novel and thank god we got hooked up with the studio and the rest is history and working with frank stanley and his wife pearl. that is where we are. >> christian, what brought you? >> i look forward with music and started with that, in the 70s and the 90s, and in europe, it started in the 90s and not much to find and to make a website for them. the artificial website didn't come to them. and my first interview, anecdotes, i noted them and anecdotes -- -- he explained his childhood. and in contact with the american indian movement, much more interesting, another dimension to the story and decided to do that. and i write about that, and wrote to the story and constructed the story and chose - that is the story of it. >> that is great and leads nicely into my next question, the journalistic process. how did you decide which historical details to include? how do you gather details in words and images, not just visual elements, not just how to draw these characters or words and images. >> i worked in newspapers for many years, i was a journalist, my degrees in journalism, i'm not bragging about

stanley. it is thus, october 26th, 2023 you are watching "worldwide exchange." good morning i'm frank holland. let's start your day as we kickoff with stock futures we show you they are in the red across the board looking at percentages nasdaq is down 1%. the dow and s&p also in the red. we will talk more about what is going on in a moment this action here after a rough session for stocks yesterday with the s&p fall by more than 1% also the nasdaq now in connection territory it closed down nearly 2.5% its worst day since february the focus of that selloff is on alphabet logging the single worst session since 2020 and the largest decline in market value of $166 billion wiped out. that number equals all of amd or disney shares are lower again this morning. down 2.25% we are watching surging yields.. 10-year treasury is at 4.95% the 2-year treasury is also showing a yield above 5% as well as the long bond. >>> we will have more on the sector in a moment, but breaking news uaw reaching a tentative deal after 40 days on strike. we have phil lebeau with more on the story. phil, good morning

introduced to it all i keep using with return of course the danger you know my morgan stanley russell thanks very now thanks frank so civil should be with us is a very chilly night mother's home and then we're into ok well i think they come by you know who is the editor in chief of a russian foreign news website and was also an observer for yesterday's election says these are russian democracy being born. one mistake that the foreign observers are making is that they are focusing too much in the clinton personally. and i think it's going to be more critical articles along the lines of. the victory of putin is the death of russian democracy or as i wrote some words just today the final nail in the coffin. what i've seen actually differs very much from the viewpoint of what i've seen was the actual first steps so to say that russian democracy you know i spent twenty dollars on nonstop at the station yesterday and you have to be alert and every single moment i only have to spend the whole.

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

chief television critic alessandra stanley and op-ed columnist frank bruni were part of a panel discussion at fairfield university in connecticut. this is one hour 20 minutes. >> soon we will be meeting to distinguished journalists, in fact two from the times. ms. alessandra stanley and mr. frank bruni. we all understand the very long ripple effects and the reverberations of "the new york times" which extends so deeply into our nation's history, 1851, the good gray lady has been published in all those years and, of course, is right on five continents as we sick of all the news that's fit to print, albeit today in the new digital world, all the news that is fit to click. to be honest, rush limbaugh explained, i can only read a few paragraphs in a "new york times" story before i puke. [laughter] well, last summer i was watching a rerun of a charlie rose for special, and editor of "the new yorker," david remnick, was speaking about the media in america, and david remnick talked about his career. it spent 10 years at the "washington post." for the past 22 years has been the editor of "the new

even happened yet this is what this article is warning about and it's from frank portnoy who used to was working at morgan stanley at the time of the 2008 financial crisis and he's kind of warning that is going to happen this time but the new c.d.o. is called the c l o the collateralized loan obligation we have actually warned about this in the last few years a few times on the show nomi prins is often tweeting about this and saying this is going to be the big problem so 6 here it comes again right the looming bank collapse not crisis collapse he says the banks are going to collapse the u.s. financial system could be on the cusp of calamity this time we might not be able to save it he goes on to point out that just as easy mortgages fueled economic growth in the 2000 cheap corporate debt has done so in the past decade and many companies have been.

even happened yet this is what this article is warning about and it's from frank portnoy who used to was working at morgan stanley at the time of the 2008 financial crisis and he's kind of warning that is going to happen this time but the new c.d.o. is called the c l o the collateralized loan obligation we have actually warned about this in the last few years a few times on the show nomi prins is often tweeting about this and saying this is going to be the big problem so here it comes again right the looming bank collapse not crisis collapse he says the banks are going to collapse the u.s. financial system could be on the cusp of calamity this time we might not be able to save it he goes on to point out that just as easy morgan. fueled economic growth in the 2000 cheap corporate debt has done so in the past decade and many companies have been done that right well you know to come back and talk about some of the concepts and ideas that we reference here on the kaiser report one of them being that the wall street crimes never go away they're just repackaged and called something different so here the c d a collatera

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

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 chase and morgan stanley and apple. franks blocking entry to u.k. tourists. canada now considering the same for any tourist. universities going online with classes. cities and states reimposing indoors mask mandates for the masses. all because of the variant and growing concerns out of a pandemic party that won't last. i'm neil cavuto. a busy friday. probably doesn't help matters any when the president of the united states talks of severe illness and death for the unvaccinated this winter. let's savors didn't need to wait until the winter to sell off in droves on fears today, the same with holiday revellers are cancels on concerts that they paid for. they don't care if they ever get their money back. right now they want their lives back. we have you and them covered with the outgoing director of the national institutes of health, dr. francis collins when that might happen. susan li on the financial fallout if it doesn't happen. rich edson at the white house on how the president is determined to make it happen. we begin with susan in new york. >> neil, christm

stanley dunham. >> glenn: grandpa is a regular grandpa according to everyone else. >> right. >> glenn: he put obama in touch with his now mentor. right? frankdavis. tell me about this relationship. >> so the dunhams, stanley dunham and his wife madeline raised obama. he said he was raised by his mom but that's in the true. when he was sent to hawaii, his mother stayed in indonesia and did anthropological field work. he was raised from 10 to 17 by the grandparents. the grandfather believed he needed a role model, black role model and they found a black role model in the former communist frank marshall davis. poet, radical. he lived in hawaii at the time. and his writings are available. he has -- there is a book, collected writings of frank marshall davis. so obama saw him as a kind of surrogate father. in fact, we know that, because obama writes about him at some length about the influences of frank marshall davis. obama doesn't say he was a communist. but talks about the influence. >> glenn: had an f.b.i. file this thick. >> right. >> glenn: so then grandma says, or then we go from, we go from grandpa and frank marshall davis. we're about t

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

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

. >> 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

report, jpmorgan chase valued hulu for disney close to $27.5 billion and morgan stanley valued hulu at $40 billion frank>> silvana, thank you very much. see you later on >>> turning attention back to the markets. the rebound showing fresh momentum as stocks come off back-to-back positive sessions and renewed hopes of a summer rate cut are looking for sentiment. the top voices are focused on that at the milken conference. >> goods are in better shape supply chains are in better shape. service is the sticky one. things are headed in the right direction. we love it if it would go faster that way. >> with deglobalization, we're likely to see a level of inflationary pressure of goods be higher than it was for the last 30 years. the fed has to know that they're thinking about goods are likely to be higher baseline for the foreseeable future and services still unacceptably high >> inflation is going to be popping up in very different ways you can't just buy commodities or tips. you have to spread the assets. >> let's discuss how to position from here with douglas b bonaparte. d doug, great to have you on the s

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

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 will impact their international operation. that's a summary from the meeting. afterwards we spoke with jpmorgan and ceo of morgan stanley, both of whom said the meeting was productive. back to you, guys. >> a lot of groundwork to be laid there on dodd-frank as they get ready to implement the financial regulations and jamie dimon has referred to it as dodd-frankenstein. >>> after starting the market lower on the major concerns, they are clawing their way back to positive territory, be almost. get this, the dow has been down at some point in the past six trading sessions and managed to close higher on five of those sessions. we're going to see if we can manage to slip past break even here in the final hour. down 30 points. we were down 11 a moment ago. we're starting to slip here down to 13,248. a decline of a quarter of a percent. nasdaq is up 4 points. s&p down 4, almost 5 points. right at 1400. we'll see if it can stay there at the close. maria? >> meanwhile, we are waiting for news out of earnings from visa, whole foods, and green mountain coffee. we'll bring that to you as soon as it's out. research in motion, the st

morgan stanley and the bank of new york mellon had their long term senior unsecured debt ratings by one notch the agency made the changes as a result of banking reforms implemented by the dodd frank act now the reforms per banks ability to make risky investments and place new regulations on some complex financial derivatives moody's believes the u.s. government is less likely to step in to support troubled financial institutions. and finally there we have it remember this classic flick i know you like to. work lunches and. you just get is you. now while revenge of the nerds might have been fiction the revenge on the n.s.a. by the nerds of silicon valley is all too real by using a harder to crack code google facebook and yahoo are fighting back against the national security agency for authorized spying on users the companies say they must show both their networks and their online customers data in order to assure users that connections are secure and data can't be grabbed while the n.s.a. may ultimately find ways around these barriers that companies were burned in by disclosures that they were cooperating with u.s. surveillance programs and now there are looking for of them and we

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

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

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

believe it was about a young man named stanley who was 19 years old and he made a journal about his experience in the camps. they consider him like an anne frank at the time. it was really interesting. he was actually drafted into europe world war ii and was killed over there. they found his journal. they made a film and it's wonderful. and he, to me, -- he was able to tell the experience in the first person and i really want to encourage that more people see that film, a flickr in eternity. that's the human side of this, thank you. (applause) >> thank you. let me ask, are there any other members of the public that wish to speak in general public comment? okay. seeing none, general public comment is closed. and with that, madam clerk, could you read our adoption calendar? >> items 36 through 37 are being considered for immediate adoption without committee reference. a single roll call act of these items is [speaker not understood]. can remove the item and consider it separately. >> thank you. colleagues, would any like to sever items? i'd like to sever item 36. why don't we take a roll call vote on item 37. >> on item 37, supervisor cohen? coh

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. >>> 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 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

and frank avellino, for misleading investors. stanleyo much money from the scheme, a court appointed trustee claims he must have known of the fraud. michael bienes and his wife dianne moved out of their 16,000 square-foot estate, and into a small apartment. did you have any warning that anything was amiss? >> as god is my only judge. on my mother's grave. not an inkling. may he strike me dead. >> smith: bienes has hired a lawyer, though no lawsuits have yet been filed. >> good morning mr. sorkin. >> good morning, how are yom >> smith: his old attorney, ira sorkin, is now representing madoff. fairfield greenwich has seen multiple lawsuits filed. they range from gross negligence to fraud. in late december, planned year end multi-million dollar bonuses for jeffrey tucker, walter noel and andres piedrahita were cancelled. one more postscript: a few blocks from where madoff began his investment advisory business nearly 50 years ago, thierry de la villehuchet took his own life. >> thierry was a sailor, and he was a hunter. he could've taken hi

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

. >> 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

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.

was at morgan stanley 25 years ago, we had proprietary systems that were light years ahead of what was available. the s.e.c. doesn't even have that. >> it is true, peter. even after dodd frankyou know, the s.e.c. had many, many more institutions to oversee and they don't have people. they don't have the people equipped to really understand the complexities and they don't have enough of them. >> they are not putting their resources in the place where they are needed. the enforcement decision at the s.e.c. has twice as much money as the three other divisions at the s.e.c. together. so what they are doing is putting money into enforcement and not putting money into, say, market surveillance, if that's the problem that mr. kinda has. the problem is that the regulatory agencies always fail. the banking regulatories always fail. we had a financial crisis. the tftc failed on mf global. they have plenty of money to succeed. they just don't have the management, personnel that is effective in getting their work done. >> what about that, phillip? given the madoff scandal, the mf global, how do we know that they are kgoing to use the money properly. >> that's right. the perception is t

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

guidance last friday forcing morgan stanley to down grade the shares, saying it's increased the macro in the current risk environment and mai capital's chief equity strategist frankp on adobe. >> adobe gets forty-four% of the revenue outside the americas they had a negative impact from the stronger dollar. calculating that 60 to 70 cent impact adobe's ceo is confident demand will remain steady, saying in part, our software is mission critical referring to companies making digital transformation and media companies. and those attempting to transition to the meta verse >> did you say 44% is foreign revenue? that's a big number. >> it is a big number. >> i think you sit on the sidelines. because even though the stock's down a lot, they are economically sensitive and if the economy slows, as seems to be happening in europe and eventually here, i think companies are going to start missing earnings and the multiples haven't come down enough to avoid a sharp downturn if that should happen. >> if there's a netflix moment, meiny we haven't had that just yet. microsoft is down nearly 25% this year. they kwut their fourth quarter outlook, warning specifically about the stro

frank. >> let's talk about earnings. i'm looking at some of the earnings. morgan stanley eps expected to increase 99% year over year. what's the catalyst for the big upside moves when it comes to profit? >> yeah, so, it really is investment banking and trading and rebounding off more one or two years as interest rates are really high during the 11 rate hikes we had in that hiking cycle. as we et off that, the earnings are good. for morgan stanley, in particular, they get half of the revenue from wealth management. as we know, you know, they basically get a fixed percentage of a lot of people's overall assets under management. as those rise, their fees rise, frank. >> we have seen a big jump in financials after the election. a lot of what brian moynihan was talking about with the regulatory environment. how much is baked in for the friendly regulatory environment? some of the gains have eased back. >> there's room to run. those gains have pulled back because of what's happened in the bond market. that moderated enthusiasm for the big banks. i'll be very clear. there are three or four different key regulatory bodies y

morgan stanley sees a 20% chance of recession let's bring in kevin simpson from capital wealth planning >> frank, good morning >> kevin, you are saying investors are unprepared in general for all of the volatility they need to readjust how they look at equity they need to do homework when they are studying, what do they need to study dividends or cash flow >> it is all of the above. we heard the expression that it is all fun and games until somebody gets hurt it is fun and reeasy in a raging bull market. so many did get hurt with crypto or meme stocks a lot of newer investors and seasoned ones were unprepared for the volatility you did a great job yesterday, frank, highlighting the clouds names and growth names and thesis with the pull back in yields it was a meaningful pull back on the ten-year that trade is over we need to reset and rethink it plays into our philosophy like you mentioned if yyou own stocks with free cat >> i did tee it up i'm a home boy with my philly brother. you are especially focused on companies that have capital for earnings to afford dividends can you give us examples of

stanley with 4%. the biggest banks are on track to post their best trading year since the onset of the dodd-frank era.ail sales likely grew moderately in september as consumers in the u.s. contended with high finance cost and elevated uncertainty ahead of that presidential election. valerie, we were listening to him talking about the relative strength of the u.s. economy. is that expected to be reiterated today with the data with the retail sales? >> it's been light on the data calendar but the big one is retail sales for that reason. he gives us a glimpse into the third-quarter gdp, mostly because of this control group segment of retail sales. that is a direct feeder into gdp so the markets will have their eyes on that today. it's expected to come in the same as prior months so have your eye on that. it will give us a better reflection of where third-quarter gdp for the u.s. is heading. the atlanta fed's gdp is a real-time indicator of four where gps tracking for the third quarter. it has crept higher in the last few weeks. now sitting at 3.2% for the u.s. for the third quarter. that is the u.s. grow

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