attorneys for the plaintiffs and bank of america engaged in these negotiation talks. today, a federal judge issuing an order that will help so many of these people with their unanswered claims now. >> violated, cheated, unheard. >> reporter: she says bank of america never helped her after making multiple calls on fraudulent charges that emptied her account. reaching a pivotal moment after hundreds of thousands of benefit recipients reported a slew of problems including unauthorized transactions. >> i am a taxpayer, i paid into the system, i am collecting because i'm out of work. they filed a first class action lawsuit related to security issues. >> the bank stopped its normal procedures and started to use a flawed system. any claim based solely on results has to be reopened within 10 to 30 days. a new option to authenticate identity at a local bench -- branch or by calling a new number. bank of america says with this agreement, we are committing to additional measures to help recipients who have been victimized by fraud receive their benefits as quickly as possible. th

ebony, for joining us today and having this wonderful conversation about juneteenth and what bank of america is doing. i want to thank bank of america as well for sponsoring this event. >> thank you, yolanda, appreciate the time today. >> and now to my colleague. >> thanks, yolanda. our final guest is the pulitzer prize-winning author, also a professor at harvard university, annette gordon lee, joining us from washington, d.c. thank for being with us today. >> thank you for having me. >> have to start with you for the white house yesterday. the signing of this bill, making juneteenth a federal holiday. what was that moment like? >> well, it was a festive occasion. everyone was happy. and it was a wonderful moment, because i was wondering, ms. lee, who has been instrumental for this to pass, if she would make it. i was very happy to see her, everybody was happy to see her, including the president. it was a wonderful occasion. it was a good feeling. there were republicans there, democrats there, white people come up like people -- white people, black people, it was a good day, everyone support

where is bank of america right now? brian: the three things that happened in terms of digital, number one, consumer adoption continued to go, and by necessity, it rounded out. we continue to see digital consumer customers today, but what happened is the amount of sales went from 40% moving up to 60%, 70%, and now it is settling in the high 50%, 60%. that means there's efficiency and effectiveness that reach the market. the second important thing was what happened internally. our ability to interact with customers, our ability to relate to customers, think about it. for five customers of record banking fees and we couldn't go see the customers due to the pandemic, so that ability to operate differently is really important. the third thing is that when two various businesses, so wealth management adoption rates went through the roof. in commercial businesses, the cash flow and opportunity went up dramatically. you are seeing companies that did digital, the use of digital is important. that gives us the flex ability to cont

of getting folks their money right away. >> >> the court recognized the serious impact that bank of america's practices have had on unemployed californians. and that immediate relief is necessary. people are living out of their cars. they don't have enough for food or medicine. >> reporter: bank of america says that they have always provided a way for them to reopen their accounts simply by asking and thousands have done so. today's letter provides another avenue for relief. the bank is required to notify everyone who's entitled to review of their claim you should be paying very careful attention to your e-mail and your physical mail to see if you are notified. >> okay, big deal today, michael. thank you so much. >>> we have developing news with the scott peterson murder case. attorneys appeared in court this morning to sort out whether the 47-year-old modesto man will get a new trial or be sentenced. david louie sorts out what could happen next in this case. >> reporter: the scott peterson case is facing search for justice. a hearing will determine whether he should be allowed a retrial. the

and you can see all of our reporting, on our website. >>> a major turning point for bank of america in the wake of widespread hacking of unemployment debit cards. the changes, that the bank must make, beginning right now. >> i feel like our voices are being heard. >> plus, new body camera video just released of a mass shooting . the harrowing moments as deputies and police swarmed into the building. >> and an arrest after this destructive fire that left several people without a home. good evening and thank you for joining us. >> at 6 o'clock, a major development today in the ongoing bank of america debit card fraud epidemic. we were the first to expose this last fall. a federal judge just finalized an order that forces the big to make some big changes. our reporter is outside of the courthouse with the very latest. >> reporter: this order is the result of an ongoing class action lawsuit that was filed by recipients, to say that money was stolen from their accounts. over six days, attorneys engaged in these negotiation talks, today a federal judge issued a preliminary injunction based o

. >> jennifer says bank of america never helped her after she made multiple calls to report fraudulent charges that emptied her account last november. the case against bank of americof benefits received problems including unauthorized transactions. >> i am a taxpayer. i paid into this system. i am collecting, because i am out of work. and you cannot assist me? stew since last fall, hundreds have been reaching out, desperately asking for help, saying claims were denied without an investigation, sometimes a day after calling the bank. >> i lost $6000, and it is still frozen. >> and attorney would file the first class action lawsuit, related to security issues, and denials of provisional. >> the bank stopped normal procedures of conducting investigations, and started to use a flawed screening process. >> they are trying to find a balance, i would guess, between needing to prevent fraud, which we know has pervaded this case from the beginning, and getting money back to the people who deserve it. >> ted teaches consumer protection law at berkeley school of law. two weeks ago, a federal judg

of the bank. romaine: a lot of people sort of forget just a short of shape bank of america was in not only in terms, but the reputation hereto. it was quite a wide turnaround, and it is funny you bring that up because people compare it now to the challenges with charlie scharf and wells fargo as to what brian moynihan had to take on. the scene is really all over bank of america now. brandon one hand -- brian moynihan is going to be on a bit later. tom: make it nine or 10 meetings. there was ken lewis ticking up the pieces in asia. lisa abramowicz, you look at the view forward for banking, and you are dead on. any of these banks can just put up smoke signals, do this, do that, but it is a traditional banking that right now is flat on its back. lisa: which is the reason why people are so concerned about a decline in revenues. the idea if you don't have that pillar, will the lending folios start to pick up to overcompensate? there was a story in "the journal" that thanks to companies, no more deposits, please. basically charging companies for deposits, saying we don't let your money because we've got

was he somebody -- >> bank of america would be below on a global basis. %. it would have an impact on bank of america now, if you were looking at london last week, you think this is a done deal when the g7 says it when the chancellor says he wants an incentive for companies based in london. you are already seeing a fracturing as soon as it was announced. the exceptions they want they wanted to make sure they were putting the right taxes on the right companies in the right places which is concerning once you break it down, it is us versus you i'm not sure how any global minimum tax gets put in at that point. >> it is hard to form a cartel it's not an easy thing to do by the way, who knows a different administration or any one of the countries, two or three years, a prior administerration agreed to that. >> i think everybody is watching to see it will pass u.s. congress at this point no guarantee of that >> meantime, i'm live at the offices of tudor investments this morning at 8:00 a.m., another interview with paul tudor jones will be with us. we will talk a

dÍas de crisis, que un peso que te cae ahorita es bueno. >>> ante esto, un juez federal ordenÓ a bank of americaude, nuestra meta ha sido siempre asegurar que beneficiarios puedan tener acceso a su pago, con esto nos como prometemos ayudar a la gente que merece esto. >>> loor den judicial dice que ban oficina amÉrica deberÁ enviar notificaciÓn a los afectados en este caso y con instrucciones y darle una resoluciÓn en 45 dÍas a mÁs tardar. si tiene una queja, nos puede llamar al (nÚmero en pantalla). >>> es un proceso tedioso, pero, pues es un dinero que le corresponde a la gente, tiene que hacer todo el proceso y tener paciencia. >>> momento que cuando nos encontramos con estas situaciones que el dinero se necesita en ese momento y el hecho que bueno se haya interfe reed de esta manera ayudarÁ que no se encuentren con estos tropiezos. >>> imagÍnate, son varios dÍas de espera despuÉs del proceso. >>> como si fuera poco. >>> miles de inmigrantes amparados con tps, no podrÁn cover sir te en residentes o ciudadanos. >>> y un niÑo hispano que encontraron nur en las vegas era residente de san josÉ y a

bank of america saw a double of profits yet lending is down by 14%. mike questions are for the ceo of bank of america and citi. can you explain to me the traumatic decline in lending amidst of all the profits? >> when i start first. loans are down largely through a series of factors. one of them is small business loans, 35 billion dollars of ppp loans that's a pressed loan credit. they're borrowing at the percentage of 35, 37%, to 27%. that is tens of billions of dollars of loans. consumers paid off their credit cards. we have nine billion dollars in credit cards before the crisis, we want all those loans obviously because that's where the business brands. it was driven by the market. the good news is as the economy has healed, it has final demands coming back in and spending, by consumers, business is growing, you've seen loan balances start to grow this quarter. we will see where we end up. there's been a hopeful sign. when you think about it, to give you a snapshot, in april of 2000 -- excuse me, may of 2021, we committed 1.1 billion dollars to comm

city had record profits in the first quarter yet lending is down by 10% and bank of america sought doubling of profits in the first quarter yet lending is down by 14% and my questions are specifically for the ceos of bank of america and citi, could you describe the decline of this? >> so, why don't i start first. our loans are down largely through a series of factors and one was obviously for small nabusiness loans $35 billion of ppp loans that replace loan credit for the middle-market companies they are borrowing at the percentage of their revolvers or 35% to 27% and that's tens of billions of dollars of loans. consumers paid off the credit cards win $90 billion in credit cards before the crisis and we still want all those loans honestly because that is what the business we are in so it was demand side driven and good site news is as the economy final demands come back in and spending by consumers and business is going you seen the loan balance start to grow this quarter and we will see where we end up but that's been a hopeful sign but when you think about it let me give you a snapshot. i

. >> they order bank of america to open thousands of edd fraud claims. a huge victory for the our new scented oils give you our best smelling scents. now crafted with more natural ingredients and infused with essential oils that are 100% natural. give us one plug and connect to nature. when you're born and raised in san francisco, you grow up wanting to make a difference. that's why, at recology, we're proud to be 100% employee owned with local workers as diverse as san francisco. we built the city's recycling system from the ground up, helping to make san francisco the greenest big city in america but we couldn't do it without you. thank you, san francisco. gracias, san francisco. -thank you. -[ speaks native language ] let's keep making a differene together. >>> a major court victory this week for thousands of unemployed californians who are victims of fraud through their edd debit cards. as we first reported a federal judge has ordered bank of america to reopen all claims that had automatically rejected and to reimburse legitimate victims. now, we are

we'll speak with the ceo about that >>> bank of america is throwing in the towel on a couple of meme stocks say they are no longer trading on fundamental will other wall street banks follow suit? the exchange is back in a moment what happens when we welcome change? we can transform our workforce overnight out of convenience, or necessity. we can explore uncharted waters, and not only make new discoveries, but get there faster, with better outcomes. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change-- meeting them where they are, and getting them where they want to be. faster. vmware. welcome change. >>> welcome back shares of ev charging leader is higher bullish guidance for q2. still down about 10% since its public debut in march. can this pioneer get a boost from the ev surge and president biden's clean energy push? let's ask the ceo. good to have you what are these dynamics that could impact both demand for your service and progress throughout the rest of the year? >> for us it's all about vehicles being sold into the consumer market. our busin

just bank of america sh it is the banks across the board which are more bond -- >> so, when you see a gain for bank of america since you mentioned it, up 37% or 28% for morgan stanley, you don't think that alooks up to the anticipated increase to the gross payout >> well that is why i rang the bell here. we had, i think what you've seen so far, is act one and that is the improving credit quality from the depth of the pandemic we've had strong capital markets. act two, it doesn't happen overnight but over the next five quarters you're likely to see more dividend increases, more buybacks, more of the capital story but also part of act two is the loan growth story it is not here yet but over the next several quarters it just seems very logical that loan growth is going to come back, that is what we're hearing from the banks we're seeing line utilization improve and supply chains get fixed and then you get more loan growth and then if you want to stay for act three, that is how the industry is driving toward record efficiency over time. but right now this is the beginning of act two and

of 1%. yet or unchanged -- yields are unchanged and the banks look like this in america. ing into the opening bell, off the back of a green light from the stress test, jp morgan up. bank of america up. citigroup, up by 0.46%. mike mayor, he joins us now to discuss. after the close monday, we could get some big capital return plans. what are the numbers you're looking for? mike: it is to be the super bowl of banking, the stress test, now it is like a preseason game. it was boring but boring is beautiful for banks. the fed through the kitchen sink at the banks with the stress test, the banks passed with flying colors. we expect a flurry of press releases that announce increases in dividends and buybacks and we ultimately expect capital return to double versus the prior year. that should be to all in yields. that is better than even junk buys. there is a lot of value with bank and we think that -- with banks and we think that will draw in new investors. ultimately what this means is redemption for the banks. remember during the pandemic, the banks were going to cut the divide

now i have just received this news about bank of america and edd. bank of america to issue debit card payments to california's unemployed workers, thousands of workers say the debit card system was fraught with problems, fraudsters still benefits off their cards, and many said that bank of america denied their claims from their account. i should say it froze their accounts. the judge just ruled the practices were likely a violation of the law, and it left workers without income during the pandemic. tank of america says he was trying to fight fraud, and anyone could reopen acclaim just by asking. the contract was set to expire at the end of the month. the the edd said there was no time to find a new bank. so it renewed for up to 2 more years with bank of america. some lawmakers were not happy about it. one said, the service bank of america provides to edd credit card holders has been so bad that a federal judge recently ruled the banks practices were likely illegal. it is disappointing that the edd would renew a contract. it has failed to meet the ne

bank of america expects all its vaccinated employees to return to its office in september. re than 70,000 of employees have disclosed their vaccine status to the bank. >> as more get vaccinated, we bring more people back. after labor day, all vaccinated will be back. then we will make provisions for the other teammates as we move through the fall. >> that is your bloomberg business flash. anna: coming up, we will be back with a political agenda. iranians are voting in a presidential election that is expected to see a hard-line conservative brought to the fore, that could derail efforts in vienna to restore the nuclear accord. more on that conversation next. this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." 21 minutes into the equity session, fairly flat for european equity markets. we stumbled out of the gate, but retrieved some of the losses. let's get to some politics. iranians are voting in a presidential election expected to see a hard-line conservative replace the more moderate president. the campaign has been beset by controversy. candidate

>> the good news at bank of america it is a thing of the past.s the right not to pay. we're go down to a fraction of that now. i think all mortgages are cullicoming down. a little bit of the world has largely recovered, but there are pockets of things that have to be dealt with. >> dickerson: we've run out of time. thank you so much, brian moynihan, for being withh moynihan, for being withh us. fad and d we'll be r right back.k. e for this community. we've been through all kinds of changes, but this pandemic has been the most difficult of all the challenges i've experienced. [voice of male] the chili bowl really has never closed in our history. people come here to see the photos on the wall, to meet the family. you couldn't have that experience anymore.. so, we h had to pivovot. ththere's nono magic forormu, but itit's beenen really hehel to keeeep people u updated on n. wewe wouldn't be here e withoutr wondnderful custstomers. wewe do get soso much suppppt and soso much loveve from the. [voice of f female] i don't have to o come everyryy atat my

jonathan: 10 minutes time, bank of america. tom: we will see that with francisco blanch. ght now, it is a joy to bring in binky chadha of deutsche bank, their chief global strategist. tons to talk about in a three hour conversation. i want to first shout out the invention of modern deutsche bank strategy and economics. you guys are on fire. david folkers landau is looking out three years to inflation. your colleague george is near term, maybe going the other way. are you caught in the middle? binky: i wouldn't describe it as being caught in the middle. i think if you take an issue like inflation, which we really haven't had for 50 years now, it is the most reasonable outcome, that reasonable people will have very different views. i think that is exactly where we are. we have a baseline view that inflation is a risk, but the tails are pretty flat, and that is the key this morning. jonathan: we discussed whether you want to be banks or big tech. what is it for you? binky: i'm long in the banks. i'm also long energy. one of the dynamics one needs to keep in mind over the last

they can say these banks, a who's who of global banks, bank of america, jpmorgan, barclays, among otherst transgressions in past. you need to prove to us that you have taken the steps to remedy them. until you have done that, you cannot participate in our bond auctions. it is about 10% of fee revenue generation for these banks in europe. it is hard to see how they can replace that as a source and it really has the potential to shake up the lead table for who has the most in terms of european bond auction bids here. manny: that gravy train hasn't run out yet. there will be a few more bond issues to come. there is always a point of redemption. you get these moments to redeem yourself. annmarie. the risk that the guy that wrote the report after a year of anti- climatic fomc's, it is a -- annmarie: the risk is what if we have a 2013 taper tantrum? isn't that the biggest risk to the market now? you were a bond trader. manny: yes. back in the 1990's. they didn't flag everything and tell you. there is a rate hike. the bond market implodes and then you get rates hikes through that era. they coul

of the stress tests on the big u.s. banks. those banks now announcing their dividends and buyback plans. bank of america closed by 17%. roline: we continue to wait for goldman sachs to come out and a number of the other key banks. we have been hearing from a number of other companies, jp morgan roosting its dividend to. romaine: coming up, we are going to demystify with the ceo from dragonfly capital right after the rake. -- after the break. this is bloomberg. ♪ romaine: welcome back to the program. it coin cryptocurrencies rising despite a crackdown in the u.k. by the country's financial watchdog. i need you to demystify. joe: i still can't. i believe our guest can. ethereum was hot for a while and then cooled off. having a nice bounce, over 2100. here for more is the -- people are trying to figure out what all of the stuff is about an ac some acronyms or tickers and whatever. how can a typical person even begin to identify with what a good project is in this space? stocks, bonds, it setter at -- how do someone even begin to think about this? tom: i think that is what is cool about defi. all of the data and activity i

because a little while ago, david westin who we have just spoken to spoke to brian moynihan at bank of americaand what he said i thought was fascinating. he talked about the fact that stimulus checks have largely not been spent. take a listen. >> and our customers accounts, they still have 65%, 70% of stimulus dollars in those accounts. the average balance for accounts are up three times, sitting there, waiting to be spent. it is all set up that inflation could happen. that is the great debate. guy: let's talk a little bit about the power that money is going to have. you were just talking about and for structure as well, but the effect of stimulus is still not fully in the economy, if that is to be believed. bringing back what you talked about with interest rate hikes, whether or not actually this is an economy that has still got so much money sloshing around, that the inflation area impulse is going to last longer. as we were discussing at the top of the program, may be the fed does need to raise rates. austan: i'm not going to say you lost me at hello, but by the second half of that sentence

joining me vice chairman of bank of america, the head of investment solution's group at bva. nks joining us. keith, welcome to have you, welcome back. >> great to be with you, obviously. things have certainly got more interesting. if you step back and say what did the fed tell us this week, they told us things that we already knew, already were beginning to recognize. number 1, inflation is moving higher. what they acknowledged that although there's a transitory element to some of the inflation it could be higher and more persistent. we would agree with that. they made it clear that, you know, the economy is absolutely roaring and i think what they are trying to do is get in front of this and acknowledge that, you know, the level of accommodation required at the peak of the pandemic back in march, april of 2020 is not the same level of accommodation you youneed today. so i think theye being realistic and proactive and acknowledging that they have to be more vigilant. they're not making any changes yet. we will probably hear more about that in the fall. but i think, you know, t

bank of america says it's bringing all vaccinated workers back to the office. said the plan is to have all employees who had their shots return after labor day. he revealed more than 70,000 bank of america employees voluntarily reported that they had been vaccinated. coming up next, the brutal truth. discussing cryptocurrency in the future of money with eswar prasad. this is bloomberg. ♪ ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (an

sebastian raedler, bank of america head of european equity strategies. off in 39 minutes, not that i'm counting. we are going to continue to count you down to the european close. european equities on the front foot. this is bloomberg. . ♪ ritika: it is time for the bloomberg business flash. in recent months, the frenzy of trading to so-called meme stocks has helped investing websites. ig group attracted a record number of customers. we spoke to this firm's ceo. >> our thought is that mean stocks will come and go because it is a social media trend -- that mean stocks will come and go because -- that meme stocks will come and go because it is a social media trend. ritika: ig group has just completed a $1 billion acquisition of an online brokerage and investor education platform. senior executives who have traveled to england can temporarily leave quarantine, only if their work is likely to bring major benefits to the bridge economy. the government says asti british economy. the gift -- the british economy. the government says they can also be exempt and if

so bine, what do you think of bank of america? >> well, i think they're fwien i don't think you're going to get rich off of owning all of these. maybe there are some upside to these, right but you think about the bank, one they've had a tremendous run coming into this number two, they are getting -- they have competition from all sides from fin tech, from cryptocurrencies, from everything so they are in the process of being disrupted and if history tells you anything, you want to sell the disrupties and buy the disruptors >> i think that is a great point, mel bank of america have a $345 billion market cap. you know what else does? paypal when you think about the equal market caps and all of the other sthuf stuff, i think you would rather buy the disruptors. >> fedex shares are dropping frank collins has all of the details. >> shares of fedex falling almost 4% after a record revenue and eps for the quarter. that beat estimates by 4%. for comparison, by 20% last quarter and the company offering full year guidance with the top and bou

a federal judge has ordered the bank of america to stop automatically denying claims for refunds. ruling prevents the bank from freezing accounts using automated fraud filters. thousands of jobless californians say they were the victims of fraud and their unemployment benefits were wiped out. but when they asked the bank of america for refunds. they were rejected automatically the bank sends out debit cards containing unemployment benefits under a contract with the employment development department. >> out on our 4 zone forecast as we switch gears taking a live look outside. look at san francisco. the golden gate bridge is barely visible, the south tower the left as that thick low fog bank is his pushing its way in to the bay. meteorologist mabrisa rodriguez is joining us now with a look at what we can expect for the rest of the weekend. the weekend him of recent. >> get a sneak peek of your end of the workweek forecast friday just around the corner and we're tracking a thin layer of clouds overhead. so we are seeing a finger of fog returning. but not really that robust marine lay

now you have a decision by bank of america to back away from the stock. rgument is really a matter of competitive positions. the way that bma has figured it there will be more companies giving space tours and business, going public. that's going to mean that investors will not be selling on virgin galactic. so that valuation will come down. >> has it gotten a fair amount of paying customers? i know that elon musk says that starling has 69,000 420 users -- 69,000 plus users. can virgin galactic keep up if they don't get compliance? >> that becomes a challenge. it's not like the ward jen -- blue origin, where someone pays millions of dollars already to go to space. the ideas that the founder of virgin and therefore virgin galactic will be one of the first ones up. this is a stock that investors have been betting against. if you look at the short interest, more than 22% of the share in the company bought and sold, that attracts amateur traders. and we have certainly seen virgin galactic over the past several months pop up as a meme stock. you have to figure t

paying for some of these growth stocks and if valuations are too rich for you, a new report from bank of americas investors looking north of the border right here in canada. our senior stock editor david wilson who is following this new recommendation from the strategist over at bank of america -- what is the key to their thesis? david: there are two pieces. the first is valuation. they look at price-earnings ratios based on projected profit for the s&p, tsx composite, and the s&p 500. when they ran the numbers, you find out that at the end of last week, the s&p tsx based on projected earnings had a 23% discount to the s&p 500. you go back a couple of months, you were talking more like 27% and that was the biggest going back two decades. there is a valuation piece and there is also the economic argument. if you buy the idea that we are getting a period of global expansion, then canada, at least in bank of america's view is in a better position to benefit. given the kinds of industries that are traded publicly, think about energy companies, mining companies, that is the other piece of the puzzle

bank of america is optimistic about the u.s. ng, forecasting a faster pace of growth than the fed. we spoke to the ceo. >> if you look around the world, central banks will struggle as to win the viruses behind us. at the end of the day, that's the determinate here. if you think about what india went through, the u.k. delaying the full reopening because of the variant, that's a great question. think about u.s. vaccines throughout the population. will the variant affect us? pay attention to the vaccine. the second question was the dot plots. there's great debate on the value at this point. there were put in for a different purpose. the fed's economic projections this year are 7%. next year, mid three. the three is 7%. bank of america securities is at five. if you believe the street and bank of america are more right as you move through the year, the economy is growing much faster than it was, with much more fiscal stimulus to be spent . much more opportunity for the economy to round out and grow. that is something people should pay

let me ask you, who takes advantage of the scenario you just laid out the most >> bank of america has been a number one pick all year it remains the number one pick we think they can return a lot of capital, and especially citi group. when you are trading at one times tangible book value, you know, scott, i have been doing this for 30 years. it used to be you're at tangible book value when you are going into a recession, when you are worried about the balance sheet. they're off selling assets probably at prices well above what they're mark at citi group can buy back stock at tangible book. they're a beneficiary, too >> jenny harrington has a question for you jenny. >> hey, mike how are you? good to see you. i'm curious about just how long you think the runway of this outperformance ultimately ends up being do you think it is the kind of thing where we're in a market where the performance is consolidated to short amount of times and we see a huge run up in the next six to eight months, or do you think it is more eked out over the next several years? this has to do with more market mech

first up, bank of america making a bullish call on exxon. , they reiterate the buy at b of a $90 price target that's a big jump from here, 45%. you have xom calls, pete >> yeah. and they identify the free cash flows. there's a lot of different things that are very positive about what bank of america's call is here i like what they're talking about here, scott. i don't know whether or not i buy into the idea of the price target that they've got out there, but i am excited about it being a guy who owns the calls for this i own chevron stock and i own a lot of the different beta names right now in the exposure, and i have done it since november when it really started to hit on our systems. it just continued, so i continue to see it even as recently as this morning we were seeing in nov, we were seeing some call buying. we have seen it across the board in this energy space for a while now. i like exxon i don't like it enough to own it as a stock though. i choose to have chevron as a stack. in the past i liked exxon. i think exxon has to prove it

joseph song joins, working with bank of america as their u.s. economist. thank you for joining us. he bank of america tweets. gdp numbers you go from first quarter of prosperity to the boom, little bit of an adjustment in the second quarter. what is the clarity you and michelle meyer have on third-quarter gdp? joseph: thank you for having me. we are still very bullish on the u.s. economy. we are still looking for 7% growth this year. today's retail sales report was on the weaker side, but we are expecting that. we were expecting negative prints for all of the major aggregates. we still see strength for the consumer. everything outside of retail sales grew 6% on a month-to-month basis. all the spending is happening on the service side. we saw a lot of strength in may around memorial day with lodging , travel, restaurant spending picking up momentum. early in june we are seeing that carried through. tom: you go through june 3, i have question marks for radio and tv. how you frame up q3? is it a better tone than where you were 90 days ago? joseph: we do not think the strength we have s

wells fargo and bank of america and jpmorgan chase are boosting payouts to shareholders. the group are raising payouts 40% from previous levels and committed to buying tens of billions of own stock as you see. they are all higher pre-market citigroup was the only to not increase dividend or buyback plans. >>> facebook closing above the $1 trillion mark for the first time ever. the fifth u.s. company microsoft and amazon and alphabet among them. this is after the anti-trust complaint brought on to the fec. >>> and juul is paying $40 million to settle a lawsuit to south carolina alleging it targeted teens with marketing. the payout is the end of one of the legal and regulatory challenges facing the once hot startup. >> thank you, rahel. thank you. good to see you. >>> back to the morning money and your first guest today says stock valuations overall are not cheap, it is okay as long as growth grcontinues higher linda is the portfolio manager and head of the value income team at federated hermes linda, great to have you back on okay not cheap. does that mean overpriced or on

some of their biggest investors are bank, like wells fargo, or bank of america, many private prison men 90 or even a 100 percent occupied meaning the tax payer, which bill for every bed, even the member for profit prison, for incentivized to incarcerate more people. and for a longer period of time to fill their quotes, to make sure that happened, they spend millions pushing tough on crime. today, nearly 10 percent of americans prisoners are held in private presence and they also said millions influencing immigration law counselors detained immigrants are held in private prisons for indefinite periods of time. often years exposed to brutal conditions because they're not americans, the government gives them no right to even the most basic legal representation or medical care. 3 housing facilities were set on fire and apparently all started over in made frustration over the quality of medical care. perhaps unable to say being treated like chattel and used as forced labor for pennies. an hour is not that popular on the inside, but that's not the worst of it. the socks, the issue or use the

think it's -- i mean, it's good their business is picking up like a lot of the banks, the customers are there to serve. bank of america that was a good idea, that suggests a lot of work for banking, consumer banking, credit card businesses. but i just think for everybody involved, there is such a value especially for the younger employees in being in the office, learning from their older colleagues, hearing how people talk on the phone with customers, seeing how they run a meeting, things of that nature. there's just so much value in people being together and being able to pass on a business culture. maria: yeah. ryan, what do you say? ryan: i think i would be really careful here. i think making it man troy be back in the office, a lot of the big firms could be shooting themselves in the foot. you had jim paulson talking about 8% gdp growth this year. that's insane. and maybe 5% next year. what that says to me, and he also mentioned that the labor force has grown by 1% a year, we're going into a labor shortage by the end of the year. think about it, before the pan pandemic we were under 4% for unemployment. unemployme

firmer for the likes of jp morgan, bank of america and citigroup. , a green light to pay out a whole lot more. taylor: we will get specific numbers after the bell on monday. certainly the markets excited for not only some of the buybacks but a dividend boost as well. jonathan: maybe. some excitement out there finally. i have seen none whatsoever in this bond market off the back of that deal in d.c. lisa: jeff mortimer said it is resiliency is the new boring. i think that will be the catchphrase. jonathan: well behaved by markets. professor, fantastic to catch up with you. the big story is the delta variant. several studies being done. what are you learning about it? >> first and foremost, if you are vaccinated, you should have good protection against this variant. some studies from england and ongoing studies from other countries are showing that. if you were unvaccinated, the story is very different. the virus is spreading much faster than even the alpha variant, which was the big concern during the winter months in the u.s.. it is showing signs of

institution and if you think rates ultimately will have to go up which the fed certainly said, bank of americaf holding and buying a couple days from now. now we're going to go to daniel and thank you for the nice comments daniel in new york. >> caller: hey, jimmy, how are you doing? >> all right, my brother what is shaking with you >> caller: doing great my question is regarding trst. >> here is the problem with crisper. if they call it anything else other than crisper people wouldn't be drawn to it. they say let me buy this i hon fesestly would prefer to you in vertex that got regeneron quinton? >> caller: thank you for taking my call. >> my pleasure, what is going on. >> caller: three years ago you hit a grand slam with and. >> thank you. >> caller: the stock is 20% off the highs and been consolidating for about a year we've also seen a record increase in shares to about 85 million for the past three months i understand the merger abtroj but amd announced a $4 million buy back stock and said they will finish the approval process july 5th. >> right well, look, let's look at it like this. may