boone pickens is not worried. >> i've had meetings with banks recently. think this is different this time. they don't like the price of oil going down. i think they have done a better job to prepare for it. i don't see the banks in trouble. alix: deutsche bank is worried. are now predicting an increase in loan losses as the bank may have significant energy exposure that is not investment great and well secured. you can see investors concerns in the banks bond, 6% convertible bonds falling. running is now is charles peabody. charles covers the banking sector, and it in the 1980's as well. our banks ok? >> from a balance she point of view, they are. we don't think they are capital impaired in this cycle. from an earnings point of view, we think there will be an earnings recession. alix: is that oil related? >> we downgraded many of the it wasast june, and because we expected the corporate credit cycle to turn negative. yes, i think it will be beyond energy. it will go to metals, mining, and commercial real estate as well. scarlet: what was the default rate

is boone pickens nuts in your view? >> well, one would hesitate to ever call mr.ickens who is one of the great heros of the oil business nuts. >> but? >> i do think in this business he's wrong with all due respect. >> with all due respect. >> but i do think -- i do think that he's wrong in this instance. what we have here is just an overabundance of supply. it's not a demand problem. heard this story before. it's a supply circumstance. you hear talk about the russians wanting to reduce supply. they can't possibly because a good three-quarters of where they produce their crude oil from is in very, very cold areas in siberia, and they don't have those pipes insulated. they have to continue to pump crude oil through there. the iranians and the saudis hate one another. they have for lack of a better term a war going on, a gas price war if you want to call it that today from the old days. they are not going to let go, and the african countries innine gla, and the other areas of west africa, nigeria, they are not going to curtail supplies and neither can venezuela, and

oil tycoon, the one and only boone pickens thinks oil is headed in the other direction. you know that morgan stanley does not? boone pickens: i am not sure sure if we go into a recession, morgan stanley could very well be right. absent the recession, you are going to be $50, $60 dollars a barrel by the end of the year because you shut down rigs all , over the world. you are down now in the united states for oil drilling rates, have come down from 1609 down to under 500 rigs. you are going to see a decline in production fast. watch out for a recession. >> moving beyond the hot topic of oil, let's take a look at more company news from around the world this week. >> give us your outlook -- you are sticking to your overall level of guidance. feel prices have gone down. -- fuel prices have gone down. people want to know how optimistic you are feeling. >> we had a very good quarter. saw profits up. as we move into the fourth quarter of the year, we are seeing 6%. that is great news to our customers. we are going to have our best ever profits. we got the best balance sheets. >>

pickings -- t boone pickens calling in the oil market.expects the oil price to move up by the end of the year. he cast out of his oil holdings. he's waiting to see the inventory numbers come down. they have risen for most of the last four months. only a few weeks being the exception out of that. he wants to see inventories in the united states at a record high start to follow. he did identify a few companies he thinks are very interesting, including pioneer natural resources. he says any of those companies could be targeted for m&a activity by the likes of an exxon. all of those if you look the share price last week or even last year have been getting pummeled in this environment. barclays put out .omething about anadarko's according to t boone pickens, they are the right stock for stock pickers once the inventory is coming down. jonathan: the headline overnight, president obama and the proposal for a tax on oil. ryan: it is very unlikely because it would have to get through congress. republican -- congress is by republicans. -- idea is o

boone pickens. good morning, boone.ep seeing the rigged counts come down. you can give us the current numbers that bolster your case. but you have to admit, for some reason, u.s. suppliers have not turned things off as quickly. it's like they don't need as much money as we thought they needed to where they'd turn things off. or it's a different dynamic somehow. they can leave it on longer or turn it on quicker or something. what changed? >> what changed for me -- you know, i missed last year, so i want to announce that to start with. but once you hit bottom, which was i think $20.16 you double in 12 months from historical information. so here you are at $30. and i think -- i think you'll be $52 by the end of the year. the decline is where i messed up. it did not decline as fast as i thought it would. but you have to decline half a million barrels a day. you already have done that. you hit nine-seven and you're down to nine-two now. 9 million 2 a day. the rest of the world, you've shut down the riggs everywhere. we came

boone pickens told bloomberg where he sees rices going. you will be 50, $60 a barrel by the end of the year because you shut down rigs all over the world. you are down now, in the united states, with oil drilling rigs -- 1609 twofrom $16 under 500 rigs. he will see a decline of production fast, but watch out for a recession. stephanie: "watch out for a recession," and if a recession hits, what does that mean for you and your position? mr. pickens: right now, i do not have a position. i am just sitting here waiting for the opportunity to come back into this oil market. matt -- back that hold on -- up. you are sitting predominantly in cash now? mr. pickens: yes. matt: what signs do you need to see to get back in, and how would you go about it? $26.19kens: i believe was the low. i do nothing we're going to go back there unless recession, ok? i think the low is in. don't get in a rush here. you will get 20 of opportunity. the market will be volatile. he will not go straight up. we know that. so, there will be good entry points. surel not reent

boone pickens making a bold call this morning. boone had to say. >> once you hit bottom, which is, i think, at 2615 on wti, you're going to double within 12 months from historical, you know, information. so here you are at, you know, 30 and i think you'll be 52 by the end of the year. >> all right. there you go. 52 on wti by the end of the year. a little less bullish than boone has been in the past. oil, though, michelle said, down again, down 6% now. looks like more of that talk about a potential opec cut is just that. all talk. let's bring in roberto, head of energy trading with breen capital. looked like we would get a little bid in oil the last couple of sessions. now down 6% again today. what is going on, what are you hearing on your desk about oil and the oil stocks? >> i think it is a normal amount of profit taking. we got into that 35 to 38 range in wti, moved quickly on short covering last week from the mid to high 20s. moved fast, real quickly. and i think, you know, normal pullback like this is justified. we had a lot o

there's something boone pickens is missing about oil. and it could mean troubling for stocks. we're just getting started and we'll debate whether you should buy or sell the stock right now and how worried should you be about the zika virus outbreak? the head of the mt. sinai health system will weigh in later on "the closing bell." you're watching cnbc, first in business worldwide. >>> alphabet popping 5.5%, it means by the way that alphabet's market cap surpasses apple's 570 billion compared to apple's 535. let's get more from raymond kessler and ed lee. anything you would nit pick here? >> it's nice to see more detail on google earnings itself, google proper broken out of the moon shots and big experiments they are doing. what was interesting, the operating income is slightly better than it was the same quarter previous leer, like 32% versus 31%, maybe we hoped for a slightly higher margin given that. it tells us google is still ate great business that moon shots weren't eating into margins that much in the first place. it's a nice sign. >> is your price target still 790 on t

the boone pickens award for entrepreneurship. i got to know pat a little bit. it was really great. the reason we are doing well in the polls, leading by a lot with almost everybody, is that i talk about what we have to do for our country. our country is in deep trouble. we owe $19 trillion. most people don't even know what $1 trillion is. how many hundreds of millions is in one trillion. it is such a number. 10 years ago you never even heard the word trillion. but we owe $19 trillion, a bad budget was passed about four weeks ago that will add at least $2 trillion to it. we will be of essentially $21 trillion. at some point it is difficult return. you need someone that knows what they are doing. when it comes to business, i know what i'm doing. it has been amazing for me. my two sons are backstage. maybe i'm allowed to bring them up, because i'm very proud of them. maybe i will bring them on. [applause] [cheering] mr. trump: good, that's beautiful. this is don and eric and they were with me for the last week. they go around making speeches. they do a better job than me. i go into th

boone pickens being nominated to the trump cabinet. it's going to happen.andidate ever to announce his cabinet before the nomination at the convention. i'm serious. neil: no, i think you could be right on that. i would be remiss not knowing, knowing your heritage, what you make of this dust-up in britain over this exiting out of the euro? prime minister cameron wants, wants that put to the the vote, and wants obviously to be part of it but the mayor of london is saying no, it is not worth it. how big of a divisive issue is this back home? >> it is a big issue. it has been a big issue ever since britain got into the, into the european common market. my prediction is that britain will vote to get out of it. neil: wow. >> it will exit. i think that the endorsement yesterday by boris johnson, the mayor of the city of london, was a big, big stampp of approval and -- neil: how about getting out? right. >> yeah, get out. he wants out. neil: wow, you know robin -- >> i don't think we need to be in the european common market. we're an island, not part of a continent

say go t boone pickens on demand. forget about demand. supply.inflation-adjusted in today's prices well below 2.00, below where we were in 1992 as well. one of the great themes from new york city is maybe st. john's will win a basketball game sometime this century. dean curnutt is their greatest export on volatility analysis, and he joins us right now. you were in the greek world of out for gamma -- of alpha gamma theta and all the rest of it. what do mere mortals need to know? dean: people underestimate the point of correlation. on any given day, we know what the five risk-on assets did in the five risk off assets did. it ultimately ties back to a fed and other central bank dominated risk-taking climate, which is not a healthy one. tom: we will set up the vix in this hour. bring up another way to look at volatility, and this is within foreign-exchange, cvix. it is elevated and on a long-term basis. what does it mean when the litmus paper of a global system has such a day-to-day volatility? central-bankonous policy causes interest rate differenti

we got the boone pickens award for entrepreneurship.little bit. i think the reason we are doing well in the polls, leading by a lot with almost everybody, is that i talk about what we have to do for our country. our country is in deep trouble. we owe $19 trillion. most people don't even know what $1 trillion is. how many hundreds of millions is in one trillion. such a number. it is a name 10 years ago you , never even heard the word trillion. oh a bad budget was $19 trillion. passed about four weeks ago that will add at least $2 trillion to it. we will be up essentially $21 trillion. you get to a point essentially where does a point of no return. you need someone that knows what they are doing. when it comes to business, i know what i'm doing. riodas been an amazing pe of time for me. my two sons our backstage. maybe i'm allowed to bring them up, because i'm very proud of them. maybe i will bring them on. [applause] [cheering] mr. trump: good, that's beautiful. this is don and eric an they were with me for the last week. they go around

stephanie: boone pickens to hezbollah up on oil is sitting in cash.ave a recovery before we move back up. wight: it depends on what your duration is. he has always tried to do a good timing his entry. when we spoke in october, i said 6-9 months before you hit peak inventories. you are sitting here and it you were looking over the next three months, the fiscal balance sheet of crude looks weak. the fiscal market is weak, it is a seasonal downturn for refiners good i understand why you be sitting and thinking let's wait two months, three months. if you or someone looking at nine or 10 months at the end of this year, by that point, actual declines for the u.s. and elsewhere in the world are in a surprise, the world will be balanced and chewing through that oil inventory and it will be a different price environment. stephanie: how are you positioned? dwight: individual curve traits that we could add on allow us to play both portions of the curve. only 100,000 barrels come out every day last year. a supply dropped by 1.1%. -- .1%. continued to decline. at

. >> we spoke with boone pickens and he pointed out the number of regs in the united states have comend come down rapidly. he thinks that's why you'll eventually see prices pick up towards the end of this year, that this is kind of what we've seen in the past. these are cyclical markets and they do follow supply and demand very closely. is this time different. >> this time is somewhat different because you have this whole new game in town called shale oil which can respond in a way you've seen. 2015 proved very resilient because people became mother efficient. you'll see lower activity and the market as boone says and others see, we see it in the second half of the year you'll see the market rebalance as long as we don't have a much slower global economy hitting demand at the same time. >> when you say rebalance what sort of things are we talking. >> prices in the $40 to $50 range. >> that's very similar to what boone was laying out. $45 by the end of the year. >> right in the middle. >> what happens beyond that. will we be look at prices of $80 oil or $100 in the next couple of years

cold temperatures and factor in the wind, and it makes you feel colder. 29 in boone. 41 in greenville. right now at 40 in pickens. 43 in star. it will climb over 50 in the upstate. the mountains will struggle to get up to 40 today. look at the wind in boone. 15-19 across the upstate, which makes it feel much colder. spartanburg, it feels like 30. by the afternoon, we will top seed 50 mark for the upstate. 40 maybe the best in a good bit of the area. we look toward the weekend, 54 on saturday. sunday a real pleasant day to get outdoors. milder than normal weather continues into the first half of next week. allyson: thank you. your keys again. it could be a reality. geoff: your personal well-being might have something to do with where you live. the happiest and healthiest cities in the u.s., according to a new report. hmm hmm hmm-hmm-hmm-hmm hmm hmm hmm hmm hmm-hmm let us be lovers, we'll marry our fortunes together [ cheering ] i've got some real estate here in my bag they've all come to look for america [ cheers and applause ] all come to look for america all come to look for america all come to look for america

pickens tycoon t. boone calling the bottom. ryan chilcote joneses. bob parker still here. love the texas twang. nots: pickens was investing. ryan: the highest they have been since the oil boom in east texas come as a matter of fact, the 1930's. which is probably when he made his first trade. interestingly, his forecast for -- 50-60 dollars by the end of the year, he says he can wait or the inventory to come down. i think another interesting thing he said was that he expects companies, mid tier companies like pioneer natural resources, we heard a lot about barclays. expect tohey will spend twice what they actually take in, and terms of cash flow. and they expect a dividend cut. apache them all of those companies are great targets for a company like exxon. he likes them. but he is not getting in just yet. manus: pickens calling for ma. and the other interesting point is shale. it is a profitable. u.s. shale is losing approximately $20 a barrel. canada is losing $35 a barrel. are we anywhere near the point where shale has switched to hit the numbers? bob: absolutely, yes. one

boone. currently 57 in greenville right noit is 57 in laurens, 52 in pickens, 58 in halfway. the warm spot is in abbeville, so warm temperatat this hour, 60 two in charlotte, 66 in columbia, and 66 all of the way to charleston, 70 at orlando, 74 in miami, and that is not bad. much colder the further you go. these pieces of energy in the atmosphere are going to swing down. as we get into early next week, the best chance of snow showers will be in the mount rain/snow mix as we go into possibly wednesday of next week as we see some pieces.we are going to have a lot of cold air aloft, so i think it will start out as snow, and it will melt, and colder. right now, it is 0, 0 at international falls. foot of snow. this was all snow. they had 10 inches in mitomorrow, the front is going to stl out, and more rain for us, high pressure tonight, cloudy skies, 47 degrees, otherwise breezy and call it tomorrow, variable the cloudy it the high temperature 57 degrees, starting up to 53. a mixture of clouds and sunshine and breezy.f with 38 degrees, maybe 44 at lunchtime, maybe upper 40's in t

boone is 29 degrees, as is rutherfordton. anderson is currently 32 degrees. let's check on pickens. it is currently 25 in pickens. it is always a little bit colder in pickens county. by the end of the day, we will see temperatures in the mid 50's for the upstate and the low 50's for the mountains. that is what we normally see for this time of the year. it can fluctuate, but today will be a typical day. that jet stream has been channeling the cold air down south. the good news is it will we will see temperatures in the 60's on saturday and sunday. still, it is pretty chilly up and down the eastern seaboard today. tomorrow and this weekend look good, however. if you are going to the mountains or the beach, it is a good weekend to be outdoors. on saturday, it will be 66 degrees at myrtle beach and 68 degrees sunday. we could see rain as early as 4:00 sunday afternoon in western north carolina. today, mid-20's will climb to the mid-50's for the afternoon. look at this saturday and sunday forecast. tomorrow will be a couple degrees above today. saturday and sunday will be a nice bump up to 60 degrees in the mountains

boone at 50. 48 in asheville. let's check on a few communities in pickens county and oconee county. seneca at 52. upper 60's expected again by the end of the day. 10-15 mile-per-hour winds of the southwest. breezy at times in the mountains also. what is normal? average this time of year would be 38 in the morning and 68 for a high. we will be above that with 47 this morning and 68 for the the mountains normally start out around freezing and get to 54. today, 61 the expected high. a good seven degrees above the norm. this is event number one. it will be very short-lived. another cold front comes through tomorrow afternoon, tomorrow night especially. that will bring us our best chance of rain into half of wednesday. after that, we will have cooler 50's for highs the rest of the week. we will enjoy the warm weather with 68 with 68 or 69 in a few spots in the m upstate and low 60's in the mountains. four-day plus forecast. rain tuesday and tuesday night especially. wednesday, half the day until noon we will have showers in area. that it clears. -- then it clears. roads this morning, 85 and highway 29

snow showers possible overnight. 31 in boone, 35 in asheville, 35 in franklin, through the upstate, pretty cold. 45 in spartanburg, 45 in greenville, 45 in pickens, 47 in walhalla, abbeville, and greenwood, and in newberry. 46 in gaffney. cold and chilly temperatures. it is mainly the wind, the breeze coming in off the north-northwest. 20-27 miles per hour. strong winds in asheville-hendersonville. these are sustained winds. wind chill, feels like 19 in hendersonville, 24 in asheville, 27 in franklin, windchill of any nine in spartanburg, greenville, and anderson. already eight the wind chill in rutherfordton. 33 the wind chill in toccoa. the cold air will sweep in quickly towards the coast. the coastal storm moves up and intensifies and it will grab the cold air and moves it southeast weekly. 39 in atlanta. 36 in chattanooga. 28 in cincinnati. 73 in miami. looking good. there is the coastal storm heading up, it is liquid precipitation but it will bulk up the cold air in new england and they will see snow. 46 in boston. they are expecting for-six inches of snow late tonight and during the day tomorrow. there is the coastal storm at night. flurri

boone. temperatures in the upper 20 to 30 range in the upstate. in anderson, 30. look at pickens, 24 and 27 in easley. attend degree difference within counties across the upstate and mountains. cool now, but by the afternoon, temperatures will reach low-to-mid 50's. not has windy, so good. everybody looks around seven miles an hour as far as breezes. average this time of the year is what we are experiencing. 30's in the morning, mid to upper 50's for the afternoon. look at the record in 2011 when it got up to 78. we can have former personals and temperatures and we will see that this weekend. not 70's but mid 60's on the way for the weekend. asheville averages 50 to make it up to 50 to 51 today. tomorrow should be on the money as far as typical temperatures. the jet stream is taking a dip down south, ushering cold temperatures in supported this morning. atlantic is at 35. when the jet stream receives, temperatures will warm up friday, saturday and sunday. if you are headed down to the beach or staying in the upstate, pretty much the same with mid to upper 60's for highs. 56 degre

have to pendleton earlier, through pickens county, oconee county, off and on flurries in the mountains, some of the snow has been heavy. look how cold it is. 18 in boone, 25 in abbeville, anderson, most of the upstate.

boone, upper 30's and northeastern georgia. in the upstate, seasonably cold. 32 in union, 31 in greenwood and laurens, 37 in greenville. 33 in pickens, the warm spot is 42 in walhalla. cold, but here is the key. little wind, so we don't have to deal with wind chills. humidity not very high especially in the central upstate, 48% in greenville. pretty cold along the grand strand, 37 in myrtle beach, 29 in wilmington. temperatures range from light snow in st. louis, 28 degrees, it to 18 in cincinnati, to 58 in miami. that is cold for miami. 52 in orlando. here comes the piece of energy. it will move in quickly, then ship out to sea tomorrow night. that sets the stage for the arctic air sitting up. canada. here is a little piece of it, four degrees in international falls, minnesota. this will slide across our area this weekend. that sets the stage for a potential winter storm next week. here is the tiny storm come -- coming in. this is tomorrow morning. snow showers in the mountains, sleet and north georgia mixed with snow. if we see a flurry in the upstate, it will not last. the storm will intensify and maybe a little wet snow close to

boone, mid 30's in greenville, clemson at 38. anderson checking in with 36 degrees and a few other communities in the western upstate, salem at 39 in pickens at 34. warm jackets are a good idea. by the afternoon, we will see low 50's from the upstate just struggling to get to the upper 40's -- upper 30's and the 40 range in the mountains. we will see mild temperatures by the end of the weekend. allyson: thank you. any of you still without power. crews are working around the clock to fix that.

boone at 22. 35 and abbeville and anderson. it feels colder with the wind blowing. let's check on a few other communities in the western part of the upstate. salem at 33, pickens and easily freezing cold this morning. 6-18 mile-per-hour wind across the upstate and mountains, it feels like teens and 20's. make sure everyone is dressed up warmly as they head out today. high. 40-41 for the upstate cities, western north carolina and an afternoon high. as we look ahead, cold mornings ahead this week. teens and 20's tomorrow, teens on thursday morning. one of the colder mornings of the week. look at the weekend. saturday, 20 in the mountains, 28 in the upstate. on sunday, temperature of 10 in the mountains, 18 in the upstate. cold nights and cool days ahead all the way through the weekend. patrick: a warm welcome for the carolina panthers last night. loyal fans came out in full force. more on that coming up, allyson: a new space for usc upstate will soon open in downtown greenville. offer. today, lori grabs delicious jimmy dean sausage from the fridge, fully cooked and ready in seconds. it makes breakfast complete, which makes bill feel like completing the gazebo, p

boone, 36 in asheville, raising in franklin, 40 -- freezing in franklin, 40 and toccoa. seasonably chilly in the upstate. 39 in anderson, 38 in greenwood, 39 in gaffney, 37 in spartanburg, 33 in pickens. chilly temperatures, even cold temperatures. little wind. a little bit out of the east-southeast at 3-5 miles per hour. humidity increasing. it always goes up at night. 75% humidity asheville. the big bridge is building in the atmosphere. a lot of wind in the great plains making temperatures had into the 70's from dallas to kansas city. record high temperatures here. winds out of the gulf of mexico, besides being humid, the wind gusted up to 50 miles per hour. quite a bit of dangerous far as fire possibly -- danger as far as fire possibly around here. our star trek goes up and over the ridge, and we end up with just high clouds. the ridge will build over the weekenen expect unseasonably warm weather over the weekend with cloud cover. up, 66 in kansas city, 68 in dallas. 29 in cleveland, 25 in boston. the ridge and a dip in the jetstream, 57 in orlando. that is cold for them. because of the high right over southeastern virginia tomorrow morning, plenty of sunshine except maybe a few h

counties under a winter storm watch include oconee, pickens, greenville, spartanburg counties east of asheville from a dow all the way up through the boone-hickory area under a winter storm warning. they will get impacted the most. 2-6 inches of snow and the potential from anywhere between the 10th and a quarter of an inch of ice developing. freezing rain, sleet, snow all a part of this next system. the upstate will see a little snow starting at midnight tonight changing to sleet and changing over to rain. ample impact driving a little, more so in the mountains of south carolina, northern greenville county, pickens county will be impacted starting late tonight into tomorrow. temperatures right now with breeze is blowing feel like they are in the teens. 18 in anderson, laurens feels like 15. 10 degree chill down with that wind. in the mountains, three in boone, 11 in hendersonville. here is our computer model, the future plus to let you know when the winter weather will start. this afternoon, 5:00, it starts in the mountains of north nothing in the upstate intel after 11:00 tonight. overnight, we see snow in western north carolina. some o

boone, mid 30's in greenville, clemson at 38. anderson checking in with 36 degrees and a few other communities in the western upstate, salem at 39 in pickens at 34. warm jackets are a good idea. by the afternoon, we will see low 50's from the upstate just struggling to get to the upper 40's -- upper 30's and the 40 range in the mountains. we will see mild temperatures by the end of the weekend. allyson: thank you. any of you still without power. crews are working around the clock to fix that. spartanburg, greenville counties, right on 500 in spartanburg. they had 3500 yesterday. more than 3000 yesterday in greenville and now around 100. wyff news 4's aly myles's live in greenville with other current -- with other concerns. aly: good morning we are live on west washington street. we are between the railway station in the post office. this has been shut down since wednesday night when the weather came through. this is quite a busy road. you can see the utility poles leaning. as of right now, no idea on when the repairs will happen but it will remain shut until then. according to duke energy, they will all need to be repaired as result of str

quarter of 2016, but oil tycoon, the one and only boone inkens, thanks oil is headed the other direction to he joins us from dallas, texas. good morning. mr. pickensou know that morgan stanley does not? sure --ens: i am not so if we go into a recession, morgan stanley could very well be right. but, absent a recession, you will be $50, $60 a barrel by the end of the year because you shut down rigs all over the world. you are down now, in the united states, for oil-drilling rigs -- 1609 toe come down from under 500 rigs. you will see the decline of production fast, but watch out for a recession. stephanie: "watch out for a recession." if a recession hits, what does that mean for you and your position? mr. pickens: right now i do not have a position. i am just sitting here, waiting for the opportunity to come back into this oil market. matt: i wonder -- stephanie: hold on -- back that up for us. you are sitting predominantly in cash right now? mr. pickens: yes. matt: and i wonder where you would go if you come back in -- what sign do you need to get back in, and how would you go about it? thepickens: i believe $26.19 was a low. i do nothing we will g