morgan, wells fargo, and citibank.t guest was probably the peak for bank operating income for the cycle. let's bring in with an global advisors chair, christopher whalen. top line earnings tomorrow, what are you looking at? chris: we should be looking on whether or not they can revenue where they can expect. street is looking for 9% revenue growth, lower for the other banks. first quarter was extraordinary. we had a bunch of things going on we didn't expect. it added a couple of billion dollars out of the blue. a lot of funny things we are not going to repeat this quarter. to me, when you look at the fact the operating income number, $71 billion for the industry, was pretty much above $10 billion for last year. a lot of that was special items. i don't expect to see that gangbusters numbers. we don't know about trading. the bank site is growing nicely, but the problem is the cost of funds is rapidly catching up. the gift the fed gave them for five years. that's really driven earnings. 8%, but the went up problem is the

. >> list is by motivate, the largest provider of type sharing services and parent company of citibank in several programs around the country. it will be called lyft bikes. another way they are trying to stay competitive with uber wanted by jump, the company that runs the network of electric bikes. cheryl: may be other tourists cruising around on citibank's come and maybe they'll behave better on the streets of manhattan. gerri: in manhattan we have these kinds of bike services. i was surprised to see them. cheryl: i was too a, actually. who knew. gerri: coming up an incredible story out of thailand. after floodwaters trapped them in the cave, but the story is not over. is there any relief in sight from the heat wave hitting the midwest and the northeast are please tell us janice dean will have a forecast. let's look at the u.s. stock index futures right now. the dow point open 68 points higher. the nasdaq up 20. you are watching "fbn:am." ♪ please don't, i'm saving those for later. at least you don't have to worry about renters insurance. just go to geico.com. geico helps with renters

citibank also missed analysts expectations for the quarters, but -- posted a -- look at the dow jonese. it is up. j.p. morgan. that's helping things a little bit. the dow getting about 20 points right now. the nasdaq also up a little bit. not a lot. at 7831. that is after some good games yesterday. but the s&p 500 is down right now. >>> if you ordered a tesla, you may not get your full tax break. the $7500 federal tax credit was available for the company's first 200,000 vehicles. tesla has now hit that mark. the credit will begin to phase out next year. anyone wanting to buy a new tesla must receive the car by the end of the year to get the full credit. right now, there are 400,000 people still on that waiting list for the tesla model 3. >>> is another reason to keep hitting the gym, or start. aside from the health benefits, a new bill would let you get tax breaks for working out. the house panel approved a bill this week creating tax breaks for things like gym memberships, exercise classes and safety equipment. the break would be capped at $500 per year for individuals. $1000 for cou

now republicans and democrats can agree no regulated entity like citibank should be punished at the sec i have a couple questions, mr. chairman. have you ever been contacted by anyone at the nra about citi or bank of america gun policies? >> no. >> never? >> been contacted -- >> in regards to this specific policy that somebody will be punished if they don't, follow some sort of background checks on their policies? >> no. >> okay. have you ever spoken with citigroup or bank of america about their gun policies? >> no. >> okay. and have you ever discussed any company's gun policies with the sec staff? >> not that i recall. >> so you never had any sort of conversation in regards to any gun policies with any -- >> i'm thinking because, you know, people have disclosure. they make disclosures, but have i -- are you asking like gun policy in earlies of it sec policy, vis-a-vis -- >> absolutely, yes. >> again, no. >> as i stated before, a republican member of the sec, michael piowar threatened citigroup, back in april, saying because of their private gun policies that the bank lacks support for

half of the market multiple, more than half of the market citibank cvs health merging with aetna. 8.5 times earnings two new energy names we still open hess and wpx, but i wouldn't highlight them here i would highlight keen group in the fracking business and neighbors onshore drilling activity these stocks are selling at two, three, four times cash flow and i think the price of oil is going b to be rising, not declining. so you know, those are examples of names that i would use. we're finding a lot of things to do but i would say the market is adequately valued. the european market is more interesting and japan is more interesting. if you look at japanese price earnings ratios versus their interest rates, there would be extraordinary value added. now i happen to be very much a bottom up guy and i don't have the competency in individual stocks, but i would say on a macro basis, japan would like interesting. >> to impart more knowledge on our viewers, you mentioned the tremendous gains that united airlines has had and that you would buy it again today. how do you know when it's okay to

including citibank and jpmorgan chase. >>> some fast food hiring is keeping a lid on wages. states are looking into the no poach rules. that is the rule with the deals that stop them from hiring workers away from one another. this limits the ability to increase wages. the median pay for restaurant workers is 9.81 an hour. >>> starbucks is the latest company to stop serving single use plastic straws. hyatt hotels will eliminate them by the end of the year. starbucks will replace with flat plastic lids that critics say look like sippy cups. it will serve with straws from paper or compostable plastic. many say plastic is not worth the damage to the environment. >> i actually welcome that. >> no guy looks cool rocking a straw. >> i know. i generally do this off camera. the frap is good news. the paper straws. >> that is good. >> you still need straw for the frap. >> it is remarkable. use it one time and one critic from the environmentals say why wait until 2020? other >>> in just a couple of hours. >> "new day" has the latest. >>> welcome viewers in the united states and around

how to promote a healthy continuous city we citibank could be one of them.ne. getting the police on our side, and us being on their side would be another direction that we would like to go. caging kids is definitely not. so we have to recognize our talents and move forward. thank you. >> supervisor cohen: thank you for your comments. next speaker, please. >> good afternoon. i am a longtime resident of district one at a long time teacher at city college. i just want to lend my voice to our need to take bolder steps in showing what it really means to be a sanctuary city. it happened to one of my neighbors they were one of the young people that was arrested. and one of my students hasn't come back to class for a few days after she told me she couldn't sleep. i know it won't be easy, but we are going to have to take stronger and bolder steps to show what it really means. i don't think it's appropriate to have the ice courts here in our city. i don't believe it's appropriate to have -- i know this will take a lot of time to figure out, we cannot have our police d

watch the citibank to her of las cruces, mexico saturday at noon eastern and senate at 2:00 p.m.american history tv on c-span3. working with our cable affiliates as we export america. -- explore america. >> supreme court nominee brett have now continues to meet with senators on capitol hill. follow the -- cavanagh continues to meet with senators on capitol hill. watch live on c-span. watch anytime on c-span.org or listen with the free app. night circuit judicial conference held, justice anthony kennedy talked about his decision to retire from the supreme court effective today. this is 40 minutes. much.nk you all very what a great privilege it is for andof us to be here particulate for us to be appear on this stage with the justice kennedy. as i mentioned monday, this is a very unique

and i'm long all three citibank, and j.p. morgan. >> i think it's a moderate quarter and for most guys, j.p. morgan will be record profits and it's been since 2007 and you have m and a which is two quarters in a row and they continue to eke higher and the most important thing is valuation is at 9.9 times and the absolute bottom and is that fair in this environment >> and the last quarter pretty decent >> they were all decent and the price tag was miserable and that's been the case. >> they ran into those earnings. >> and then we dridn't bring ths up and xlf, you have a technician out there and the armchair technician and you want to play the game, go back to '07 and look at where it topped out earlier this year, basically 30 1/2 and j.p. morgan is particularly strong, and what i look at is price to book j.p. morgan, 67 1/2ish and what's the right multiple on that and i would say at least 1.5 and you have a $25 stock >> still ahead, hi, mom. the former wall street strategist that said he would put his mother's money in crypto

we have capital one and citibank that will spike aggressively against encroachments in tech.ot have to. so tencent through alibaba and ali pay are going to win the fintech game. it is more than just the e-commerce story in china. it is also the fin tech which is a growth well beyond the next two years. i would say there is a great entry point for a lot of these great long-term stories. scarlet: that is an you'reting' point, looking at chinese companies that are dominant in that country. if you look at the rest of asia, i'm thinking korea and to a taiwan,sense, japan and those are all suppliers to the u.s. tech industry. how much of that is going to be hit by the trade war concerns and perhaps a downturn in the u.s.? daniel: unfortunately, the trump trade a policies excel during the day when the chinese will be more independent. they import $200 billion of semi conductor chips. that is a vulnerability we don't want in the future. so, through industrial policy, the chinese are going to catch up. they are going to spend the money they need to to sort of and the korean and u.s. e

citibank revenue comes in light. wells fargo on deck. the shame game.rump critiques theresa may's brexit plan. he says boris johnson would be great in her job. jay powell says the u.s. economy is in good shape despite worries about trade policy. a warm welcome to you. i'm alix steel. here we go. citigroup with earnings that did wind up beating estimates. estimates,on missing 3.16. also just to quickly touch on wells fargo it is harder to get a read. while the issues they are going $94 billion.s hit that is lighter than estimates on a quarter that is down sequentially on a quarter on quarter basis. that appears to be a big miss from expectations. i do not know if they are totally comparable. the big number is citigroup which is what we are watching here. allison, citigroup was going to be good. do you have a need yet? yet? you have a read >> that takes away some optimism for the industry but one thing i would point out is city does have a strong emerging market. they flagged that as an area of weakness. it is not surprising given what we saw. it may just

senior management at skybridge since the citibank marcher in july 20 -- merger, we have been togetheror eight solid years. the firm has done well. it has great continuity. i don't want to put the investor base or the clients through the rigmarolew home -- again. five to 10 years from now, could we look at a conjoining of our assets with another company? certainly, but it is years away. >> you and your comanaging partner has stopped putting videos on the website about new putting -- have started videos on your website about new products. what are they question mark -- what are they? >> nothing has fully materialized. i could talk broadly. we have a commodities product we are looking at that we could potentially launch in the fall. we have an opportunity zones product which is related to the new tax situation, where you can make investments in inner cities or opportunity zones, which could be very good asset class for skybridge because we have the expertise to do it. >> what kind of partners do you need? >> real estate background and people with fixed income background. you have certain

citibank it is unbelievable -- >> it is unbelievable. >> reporter: presents -- residents say this never happens. the fire came roaring into redding . >> it is almost what could be described as a tornado.>> reporter: the head of cal fire says these are the conditions, heat, low humidity, and wind. h moved vehicles, it is very significant. >> reporter: it left, what is becoming a common sight in california, homes burned to the ground beginning in catholic in shasta county. hundreds of homes are destroyed, including the police chief's. >> this fire is scary to us. this is something we have not seen before.>> reporter: he remained focused on evacuees making a fast getaway. >> please leave early, please have your items ready to go. >> it has been amazing how everyone has pulled together.>> reporter: evacuations are continuing. it is warm enough outside, some evacuees will bid >> everyone got out okay. all basic needs are being met. like you said, we have all just been working together.>> reporter: from sky fox, the car fire is deep into the underbrush. winds did not kick up. as daylight fade