chevron energy solutions, connie frank foundation, jinn ethic intel and mc castle foundation the stanley s foundation union bank, visa wells far go pg&e cummings west and rich and gudegee guggenheim. placegees web corp builders and the lunch is due to our in-kind media sponsors who we would like to also thank c cbs and one 07 a and one 06.9 f and suffrage business times. san francisco chronicle and san francisco gate.com and san francisco mag magazine and beach pointed babylon and thank you to awful you who support the foundation, the general and this event we look forward to seeing many of you this evening at hearts after dark. ladies and gentlemen ... >>> i'm maria, executive director of the transit joint powers authority. i can't tell you how excited i am to be here on this special occasion. congratulations, everyone, we did it. before i jump to remarks i wanted to recognize senator boxer along with senator feinstein and pelosi has been extremely helpful to helping us where we are today. also from railroad association and secretary los angeles -- we received grants that has the projec

frank. shares of morgan stanley set to withstand the 5% loss after the bank is investigated by u.s. regulators, including the s.e.c., office of the c comptroller of the currency and treasury. according to reports, regulators are looking into whether the bank had adequately investigated the identities of clients and sources the wealth. >>> globe life is responding to a new short sell the report from fuzzy panda research with fraud at the life insurance giant. globe life said the research mischaracterizes facts and uses unsubstantiated claims. shares are higher in the pre-market after falling sharply in the trade yesterday. >>> finally, cathie wood's ark investment holds a stake in a.i. darling openai. in an email to clients, ark said the venture fund invests in openai. the $54 million ark fund was launched in september of 2022 and invests in public and private companies like spacex and epic games and recently the reddit ipo. >> bertha, thank you. >>> more to come here on "worldwide exchange," including the one word that voinvestors nd to know today and the one stock that can't seem t

president trump's proposed rollback of the dodd frank act is also on the agenda. about stanleynd what he said over the weekend. reporter: he said something that is echoing other beneficial. we will get the same kind of remark on janet yellen on tuesday and wednesday. aboutportance for the fed the fiscal uncertainty. >> i don't think anybody knows what is going to come out of the process which involves both the administration and the congress. on fiscal policy any variety of other things. at the moment, we are going strictly according to what we see as our responsibility according to the law. betty: according to the law, the fed has a dual mandate. it has to ensure that inflation does not get out of hand, and it has to make sure that jobs grow. you're looking at the bloomberg chart now. unemployment is down to 4.8%. this is close to the most optimistic fed targets for the year 2017. is much closere to the 2% target than it was. stanley fischer was also asked about donald trump wanting to roll it back. that is one of the main pillars of dodd-frank, reducing capital requirements.

we are morgan stanley. hey frank, our worker's comp insurance is expiring, should we just renew it?h, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com. wow, that is easy. so, need another reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com. i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow. >>> welcome back to "techcheck." i'm jon fortt. a check on major indices touching new record highs today. s&p, dow and nasdaq up about a percent. dell popping high er sat the sam time spinning out vmware and a cash dividend for 81% stake of dell. dell shareholders getting 4.4 of vmware dell technology continuing to hold shares. might clear of

. >> both jamie diamond ceo of jp morgan, the same from morgan stanley, citi bank said we're better, safer since dodd-frankthere are the mid-size banks that want changes. so changes. not necessarily tear up the script. >> yeah. and let's just tell you a little bit about one of the things this new build does. it -- by the way, we're not sure this bill is likely to get through the senate at all, it gets the consumer protection bureau. it was started by elizabeth warren. she was supposed to be the head but she became a senator. it was set up by dodd-frank. supervisors the consumer lending industry and designed to protect consumers. >> literally the consumers. this is the agency that then punished wells fargo from their marketing scam, though, it was journalists, it was financial journalists from the l.a. times that were the first to notice it. yes, these agencies need to be better, smarter, more streamlined. so the question is what's the actual plan? it cannot be let's do away with it. when you do away with it, you know what the financial industry does, pushes and pushes and pushes. >>> we have to move on, be

financial technology -- director of financial technology devin ryan >> good morning, frank >> let's look ahead to morgan stanley bank of america. do the reports look to be as bad as people fear >> there have not been big surprises. net interest income stories is something we will see going forward. credit has not been an issue yet. you still have macro uncertainty moving forward for the banks moving forward today, the capital story is the key piece here we have been in the duduldrums r 18 months. especially morgan stanley reporting. it is one p stat for you you see a recover any in the normal tread line. for ma&a, it needs to increase which gives you the sense of how bad it has been. >> we have a bit of resurgence with ipos. i want to talk about something people are focused on. the impact of rising rates small and regional banks is there any more danger with the big banks with the hike expected in july and maybe another one later in career? -- later this year? >> there is accuse stress. we have not completely resolved that uncertainty our view is we are getting in the late innings of the cash fees they will nev

bank of america and morgan stanley, among those stocks sharply off the pre-crisis peaks well before that 2009 low. frank kapalari we're talking about big important stocks on a basis are down in a bull market, any of them here worth betting on >> hi, mike. i like morgan stanley but if you go back to the march high of last year, stocks down 40% down trend the entire time really nothing to like about that, but the stock has been through this before. a chart, from '09 to 2012, down 70%. 2015 to 2016, another 50%. both times, able to make higher lows and then those rallies with a wealth of strength the financial sector etf i think now, stocks are about to test that line again if it could bounce, it could trigger a rally that could play out on a relative basis. >> the fundamental case for morgan stanley, for example, given where we are in the cycle and all the disruption parts of the business >> they can't. i mean, the banks don't excite me because it's tough to make money with a flat yield curve so with morgan stanley, you know, we have a company that has exposure, which is good. and in this slow growth econ

manus: thank you for joining us and have a great conference at the morgan stanley conference. franks the head of multi-assets portfolio management at union investment private funds. we are minutes away from the start of the trading day, gold on the move and equities set for a lower opening. we will tell you some of the main stocks. and we will nip through some of the numbers. details next. this is bloomberg. ♪ manus: 7:55 a.m. in london, 8:55 turning and on turnin the mainland. we have some estimates on our map. billion -- $150 billion, barclays estimate ensured it could be $130 billion. intax profit up, the highest nine years and barclays also on track to deliver $3 billion pretax profit. it is a beautiful day. summer is back. ♪ manus: less than 60 seconds to go until the start of castrating. mr. putin and mr. moon are speaking. putin has denied he is going to recognize north korea in terms of their position. he has continued the diplomatic efforts on north korea. 7:44 is what time that hits. they condemn the north korea nuclear test. european equities are set for a lower opening.

. >> morgan stanley upgraded. check out frank blake if you want a cool ceo. i like hd. >> the brazilian housing market is very different and it's been well traveled. visa came out with an offer. finally valuations are back. the brazilian housing marked a mexican housing market have remember covered. there's a shortage of labor and materials, so take a look at this. >> they benefit the most from the first-time home buyer tax credit. >> i'm going to take lows over my man home depot. >> have you ever ben to a lowe's? >> they just put one in mexico, as a matter of fact. >> let's go get them. >> let's go this get them. >> you got it. >> all right. coming up next, you heard on the desk how there's some questions on the rally we saw today. how a chart legend is actually calling for a retest of the march lows. ouch. find out why and whether the traders agree with him. lity vehs has been our first priority. ♪ in recent days, our company hasn't been living up to the standards that you've come to expect from us or that we expect from ourselves. that's why 172,000 toyota

one of the things we like about dodd-frank is it put everybody under the tent. jpmorgan, morgan stanleyamerica, we are all in the same regulatory scheme. there might be nuances. but shadow banking, by definition, is outside that. that can do two things. charlie: explain what shadow banking is. hedge funds -- brian: hedge funds, nonregulated lenders, hov's, things that tend to come and go. in times of stress, that causes disruption. if is very small, sort of who cares? if it's bigger, it can have a bigger impact. before the crisis in the mortgage market, most mortgage companies were not regulated. a big one being countrywide which we had to clean up. that ended up disrupting the whole business world. in the securities firm, same thing. we think there is too much going on outside and it needs to be brought back into the tent. that needs to be done carefully because some of the reason why it's out there is because the rules have to be amended to allow it to come back in. charlie: donald trump campaigned as a voice for people who did not have a voice. primarily. and he campaigned against th

. >> good morning, frank >> what do you make of jpmorgan chase and morgan stanley saying short sellingrket >> the sentiment and options market, frank, has shifted as well i would call it an inflection point from the beginning of september. a few months ago, folks could not buy call options fast enough in the magnificent seven everyone had to jump in the pool at that point in time,that was the pain trade now the pain trade is on the down side. you see that in the options in mega cap tech sucked out you are seeing it specifically in the bearishness in the put options. specifically when you look at mega cap tech, you see that in apple. >> interesting i have data from estery partners year to date, short sellers have lost $127 billion. i know the bear sentiment is rising, but in your mind, what are the dynamics that changed this with the short selling? >> it has been painful the another stat i have for you is last year when you looked at owning or hedging, the market has drawn down you managed 20% in the put buying hedges haven't worked and it is painful. when you try to protect yourself me

morgan stanley hi, i'm frank. i take movantik for oic, opioid-induced constipation.my doctor prescribed opioids which helped with the chronic pain, but backed me up big-time. tried prunes, laxatives, still constipated... had to talk to my doctor. she said, "how long you been holding this in?" (laughs) that was my movantik moment. my doctor told me that movantik is specifically designed for oic and can help you go more often. don't take movantik if you have a bowel blockage or a history of them. movantik may cause serious side effects, including symptoms of opioid withdrawal, severe stomach pain and/or diarrhea, and tears in the stomach or intestine. tell your doctor about any side effects and about medicines you take. movantik may interact with them causing side effects. why hold it in? have your movantik moment. talk to your doctor about opioid-induced constipation. if you can't afford your medication, astrazeneca may be able to help. >>> you're watching shares of apple, then they're about flat. the mac book pro, the one that includes models with the touch bar, fail

frank. >> got it. you're kind of in line with morgan stanley. to get a sense, what is your thought on the market? are hitting fresh all-time highs, the nasdaq at highs we haven't seen since january of last year, along with the s&p, and also multi-month highs. what do you think about all this euphoria on the market. i know you said delusional is the word. but can we see that? >> you might get a little bit of disappointment. the enthuse am you're seeing is the market moving for the first time in two years. that's a good thing. delusional is a lot of rate cuts early on. >> don't want to cut you off. i want to get to your pick very quickly because we're running out of time. one of ibm. given us a sense? >> we're old school. they're a company by their own admission is a little late to their own party, but red hat is profiting. if you're looking to expand out, they pay over 4% dividend. if you're looking at forward multiples, only about 17. i think there's a lot of value there. most importantly, the stocks have been range-bound for three or four years and i think ibm can be a surprise winner in ai trad

. >> joining me now is morgan stanley chief wealth analyst. >> good morning, frank. >> i'm not goingof paraphrasing jamie dimon. >> they're priced for the soft landing. >> what does it mean going forward? it sounds if anything happens, we could see a selloff or a dip. do you agree we need everything to go right to keep the rally going? >> i think that's the case. as soon as the fed starts communicating it may start to cut rates, the market prices in the entire rate cutting path. in one sense, the fed needs to deliver that. what if the fed does not deliver that? >> what do you mean? 25 basis points or if they only do 25? >> the entire path. the fixed income market is placing a 40% probability that the next cut could be 50 basis points. i don't think the fed is particularly going to die in battle over whether it's 25 or 50 if the data point is weakening. in terms of the entire path could get into the cutting cycle, the market has priced that in. let's say the economy does better than expected and the fed cuts, but doesn't cut as far as markets are pricing, you have to have yields come

since dodd-frank, james gorman of ceo of morgan stanley did something else, went to less risky businesses different horizon. >> asset management, wealth management, more stable and secure. their market cap is going up. there were rocky times along the way. clearly his bet paid off. goldman sachs, this is the esternnal question of goldman, do they have a business model issue? a lot of analysts i talk to say yes. dodd-frank, if it changes is not going to allow them to go back to the old goldman sachs, the wheeling and the dealing in the markets. it will still be a lot of handcuffs what they do. they will have to buy an ashe is set manager or try to expand out in asset management. can you buy an asset manager. liz: real winner in morgan stanley was asset management. >> does goldman sachs go out and buy charles swab. that is a big question. liz: you asked that before. >> if you talk to analysts they need something like that. something like that is not cheap. goldman has a lot of money, they have cash that is big purchase. check the market cap of charles schwab, i don't think it is 85 billion

i have to tell you, frank, they were all over the place talking to morgan stanley who has been dissinghem in the media. we're here to stay. we'll be around. >> you about the point is, when you spend your decade building around the name bill gross, that is why you have your money with us, now that you have to change the narrative, how do you do isn't. gerri: imless concerned about pimco's management problems but more concerned as individual investor, jack otter, what i find and what will happen to me. >> biggest problem with bond investors we've had 30 years after bond bull market. everyone said it is endings, it is ending. i'm not sure it has ended yet but it will not go forever. gerri: doesn't this put pressure on people to find the right manager and things could change any moment? >> you know me coming on here advocatings index funds. i think there is a place for active management in bond funds but i can't tell you who is the right guy. bill gross, dan luck. spread your bets. have some of those guys managing a portion of your retirement portfolio. put a little bit in the index and cr

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 gives as you personal tour. >> welcome to one of the most rocking mansions to ever hit the market in the hollywood hills. >> you're in god mode in in property. >> built on spec and nicknamed the stanleythe $38 million mansion features a interior like the rock legend turned designer lenny krave zbliets this is his $50,000 custom hand made couch. >> of kravitz design the namesake firm was hire to crank up the cool factor in in brandon williams' latest extravaganza e everything is included. >> i actually she want on this couch to get some of his vibe. >> lenny's personal touch can be found in every corner. just pass the $2,000 bottle wine cell ar is the home's megalounge, a place built for chillen. >> we got the 200 inch video wall to watch games, watch movies, videos. we have the $450,000 speakers. the speakers could literally rock out all of los angeles. and then we wanted to make furniture that you can dance on. it has to be fun and sexy. follow me into the master. i see the entire city downtown all the way to the ocean and then you touch a button and you got the tv that comes down >> and check out the ultimate way to keep cool. >> snap and you got instant misters. you always got to

days where we were able to pop late trading, in the wake of dodd frank, do you think the loss of the goldman sachs's, the morgan stanley'se proprietary trading desks, do you think that's put the market in a perilous decision? >> it's not just dodd frank, it's some of the capital rules that's made it more, you have a lot of nontra diks diggsal liquidity provides like virtu to step into the void. we don't have the balance sheet. i think spreads have collapsed but maybe the depth and breadth of liquidity is not what it was. so there's a tradeoff there. >> this pete najarian. it was you would lk skrim this as seamless, is that right? that's what i saw going on throughout the day. other than all of the coverage that was getting in the media, no one really had any missteps because of the fact that the nyse was closed for three hours and they were able to get the close. those were the three most important parts of that, isn't that right? >> i think the nyse is a very important part of the ecosystem and you guys have expressed it very well. we've invested and we've got great guys on the floor that participate in that. we experie

frank up to the eight largest u.s. banks could be between 22 and $34 billion annually. >> and marcus stanley of americans for financial reform thinks these higher costs might benefit consumers. matt mccormick says consumer wills take it on the chin in a number of ways. good to have you with us. the change in the estimate of the costs, it seems to me, has less to do with the regulatory burden than it does with what will now be sort of off limits for banks to do, a change in their business model, have i got that right? >> sort of, tyler, i think you look at regulatory interpretation from my understanding only 200 of the thousand pages of dodd frank will be somewhat procluded will make it more difficult. but the revenues are still down roughly 5%. so it's difficult for them to get money, i think they will be more conservative. i respectfully disagree with marcus, i think it will make it more difficult for them to loan money and be an ultimate result in higher costs and lower loans that could impact banks and the share prices, and we don't recommend owning a ton of them at this time. >> how is it possible that higher regu

frank. we heard from stanley fischer over the weekend. we have an update on stronger growth.umbers tell you? >> if i am the governor, i can still say that confidence moved forward -- see that confidence has moved forward. into the bloomberg chart. gdp.n look at japan what we had here was peace in exports, capital spending, expansion -- that turquoise line is japan's gdp. it is not growing as fast. our tracker suggests that we could see more deceleration. let's look at what happened in the fourth quarter. consumer spending unchanged. i think the governor would like to see people pick up their spending, but there is still a little more uncertainty about the future. business spending up a full percent. these are quarter on quarter numbers, not yearly. exports were- net up 2.2%. is the japanese economy has grown four quarters in a row. a weak ego -- and then there is a weak yen. with this much growth, no chance of easing. at these weekend talks, shinzo abe and donald trump are knowledge aimed that japan is going to maintain its monetary policy easing commitment. no pushing back a

i feel a lot safer that we have critics like frank bruni and alessandro stanley out there.i want to thank everyone for being here to our national audience on c-span. we want to say good night from fairfield university and please remember, in november, on a election day, to please vote. thank you all from fairfield university. thank you. [applause] >> very nice. ♪ >> you are so great. >> both the house and senate return today after a week-long break. both chambers start work at 2:00 p.m. eastern. the house will consider a number of bills today including one that would require the department of homeland security to include electromagnetic pulse events in the national planning scenarios. votes in the house scheduled for 6:30 p.m. following votes, members of the congressional black caucus will make floor speeches about the ferguson grand jury decision live on c-span. senate members will give general speeches until 5:30 and cast procedural votes for ambassadors to argentina and hungary with final votes possible tomorrow morning. congress has until december 11th to fund the feder

solomon stood out, he was pretty frank saying expect more cuts, don't expect big bonuses. and morgan stanleyith 1600 job cuts. that is a reversal from 2021 when banks were falling over themselves to hire. so the mood has shifted. tom: interesting from david solomon, given his team expects 35% chance of recession, the last i saw on that estimate. but he thinks it is baked in. and we heard from bernstein as well, recession concerns leading to job cuts. we've talked about this before, it is not the end of layoffs. >> the message is 2023 is looking grim. the bank of america message was nuanced, we are trying to manage our headcount. read between the lines, expect cuts. francine: in 2023, are the markets impacted by the economy or is it underlying with you concerns -- underlying liquidity concerns? >> in the u.k., it feels like you're already there but globally speaking, that seems to be what's happening. analysts were saying in terms of timeframe, expected to be volatile the next few months until this gets priced in. early next year will be still pretty painful. tom: that is the lookahead as we

stanley. they had been eliminated or heavily regulated out following dodd-frank and the volcker rule.e partnered with one saw a large l.p.'s and interesting and unique opportunity to take advantage of that dislocation. and tech ops was born. carol: what are the opportunities for you folks? are you buying new companies to add to the existing portfolio, what is the environment like? >> we are seeing a number of market dislocations across the background. one of the interesting things is that we have a flexible investment mandate. we can invest in any industry or any part of the capital structure. we are finding unique opportunities. not looking at common equity or debt, but looking at preferred or other heavily structured securities. that provide us downside protection. carol: does it matter the industry? >> across the board. ason: one of the flexibility to have is that you have is these partnerships with investors that are different, right? >> we have separately managed accounts which are slightly different than the traditional equity funds but you are right. we can hold for a longer du

like you say frank a good time when they get together and we will keep an eye out for chippiness at the arena. >>> the rivalry games are the best. last year the sharks made it to the stanley cup finals and lost in 6 to the penguins. how do you compare them to last year do you think they have improved. >> they have. they picked up where they left off. last year san jose was sort of middle of the standings and trying to claw its way up to secure getting into the playoffs and right now they are much in driver's seat in the pacific division and in the conversation as one of the top teams in the western conference and one of the top in the nhl. largely the same group that got to the cup finals. brett burns has taken his game to a different level and jones has been fantastic. it is the same old same old. keeping on keeping on with a couple of cliches. the team is every bit the group as the club that got to the finals. >>> scott, you mentioned brett burns, he has that beard thing and so does joe thornton. are they ever going to cut that off? >> not to my knowledge. i was just having that conversation with some of the media relations guys in the dinner room and i don't think it w

stanley made positive comments. we had an upgrade the other day. i like hd. frank blake, when is he come on the now? >> i don't know. that's an open invitation. >> he watches. >> in spin class. >> i don't think he's doing that. >> probably not. >> spin? or watching "fast money." ? >> spin. just a guess. all right, kmom coming up next, we will head deep to the heart of texas, toque a hedge fund manager and see what kind of trades he's got under his ten gallon hat. all that and much more coming up on the show. >>> the obama overhang. can he turn the market and his whole numbers around? plus will madison square garden may be going to the dogs, cablevision is doing anything but. after its split with msg this week, is it time to start watching cbc? and could the next best media play come from blockbuster? why the ceo of this dvd rental company could bring dollars back into the dying dvd. all that when america's post market show continues. whwhwhwhwh >>> welcome back to "fast money." the poster board for this week's bounce is caterpillar, it's up 10% in three days. >> it's also down 22% in two weeks. so y

frank. investment banking, again, goldman sachs, premier firm, morgan stanley, they have been on a lot of deals on the uber deal. the fees are being squeezed. okay? so this is the problem. now, what does david solomon do. why are former partners saying this. they are talking to people inside. they say he's not hired investment bankers to do this tomorrow but they believe he's clearly thinking in this direction. he's cutting costs. if you see, he's doing some smaller deals around the edges. he bought some money management firm recently. small deals. he's doing small things. they really believe that he's getting this in shape to sell it. again, u.s. bancorp is a name i hear. i hear american express a lot, too. i don't know if that is as easy of a deal. kind of a different form. u.s. bancorp, there's almost no overlap. they are a commercial bank, roughly the same size, merger of equals. the partners may whack it up. we should point out goldman has not always wanted, you know, it's a very independent firm, but there are realities to the business these days and one of the realities is this. i think

he never adapted the business model to the sort of anti-risk dodd-frank framework that say morgan stanleynd what happened with lloyd is that he survived a health issue. it's cancer, and thank god that's great. he's much better from what i understand. it's completely in remission but the problem he had with his board is that they are questioning his ability to shepherd goldman sachs to the future. goldman sachs did very well after the financial crisis for a major reason. they were bailed out because of the aig bailout. they got some money from buffet. they were essentially the only game standing who could sit there and trade treasuries and mortgage backed securities as the fed was basically inflating its balance sheet with those and by the way, the first quarter after the financial crisis, goldman sachs made $4 billion. like a record. >> [laughter] charlie: pretty amazing so he benefited from that government bailout, but lately the last few years, he hasn't and i think what you're seeing now is goldman saying we need a change in business model. we don't think lloyd is the guy, and the real

stanley recommending a company. it's a fracking sand play when brent crude traded $102 a barrel on august 27th this piece of research introduced the concept of the frank sand super cycle. now we always have to be wary of any analyst calling for a super cycle because it often signifies a top, that was certainly a case here because it was at $67 when this ill-faded piece was released and rallied up to $75 a few days later and now trades at under $25. >> the house of pain. >> here is the crux of the problem, people it may seem like they have been crushed down to cheap levels but this stock was trading in the mid 20s last february when oil was at $97 a barrel. other was it under valued or incredibly over valued now with oil below 50 and i think it's the latter. why? because the morgan stanley super cycle piece from august indicated that u.s. silica like emerge energy which i told you to sell were working around the clock to alleviate a fracking sand shortage. at the same time they were ordering train cars like mad because of an intense rail car capacity issue. because those twin shortages would prolonged the alleged super cycle, morgan stanley figured the

stanley cup champions! touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. >>> the drop in cisco. frank is back with those >> cisco falling nearly 6% those beat estimates but the company is giving weaker than expected outlook for the fourth quarter. seeing revenue falling between 9 to 11% cfo is retiring. cost cutting have changed during the pandemic shares of vroom wider expecting a bigger than expected loss. saying the drop in demand and uncertainty around vehicle pricing early on lead it to reduce inventory in the first half of the quarter. the ceo will be on 7:45 a.m. earn time. aspen technology soaring topping estimates prior to these results. the stock had been down about 19% this year. back to you. >> thank you very much. >> in global news, huawei is back in the cross air. showing their supply chain with other technology more from china. >> thank you there was a little provision tucked into the defense spending bill that will come into fruition two huawei related events. the expiration was a 90 day reprieve they don't have a whole lot of business in the u.s some of those smaller

tese faux >> stanley:in san francisco stanley roberts kron 4 news >> pam: the actual finals basketball game is not the only challenge tonight. and cleveland mayor frankackson. are teaming up to fight hunger. >> pam: they took on this new challenge. instead of making a wager against each other's cities. mayor schaaf is working with the alameda food bank on the event. >> pam: the food bank in each city. set a goal of five -thousand dollars. but there is no limit to how much each city can raise. >>.twenty two times over and the mayor who raises the least money? >> pam:they have to wear the opposing team's gear in a congratulatory video on facebook. >> pam:new at 8. >> pam:ever wondered where your favorite warriors players like to eat out? >> pam:we got an inside look at n-b-a m-v-p- steph curry's favorite restaurant. >> pam:and kron-4's vicki liviakis even got to eat the same meal the star recently had. >> reporter: i am going to show you what he ate this >> became an for hismvp award dinner creek he was celebrating. >> this is the one that he definitely had pared >> reporter: no wonder he liked it. >> curry is a great guy he knows what he likes. >> pam

frank was forced to stay inside at kun point. he was last seen running from the fire, leaving bloody footprints on the road. four days later he died from his wounds. stanleynelson spent years investigating the death, piecing together what happened by talking to witnesses and going through police reports. what he found shocked him. >> the more you duck the more you realised there were bad people here, and what happened then, if it happened now, the murders and beatings and whippings going on, we'd be terrified. >> what happened here is not unusual. across the deep south there's around 70 unsolved murder cases, most brutal and racially motivated. >> the lord has a way of bringing justice, you know. it may be a long-time coming but it gets there. >> for robert lee who remembers frank morris well, there's comfort that frank's murder may not be in vain. >> somebody said, "let's final out what happened to the man, and who was responsible." now the world knows who frank morris was and who was responsible. >> despite efforts to investigate the cold cases, it's unlikely many people will be brought to justice. witnesses are dying and perpetrators taking their vets

frank. >>> now to the most hockey of all hockey stories the stanley cup play jofrz are underway, and the sane diving in face-first, literal literally. the sharks captain scored the first goal of last night's game when a puck deflected off his jaw. he did lose teeth on the play, but he was able to skate off under his own power and actually returned to the bench later in the game wearing a protective mask covering the lower part of his face they went on to beat the vegas golden knights 5-2 pavelski jaw 1, 0. >>> the world's biggest democracy kicking off electrics today. that's india this could actually have a big impact on your money even if you are not invested in india. >>> later, why hitting it on the green does not necessarily mean a green jacket at the masters. your morning rbi has to do with golf and why golfers actually want to lose a competition >> that's the word i'm looking for in london. thank you, kevin he has been in there for more than eight years and the ecuadorians removing asylum overnight. the u.k. police swept in he is wanted by the swedish police on allegations of sexual mi

stanley's estimates. back over to you >> all right frank holland, thank you and when we return, frank calderoni is with usn how the company's customers are planning ahead for more tariffs, fewer, sooner, or later >>> and later, the president's chief economic adviser larry kudlow joined us with his take on the jobs report lore on that a t more "squawk alley" still ahead, stay with us. >>> what if? that's what anaplan clients and everybody else asking themselves when it comes to tariffs using the company's financial planning software to analyze just how and when tariffs might impact their businesses. national economic council director larry kudlow joined us earlier this morning saying conversations with china on trade have been going well take a listen. >> the phone call night before last between secretary mnuchin and ambassador lighthizer and vice premiere lee yao hey went very well. that's important they have decided now the deputy's level, the deputy's level will continue in washington later this month. and from that deputy's level meeting, will come an agenda and an outline so that the principles will m

one of the things we liked about dodd-frank is it put everybody under the tent, goldman sachs, gor man stanley, jpmorgan, bank of america, we're all in the same regulatory scheme. there might be nuances but same regulatory scheme. shadow banking by definition is outside that. and i think you know, i think the problem with that is it can do two thins. >> rose: explain what shadow banking is, hedge funds. >> hedge funds or nonregulated lenders or financial vehicles that do market lending. the problem with those things is they tend to come and go. and in times of stress, and that causes disruption so if it's very small, who cares. as it gets bigger, it can have a bigger impact. so before the crisis and the mortgage market, most of the mortgage market was by companies that weren't regulatedded, countrywide being the leading one which we had to clean up. that ended up disrupting the whom business model. in the securities firm say 15eu78 thing. so i think when we say shadow banking we think there is too much going outside, and it needs to be brought back under the tent. that has to be done carefully

traditional buyers of those assets were like the products of which morgan stanley have been sort of eliminated or out following ed dodd frank. blackstone at that point in time, partnering with one of our saw an interesting and unique opportunity to take thus, it of that and was born. >> in this environment today what are the opportunities four folks? companies to new add to the existing portfolio? what's the environment like? >> it's interesting to note that actually looks at a number of different mart locations. we're seeing things, looking at smaller growth, we're also eeing a lot of interesting opportunities looking at preferred equity in different phases of the capital structure differentiating and unique. we're actually seeing a number dislocations art across the spectrum. one unique thing is we have a ery flexible investment mandate. >> you can go a lot of different places? >> exactly. we can invest in any part of the capital structure. we're finding unique opportunities, not necessarily equity or at mon debt but really looking at sort of preferred or other very structured securities to provide us downside protection.

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

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. >> that said, will goldman and morgan stanley do better under romney? is dodd frank the liaison? or depending on trading and merging acquisitions as the pedaling of big acquisitions. maybe they can come back. i still can't pin the tail on obama. too much disparity within the sector. obama care was supposed to take the profit margin out of the drug stocks, right? merck and fizer are unchanged. they're running gilliad. i think it's better drugs and better management. consumer packaged goods, again, not the president, but execution determined performance. that's why colgate has ramped from 77 to 105. procter & gamble barely budged. you think the carbon bashing president would crush the oil and gas industry. but it's the oil managements themselves that seem to change the situation. that's how chesapeake could go from 37 to $17. resources soured from 23 to 22 by going all in oil. exxon, which has found little new oil and gas and dramatically paid for xto, a giant natural gas company has gone unchanged, while chevron moved from 87 to 109. again, the difference, management. i really lik

stanley. >>> welcome back too fast money. we have earnings on a couple of stocks. let's start with salesforce. frankland has been listening in on that conference call. frank, what are you hearing? >> let us listen to the call. siding currency. we will get to that in a second. sought guidance for the current quarter and the full year. it appears to be what is weighing on the stock when you look at the decline. the current quarter hit the hardest even top and of eps to guidance. eight cents below estimates. despite the revenue in the quarter, those were actually below estimates. that is where salesforce gets almost all of its revenue from. also for a second consecutive quarter, no operating margin guide. that is something analysts have keaton as a key metric. cells forces of reaffirming the four-year margin guide over 20%, quarter one with over 18%. a lot of questions of how the margin expansion will happen with the current impact the company has been siding. also, one third of the business outside of the americas. they had a good quarter but the dollar had an even better quarter. >> i guess that is p

series of strategic missteps and morgan t stanley will discuss as well let's talk about this with nancy. good morning great to have you here >> thank you, frank week of bank earnings, what are you looking for and what did you make of what we saw last week? >> particularly with the big banks, goldman sachs and morgan stanley, we are looking at the deals gore forward one of the things we heard from jpmorgan chase was some optimism on deal flow picking up. we know that deal flow was bad last year. we know the numbers were down in the 20% range. we are seeing an improvement on the m& a front particularly in healthcare we think it is likely to hear optimism about that and optimism on the ipo front going forward that would be good for the stocks as that is an excellent business for them. in addition from goldman, we want to hear about the consumer business where they made a lot of missteps. we need to hear how they get out of the businesses. >> you mentioned the consumer business one metric is net interest income what is your expectation with that you mentioned the consumer business bank of america net interest income was better than people expecte

stanley cup, 9-3. what a feat for this franchise, so new and well-deserved frank, we send it back to you. >> frances, thank very much. >>> turning our attention back to shell, shares up in the prae market in the u.s. after boosting its dividend by 15% and doubled down on its fossil fuel production strategy. joining me now, alan good. alan, thanks for joining us on this news. >> glad to be here. >> the announcement today, they're increasing the dividend, doubling down on oil what's your price for this stock? what's your rating did it change on this announcement >> yes, i think the overall announcement is positive but a little less than what the market was looking for. on the oil side they said they were going to hold production flat at current levels to 2030 the current decline annually is 1% to 2% i think they were looking at a complete reversal on that and looking for growth they were going to go to the lng business then we got some cap ed productions. then there's the increase in the shareholder return target which brings them in line. so i think what we saw earlier again is positive but maybe not everyt

frank. ipo market showing no signs of slowing down. r reddi, it is working with morgan stanley goldman sachs on the listing and considering a valuation of 15 b$15 billion. other names include rubrik, a start-up and skims holds a valuation of $4 billion. >>> more legal action against meta platforms and allegations of the underaged users. the u.s. court denying the motion filed by the social media company to take over the legal battle the with the ftc who has accused meta the misleading privacy information to parents of underage users. ftc can push to make money as those in inn stagram fights wit tiktok for the users. >>> and tesla is in legal trouble with the labor relations board getting a lawsuit over illegal ly firing employees. the labor board alleging tesla allowed unlawful use of technology in the workplace and illegally denied the union organizing request from the employees. >> silvana, thank you. >>> we turn now to another part of the tech space. we are two days away from the one-year anniversary of chatgpt going public. we are focusing on the companies impacted by a.i.

frank and contessa, thank you very much. by the way, in the sports world, the bruins of boston swept the hurricanes of carolina last night to become the first team to make this year's stanleyoston owned the series. they won 4-0 last night. 17-5 in the four-game set. by the way, somebody's got a write a book on how a mid-size new england city has completely owned american sports. tom brady, the broouuins, the s. >> celtics >> the celtics have done well but not as well. but boston has owned the sports world. and i love boston. it's kind of tucked up there, right? >> i would hardly call it a mid-size city. >> the city is mid-size. metropolitan area is big >>> on deck, a sign of the times on wall street a stat about who or what is behind these big market moves. plus american millennials have a record ojof b hopping. you've got to hear this. we're back after this. stick around rebekkah: opioids has taken everything and everyone i've ever loved away from me. everything. i blew my ankle out and i got prescribed pain pills by my doctor. if making my detox public is gonna help somebody 1ugs cake in the conference room! showing 'em you're ready to be your own boss. that's the beauty

. >> the idea of making stanley cup tours in stone carved like release became one of the ideas. >> frankary and his team were adamant the memorial be more than a big statue. xweery's first design left open the memorial. opening two closes that road and eliminates 69 parking spaces but otherwise stays true to the first option. the third plan admittedly favored by xweery offer it is most dramatic design element. a tapestry. >> this scheme proposes a tapestry full length of the site. raised up 15, 20 feet. >> reporter: in this mockup the wall shows ve day, defining moment in eisenhower's story. just a place holder here. imagery there would be decided later. the wall would show shadowy images that workers inside the department of education building which it blocks could see through. it is also the element that generated the most comments from the commission zblers what's the -- you know, what's the -- how close can you be to the tapestry and still make out the image? >> reporter: geary says their concerns didn't fall on deaf ear. >> i have him in my head. looking over my shoulder all the tim

stanley. brian, good morning. good to see you. >> morning, frank. >> how are you? >> all right. similar story here, brian.tic price target on starbucks than the rest of your peers. you're at 115 consensus right around 106. but at the same time, you think u.s, same store sales, they fall by 5%. china, same store sales fall by 10%. that's a bit more pessimistic than your peers. if i'm an investor, how should i read that? what is this saying to me or what you're saying? how should i read your views on this turnaround? >> well, i think everyone. >> knows this is still. >> going to be a tough quarter, right? i do think. >> that if you look at us. >> traffic, it will be a little bit less. bad than the prior quarter. >> but i think you're. going to. >> start to see an upswing in the coming quarter. and as we go. >> through this fiscal year, you're starting to see some of these small changes in us stores. i'm pretty optimistic that things can get better from here. so that's where, you know, we're in this for the longer term, right? >> yeah, i mean we're definitely seeing some small changes. we saw a big change at

frank has the luxury consumer trade. and the companies most impacted by china's weakening economy. morgan stanley'stfolio manager andrew is hanging with me today to talk about where your money is best deployed here, abroad, tactical, specific. let's start with eunice. what is the latest in beijing tonight? >> reporter: well, kelly, the restrictions not only apply to certain state agencies on a national level, but also at local governments, as well. they are reporting that apple watches, as well as air pods are on restricted lists at state firms, as well. and this all comes as apple rival here, huawei, had said that it's now taking preorders for another new, what it calls most powerful model of their phones. the company says that the new pro plus is -- has a lot of different features, greater storage and memory than the mate 60 pro, launched last week, when the u.s. commerce secretary had come to china. that phone has been operating at speeds close to 5g. this one, the company says has another homegrown highlight -- satellite messages via china's own satellite system. now, shares of huawei suppliers

. >> thanks, frank >>> coming up here on "worldwide exchange," the one word that every investor needs to know today plus morgan stanley'sith her picks. >>> and cnbc is celebrating asian american pacific islander heritage month in may. we are celebrating our business lea leaders. >> we're proud to be celebrating our 46th anniversary as an asian and founded led independent business one reason we had so much staying power is because we celebrated our asian roots it permeates everything we do from the east meets west supply and supply chain and one factor is a family owned factory in the the fashion business has never been easy. we hope our message continues to resonate with our customers. - double check that. eh, pretty good! (whistles) yeek. not cryin', are ya? let's tighten that. (fabric ripping) ooh. - wait, wh- wh- what was that? - huh? what, that? no, don't worry about that. here we go. - asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - yeehaw! - do you have a question? - are you a certified financial planner™? - yes.