carl, i got to let you go. we are at the end of the road. >> okay. >> i appreciate you so much joining us and giving us as much time as you did to talk about this, the story at dell, your letter and the new markets yrg everything going on. we appreciate your time today. >> okay. great. okay thanks good talking to you. >> thank you >> talk to you again soon. >> thanks a lot. >> that's carl icahn joining us on the halftime report a quick look at the market dow is back in the green there's a lot of focus everybody is focussed on what continues to happen with the nasdaq and the sell off in technology nasdaq under pressure. power lunch picks up the story now. >>> thank you. welcome, everybody to "power lunch" here is what is on the menu for a very busy monday the fangs have a cavity after showing signs of life on friday, they're getting hit again. should you as an investors stay away or is now the time maybe to nibble a little bit? >>> plus secretary of state pompeo on his way to meet with the king of saudi arabia t

ladies and gentlemen, please join me in welcoming carl anthony. [applause] carl: thank you. thank you for all of you who are here today. many of you here for all of the lectures. a special thanks also to chris, who we have thanked a lot of individual staff members, and everyone has contributed and played a role. certainly chris has been very calm in overseeing that all of these events have gone smoothly. a special thanks to him. from the director of the foundation to cheryl, the secretary, to jim, i am giving you their first names, maybe some of you know them all. but really, i gave 100% only because i saw that i was getting 100% back from everybody. it has been an amazing experience. it is a professional experience that is ideal. i wish everyone would be able to have. i am also happy to be giving the final lecture about two individuals that not only are important historically, and i think quite often overlooked, but were two individuals that held a very special personal meaning to me, pat nixon and betty ford. as i was saying earlier today, people do forget about these wome

so carl and i got along very well. we both had a similar understanding of the american dream as eventually i actually became a lawyer ran a business and i had my own nice housein california, not even in hunting valley ohio . i wrote this book, i wrote "the capitalist comeback: the trump boom and the left's fight to stop it" because the american dream is under attack. has been under attack for about 100 years by a group known as the progressives. who are basically socialists. democrats, progressive, socialist, they become synonymous terms. they weren't always synonymous terms but nowadays they're not even trying to cover that up, they're the same thing and there's an attack by these individuals on the american dream and capitalism, free-market capitalism is what created the american dream, it's what made us the great and wonderful country that we are and if we're going to take advantage of the economic opportunities that we are being offered by president trump who has come in from the most progressive president we've ha

to learn things about carl woese. one of the things i say in the book that i haven't said yet tonight was that another way of talking about this book is that carl woese is my citizen kane. and this looks like a crowd most of whom have probably seen citizen kane and know what i'm talking about. so there's charles foster kane, this newspaper magnate, this difficult, complicated, mysterious , sometimes over and sometimes wonderful man who keels over dead at the beginning of the movie with the word rosebud on his lips, his last words. and then there's a newsreel journalist, a faceless newsreel journalist who is sent out by his editor to try and collect the story of this fellow, this citizen kane who was he? what was the meaning of his life, was he good or bad or both and what in the devil did he mean by rosebud? so the newsreel reporter as you know goes around and talks to all these people, talks to ex-wives and friends and colleagues and gets all these different aspects of his character and his history, that's what it fe

baribault: carl, thank you. [applause] wake forest university professor david ruben on 19th century artist winslow homer. on sunday at 8 p.m. eastern on the presidency, a look at the fashion choices of pat nixon and betty ford reflected the college of theirthe politics time. and sunday at 9 p.m. eastern, the 20thony marking anniversary of the u.s. capitol cornerstone, where george washington and area freemasons laid the cornerstone of the u.s. capitol building, turning a ceremony that included corn, oil, and wine. american history tv this weekend on c-span3. >> a wahoo's north shore is known for its big beaches, waves and surfing area a rich part -- hahu's north shore is known for its beaches, big waves and surfing. in makes of 21% of the state's economy. up next, we continue our special look at hawaii with a visit to what meyer valley -- to waimea valley. valley is considered a sacred valley.

carl: it is a long process.ans have done and they have kicked the can down the road. markets?they clearing greece did not fail. it came close. cyprus did not fail. italy will not fail. they're dealing with it in firefighting mode. they feel they have to get to a crisis before they can fix it. italy, i do not think they are going to get to a crisis. they are managing to do what they have to do. tom: you are very undisco ntented. carl: you look at italy. markets have gotten to hysterical about italy. with 130% of gdp debt, another percentage point or two is not going to break them. tom: this is too much good news from carl weinberg. on discontent, we will go to the export, joseph stiglitz will join us of columbia university and we will get an update on globalism, on globalization, on our level of discontent. the eleven o'clock hour. this is "bloomberg." ♪ tom: bloomberg surveillance. francine lacqua in london, i'm tom keene in new york. , we have seen all sorts of different takes on this as mr. lampert's experienc

as carl said, he's been doing this for decades. it's rarely stopped him from accomplishing anything. in fact it's helped him. and so he has learned over the course of decades that this is effective. i don't think that the political press for the most part even after three years of this has risen to the challenge and found a way to combat this with sufficient aggressive -- aggression and sufficient intelligence. >> with all due respect to daniel, it's not pointless. it works. and the point of it is he has built his base, and his base has been getting bigger and more energized and uglier in terms of its expression of untruth and favoring untruth and being happy to hear these untruths about the press, for instance, about real information. he has taken us to a place where untruth is the order of the day and he's also changed our agenda in the press. we need to be focusing more than we are, ie believe, on real existing existential america, our people, our culture, and then try to put into place this bodyguard of lies, to quote somebody

actually seely can president kennedy talking about carl hayden, and carl hayden talking about meeting william jennings bryan on the train to washington, d.c. in 1912. so it is a wonderful time ,apsule of carl hayden's career of vice president johnson and president kennedy's remarks andt carl hayden's career, to have that in video for all to see is a wonderful treasure and a great object of study for political scientists and historians. i i won the nomination, but had to wait until the 12 of december, 1911. in 1964, barry goldwater was nominated and won the nomination for, the republican nomination office of the president in the united states, many months off campaigning in the united states. in addition to his senatorial materials, we have a large collection of his campaign materials. i selected a couple of items today regarding his campaign. here, we have a couple of classic photographs from the see barrywhere we can doing the hard work of trying to become president in 1964. but one of the interesting things about the senator was his interest in using media to assist his campaign for

thank you, carl. carl has agreed to take a couple of questions. we'll do that now. just raise your hand. i do want to mention now carl is the author of more than a dozen books. this was done in collaboration with the exhibit and the series. it's for sale in the museum store. and a thing carl will sign for you if you buy it. but this was done in four months. can you tell us a little bit about that experience? doing this book in four months? carl: i don't know if i should. [laughter] it was insane. everybody was doing their part. i would send images and photographs and say that we have to find one that is public domain. there were various staff members here who were diligent in tracking down that event and finding an image. and you know, it was a lot of back and forth. my now favorite moment of the whole thing was, a few days after the fourth of july, when my brother, my sister and her husband and her niece and nephew were going down to disneyland and visiting from the east coast. they said we need to go down to anaheim to get these photographs to our book producers.

carl icahn joined a lot of shareholders in opposition of that deal.nt that i don't believe that the company cans s successfully move to option b. mr. icahn yesterday joined scott walker and i in an interview and he discussed one of his key reasons for why he thinks that ipo is doa, and it has to do with delaware law. take a listen and we'll explain more >> they can do ipo we are not objecting to ipo. you can't go say by the way if you don't take the deal i am offering you now, we'll do an ipo. >> and he's pointing there about fairness and this orning, ther is a no doubt - analyzes these kinds of situations. under delaware law in a transaction of a controlled shareholders, requirements must be satisfied in order to avoid applications of entire fairness. they go onto say the vote of minority shareholders must not have been coerced. the timing of dell consideration for additional ipo is contingency if it is not appr e approved by shareholders and created an argument that entire fairness applies that would seem to be where mr. icahn want to go in terms of

carl icahn takes a shot at dell.e is slamming the tech companies return to public markets or at least the effort to do that. we have the details. let's get straight to abigail doolittle. abigail: we are looking at wishy-washy trading, traders still digesting the work we still the three major averages since march. right now, the old are trying to step up with the dow up slightly and the s&p 500 and the nasdaq art to the downside. the nasdaq is at the lows right now. tech is the worst the sector for there is00 but something to make note of around the banking index which is the fact that it is below its 200 day moving average. this chart is remarkable. and back5 year chart in 2017, a slight dip similar to earlier this year and now we drop below that average that a sloping to the downside was tell you the buyers have exited and the buyers have stepped in. -- and the sellers have stepped in. this chart may suggest unless there is a sector that offsets this week is that the banks could be a drag on the broader indexes. all

we are going to unveil that with carl, is cheryl in the room?i'm going to try to spring this on her. i want her to be part of the unveiling. she will say no but we will force her to do that. our first question will come from this gentleman in the back. we will go for a little bit. we do have to move to lunch shortly. our first question -- >> what type of fabric and garmentswere the first comprised of? mr. carl sferrazza: i do not know. [laughter] i remember silk being mentioned all the time. that is part of the subject that i -- linen. think -- also makes me jefferson's daughter, in support of the embargo act, started to homespunspun, cotton at monticello. were lot of the women who supportive of the democratic republican party and jefferson supported the embargo act. and they would do this. and broad cloth. broad cloth is made of cotton. >> [indiscernible] something? organic material. silk's,wool, cotton, cotton linen. those basic fabrics you will find and that is why they last so long. you jump in between and they were metals -- metallics and r

rick >> good morning, carl.f the key features of interest rates really for 2018 and 2017 is this notion that a good aspect of the behavior is already baked in the cake. very few re-tracements, a fed determined to normalize, we can debate how much more normal, how do you get to neutral, what is neutral. will we recognize it when we get there? all these things are very important. some things change this week call it a cumulative effect. finally treasuries are taking notice, not only of the volatility but the direction of the volatility in the equity markets. and charts bear it out as a matter of fact, not only do they bear it out, they pretty much let investors know where you need to be most cautious so let's go to the board we start the chart may 1st there's about ten trading days in may that gave us all of the clues for the rest of the year in treasuries, and what i'm referring to is around the 17th when we made the first high yield close at 311 things happened quickly. between the 17 and the end of the month, 2

rick >> carl, it is fascinating that headlines are hitting the marketplace.was going to talk about today, the title was receiving liquidity and the global economy. my bullet points, these issues magnify lack of organic growth when you pull the plug on the bathtub, you see the edges drain first. you also are going to get penalized for high levels of debt and servicing therein and finally, makes a much more complicated scenario for future central bank policies, especially when the policies are reversing older policies look at the chart of italian yields and art cashen comments that the headlines regarding saudi arabia aren't necessarily what's moving the market, it is the fact that mario draghi is not happy italy is trying to in some way incite its economy for better growth. i understand there have been so many false starts mario draghi should know better than anybody about false starts, so should mr. corono in japan, be mplg gold in your economy takes you so far at some point, maybe the u.s. really was the antagonist in this because their central bank decided,

i am carl quintanilla with morgan brennan at post 9 of the new york stock exchange. fortt joins us from oracle's open world in san francisco. we'll get right to the story of the day, and that is market selloff. complete team coverage this morning. bob pisani is on the floor, looking at the key driver for stocks morgan following cat and 3 m ylan mui in washington watching the fed speakers, and mike santoli looking at the broader themes in the markets. let's begin with bob pisani and earnings we have gotten so far. >> the important thing, we are waiting for europe to close. every day we weaken going into european close, last five or six sessions we are in the lows there key story, budget refused, italian budget refused by european union spreads are widened there. sitting near lows of the day here in the u.s., sectors that are weakest on global concerns semi conductors, emerging markets and industrials are weak staples are flat and utilities just slightly to the down side. the key story about guidance, 3m was a disappointed, cut the full year guidance. utx maintained an

carl >> hadley, i'll take it, thank you.mble reporting on this developing story from riyadh when we come back, a mega deal l 3 and harris merging we have the details. plus more with the ceo of textron, "squawk on the street" will be right back don't go away. >>> we've got earnings from bank of america you can see what the spdr has been doing let's get over to wilfred frost for more on the earnings >> banks have for the most part delivered decent earnings so far this quarter bank of america today had their strongest net income number ever eps came in at 66 cents ahead of 62 cents estimate and this was down to strong core performance in their retail bank loans up 3%. deposits up 4% and credit quality remaining strong however, despite positive absolute loan growth, the number was a little behind consensus. if we look at the bank that have reported, the sector-wide loan growth is around 2% which is underhill wi underwhelming. however that hasn't been accompanied by falling credit quality which does encourage bulls out there. ove

i'm carl quintanilla with sara eisen and david faber.ow up 225 we keep an eye on earnings out of coke. of course, facebook is tonight. >> major volatility in the markets. wild swings. keep finding stocks from finding stability here we'll have full coverage on all the sharp, sudden moves. >>> apple holding an event in brooklyn, where they're expected to unveil new products fang stocks have been crushed in the last month. >>> plus another capitmarket catalyst coca cola, pfizer and allergen reporting. we'll speak to the ceo's of coca-cola and allergen this hour >>> on the left, stocks are starting their day here in the green. session highs right now. as we saw yesterday, there have been sharp swings throughout the trading day. morgan brennan is following ge earnings, with that stock down about a percent, still near a 52-week low. we've seen a weak industrials se trigger a sell-off >>> we're keeping an eye on the white house as president trump's comments on trade and markets, one sharply lower, one higher. s&p 500 in the last month down just

i'm carl quintanilla with morgan brennan and john fort. president is set to speak on trade and the economy in a few moments at this cabinet meeting. when that begins, we'll bring them to you live in the meantime, stocks coming off their best day since march but getting back a little more than half of yesterday's gains watching the nasdaq, it did start off the day higher but is now in negative territory as well one bright spot, though, as you know netflix surging off the highs about 90 minutes into the trading day. the streaming giant blew subscription estimates out of the water. joining us, paul holland, a long history of working with net fflx also with us, ljh investment advise larry haverty i have to ask you if you've been buying lately. >> no, i'm not buying, carl. i'm very wary of the price here. this is a wonderful business the quarter was terrific there are some cash flow problems they're spending a lot of money on advertising they're spending a lot of money on content acquisition consent assets went up the principle problem is the m

courtney reagan has the latest good morning, court. >> reporter: hi, carl.from panama city beach to panama city, this area is harder hit you can see what used to be a papa john's behind me, a dry cleaners next door and move down the street, you can see power lines are lying in the road this is the case almost all over this part of panama city almost all of the metal signs are gone marco, if you can swing around, bring us back to papa john's, look at the comfort inn. the windows are blown out, you can see curtains blowing through what used to be glass in front of the comfort inn used to be a pet supermarket it has been kpleecompletely destroyed. we went to the lowes major destruction, unable to open one side was collapsed, roof was missing, damage in the back. trailers turned over in the parking lot. there's a t mobile not far from where i am, it was almost completely demolished. really the ceiling caved in on it, glass pushed in. this is all from wind from the hurricane. with likely tornadoes that touch down within. it is hard to do business here, with 841,0

i am carl quintanilla with morgan brennan at post 9 at the new york stock exchange.s out west. going to be a busy week for jon and the company. we begin with tech stocks. market volatility continues, sectors up a percent, looks to break a three week losing streak, longest since june of '16 sectors up 11% for the year. alphabet, amazon, microsoft report earnings this week. a lot of them thursday joining us from palo alto, roger mcnamee. good morning good to see you again. >> carl, always a pleasure, my friend. >> a lot of reprising going on here -- re-pricing, whether it is semis or social. in general are we paying a price for as one person said choking on too much tech earlier in the summer >> well, you know i look at the market as having been incredibly rational about all this. in a period where interest rates are beginning to rise, the tech sector in many ways is protected, whether facebook or google, in particular, very little employment, relatively little inflation exposure, right? so i mean yet the economy is still very strong so advertising based businesses sho

john >> that's right, carl. here with oracle ceo mark hurd mark, thanks for being with me we had larry ellison's key note last night i want to dig into next generation cloud first, this market volatility. we heard from caterpillar about costs related to tariffs how is that affecting the environment for oracle a aacle oracle customers >> doesn't affect us much whatsoever but the numbers that do affect us, which again are a very small amount, i could see where it could affect a number of -- >> let's talk oracle cloud gen 2. larry ellison not pulling punches last night it would be news if he did, because he doesn't do that. >> despite coaching. >> i'm sure many at oracle try. >> yes. >> talk about security contrasting with amazon. i'm wondering, a lot of the cloud breaches i've seen have to do with user configuration error, failure to use two-factor authentication are there specific instances you're looking at where aws has been breached where oracle technology would have prevented it >> it isn't just aws there's a

phil >> carl, for the quarter general motors sales dropping 11.1%., factoring in comparison with september, late august of last year when you had hurricane harvey and the rebound in sales there. that comparison showing that general motors sales down 11.1%. bip the way, for the third quarter, sales down for every division of general motors whether buick, cadillac, chevy or gmc another interesting note all auto sales reported today, other three for september. chevy bolt, sales down 41% in the third quarter. gm says, look, we were pushing sales of the bolt to other countries, because we've been ramping up our production and felt we should send canada, south korea, wherever it might be, and that eventually they should start to pick up a little here in the united states, but on day when you also have tesla sales, inevitable you'll see people saying, you got bolt sales down 41%, when tesla is doing slightly better than expected in terms of its deliveries again, not apples to apples, but it is going to get some comparison >> all right phil, thank you. inter

carl, about 15 away.ou at the top of the hour >> scott, thanks. >>> let's get over to cme, get the santelli exchange. good morning, rick >> good morning, carl. the big news today is that interest rates, although they fell to a level we haven't closed at since early october, 3.08 close friday, they're under 3.11, which by all technical accounts seems to be one of the important, pivotal areas for interest rates keep in mind simple issues like the 3% level itself is big psychologically. we look at what's going on in europe, rates are lower than they finished last year. and starts to hit home we close at 43, on boones, trading under 40 trading at a level of 3.10, which is only 13 basis points away from a seven year high yield close. this is despite all of the volatility whether it is central bank meetings or big jobs report, gdp reports, the biggies, we see a blip, an ekg of the bond market. it wouldn't be out of the ordinary to go into wednesday's adp and friday job report. if it is strong or wages pick up,

carl, back to you. >>> let's get a news update this morning. we'll go over to sue herera at hq. >> good morning, everyone. here's what's happening at this hour it's a busy news day a high-level meeting is under way at the state department between secretary of state mike pompeo and german foreign minist minister they are discussing syria, the iran nuclear deal and relations with russia. >>> fireeye reporting north korean hackers are stealing hundreds of millions of dollars from banks all over the world. fire eye says they originate from a state-linked group that poses an active global threat. north korea denies that it's involved in the cyber attacks. >>> and a new study suggests a daily glass of wine could shorten your life. sorry to be the bearer of bad news the washington university school of medicine finding people who drank four or more times a week were 20% more likely to die prematuree ly prematurely. cancer risks outweigh the benefits that drinking can provide for heart health. >>> and toys "r" us may return to a shopping center near you

what a quarter, phil >>> a heck of a quarter, carl.you look at shares of general motors, let's point out this is a stock that's on its way, if everything continues the rest of today, its first profitable month or up month, i should say, store the stock since may. and what's driving it? north america. this is the engine for all of the profits or the vast majority of the profits for general motors and the change, look at this, average transaction price in the quarter up $800 per vehicle while the average incentive down $500 per vehicle you put that together and with a richer mix out there, the profit per vehicle up $605 in the quarter. here is the cfo of general motors talking about the strength in pricing. >> we're seeing continued demand for our full-sized pickups is driving the pricing record you just talked about. we've seen no negative reception to that and we're going to continue executing our plan here and the launch cadence between our full-sized pickups and crossovers has certainly helped. >> take a look at shares of general mot

carl bernstein was played by dustin hoffman. >> one of the things i observed with carl is he smoked so incessantly and carl always had ashes on his tie and his shirt. i said, that's got to be in the movie. >> is there any place you don't smok smoke? >> 40 years later, the two investigative reporters are back in the washington post newsroom. i joined them for a reunion with ben bradley, their former editor. it's the first in decades we have all been together. it's tempting to think that watergate could never happen again. these two reporters and their editor know better. >> i wanted to dig deeper into their story and to see what, if any, impact it had open our culture today "vanity fair" photographer annie lebowitz is here to document the three men that took on her prison. for watergate, it started much the same way as most stories do, with the phone call from the editor. >> at the moment the time i got the call about 9:00 a.m. on saturday morning june 17th, no one flashed a message to me, this is going to be one of the most important days of your life. >> i was in the office that day a

. >> thank you >>> coming up at the top of the hour halftime report, legendary investor carl icahn isth david faber and scott walker that's noon eastern. must watchv. t don't want to miss it. "squawk alley" back after the break. she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. >>> the percentage of americans saying now is a good time to invest is reaching an all-time high according to the all america survey steve liesman joins us now normally i would say that might be a bad sign, but all america survey has been right for awhile. >> it has done pretty well i have to warn you, these results are from a survey last weekend, not the recent one, so before the market sell off but it is instructive to look. what you see as jon was saying, missed out on the bull market that ran from '08, '09 through '15. but it popped up a lot of public was on board 51% of the p

." ♪ good wednesday morning, welcome to "squawk on the street," i am carl quintanilla with david fabernd jim cramer is at the independence visitor center in philadelphia we are coming up with big upside revers reversal boeing beats and raises. europe with some 1% gains. bostic, we'll get new home sales in an hour u.s. markets are raising those early losses the dow pointing to a nearly 100 gain in the open, thanks to boeing more than a 100 companies reported on the busiest week of earnings texas instrument, they're all down microsoft and tesla, after the bell the president fights with the fed, he may regret nominating jay powell it is the biggest risk that the economy faces. the jump is due to boeing. upbeat results and guidance. it happens one day after the wild ride on wall street s&p is in the midst of a five-session losing streak jim, if we are down today on the s&p, that's sixth straight we have not done that since last week >> i will tell you, carl, yesterday was the wild ride. if you look at the futures right now, we would have made up for everything we were down 20 at 4:00 and e

i'm carl quintanilla with morgan brennan and john fort.on trade and the economy in a few moments at this cabinet meeting. when that begins, we'll bring them to you live in the meantime, stocks coming off their best day since march but getting back a little more than half of yesterday's gains watching the nasdaq, it did start off the day higher but is now in negative territory as well one bright spot, though, as you know netflix surging off the high

carl ordered his guards to go in the tunnel and find where the origination point is.arl tries to send his dogs down into the tunnel but the dog is too smart for that and so finally, he orders the prisoners to dig it up. it took them three days to find the faithful. they only found it when they camwhen they camethrough the bee tunnel. this is also probably my second favorite part of the story. lieutenant colonel, senior officer one o is the last man ot of the tunnel and he decided he wasn't going to muck around with viking 150 miles that night through the german countryside. he was going to take a train. he spoke german fluently and had one of the prisoners advise him a perfect businessman sued. he had a lovely hats and showed up at the local train station bought a ticket and 36 hours later he was pretty. he was the first one to make it back. what is so wonderful about this as he sends a telegram, which we have two the camp. [laughter] i will read you with a telegram says. having a lovely time. if i ever find you in one and, though break your neck. [laughter] that's on

you sta-- don't forget we got te two news breaks on the blades. >> carl, i don't know. have not heard it was specific to that as much as it continues to under performance under the unit and a lot of it due to goodwill, another final poor deal that was done under the regime of mr. ml it adds up when you do it over and over >> are you surprise that -- i think it is going to look like a low price. >> the minute when culp joined, i looked at his age, he's only 55 you want to see why ge stock is up this morning, take a look at the 10-yr stock. he has not been running the company for two or three or four years. >> many people stay as long as 14 years and 25 years for this man. >> the ge's ceo, jack welsh was in the job for 20 years. and now mr. flannery, one year there is danaher by the way. that's not bad performance >> what explains that performance at dhr >> he made it into a healthcare company. he made it much more like some of this going up almost everyday and baxter, he made it into a company that was non-cyclicle. >> i think he's uniquely suited and trying to figure ou

carl: excellent question.there are many focused on china and in some measure on whether they played fairly in the trade arena or whether their economic gains have come at the expense of other countries. i think that issuance the chinese have achieved -- i think the issue is that the chinese have achieved a lot of success and their consumers purchase more products from overseas. nevertheless, it is clear from conversations i have heard with people that businesspeople would like to level the playing field with china, which puts their economic expansion at a risk. haidi: do you think the fed and policymakers in the u.s. will have to react to the impact of the tariff war? how will the transmission will see a boost in short-term inflation, maybe stagflation around the track as growth slows? carl: it is hard to tell, it has been featured in credit number of statements from the fed -- featured in quite a number of statements from the fed. is small, but if the process continues to its full extent, they will have to ta

carl, we're about ten minutes or so away.ll see you then. >> all right, scott, thanks. >>> you already know the financials have taken a hit over the past month underperforming the s&p, trading in correction territory action down more than 10%. meantime the president continuing his attack on fed chair jerome powell and his rate hike strategy. weighing in on all of this is former wells fargo chairman and ceo. it's good to have you back, welcome. >> good morning. >> just making a list of things that have gone right for the sector credit quality is pretty good. some signs loan growth is improving. r.o.e. is beyond what people thought was ever possible. we got this upgrade from mike mayo today >> i think there's global concern, particularly that impacts banks because the economy is very important to their success. we've got saudi arabia, we've got italy, we've got tariffs, and that uncertainty isn't good for financial institutions i think there is concern about loan growth, but i think people are forgetting that a very major thing

i am carl quintanilla with morgan brennan and jon fortt the markets are bouncing after 1300 points downo days another 300 back as stocks rally, the dow is having a tough week let's get to the floor, bob pisani, see what's moving. >> good morning, carl. we have what you would call a classic oversold bounce. sectors moving the stuff with the worst time is on the up side, including emerging market stocks, semiconductor, home building stocks, retailers, material names the dow is largely tech movement, visa, apple, microsoft, dowdupont, walgreens boots turning around banks, generally good numbers, jpmorgan, good numbers slowly but surely banks are coming off highs most of the regional banks are negative on the day. lot of people discussing how to read bank reports properly why did we turn around the simplest explanation is correct. drastically oversold conditions. and other incidental things. discussions about president trump and xi possibly meeting in the next few weeks, china not a currency manipulator, mnuchin staff recommending that come down, and kudlow and mnuchin making positive comme

what that really means when you look at carl hayden's career, he was really responsible for cosponsoring and writing a huge amount of legislation that benefited the citizens of arizona and the citizens of the united states, and his legacy was very much a legislative legacy, passing things like arranging for the passage of legislation like the hayden-cartwright act, which changed the formula for federal highway construction funding from population-based funding to an area, or square mileage-based funding. that bill ultimately really benefited the states in the west , where there were large expanses of land yet to be settled and highway construction could proceed with that type of funding.

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finally, carl is right, industrials are taking a hit. the sectors, slightly defensive tone. you have utilities, consumer staples. materials, emerging markets. tech and the semis are weak. there are your industrials on the weak side. look at some of the companies that are reported. we talked about sealed air. they cited unfavorable currency and higher raw material. textron missed on the top and bottom line. they join a list of companies that have had some issues. ppg, granger all similar comments. the common theme is margin pressure. they are talking about weaker foreign currency and higher labor costs. you throw in pockets of demand weakness in autos particularly in china and europe, you have a problem. you saw this with the autos. look at ford and general motors. morgan stanley talked about auto sales falling in china. they talked about 40% down year over year volume for ford in china. that's quite remarkable. they are down 25% overall. speaking of china, we saw another tough day for china. the china stocks your baidu, alibaba on the we

i'll carl quintinilla with sara eisen and david faber at the pink that. negative dow is down 79, s&p almost 10 and the tech rally was the last to tip >>> our road map for the hour begins with the busiest week of earnings season dominating the market 149 s&p 500 stocks and a third of the dow set to report we'll get you ready. >>> plus the administration teasing this new tax cut, but congress is not in session does it have a chance? >>> and megamillions mania the jackpot soaring to a new all time world record. >>> we begin the busiest week of earnings and stocks have fallen into the red following october's volatility in the market joining us is mohamad elel-erian great to have you back good morning. >> thank you for having me on. >> we're at a point where u.s./china relations appear to be going nowhere quickly more concerns about peak earnings growth here, dollar/strength supply chains, raising costs, some hope the fed blinks in december is that where you are? are people overestimated the short-term weakness in the global economy >> so where i am is that th

i'm carl quintinilla with sara eisen and david faber at the new york stock exchange.e backups in yields continues. >> fears of the fed starting to spook investors. >> plus, amazon and apple denying a report of a chinese hack. >>> and you might not know it, it has been the year of the deal m&a hit its highest level despite a pretty slow third quarter. we'll break down the big deals and talk about whether the rest of this year will be as strong with rob kindler, morgan stanley's global head of m&a. >> first up, ten year does hit its highest level in seven years, stocks set to break a five day win streak for the dow. earlier today, national economic council director larry kudlow talked to the economic club of washington telling the audience, quote, this is not a sugar high. listen. >> i give you fatter paychecks, better blue-collar jobs, i think we'll go on for quite some time. this is not a sugar high, this is a change in marginal tax rates and regulationings which will keep giving incentives. >> certainly a worth while question as markets stay near record territory let

good friday morning, welcome to "squawk on the street," i am carl quintanilla with david faber and jim cramer at the new york stock exchange. mnuchin on "squawk" today. nikkei's highs over night. our road map begins with stocks set to come back dow future is down at more than 300 points >> plus, the fundamentals are very strong as mnuchin tells cnbc that wall street's two days plunge is apart of a natural correction >> jamie dimon offers up a warning on rates and geo political risk that's where we'll begin jp morgan revenue ahead. >> look, i think the key take away when you contrast charles evans. >> yeah, just listening to him >> what jamie dimon is saying is good right now but it could get bad. he does not want to say bad. that's my term he's saying that i would say things are good but we could be playing with fire and things won't be good. that's the opposite of what the feds say the fed is saying we don't care what's going to happen this is what we must do. i will take jamie dimon's view about what can go wrong over any one in the fed any day of the week i think the fed is vastly o

technology also up 1.4%, carl.g talk of china lowering attacks on autos, some of the inrnioteatnal developments we'll be right back with more "squawk on the street. it's not what champions do. it's what champions don't do. they don't back down. they don't settle. and they don't quit... except for cable. cable? oh you can quit cable. because we are cougars and we don't quit!! unless what?!?!?! [team in unison] unless it's cable! quit cable and switch to directv and get the most live sports in4k more for your thing. that's our thing. 1-800-directv your company is and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the nation's largest banks, and a local approach with a focus on customized insights. so you and your company are ready for today. i am a techie dad.n. i believe the best technology should feel effortl

carl, jim, david, back to you. >> rick santelli, thank you. come back, microsoft's highlighting some new products today. we'll hear from ahead of the company modern life and device business this morning. dow is up 113. s&p is just about five points shy. back in a minute (john foley) i was there in chicago when bob barnett made the first commercial wireless phone call in 1983. yes, this is bob barnett in chicago. (john) we were both working on that first network that would eventually become verizon's. back then, the idea of a nationwide wireless network was completely unreasonable. but think about how important that first call was to our lives. it opened the door to the billions of mobile calls that we've all made in the last 34 years. sometimes being first means being unreasonable. i'm proud i was part of that first call, and i'm proud that i'm here now as we build america's first and only 5g ultra wideband network with unprecedented wireless capacity that will not only allow for phones to be connected, but almost everything-- transforming how

alix: in the meantime you have carl icahn with his white horse and all about.oso calvasina are staying with us. this is bloomberg. ♪ alix: this is bloomberg daybreak. s&p -- s&p futures off the lows of the session. thank earnings coming in now. -- bank earnings coming in now. in other asset classes, a weaker dollar story, the euro continues to climb higher. yields go nowhere here in the u.s. and oil pumps by about 1% over geopolitical risk in saudi arabia. retail sales, if you backed out autos and gas, coming in flat. sequentially. basis, youon month are actually lower, down 1/10 of 1% despite the fact that empire manufacturing comes in small. these retail sales numbers don't make me happy. david: it is only one data point but does not say good things about the consumer. the headline overall is actually a 10th of a percent relevant 6/10 of a percent. -- rather than 6/10 of a percent. flipside, the retail control group which may be more pivotal rose by a 10th of the major 13 categories, you did see an increase in u.s. sales, it is a have in a have not but a stea

i am carl quintanilla with julia boorstin and jon fortt at post 9 of the new york stock exchange morganthis morning session low is 253 rates put investors on edge. bob pisani is watching where everything is moving >> hello, carl, we have a new story to talk about, always like to talk new stories, a yield story. let's show you some of the issues the markets are dealing with it is not the only story but global bond yields are rising. that's the principal thing to move the market. we are seeing emerging market pressure, yields go up, that hurts emerging markets they had been rebounding recently and another secondary story about china worries, not just trade but tech spying stories, a data web service run by apple may have been subject to surveillance by chinese government they say it didn't happen, wasn't an issue. we don't know the answer it is effecting the maskt, t-- e market the whole faang complex is down 2% i mention emerging market, higher rates is generally a problem for emerging market. the eem, the benchmark is there, that's on the bottom chooin internet down, bras -- china net d

thank you, carl.e is trying to understand why the funk hit the markets today is an up day it is tuesday, counter trend tuesday type move. i think the answer is easy many have been thinking it is going to happen a long time. conditions were too easy too long it really is that easy we have the real economy and the market economy, and all that time from '08 until about 2015, what happened is the real economy wasn't really built on a foundation, it was built on straw. the market economy, however, took all the santa claus giving to central banks and monetized it up. you want to know where all of the inflation went into financial assets. now we are looking at the other side of the mountain how did we get here? debt everybody says debt. they're probably right problem is we had years and years and years of debt where nobody seemed to notice. many years, '09, '10, '11, over a trillion dollars nobody noticed because rates were low why were rates low there was no fiscal policy to speak of it was the santa claus

carl, back to you. >> thank you very much rick santelli welcome back to "squawk on the street," i'm carlsen and david faber at the pink thanew york stock e. >> our road map for the hour starts with category 4 hurricane michael barrelling toward florida's panhandle. let's look at michael's potential impact on business and the economy. >> market is in the red. the president renewing his criticism of the fed, urging them to slow down on rate hikes. >>> >>> plus we have action from activists, three wall street big names making moves on three separate companies we'll give you some details. >> we are keeping our focus on riding rates the president repeating his displeasure with higher short-term rates saying the u.s. doesn't have an inflation problem. >> i like to see low interest rates. the fed is doing what they think is necessary but i don't like what they're doing because we have inflation really checked and we have a lot of good things happening so i will say this, we're normalizing money and that's good but i think we don't have to go as fast. >> joining thus morning to discuss, washingt

carl anthony is one of the nature -- nations experts on presidential wives andir

carl: 100%. what we have seen with washing machine tariffs and us steel and aluminum, $50 billion on china and the additional $200 billion on that. that rhetoric is telling us, nafta negotiations have moved favorable, even with the europeans and other asian trading partners -- that is not the case with china. those comments tell me the 10% tariffs on $200 billion will reset the 25% at the end of the year and the threat of additional $267 billion of import subjected tariffs, across the board with china, is more likely as a result. alix: what does that mean for 2019? carl: the trade war -- that means more inflation for the u.s. and a reorientation of supply chains out of china and to other regions, maybe to the u.s. but also other regions, will continue. david: remember where we started monday with the new deal with canada and mexico. the president fixed it. maybe the same thing will happen with china? carl: or maybe they will redirect their sites to have a conflict with china. alix: bringing the s