, what'd i miss? just everything regarding our physical, social, and mental health. exciting. i'm gonna take a spin around the room. great idea. ♪ ♪ petco. the health and wellness company. new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our

frank. once again, the reason this is out of order is because there is an agenda, an agenda vendetta. that's to further the notion of their regs. next one in order. mx, morgan stanleytrouble on this. i know there are issues regarding facebook. in my humble opinion the exchanges kind of a force major, the exchange is going to be held highly responsible. here is something i find interesting. if the people that bought this had a nice profit and flipped it, i don't think we would have heard anything. to me it's kind of flipping whiners. that's the aggressive stand. now, let's look at this mfg. of course we all know that's mann financial group. what did i wake up to? loophole, headed for regulators. let me get this straight. let's go back to regs. we have 2300 pages and there's a loophole because some people in charge of compliance didn't have series 3. let me think, 2300 pages, all of this and that is what is going to be the loophole and we want to do more regs. oh, my god. we've got to do the last one. this gse, government sponsored enterprises. they ought to be at the top. if we're going to put it in order at the top. here we're talking about profits they didn't make

16.50 frank each and looks like the taxpayer overs there are going to make a little bit of money as have our own on the repayments received under the t.a.r.p. of the likes of jpmorgan, morgan stanley goldman sachs, to name just a few. ubs was right up there engoinging itself on u.s. mortgages, creating cdos and stupidly keeping the super senior ceos on its own balance sheet. it took, well, it's right up there. let's call it a big race between criticizedity, ubs and merrill for who took the most losses. ultimately though ubs appears to have come through this very difficult period. concerns now not sz much on the investment bank, which is sort of trying to realign itself. but on its global wealth management business. of course there's been a good deal of attention there for other reasons dealing with that irs settlement with the swiss government and the like. now, switzerland did say it intends to convert the mandatory convertible notes on tuesday. the government saying the sell would have no material impact or ubs saying that sell will have no material impact on its third quarter earnings. it will have the i'm path of taking town sterling kacapital ratio ever so slightly but ubs ha