and pittsburgh based alcoa corp says the trump tariffs on aluminum imports has pushed aluminum prices higher and that's also boosted their revenues in the third quarter of the year by fourteen percent that said alcoa's q three profits were still down due to losses that include costs from a change to the company's pension system the ten percent tariff were imposed in march of this year but since alcoa relies heavily on foreign smelters which extract aluminum from the alumina mainly in canada the terrorists will only do so much to assist the company paid to one of mine million dollars that's twenty nine million dollars in import duties during q three on imported aluminum from canada but says they still had a net positive of twenty seven million dollars as a result of the higher priced aluminum alcoa has more than forty five thousand employees and is the sixth largest alumina producer in the world with operations in australia iceland jim. guinea and gonna. and the ongoing troubles of don citibank are making news again as the board of the multinational bank was publicly rebuffed by the da

. >> the tariffs on imported aluminum not hurting how kyle -- alcoa. 14% increase thanks to higher aluminum prices. they also increase it for next quarter. i have a net benefit of $27 million from the tariffs. it produced in the u.s. as we get earnings from companies will start to see and more companies are seen as a negative effect. alcoa is a different story. they're opening a new front in the conflict with china. he plans to withdraw from a postal treaty that allows companies to ship small packages to the united states at a steep discount. they have long can play and been planed about the ability to undercut competition. a lot of these companies use amazon. it cost the u.s. $300 million per year and this is of course another example of the administration's readiness to call very unfair trade policies. they are feeling better about the economy. just about half the population 49% think that it's excellent or good. meanwhile the% of americans who think the economy is poor has dropped. and they're also pretty optimistic about their financial future. as

>> if we are heading for a slow down, then i am not going to be a buyer of alcoa and a slow down will definitely hurt it. the charts according to bob lang suggest it is a reprieve chartists believe that we could have more down side. got to respect bob's opinion this may be giving you motion sickness, but good to see that good news is still considered good one company that has your heart and mind under the radar bio play just next stay with cramer whooo! want to take your next vacation to new heights? tripadvisor now lets you book over a hundred thousand tours, attractions, and experiences in destinations around the world! like new york! from bus tours, to breathtaking adventures, tripadvisor makes it easy to find and book amazing things to do. and you can cancel most bookings up to 24 hours in advance for a full refund. so you can make your next trip... monumental! this is a very difficult job. failure is not an option.a. more than half of employees across the country bring financial stress to work. if you're stressed out financially at home, you're going to be too worried to be able

>> you know, alcoa is one of those names that you never really know.nd other times they so disappoint that you're caught way off guard. i haven't paid too much attention to alcoa so i'd be lying if i told you what i was expecting. one of those names you never know how they are going to come out. >> kenny, we'll let you get back to your post thanks so much for coming over to join us go over to the second- or performance today as well because energy suffering towards the bottom and materials also suffering and partly because oil prices are slipping down around 3.2% as well. >> a lot of discussion here on the trading floor as to whether our margins have peaked. in the only do we have earnings from alcoa, las vegas sands and travelers, an important insurance player to keep an eye on given the two hurricanes that we had florida and the carolinas, and interesting to see how these are holding up. >> another point to make from today's trade dollar got a little bit of an extra boost when we got the fed minutes which if you're really searching for something had

. >>> alcoa reporting better than expected quarterly numbers higher aluminum prices and sales of rawaterials, prices have risen on that tariff on aluminum imports. alcoa's reliance on aluminum from foreign smerlts hlters havt on that. >>> and sealed air is cutting its q3 outlook because of shipping costs >>> willem marx is in brussels and has more on how the debate and negotiations around brexit are going. >> theresa may came here last night. she spoke. she was heard respectfully by her european peers but by no means conquered. we've been hearing for about a year this summit in brussels was going to be the moment the decisions had to be made on britain's departure from the european union it seems a lot of those leaders are willing to give negotiators a few more weeks, perhaps a couple mormons leading up to christmas for a deal to be struck on that withdrawal. theresa may may be accepting a longer transition period after britain leaves the european union. it will remain a part of the single market, the customs union. that period looking at two years. she said it could last a few more

plus, alcoa announced its first share buyback in more than a decade.g it through the trade fight. avoid a is trying to repeat of what happened during the 2016 election campaign, so it has established a war room aimed at fighting misinformation and meddling in the run-up to the next month's midterm election. bloomberg spoke with facebook set of cybersecurity policy. >> this is why we had the war room and have pulled these teams together. we are laser focused on this challenge. it doesn't mean there won't be challenges come about what i am confident of is we have done everything we can to make sure authenticment will be and people will be able to engage as they need and want to. >> that is your bloomberg business flash. tom: thank you so much. dana peterson with his from citigroup, and christopher with us. each media company has a war room. there is a war room at fox, at disney. i want to go back to the basic concept of another time and place, content is king. his content or digital king -- is content of digital king? >> content is still digital king. di

we are open and back to the partnership we saw recently with alcoa and apple.rough technology on aluminum, which will make aluminum a green prufpblgt absolutely a green product. with no co-2 emissions. we're open. >> in terms of copper, are you looking to boost your below market exposure to copper given that the first half of that revenue was still iron-ore? >> over time, do we want to increase our exposure to aluminum or potentially copper? yes. but for us it's about creating value to our shareholders. we don't allocate money, capital, across the company only on the back of diversification. we believe in diversification for shumplete but we look at capital to the best project. over a longer period of time, would i love to have more copper and aluminum and other minerals to support the battery technology that is absolutely required for the vehicles? absolutely. but it would be project by project. >> in terms of the structure of your assets, are you looking at more divestments over the next 12 months? >> it's always the same question on this one. >> i'm sorry to

alcoa posted its third-quarter inning -- for earnings. it is the first buybacks since 2007. what does this say about china and trade #>> it seems like they have been saying for a while. they are saying listen, china thecapacity is still problem. they're over producing spreading their a lumen throughout the world and that is making 6% of smelters unprofitable or cash negative. more plants will have to shut down. what they are pointing out is donald trump's era son -- tech , theyald trump's tariffs just put it up front in the earnings report. causes isliton four-year forecasts for output. what is going on at bhp? buyback at 3% and that will be a disappointment for the company, what they saw was a rising production in chilly, the world's biggest copper mine. the gains were offset by issues --h operations, a fire at a in chilly, they experienced and outage at a mine in australia. the overall effect is that production will be lower for this year. down, they shutting filed for bankruptcy after falling victim to too much debt. they are going to shareholders and will step down as th

and the aluminum producer alcoa report better than expected earnings thanks to a rise in the price of the metal. the company announced a share repurchase of $200 million. the stock rose in initial after hours trading extending gains from the regular session. >>> during the last full yearn business, back in 2016, toys "r" us bught in $11 billion in revenue. now that's -- now that the toy icon is gone, a slough of big players are vying for a piece of the sales. target and wal-mart are t just two of the many familiar names that recently announced plans to expand the instory and online toyer ogs. joining to us handicap which companies may win, lose as they tr to win this category, lind aire bolton wiser is senior search analyst with d.a. davidson covering consumer product companies. thanks for joining us. >> thank you. >> there is a scramble going on right now. >> yes, absolutel abou 15% share of the u.s. toy retail market up for grabs. all the b retailers are making plans to try to grab some of that share. wal-mart, target, amazon all ha special initiatives they have announced to put mor

also being considered will be earnings from metals giant alcoa.enue, despite the dangers posed by the trump administration's tariffs on imported steel and aluminium. joining us is maike currie, investment director at fidelity international. nice to see you. morning. so both samara and ben talking about the issues for financial markets, you are issues for financial markets, you a re interested issues for financial markets, you are interested in what the oil price is doing. the oil price is now looking as though it could hit triple digit figure, it is around $80 a barrel. if we have seen growth go $80 a barrel. if we have seen growth 9° up $80 a barrel. if we have seen growth go up in the uk but the flip side of thatis go up in the uk but the flip side of that is higher prices at the petrol pumps weighing on consumers. yeah, and that of course will filter into things like inflation, we get the uk inflation figure today, expecting about 2.5, 2.6%, so down slightly but we know that is pretty volatile. that affects how much money we have in our pocket.

alcoa will report its earnings on wednesday, and nucor, a steel—maker, will report its earnings on thursdayng steel and aluminium prices have helped or harmed american business. that was kim, part of our new york team. joining us is kathleen brooks, research director for capital index. a really busy week, we've mentioned italy, brexit, kim looking at the fa ct italy, brexit, kim looking at the fact it's easy for earnings in the us, we haven't even touched on chancellor angela merkel. such a busy season, you have what's going on with the saudi journalist and oil, then that story broke a week ago i don't think many people thought or will open 2% higher next sunday, a huge mishmash, difficult to predict for markets will go next but volatility on the rise. we talk about those links, fascinating, no one ina about those links, fascinating, no one in a million years imagining that could have an effect on the oil price but it shows how nervous investors are, clinging onto any bit of information. they are, the ideology going around the markets that politics and different political relations around t

coming up, alcoa posted earnings they say some of the tariffs have not shielded them from china's glutthis is bloomberg. ♪ his is bloomberg. ♪ alix: alcoa surprises with third-quarter earnings almost double estimates. also announcing a $200 million share buyback, the first since the company split. thank you higher aluminum prices. how have tariffs hurt the company? what did they say about china, trade, and the tariffs? in theeems they have put forefront what they have been saying for a while. china overcapacity is still the problem. china is overproducing, spreading their aluminum throughout the world them and that is making 50% of smelters unprofitable or cash negative. they are saying more plants will have to shut down at these levels. donald trump tariffs on imports in the united states don't address this issue, and this is what they have been saying constantly. alix: meaning it is not necessarily the price. it is overcapacity. you can relegate imports all you want, but that is not the problem is domestic premiums go up. >> if you keep imports from coming onshore in the u.s., it doe

the airliners hurt by oil prices alcoa gets simply annihilated. a possible recession makes you sell those growth stocks, makes you sell the economy sense stocks it is a negative scenario for starters, it was a federal holiday and we had no bond market europe because of battalion worries and asia because italian markets got obliterated. those who don't know anything except they like to trade-off overseas markets, they sold, sold that worked until the afternoon when other buyers came in. and instead these people wanted to get bargains in oversold markets. we are in the grip of the cloud kings, they are trading together in a basket when is set you wup advantage. there is a group of stock that can be bought and sold together. that is what the etf do. this is a minority view, the fed has insisted these camp followers are wrong. if long-term rate stabilizes, guess what, you could see a mongo rally and these managers want to capture the major gains. that is what helped us in the afternoon. last but not least, we are oversold, and we have been going d dow

. >> alcoa after what was a very strong quarter. big beat coming from travelers, black stone and others. >> after the sell off, is it time to rethink f.a.n.g. is now the time to buy we will check in with jim on that one. stocks are set to open lower. volatility remains in focus during wednesday's session. the dow was down more than 300 and rebounded into positive territory and closed in the red after the fed minutes showed more rate hikes may be on the horizon. even though we are down eight of ten, we can have our best week in four months. >> it's incredible. the tuesday rally has not been repealed. there are some big downs this morning including apple saying china's slowing could matter. i think that it is exactly as you lay it out. the tension is a fed that does not like full employment. and how grateful employment is for the economy. that's going to play out. and then you are going to see a decline in lending for the regional banks. that has been a theme. you are seeing industrials that are crumbling and have issues. we don't kno

alcoa is bringing its third-quarter earnings after the bell. the market was impressed.t has come in higher on the news that adjusted earnings per share beat average estimates. here,alumina player third-quarter adjusted earnings per share is $.63 and estimate had been less than half of that. was $3.3rter sales billion -- $3.39 billion. company that did not have a single celebrating on it. romaine: and they gave interesting word here to aluminum demand. that is slightly below the range ahead given before. they said some of the deficit we see in the alumina market that that is going to widen more -- aluminum market that that is going to widen more. maybe a little bit of a hat pip. from new york, this is bloomberg. ♪ caroline: looking at credit now. the credit benchmark has received a new round of capital. that analyzesany government strong data of banks and other financial institutions. is bill,alk about it the ceo of credit benchmark. tell us about how you are expanding what you are doing. bill: we have 30 banks and financial institutions. the money is coming in, it is es

alix: alcoa surprises with third-quarter earnings, posting double its estimate.ng a $200 million share buyback, the first since 2007. thank you, higher aluminum prices. what did they say about china trade and tariffs? , >> they put in the forefront, china overcapacity is still the problem. china is overproducing, spreading aluminum throughout the world, and that is making 50% of smelters around the world unprofitable or cash negative. level, more plants will have to shut down. they are pointing at donald trump's tariffs on imports in the united states don't address this issue. now they just put it up front in their earnings report. shery: the world's biggest miner, bhp billiton, released data which cut its full-year forecast for copper output. what is going on at bhp? >> it cut its forecast by 3%, certainly a disappointment for the company. what it actually saw was a rise in production from the world's biggest copper mine, so good performance there, but those gains were offset by issues at other operations. there was a fire at a second mine, also an outage in aus

. ♪ >> alcoa surprises third-quarter earnings, almost double its estimates.ng a $200 million share buyback, the first since the company split in 2000. what did they say about china, trade, and the terrorists? >> for the first time it seems like they have put in the forefront what they have been saying for a while -- listen, china overcapacity is still the problem. china is overproducing, spreading their aluminum through the world, and that is making about 50% of smelters around the globe unprofitable or cash negative. at these levels, more plants will have to shut down. what they are pointing at is that donald trump's tariffs on imports in the united states don't address this issue. this is what they have been saying constantly, and now they put it up front. ♪ >> the world's biggest miner, bhp billiton, release production data earlier which cuts it's for your forecast for copper output. what's going on at bhp? >> bhp did cut its four-year full cast. that is certainly something of a disappointment for the company because what it saw was a rise in production fr

aluminum, alcoa, 52 week lows for months now. ford is down a multiyear low.hould these companies be benefiting >> a lot of them are in terms of jobs that they're supporting. look at the jobs numbers come in the areas where there is the greatest growth gates in industrial areas. that's where they can't find enough workers to fill the position. >> maybe this is jack's point. the supposedly -- >> more job scare you? >> stock ricin scare me in forward-looking indicators. he said it was a bubble under obama appeared during a bear market. >> whistling past the graveyard they say will raise prices. what does that mean? people will buy less when you raise prices. this ricocheted through the economy. the uncertainty, profit margins in impact by input, which means prices are going to be higher at the consumer level. that's not inflation. that's just taxes prices of things. in that we've talking about this. the president continuing his attack on fed chair jerome powell telling "the wall street journal" every time we do something great he raises the interest rate. he alm

aluminum has a joint venture without collecting sydney -- with alcoa in sydney.t is up by over 9%. this has fallen nearly 14%, re pacific, with fewer chinese coming in during golden week. the federal reserve chairman says the central bank may reserve interest rates to a toel where they begin restrain economic growth. these comments come after policymakers braised rates last week for the third time this year. his prices have flirted with fresh record highs and the gilt on ten-year treasuries have reached the highest since 2011. >> we are gradually moving to a place where they will be neutral. way to neutral -- from neutral at this point. is adding to the pain of the u.s. treasury route that lack of foreign buyers at these levels lead to lower treasury prices. his comments come at a tough time for bond bulls. yields are searching to multiyear highs on ten-year treasuries. the concession to the european union for 2.4% gdp in 2020 and is in response to the coalition spending request from the european union. -- italianent government says details will come today. u.s.

seems to me the dynamic we are setting up, when you talk about more industrial focused companies, alcoa example, their earnings last night as well, costs are rising, maybe in part because of tariffs, but pushing that out in terms of higher prices as well, is it still a net positive many cases with some of the companies so far, csx is another one, costs may be rising but prices are rising faster. >> which is great if it works. there's suspense, see if they can push pricing, if it effects demands. consumer packaged goods, that's a theme, too that's where we're at in terms of basic market debate, we're probably there awhile. later in the cycle, is the fed friend or foe. how much longer in terms of expectations leading indicators, up again, they peak well or have always before an economic cycle ends. is that assurance or what does it mean for main street versus wall street, too >> how is the year shaping up overall, markets wise, compared to where so many prognosticators expect it. we tend to think of it has been a good year, you look at the charts, i don't know >> s&p up 4% year to date or

exited the trade right now, judge >> pete, what do you have for us >> i'm going to hit with you some alcoa it hit the other day, on monday, october 1st. some buyers came walking in as well and now today we're seeing even further they're rolling out of those calls already, scott, that were purchased on monday and they're rolling out these november 48 calls trading a little over $1 for these. nice numbers, i think 5,600 when we saw it come in. with 48s, you'd think so $4 higher than it is right now you can see why they're taking off some of their profits. that's a pretty big jump today so over the last couple of days the stock has made a nice move i'm in these, by the way, and i will be in there through november so i will give you a quick update on something else because intel when we talk about this one on september 17th, we talked about some massive call buying coming in there, right it was just after the earnings in terms of the expiration cycle, november 2nd these were going to be expiring, the 46 calls. those have more than doubled with the stock move. they've gone from $1.50 back then

alcoa, sony, erickson. guidance was really strong.have financial releases they lived up to the hype, the hype, maybe the bar was not high enough because few companies have blown away wall street even though they have blown away estimates. adam johnson is back with me to discuss. adam, coming into last week, everyone was saying don't worry about the market volatility, don't worry about anxiety associated with it, earnings to the rescue. >> yes. charles: earnings are here. we're getting hit worse. not like they haven't delivered. so what is going on. >> i tell you what i think is happening here, you know we had a real scare, right? last week, to lose 1500 dow points in 2 1/2 days. that is scary. before people come back in to buy this thing they want to retest it. i hate to say that, that is what is happening. charles: retest the low from last week? >> the low from last week, 200, to 250 point lower. i would rather not see us go there. at that point it is not much lower. if we retest to get them back to start buying. as i look at my own

steel has lost 38%, ak steel down 28%, alcoa, more aluminum production, clipped by 21%, nucor down about 9%. but that said, we do know one thing. stock prices and the economy are two separate issues. but it is important to note that the stocks for steel have definitely and pointedly gotten hurt since the announcement of his tariffs. let's talk about what investors are getting as far as the treat today, okay, on this halloween. the markets rally for a second day in a row, nice move here and hopefully we can get our green market rally up on the banner here but it's been a ghoulish month for the major averages. take a look at the numbers here. we can see for the month of october, the dow down about 4%. s&p have lost 6%. by the way, for the dow, it's on pace for its worst month since january 2016. s&p, the worst since september of 2011. the nasdaq, worst in ten years. so what do we expect next month? we got strong suv sales driving general motors' third quarter results higher as profit jumped 25% from a year ago. sales in the top two markets, china and the u.s., did drop 15% and 11% respecti

nice >>> alcoa reporting better than expected quarterly numbers among the drivers ar higher aluminumrices and sales of raw materials, prices have risen on that tariff on aluminum imports. alcoa's reliance on aluminum from foreign smelters have cut its able ability to benefit from those. >> and results for sealed air deflated this morning. the maker of bubble wrap citing currency headwinds and higher shipping costs >> ebay is suing amazon claiming the online retail giant tried to poach its sellers. the suit alleges amazon messaged sellers to get them to sell on its site which ebay says violates its user agreement. >> the key is they used an internal ebay messages system to do this. it's not like they found their e-mails and reached out to them. >> it's extraordinary. sort of an extraordinary way to get your competitors third party sellers with key to amazon's growth. last year more than half of the items sold on amazon were from third parties. do you look at them and say this was a clever thing, that amazon was being clever or worst? >> amazon's response is they're investigating the c

it's alcoa, international paper, general motors and ford.se are all the companies that are supposed to be helped by the president's tariffs, aluminum and steel, which are still in place. something is rotten with this economy and it belies the very good economic news that's been reported for quite some time. neil: gerri, what do you think? part of the argument is that we are still not settling anything with china so tariffs and all these other things remain in effect. walmart has been concerned about it. ford is concerned about it, gm is concerned about it. what do you think? >> i think it's been overstated and here's why. when you talk about christmas, for example, lot of people out there saying christmas is going to be lousy because prices are going to be so high because of tariffs. but what these people aren't taking into consideration, what my sources in retail tell me, is that look, those prices don't move as quickly as you think. most of that buying was done last summer. possibly even earlier than usual with an eye to these tariffs to l

the "a" echoes out at alcoa heritage the arc is for the pursue of -- speaks to the history. >> so i couldoney but i think that, you know, that marvel is not happy that they can't use arconic for a superhero. >> they could use it for a villain. >> it's how used to these things we get, right? think about how verizon was mocked when they first came out. it's now just a word somewhere >> like the bridge it used to drive them crazy. the smart thing is when you take a really well known brand and you call it vaenater >> where are we? so -- >> try to get back there. >> where this pre-market selloff brings us, it's right down to the lows of october, right look at the s&p 500 year to date if you look at a line across 2710, that was the intraday low from a week ago. and then 2728 is where you closed in other words, everyone who says, oh, you have these sharp selloffs you need a retest of that. well, maybe that's what this is. by the way, it was a weak bounce the rally of those oversell conditions was not impressive at all. you didn't get much distance between the lows and where you ultimately bounce

alcoa is up 8 1/2%, first time they're buying stock back since 2007.hose companies are coming back. >> bill: amazing. as the president says we want american steel not chinese steel. >> i know people say listen, it's not unlike we're not -- we could have a war with china in 10 or 15 years. i want to supply our own steel and aluminum to build our battle ships. canada is our friend. it is a national interest to have better capacity. >> bill: i want to ask you about another story. the president announced he wants some cuts from every department across the board. here is how it went. >> president trump: i'm going to ask each of you to come back with a 5% budget cut from your various departments. i've heard about the penny plan for 15 years. one penny every year per dollar, one penny every year after four or five years the country is in good shape. i'm saying let's not do the penny plan, let's do the five penny plan. >> i think it's great. 2019 budget a lot of these departments have already pledged they will cut. education, 7 billion cut. 11% health and huma

better-than-expected earnings as well third quarter profit beat estimates thanks to increase in val of holdings alcoa good beat after the bell by rigs aluminum prices tesla -- a 210 acre lot in shanghai to build new giga factory first giga factory outside u.s. this is for batteries that go into model 3s, s's, x's, any giga factor according to elon musk will build cars as well flip side tesla audio a executive leaving looks like it was the chief manufacturing executive, left -- communications, list goes on, but looks like tesla trying to recovery from that fdc fine back to you. maria: thanks very much we will see you at the open susan li on wall street staying the course the fed is planning on more interest rate hikes despite criticism from president trump, stephanie pomboy with us to discuss that and a lot more. stay with us. ♪ i am gonna about the first one for you -- if he ain't holding you tight if he ain't treating you right i am gonna be the first one ♪ i can do more to lower my a1c. because my body can still make its own insulin. i take trulicity once a week to activate my body to release its o

better at aluminum company of americas look at that up 8% 39 dollars share on alcoa.each that was discovered at facebook was spammers. not hackers. and these spammers were not working for a nation state. does that make -- no. >> who cares? >> better from a spammer than a hacker doesn't it make it worse because you think nation state would be more sophisticated at doing this but these are smallers 30 million who cares who it is from fact is facebook is getting mit on a regular basis here. >> keith this thing hasn't rebounded i remember facebook was up at what 220, 30 at one pongt now it is right -- 150. what do you make of this? >> i think there is serious trouble. you know, i think zuckerberg is in over his head spammer hacker or third party all about semantics problem is they can't control their data or the security and it is still -- >> that's the bottom line isn't it? they can't control -- trying to get in. to get in. can we stand another apology tour from mark zuckerberg about it. they can't. it is enough already. it has apologizing for ten years. >> there's mutua