looking at the banks, bank of america up 6/10 of 1%. wells fargo unchanged. it feels like a really solid quarter for bank of america on earnings. it was the consumer banking unit that felt really good. loans and deposits were up. -- they werely only at 834 million. david: it looks very solid but we looked back to yesterday and thought citi and jpmorgan were doing well and they turned over. alix: fic was down 22%. is the focus for banks turning to consumer loaning, which will make wells fargo all-important? we want to turn to michael mckee with a very special guest. michael: good morning. washington federal and eric rosengren joins us on the boston fed annual monetary policy conference. a special welcome to the bloomberg television and radio listeners, particularly those on one of 6.1 fm in boston. thank you for joining us -- 106.1 fm in boston. thank your for joining us. >> nice to have you in boston. michael: we know how you are thinking about monetary policy going forward but we want to .alk about the why you said a december move is justified and maybe three

quality improving loan sales there are fabulous numbers in their deck that make me feel like bank of americaas become this sleep at night bank they've really figure out how to give you consistent earnings power without the up or down of trading. so bank of america is the one that's going to get a higher multiple right now i really want to caution people. stop looking at the stocks going down and therefore thinking the companies are doing badly. start thinking that the stocks ran a great deal, there's profit taking and people will circle back to them. >> at wells, auto originations and mortgage originations are not going to the moon. >> they want to cut back from auto because of chargeoffs i know wells stock will be down but there could have been an exodus of customers from wells because of what they did and i will say emphatically that did not occur. they are sticking this year. if you have an account with wells you still have an account with wells is it growing way i wanted no. >> there might new customers that ended up nothing opening an account. >> exactly but the customer account -- my h

bank of america app? dj khaled. cards. your old magic set? (sigh) and this wrestling ticket. which you still owe me for. seriously? $25? i didn't even want to go. ahh, your diary! "mom says it is totally natural..." $25 is nothing. (alert beep) abracadabra, bro. pay back a friend day is october 17th. get the bank of america mobile banking app today. (avo) if you'rand you've triedlly pain any number of laxatives, probiotics, and fiber, it could be wearing on you. tell your doctor what you've tried and how long you've been at it. linzess works differently from laxatives. linzess treats adults with ibs with constipation or chronic constipation. it can help relieve your belly pain and lets you have more frequent and complete bowel movements that are easier to pass. do not give linzess to children less than six, and it should not be given to children six to less than eighteen. it may harm them. don't take linzess if you have a bowel blockage. get immediate help if you develop unusual or severe stomach pain, esp

we are waiting results from bank of america and wells fargo. e numbers we will get them to you. we heard from jpm and citigroup yesterday. community banks moving into the future of finance, striking up partnerships to create cloud banking for clients, new program launched yesterday by the community bank connect 1 and banking software company encino. joining us the connect 1 ceo as well as encino ceo, pierre. thank you so much for joining us. >> thank you, maria. maria: we are seeing more connection between banking services with technology. >> they have to drive efficiency in customer experience that match and what we are doing together is drive customer experience where you'll be mobile, digital and you'll get speed and convenience at lower costs. maria: how does it work? >> you would use to think bank in limestone building and it was the only and you went in there and deposited your money and took a loan, today you have infinite choices and for us to impact our client and really provide for compliant experience today that people want in this ne

vonnie: bank earnings season continuing with bank of america posting its best profit in six years. , a $1 billion charge. and today's earnings, yesterday of course, the director of bank index and strategies. he joins us on the phone. mortgagessumer side seem to be holding up. >> you are re-creating the possibility on the posit. you were winding out these spreads. they have been lagging productively relative to what is going on in the overall market and the sense of the rise we have seen. that has been a positive trend. even when widening those spreads we're still seeing growth and deposits. banking holding up as well. >> it has. mortgage banking has not rebounded to what we have been used to but the business model has changed. what a lot of these banks are doing, they are retaining 80% of what they are originating. holding them. it is about being able to keep those mortgages on the balance sheet. not sing the mortgage banking fee income bounceback that we are not seeing it collapse further either. seen,from what you have for bank of america and wells fargo, what are the trends that en

bank of america earnings rolling out, joseph. >> yes bank of america reporting this morning wilfred frostetails if it's just sort of in line, it already sold off yesterday i figure it's going to go up today just based on things being just pretty good >> yeah. i would say this is better than just in line, in fact. we look at the headline revenue number $2.8 billion it was expected to be $2.19 billion. there was a small provision for legacy mortgage issues, which sort of means the revenue number is slightly better for the core business in fact, brian moynihan pulls it out and says in each of the core four lines of business we grew at 4%. the sort of recurring revenues were slightly better growth than the top line revenue numbers, suggests the eps number a little ahead of expectations at 0.48 versus examinatipectations for 5 if we look at the trading numbers, dow is now 15%. that was bang in line with what they guided midquarter if you look at the individuals, equities up slightly 2%. fixed income currencies commodities down 22% again, pretty much in line on that part for the -- with their g

we get bank of america this morning. l be reporting during "squawk box's" hours and we will talk about how they match up to other banks. any expectations, will >> i'm surprised how much bank of america sold off yesterday, 1.5% in light of citi's 3.5% slide. so there could be room of bank of america to bounce back a percent in the premarket today. >> we'll keep an eye on that we'll talk to wilfred as the numbers hit and get more on that and we'll be talking taxes this morning. and we have a big guest joining us from an hour from 8:00 to 9:00 this morning. that would be senator ted cruz from texas he's going to be sitting down with us right here onset to talk about taxes, talk about everything with the iran deal, other foreign issues going on as well and health care news overnight about what the president has done with health care and what he's going to be doing in terms of not making some of the payments to the insurers, what that will mean. all those things will be topics for discussion with ted cruz when we sit down with

tom: we are waiting for bank of america earnings and it would be rude to speak with jacob frenkel andl speak about the news report of impatience at a given bank, barclays, speeds things up, or deutsche bank, speeds things up. dca new urgency to get it going where the new strategic plan for commercial banking in europe is a faster adjustment than what we saw months ago? howard: i think there is a general mess about banks which is more to do with fintech and their future business models and whether the big i.t. countries -- companies will eat the lunch of the commercial banks. that is a general underlying question which analysts look at banks and worry about. tom: you brought yourself on a bank that fintech is front and center, forget macro economics. fintech is the catalyst or timeline for a new baking world -- banking world. jacob: it is a new phenomenon, it has a lot of details and a blockchain technology, what i observed is there is a group called fintech and another group people who come from the technology and say i have a machine and am looking for a problem, and people who are c

and bank of america. none of the tech company showing up.let us see how we were going to the trade. the 100 trading higher. 75 25 is where we are this morning. this is the castrate purity ibex getting -- this is the cash trade. the ibex is up by .2%. the cac opening up around a bunch of individual stocks to focus on today like akzonobel. we will come back to those names in just a moment. in the meantime, more details with nejra cehic. nejra: thanks so much. i answered in with the gilt market open right now. we saw the tenure gilt yield 1.27ed six basis points to percent and it looks like we are unchanged because the tenure stay,ield at 1.27%, so following our we are seeing in the treasury markets and the market ast as -- bund well. a muted open. we are up just about -- on the stoxx 600 to digging into the industry groups, a little bit of a mixed bag. market as well. it is the lack of pullback. this chart, g #btv 2851 -- a 5% drawdown. that is the chart to take a look at. above 70, it suggests something might be overbought. that could be a si

tori is in the parking lot of the bank of america stadium, tori. >> just when you think, beyond these is a bunch of panthers fans is there a bunch of wild eagles fans. they are all over the parking lot and is there everybody, here, and we are just tearing it up. >> yeah. >> e-a-g-l-e-s eagles. she even now. anything slow her down. and aetna is moving medicare advantage plans forward right along with her. we offer $0 monthly plan premiums. and a limit on out-of pocket medical costs you pay each year. call aetna today and we'll send you a $10 reward card with no obligation to enroll. because getting older clearly isn't what it used to be. we are counting down to kick off the eagles verse the panthers on thursday night football, right here on cbs-3. we will take you back down to charlotte in just a moment but first... >> ♪ oh, say can you see >> will protests continue? many are watching to see if players stand, neil or raise their fist during the national anthem. there is a great debate over whether the national football league should mandate players to stand at attention for the nationa

isia: bank earnings season now in full swing, with bank of america and wells fargo posting their colderquarter result today. bank of america has posted the highest net come in -- income in six years. wells fargo's $1 billion charge adds to the headache for ceo tim sloan. laura, great to have you on. let's talk about the weakness we have seen in the fixed income and currency, commodity division. this is all really focusing on credit quality and lending. let's start with wells fargo, the weakest. laura: they are definitely the weakest out of the formation of -- four major banks. that is a bank that has always put so much on lending, whether it is commercial companies or you have the big consumer out there, and this quarter looks quite bad on lending growth. -- unlike alle their other competitors. and of course this mortgage backed security problem coming in, through the great eighth of the -- gray days of the financial crisis not being finalized, and taking a $1 billion charge in what will be a settlement on those mortgage backed securities. scarlet: if you look at wells fargo's chairs un

belief in the system of the small and midsize banks that they're overregulated and this was another intrusion and that's what you saw reflected in the vote. but to bank of america, it wasn't a relevant question. >> given that the wells fargo scandal has rattled on so long, has that annoyed you and some of your fellow ceos as banks that started to come out of the cross hairs a little bit have you felt that it's dragged the industry back into them a little >> our customer scores are as high as they have ever been, higher than they were before the crisis, higher than when the stock price was this or that and so i think our customers see in our company what we do for them the way we run the business model, you know, we've been doing it for many years now. it's responsible growth. we try to get the primary checking account in the household. we want the products to be used. so i think it hasn't really been that impactful on us. >> switching focus, brian, a lot of your peers have mentioned bitcoin recently which camp do you fall into, the fraud camp or the opportunity camp >> i think the question is something that has to be thought through from a policy decision the a

charge for precrisis mortgage program. >> many of these metrics we measured came positive for bank of america also point out the expense control of the bank of america is quite strong and they continue to focus on reducing expenses to $50 billion number for next year. the wells of numbers, they obviously had the one-time charge. the revenue growth was not as strong as some of the other banks as they continue to work their way through the scandal they have been dealing with. >> president trump has disavowed the iran nuclear deal without the national accord. he refused to recertify iran, which he must do every 90 days. he hasn't quit the accord. >> as i have said many times, the iran deal was one of the worst and most one-sided transactions the united states has ever entered into. >> we are in limbo now. if you look at the broader geopolitical situation in the middle east, this is adding more uncertainty into the mix we have right now. for business, this is not what people wanted to hear. they wanted a sense that this massive market with all this huge potential will be open up again. this proba

finally on friday we get reports from bank of america, wells fargo. i expect the former to give you -- they can start participating in any sort of bank rally after sitting out the whole deal so far, bank of america has the biggest deposit rates so if you think that -- bank of america's probably for you in a stock of wells has been hobbled by the cross selling scandal -- put that behind it even though the hearings were devastated i don't want to overdramatize my concerns here but i have to tell you this mark's been so strong that it's natural to believe that there will be some profit taking if the earnings aren't perfect when they start next week remember we're at the cusp of a very important season for my travel trust which with follow along, i'm going to be looking for places to trend, to raise cash because i want to come into earning season lighter than i am, so to speak. i'm be telling club members at our monthly call, you feed to have cash on hand for decline. decline is what you shall expect after we become as over bull as we are tip >>> start wit

world continue to grow, you can take more risk, we believe come with equities, and therefore, bank of america and citigroup is the riskier investment, or are the riskier investments, versus u.s. bancorp, one of the regional banks that is the highest quality, or even j.p. morgan chase, for that matter. vonnie: gerard cassidy, thank you for joining us this morning. let's check in on the "first word" news. here is taylor riggs. trump'spresident nomination for drugs are has withdrawn his nomination. there were reports that he made it harder to fight the opioid crisis. ramping few latest round of nafta talks with a bombshell proposal, this is the administration wants to eliminate tariffs on supply manage contacts. candidate uses the system of tariffs and quotas for dairy products that they say guarantee stable pricing and production. canada has dismissed the proposal and we will have more on this at the bottom of the hour. despite a plea from president trump, former white house strategist steve bannon will not abandon his war against republican congressional incumbents. people keep asking insurgen

then we'll hear from bank of america's head of digital banking on the future. later on, exclusive with the jenner family matriarch kris jenner when "squawk alley" returns. ask. >>> apple may have suffered a setback, at least when it comes to supplying the newest iphone according to the nikkei, initial shipments of the x are expected to be around 20 million units, only half the amount expected for this year. preorders for the x begin friday and ubs, on the other hand, says demand is at multiyear highs for more, let's bring in steve millinovich on the cnbc newsline got the report out of nikkei and then the research note that you write saying survey results encouraging. which one is it? >> yeah, sara, it's probably both demand and production are two different issues on the demand side, the research survey shows that 19% of people are saying that they are going to buy a smartphone in the next 90 days, which is the highest since 2014 and of those, 69% are saying an iphone, which is also the highest since we entered the iphone 6 cycle three years ago, so demand, we t

gerard: many of the metrics we monitor for these large banks came in positive for bank of america andhe net interest margin, for example. we point out the expense control at bank of america is quite strong, and they continue to focus on reducing expenses to a $53 billion number for next year. the wells numbers, on the other hand, obviously have the one-time charge which we take out, so they came in line with expectations on the bottom line. the revenue growth was not as strong as some of the other banks as they continue to work their way through the scandal that they've been dealing with. vonnie: president trump has disavowed the iran nuclear deal without yet quitting the multinational accord. that's very important. he has refused to recertify iran , which he must do every 90 days, and he hasn't yet quit the accord. pres. trump: as i've said many times, the iran deal was one of the worst and most one-sided transactions the united states has ever entered into. john: we are in limbo now. essentially if you look at the broader situation, it's adding more uncertainty into the mix we have

those are the four charts you need to know as we wait for bank of america and wells fargo earnings tot outs get the of samsung, the latest earnings report, third quarter preliminary earnings estimate in spirit also, the open of trading in hong kong and shanghai. this is bloomberg. ♪ who knew that phones would start doing everything? entertaining us, getting us back on track, and finding us dates. phones really have changed. so why hasn't the way we pay for them? introducing xfinity mobile. you only pay for data and can easily switch between pay per gig and unlimited. no one else lets you do that. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit or go to xfinitymobile.com. kong.d: 9:29 a.m. in hong what have we got? not many tailwinds today. confidence over the trump tax plans waning, engine during a pullback for u.s. sex with -- u.s. equities. also in the mix, u.s. inflation, u.s. retail sales. estimates,ng beating causing waves there across the asia-pacific. i am rishaad salamat coming to you from

. >> reporter: guys we're coming to you live from right outside of bank of america's stadium. this is the safety tomorrow's night's massive showdown between the four and one eagles and the four and one carolina panthers. winner take real control of the nfc. now, let's show you video from earlier. around 4:00 p.m., the eagles arriving to the hotel in charlotte. this is a huge game, and they know it and one of the things they're looking to do is win their fourth game in a row. that will would be the longest winning streak since '13 when chip kelly was their rookie head coach. they're play wig grit, drive and determination and their star defensive ends brandon graham is looking for more. >> every week is a challenge. every week not a guarantee i think carolina is in the way. we got to get it done. >> but it's tough for both parties. you know, it's all about who play -- who can prepare the quickist. i think we got a good shot. >> reporter: earlier tonight, about a couple hours ago, my photography and i adam we were hanging out in bar. but it's not what you think. we were kicking it

we will head into tonight at bank of america stadium at 8:25 for kick off there may be a thunder shower. this should not cause any major issues with the play of the game, 77 degrees at kick off, and north carolina, of course, it is warmer but we will take a look at the seven day forecast and eventually we will start seeing these temperatures rebound all over again. we are all over the place as well. sunday looks nice and warm. we will quickly cool off behind a cool front on monday. >> all right, look at that 60, 70's, 80's, thanks very much, katie. looking outside your morning commute is looking as katie just pointed out, wet, wet, wet and because of that we are having some problems out there we have an accident here at 309 at easton road it looks like it is still block ago this right lane. we are zoomed really close on that squad car but we will tapping your brakes traveling on by there and it will get busy as well. construction on the schuylkill westbound at 30th now closed and one lane compromised but we can see squad car here as well. this is getting remedied for you. crews are star

bank of america was hit by a 15% drop in trading revenue in the last quarter. wells fargo this is sort of the same story that we saw yesterday they are both beating and we have this story today with bank of america which happens to be in the green at the moment and we do have that stock just a moment i will pull it up if we can get here. up nearly one or 2%. wells fargo is going to the other direction. after the fourth straight revenue mix. to retail sales. i need to get this to you because it's important. has a good sign for the consumer here in the united states. 31.6 percent. the biggest monthly jump in more than 20 appears. but this is a way to minute kind of report here. they spiked in price in the wake of hurricane harvey and arma. definitely moved higher. but when you remove it the core rate it was only up one tenth of a%. we do still have auto sales buoyed at the fastest pace for the month of september. everybody really pretty much had to buy new cars in the state of texas around the houston area we have general motors and fiat moving higher. some of the

. >> guys, here we are at the bank of america stadium where carson wentz went toe to toe with a formere going to hear from carson pretty soon. >> just a matter of time. won't be long now. carson will be stepping to the podium and see what our veteran second year star it's been on the decline with the closing of the refineries and there's no jobs in the community. if there's no jobs, there's no education, there's no food on the table. what's important is the children. steve sweeney... he fought for 'em. this is where he's from. steve sweeney's been here since the beginning. steve spearheaded the whole project and really brought it to fruition. it would've never been done without steve. it was a pride in building this port and then knowing that we're coming back. >> welcome back to bank of america stadium, ukee washington along with don bell where the eagles take care of business tonight, 28-23 over those carolina panthers, five and one, db. >> five and one, first place in the nfc. >> wow. >> now let's get you to the highlights, all the action that happened here tonight at bank of americ

bank of america reiterated its buy for apple. analysts said the company will surge under president trump's tax plan, which would make it less expensive for apple to bring money back to the u.s. from overseas, thanks to a lower repatriation tax rate. apple shares were up nearly half a% to $155.84. alphabet received an experimental license from the fcc to create a network of balloons that would help restore wireless phone services in puerto rico after hurricane ma pri a wiped out much of the service on the island. alphabet shares down a fraction to $992.31. >>> coming up, televisions may be getting bigger, even viewing on small phones is on the rise. first, how commodities and currencies fared today. the bond market closed for >>> here's a look at what to watch tomorrow. the largest price ever, procter & gamble shareholders will vote whether pelt should get a sea. executives at walmart expected to outline their strategy for the company. and th release of the nfib survey, what to watch tuesday. >>> harvey weinstein has been fired fr

. >> reporter: guys we're coming to you live from right outside of bank of america's stadium. this is the safety tomorrow's night's massive showdown between the four and one eagles and the four and one carolina panthers. winner take real control of the nfc. now, let's show you video from earlier. around 4:00 p.m., the eagles arriving to the hotel in charlotte. this is a huge game, and they know it and one of the things they're looking to do is win their fourth game in a row. that will would be the longest winning streak since '13 when chip kelly was their rookie head coach. they're play wig grit, drive and determination and their star defensive ends brandon graham is looking for more. >> every week is a challenge. every week not a guarantee i think carolina is in the way. we got to get it done. >> but it's tough for both parties. you know, it's all about who play -- who can prepare the quickist. i think we got a good shot. >> reporter: earlier tonight, about a couple hours ago, my photography and i adam we were hanging out in bar. but it's not what you think. we were kicking it

it was a gutsy win here at bank of america stadium. they beat the carolina panthers, 28 to 23. now the top team in the nfc. >> had to be a team win. offense, defense, had couple of guys with injuries, didn't let it phase us, everyone continued to play hard, all three faces, great team win. >> everyone was pumping me to be back, i was pump to be back and surprised to actually go out and play the way i did. miss too long games in a row, but, you know, i have been working, man, to get this injury back, you know, back 100%. >> you looked prime. you look happy, generally like you missed the game. >> i did, man. when you see your guys out there fighting every sunday, you know it, makes you want to get back on the field. >> a great start, i mean especially, you know, knowing only two of those, two of the six games at home, so to go on the road, the amount of injuries we've had, especially on defense, guys in and out, last two weeks have been team contribution, it is a big win for us. >> it feels good. honestly feels good t says a lot about the guys in this lockerroom. we stay together

eagles insider dave spadaro is live at bank of america stadium he joins us now. dave, i have to ask you first what is the status of fletcher cox tonight? >> i wish i can give you a definitive answer. i think there's on the missile that he can give eight go here tonight. he'll come out and test the calf. and the eagles will see they have until about 6:55 to turn in their up active list. i would say the optimism is growing. i just don't have a definitive answer right now. >> it would be great to have him back. what does carson wentz have to do tonight to help the eagles lead them to win? >> here's the thing kristen. the eagles don't have lane johnson the right side is a question mark against julius peppers, have i tie has to may better than he did last season. and then convert on third downs eagles number one in the nfl converting on third down the panthers number two in the nfl converting on third down a very aggressive defensive approach against carson wentz but look he's prepared as well he can for four days. should be ready to play a very fine game against some

tomorrow bank of america is very sensitive to higher rates. per yield curve for sure the big thing for bank of america also will be their cost structure. they want to get their efficiency ratio below 60% if we see them making progress to that front, people will be excited about that expectations are high. this has run as well >> for sure. i want to hit a couple other movers here. telecom was the biggest laggard in the s&p as at&t warned of heavy directv subscriber loss in the third quarter. at&t down 6% what do you make of that >> this on a day when bond yields were lower. never mind -- people are very sensitive to pay tv losses it's a raw nerve across wall street >> they lost 90,000 in the third quarter. >> huge. this was a shocker it brought down everything i was not surprised to see disney down on the news. not surprised to see viacom down or the media stocks. i was surprised to see comcast down 3.5%. it's already shed 7%, 8% from the first time when they lowered numbers. these guys have high speed internet, that's 20% of their revenues >> w

taylor: bank of america said to be breaking with rival u.s. banks. g to the financial times, b of a has filed with the fcc to become a registered investment advisor, solving the issue of how to keep providing research to asset managers working in europe once the new rules take effect. in italy, shares of the world's oldest bank fell on the first day of trading since the government bailout. monte paschi received a $6.4 billion lifeline from the italian government over the summer. trading has been suspended since last december. barclays might have to reassure investors after third-quarter results are released tomorrow. an slump in trading has had impact on the investment bank. that are questions about the bank's critical of business in the u.s. american, barclay's rival signaled they are preparing for more credit defaults. that's your bloomberg business flash. francine: thank you. the european central bank follow the fed's path when they began buying bonds, but is said to take a different route out of qe. the ecb will begin withdrawing stimulus. all wil

warning from bank of america merrill lynch which conducted an investor survey and what did it show? extreme bullishness at the end of september which typically means stocks are flashing a major sell signal. but really, haven't we been asking this over and over again are? the bulls running out of steam? let's bring in the traders. i hate to keep asking this question, the survey is news. jonathan corpina, what do you think? >> it is news. bank of america feels there say turn here, i feel the market needs a turn, we're not going to get it at this point. look at the last headlines over the last nine, 12 months. a lot of negative headlines. terrorist attacks, government shutdown, debt ceiling, not look moving forward not as bright as it used to be. the market moves higher and higher. sunday we get news of talks between north korea are not going to prevail to anything. we have the incident in las vegas over the weekend, too. market comes in, we haven't seen red on the screen yet. i don't think there's anything that's going to derail this market at this point. the one thing i think is the v

there's probably the most upside on bank of america right now it is a rebalance story. moved 40% from the election to the first quarter of this year it has been the story. citi has expectations, but there's not much there other than the credit card book, the rest of the long book is mediocre in terms of spreads half of what jpmorgan gets for a commercial line. it shows they don't have pricing power. >> wells fargo at this level, given the under-performance since the cross-selling scandal, is that an attractive buy or do they still have issues to work through? >> wells is a great performer but they've been distracted for more than a year now i worry that management cannot deliver the earnings growth particularly that the street expects. you might see wells slip, but it's still a premium stock, 1.6 times book >> finally on the prospect of tax reform this is something that would significantly benefit the banks if it came >> it would help on the earnings side it won't help them generate revenue. that's a structural regulatory issue. but it would certainly help. there is der

in the meantime today, we get numbers from the likes of wells fargo and bank of america. when it comes to european markets, we are not quite in the thick of the earnings season yet. and we are trading sideways. this is flat after much up and down over the last two weeks the xetra dax is close to 12,983 basf is up by 1.5% and buyer trading to the upside. bsf is buying a significant part of bayer's business for 5.9 billion euros. when it comes to the market, here's the euro/dollar at 1.18 and the dollar index is on track for roughly 1% fall this week after ten-week highs we have seen of late but we are awaiting those cpi numbers in today's trading session. >>> let's get back to corporate news samsung's chief executive officer has decided to step d n down the resignation is significant as the samsung electronics sale has been de facto since the ceo was found guilty of embezzlement charges. there's more on this story if you think that one of your leaderswasput to jail because of the embezzlement charges, this is exactly what you don't want to happen. >> if you look at the numb

earnings season under way, banks are gearing up to face their moment of truth. jpmorgan, citigroup, wells fargo, bank of americae posted impressive catch-up rallies in the past month. which one are you banking on, get it >> ooh >> going into earnings grosso >> jpmorgan is the favorite. if you look at the xlf on a relative strength index, they are overbought if you go back a year to date, not year to date, a year from now, 12 months from now, you look at the xlf has outperformed 35%, it outperformed large cap tech i would be careful of jumping into banks i'm not gung-ho. >> what are expectations i don't think expectations for q3 are extremely high. i look at it and say setup is muted going in, the best case scenario, or worst case scenario, if you will. there could be an opportunity here downside risk is minimal i would be buying jpmorgan for the potential of a good quarter and ride the stock higher. >> i like citi and bank of america. i think the bar is lower for these guys in a global economy, these guys have the lowest exposure i'm not sure that unless we had a major pickup in fixed income, you would have a c

they're sitting at the top of the dow while bank of america is leading the s&p 500 and hitting a nine-yearh. look at this. we have goldman up nearly 2%. b of a is up 2% fully. wells fargo up 2%. so we're watching these financials help bring along the rally. they often say, in case you've never heard this. but you can't really have a full throated rally without the financials coming along with it. investors are cleaning out shares of procter & gamble out of their portfolios today. the maker of tide dedetergent and paper towels falling after reporting another quarter of somewhat sluggish growth. stock is down four and a quarter percent right now or $3.89. traders are pushing the sell button on the consumer products giant, even despite the company's big victory over activist investor necessarily who was pushing very hard to get on the board to change things up. to the white house where questions continue to swirl over president trump's election of just who will be the next fed chair, the press briefing just wraps up 20 minutes ago. blake burman, we have some inside scoop from our own maria ba

on the flip side bank of america, merrill link saying the market is flashing a major sell signal and uld be on the verge of overheating. so who's right let's bring in shannon shakocia -- that's a lot of vowels, shannon. >> i know. >> and steve masokia. lot of vowels there too. i'm going to call you by your first names shannon and steve. shannon, you get to go first. where do you come down on this what is your market view why and what would you do about it >> i think that we're concerned about valuations. they do seem a little topee here and i would be -- i have to acknowledge that. i think on the other hand we look at this from an economic perspective and we're investing based on the fact that rates are rising we're in an reflationry environment and we think there's still room to run in the sectors we like right now. >> how about you steve >> i think as long as this worldwide monetary policy continues, not only stoksz but assets of all kinds of natures are going to continue to move higher. we recently heard that the fed is going to be reducing their balance sheet. by the way, they hav

the future of tax reform could make an appearance on wall street as banks europe to kick the third-quarter earnings season. willmorgan and citigroup report results tomorrow and bank of americaells fargo take center stage on friday. for more let's bring in our u.s. banks leader. timeve a surprise the last , remember when we got better fix trading revenues from one of the banks. which bank will surprise and verbally come from -- which will it come from? >> you could see a surprise in the trading because expectations for that business have been brought down. you have a lot of the executives talking in early september about the business being slow. you may have had a little bit of a pickup in the last couple of weeks. i think a lot of it will depend on loan growth. who outperforms on the loan growth side. analysts expect jpmorgan to be the outlier. in terms of having strong loan growth, versus the industry not being great, because a lot of clients seem to be sitting on their hands and waiting to see d.c.happens in washington, shery: didn't some banks say they expected a 15%, 20% drop in revenue? michael: d.c. shery: that brought expectations down. oldman said the third-quarter

left out by those parties bank of america by shorts and i was if you. are not the people who. who pride for us you know who understand who we are and what happened to us and and so on.

we are coming to you from outside bank of the america stadium, site of tonight's huge match up between the four -one eagles and four-one carolina panthers. winner of this game takes full control of the nfc. now lets show you some video from earlier yesterday around 4:00 p.m. when the bird arrived at the team hotel. they had a busy day they started with a practice, and then traveled to charlotte and then a night of studying as they got ready for this game but they are excited about this they are looking for their first four game winning streak since 2013, here's their start defensive end brandon graham. >> i mean every week is a challenge, every week it is not a guarantee. i think carolina is in the way and we have to get it done. it is tough but tough for both parties. it is about who can prepare the quickest. i think we got a good shot. >> last night adam and i, my photographer, we were hanging out in the bar but it is not what you think. we were kicking it up with eagles fans. they were rocking jerseys, t-shirts, eagles chants, they are fired up about this match up here tonight. they

few days because banks earnings are on desk tomorrow we hear from citi, jpmorgan and on friday bank of america, wells and pnc let's trade these names which have obviously done well citi up 11% in a month and jpmorgan 7.5%, bank of america 10.5% and wells tand pnc the sae 10%. >> historically they were so cheap. i was reading mike mayo, our friend who happens to be over at wells fargo, han he was talking about how there's still a third of the normal valuation that you see on these companies doesn't mean they have 33% upside from here, but certainly means when you're shopping and you're looking for a deal, many of these are still a deal. >> right. >> but the fact that the stocks have run so much over the last month alone, the bar has now gotten a little bit higher that they have to get over in earnings. >> so i've heard you guys talk on desk this week about rotation, and there's literally been a massive move into financials in the last month you set up so% an the market is up 3.5%, so we've clearly had a move already anticipating good earnings, good numbers whether they have moved a little bit t

morgan chase is that merrill lynch is and bank of america all of these major banks they are the institutions that invest in the businesses that are doing the projects that are having an effect on biodiversity positive or negative. so that is who is behind the ecosystem marketplace who was interested in these markets in their potential and who sits on their boards and committees. well say. twenty years ago we still feel that nations and politics could save the planet. one hundred heads of state attended the summit in rio the world's largest gathering. just a handful of corporations will present. at the time the idea of business companies helping protect the environment occurred to no one back in one thousand nine hundred two in that there are summit there were mainly representatives from governments and a few from civil society and they actually all thought that business was the reason for all our problems business was bad business was damaging the environment or whatever other negative implications there would be. there were business council for still it will develop a group of some two hund

. >> guys, here we are at the bank of america stadium where carson wentz went toe to toe with a formerr of time. won't be long now. carson will be stepping to the podium and see what our veteran second y >> welcome back to bank of america stadium, ukee washington along with don bell where the eagles take care of business tonight, 28-23 over those carolina panthers, five and one, db. >> five and one, first place in the nfc. >> wow. >> now let's get you to the highlights, all the action that happened here tonight at bank of america stadium. we pick it up with cam newton taking off, 16-yard touchdown and it's 10 to three at that point. 10 to three at that point and then tied up at 10. later on fletcher cox making his presence known back after missing two games. tipping that one right there and picked off by rasul douglas forcing the interception. and that sets up this, wentz to zach ertz. now we're tied at 10. zach ertz making it happen. i he's been great all season now. after the robbins interception wentz to ertz again. they would go for two after penalty on carolina and so now it's 18

into some of them that obviously had more issues during the financial crisis like citi and like bank of america, but you look at the stocks that are breaking out, hitting new 52-week highs, and like i say, the first two, all-time highs. jpmorgan, all-time highs that's one of the reasons i really like morgan stanley as well here because i think it is still undervalued at these levels, judge, because you look at where it was in '08 versus jpmorgan and you look at the outperformance of jamie dimon's firm i like morgan on a catchup, not all the way to jpmorgan, but i like them coming out. >> do i hear skepticism in your voice about the rally? i mean, you certainly wouldn't be on an island if you were skeptical but you'd also be part of a road kill pile of people who have been skeptical for a while and this real, as we said, continues to make new highs. >> the rally is going to continue and there's no reason to get into front of it into q 4 when you basically get no supply, but when rates start to turn, every pillar of this market, and maybe the most important chart is the $20 trillion of assets on

bank of america. was pretty good very upbeat about the wealth management performance he also said in terms of their early year forecast within that, it was based not on a third rate hike coming. a potential kicker later in the year, and that is continuing to attract deposits very upbeat there in terms of the wealth management. also, worth pointing out in a quarter that overall, of course, has been tough for trading, despite their numbers being solid, relative expectation, who is very pleased that the roe came in at 9% in an otherwise tough environment. some upbeat comments there from the cfo. just comment quickly on that goldman sachs number as you mentioned, yes, a big beat on the line and crucially the fixed income trading performance was in line fractionally ahead the expectation, of course, still sharply down year-on-year like the others. the main reason for that revenue beat really coming in the investment and lending business. >> we knew that the trading revenue would be under pressure, but what