caterpillar, layoffs up to 10 people. revenue will shrink for the fourth year in a row, something that has not happened in the company's 90-year history. >>> new developments regarding the volkswagen cheating schedule. s&p putting the automaker on credit watch negative. they are reporting they will fire people responsible for rigging those emission tests and they may announce their pick for ceo tomorrow. a report in a german magazine that bmw is now upped some scrutiny. the company denies it tries to calculate or gain a mission. this is spreading. >> i know a lot of this is when you do the emissions testing on the road which shows different results. volkswagen has rebounded and come back. volkswagen's problems are going to benefit other companies. i think we are being too gloomy about that possibility. i do not think that everyone. this is a very well-known test that was done and was discovered. we talked about it the other day by the university. i will tell you this when i pulled up with some very talented lawyers in the

caterpillar is a market leader. in that business when it is good. going to be good again. but they are suffering longer than they thought, and i would have thought, actually. because this is coming out and dribs and drabs, we might continue to see more and more with this company with everyone word as well. 5% does not seem enough to me. the capital spent in mining will still be 20% next year and down slightly in 17, and the oil and gas guys have just started to cut. cory: it's not getting better. the capital spending guidance is up and oil and gas is down only 6% in 2016. that sounds not enough for me. so, yes, i do think earnings will be cut again. karen ubelhart. ger in the one lag s&p. back over you. mark: thank you also much. a programming reminder -- we will have live coverage of fed yellen's speech on inflation dynamics and monetary policy. it starts at 5 p.m. new york time right here on bloomberg television. it's a down day on the markets today. as we had to break, the dow industrials down 170, s&p down 18 po

china's slowing economy and low oil prices prompting caterpillar to slash its revenue forecast and jobs. >>> bugged and rigged. the latest on the scandal engulfing the manufacturer of perhaps the world's most iconic car, the beetle. all that and more tonight on "nightly business report" for thursday september 24th. >>> good evening, everyone. speaking for the first time since the federal reserve's controversial decision to keep interest rates near zero, chair janet yellen late today said she supports a rate hike sometime later this year. it was just one week ago that the head of what is arguably the world's most powerful central bank cited low inflation and a weak global economy as reasons not to raise interest rates. steve liesman joins us now with more on her speech. so what did she say? >> she said that -- she associated herself as among those who believe that the federal reserve will raise rates, it will be appropriate to raise interest rates this year. the importance of that is last week when sme spoke she said other members of the committee, and wouldn't answer the question when a

plus, caterpillar took wall street by surprise this morning with huge head funds. you absolutely need to know about this stock going forward. that's coming up. not all activists and investors, i'm telling you why activism isn't always the answer. oh, you will not want to miss my take on this one. so stick with cramer! (vo) what does the world run on? it runs on optimism. it's what sparks ideas. moves the world forward. invest with those who see the world as unstoppable. who have the curiosity to look beyond the expected and the conviction to be in it for the long term. oppenheimerfunds believes that's the right way to invest... ...in this big, bold, beautiful world. dentist appointment when my teeth are ready? ♪ can it tell the doctor how long you have to wear this thing? ♪ can it tell the flight attendant to please not wake me this time? ♪ the answer is yes, it can. so, the question your customers are really asking is, can your business deliver? there's no question, this is really an ugly market. let's call it a bear market. right. >> that doesn't mean individual

matt: is this specific to caterpillar?oy global going down, united rentals, dear going down. all of the machinery makers seem to be going down. at least on the stock. it is clearly not just caterpillar. tied companies are not as to the heavy equipment market. the otherst is in you mentioned are all getting hit. and has a huge exposure to energy and metals and mining. they are getting whacked a little bit more. products are high-margin for caterpillar. no one can hide from the commodity decline. matt: him and i were talking to an analyst earlier, robert gordon, that had a caterpillar target that was very low. i think his target was less than half of that. do analysts expect this to ?ontinue to fall > >> i think you could say gordon is the most negative on the street at this point. iso think the 5% decline probably not enough. analysts tend to track management guidance. up until today sales down 2% next year. that's not really make sense because capital spending is expected to be down 20 percent next year alone. companies ca

that includes ingersoll-rand and caterpillar united technology and fleur. it's hard to describe 1% down every day. what happens is it really builds up eventually. let's hope there is some bottom being put in for those big names. >> big drop. wow, bosh. that's bob pisani. >> joining us at post 9 here at cocaine contributor heather hughes, we have jeff sock from raymond james and steve grasso. you and i have long had that personal joke about oil, it's all about oil. is it all about oil? what's this come back today? >> i think when you start to see oil, oil is the can a nary in the coal mine. cat used to be so everyone looks for oil and the complex. if you start to see the oil complex rally, those are the high bet at that names, the names that are the most shorted in this environment. people get tipped off thinking that maybe china or growth is going to be better than expected. this is a one-day event. nothing something to buy into in my opinion. >> this market will have to overcome the commodity slump. china's groelt is slowing but is that enough to stake dow

caterpillar, the largest contributor to that. that's despite durables, unchanged month over month, new home sales coming in better than expected, and jobless claims a bit below expectations. you can see how the markets are trading today. >> certainly. it letsz doctors check heart beak and continue to track it on the go. let's take a look at what's next for mobilized health care. >> quite a presentation with the apple watch in september, earlier this month. tell me what is the response and where are we going to be a couple of years from now with this type of technology where doctors can use a watch to monitor how a pregnant woman's baby's heart rate is doing? >> the reaction has been incredible on not just in health care, but people reaching out to us from other industries. >> there is a shift in technology. not just about health care. it's not about disruptive innovation, which is all about apps and productivity. now it's about disruptive transformation. it's about combining technologies to create solutions. in this case for the

caterpillar is pretty big, especially when it comes to mining and the broader industry. there was a pretty sharp revenue warning, not just for this, but also for next year, but for a fourth year in a row, caterpillar will report falling revenue. this has never happened before in the nine-year-old history of that corporation, so that is what caused the downturn. now there's also talk about layoffs. there are about 10,000 jobs in jeopardy after caterpillar already cut about 30,000 jobs in the past. so quite some turmoil, and that also affected other stocks, especially in the industrial area. that was the main reason we traded to the downside for a third consecutive day. brett: that's all for me for the day. -- daniel: that's all for me for the day. now i will hand you back ovevevo brent. >> before has agreed to give swiss prosecutors access to suspended secretary-general's e-mail accounts -- fifa has agreed to give swiss prosecutors access to the suspended secretary-general's e-mail accounts. the president said is important to show that the organization is serious about ch

caterpillar lows. >> cummins, ge, honeywell. you have the industrials. >> after her comment, sadly, everything in the cyclical world has come down. it's come down as to say we are expecting zero to no growth. >> let's be fair. industrials were already having a struggle. then had he had another leg down with another 5% to 10%. >> what are you now looking at is investors are confused. people were coming in on the trade of, okay, maybe interest rates rise a little bit. that trade may be for the short-term is off. so much volatility. sell first, ask questions later in almost every sector. >> i want to hear what's the story with what's going to happen tonight? do you think the commentary that's come out from people like richard fisher saying he doesn't remember a time where he has been more confused or uncertain. i hear from investors that i speak with. same exact thing. what happens? >> in a best case scenario she lays out for us where she stands on the inflation debate. right? i feel like we're getting back to 2%. we say on the oth

nike there is a caterpillar. >> there is no correlation between the macro and consumption. so i think starbucks is another great read in terms of where sales are going. the sales in china have doubled. they are opening more stores in china. they are in creasing across tea and coffee. starbucks said thousand strong china is. other than currency and fx headwinds, is it a drag. it is a growth cycle for them. this is what you want to talk about. consumption, that is the china trade. >> b.k. >> we know, china told you, we are moving to a consumption-led economy and caterpillar, those type of names looking in the rear view mirror and i'm bearish because i think we have to work off the excess in the commodities and nike, starbucks like tim was saying, that is looking forward in china. >> grasso. >> it has to be caterpillar for me. >> wow! >> to push back, it has to have a leading indicator to it. you have six or else there is no use. otherwise we all die in the coal moan. >> i wondered what that meant. >> it has a six to seven month lead time. if you look at a chart, and you look

it's hard to imagine caterpillar is going to come back until we see an emerging market. expand on want to that and look at the background for janet yellen's speech about an hour from now. equity investors did not take much comfort from the fed decision last week to stand pat. this index includes developed and emerging markets. it has not gained since the announcement last earth day. we got a little bit of a pop and then finished unchanged. since then, it has been down, down, down, down. the index has fallen for five straight days. there is the remarkable thing -- you don't want to extrapolate a few days of market action because it could be noise but when you get a red move considered dovish and he don't get a pop and assets, that's a remarkable result. chairt: as we mentioned, janet yellen will be speaking in just under an hour. a study shows the federal reserve is putting markets more central to policy. since 2000 five, they report shows a jump in mentions of financial markets in central bank meetings. the fed said financial development threatened to impede growth and i

caterpillar, boeing, goldman sachs leading the dow lower.ght spots though in the market are jd.com, micron, staples, monster beverage, and netflix. they, folks, are all higher on this down day. if you missed any of the big stories this past hour, go visit our website why don't you at powerlunch.cnbc.com. mandy? >> in honor of the nbc series "heroes reborn," we decided to look at some of the stocks that have made super hero comebacks. dominick chew perhaps is the best person to be on that story. no lycra right there, dom. >> there's a lot of stocks that have risen from the ashes. we'll tell you a few of them in honor of "heroes reborn" on nbc tonight. keep it right here. awe believe active management can protect capital long term. active management can tap global insights. active management can take calculated risks. active management can seek to outperform. because active investment management isn't reactive. it's active. that's the power of active management. you totalled your brand new car. nobody's hurt,but there will still be pain. it co

caterpillar is falling in early trading, down about 5.5%.er european union urged 28 member countries to begin investigating whether car companies got around in missions standards. polls wagon has admitted to cheating in the u.s. and their ceo resigned yesterday. general motors and ford are down about 1% and chrysler is lower by 4%. stocksdeclines in energy as oil approaches a low in new york trading and exxon mobil is down about 0.5%. halliburton is down 1.2%. they told employees that more jobs are being cut in north america. the president wrote in a memo that halliburton will eliminate multiple layers of management. accenture is down 1%. their fiscal first-quarter revenue trailed analyst estimates. it also indicated that full-year earnings may fail to meet projections. you've got monster beverage up 1.7%. froms raised to a buy neutral at goldman sachs and gold-mining stocks are higher as gold rises for the second day in a year. it would produce the first of back-to-back gain in almost five weeks for gold. david wilson, thank you and we brin

stuart: caterpillar is down 6%, what was it, ashley?> closing down plants, 10,000 jobs by the end of 2018 and also, you know, bringing down their revenue forecast, all of that combining to obviously hit the stock, but it is weighing on the markets. >> that's about 30 points of the dow. stuart: that is a huge hit for a stock of that size. >> yeah. stuart: the importance of that company to be down 6.5%, even in down market, it's still a big dob. >> right. stuart: and, by the way, john deere, another related company, somewhat related, separate from caterpillar, that is down 3%. >> yeah. stuart: so you've got to carry down amongst light minded similar companies. john deere down 3% as we speak and caterpillar down 6.5%. john deere is back to 75. >> speaking to real concerns about the global economy, stuart. >> new home sales in august, though, were good. they came in at 552,000. stuart: i think ashley's right, the deer movement and the caterpillar about the global economy and in china in particular. >> yes. stuart: congress man jeff is with

. >> was that the caterpillar? >> the worm. you are not that square. >> i had a bad back, it was the caterpillar. immediate guest, melissa magee, with the accuweather forecast when we come back. >>> melissa magee is in for cecily. >> we are in the 90s. >> how many have we had this year? >> 31 and we have more to go. stormtracker 6 live double scan showing it's dry for the most part and we have the sea breeze front moving in and that moisture is moving in from a southeasterly wind and the stiff southeasterly winds in philadelphia, pressing into wilmington, not a major concern but something to watch out for. we'll show you the picture outside, the action cam was outside earlier this afternoon at franklin square park, we have a nice blue sky overhead and nice, puffy cumulous clouds. lets talk about the highlights, another heat wave and the air show forecast is coming up as early as tomorrow, with the air showdown in atlantic city. heat wave number five of our philadelphia summer season, 91 was the high on sunday, yesterday's high

. >>> caterpillar is cutting thousands of jobs.re than 10,000 people will be laid off after consolidations and closures of manufacturing facilities through 2018. this comes after sales and revenue expectations for caterpillar weakened in 20 115 d are expected to end next year. >>> volkswagen is expected to name the new ceo. they will name matteus mueler. he will replace martin winterkorn. >>> the clothing chain hollister is getting rid of the steps at its entrances. the casual wear retailer designed the store to look like beach houses. critics says it violates the americans with disabilities act. it's making changes at its stores to make them wheelchair accessible. >>> verizon is apologizing for telling a customer he owes more than $2 million on his cell phone bill. he expected a bill of more than $120. it turned out to be more than 2 million. it was a mistake in its automated voice system. verizon is correcting the error. >> good thing he didn't have automatic payment set up. can you imagine the overdraft fee on that? >> ridiculou

caterpillar -- it expects revenue to fall in 2015 for the third straight year. lines are forming outside apple stores around the world as the new iphone 6s goes on sale. between 12 million and 13 million phones are expected to fly off-the-shelf this weekend. it features improved cameras and a 3-d touchscreen. the crowds have seen out to welcome pope francis on his tour of the united states, and they are not the only ones. a brewing company in philadelphia has launched a limited edition beer in honor of his trip. it features a playful label showing him with a glass of their beer. it has been so successful in local bars, but the nearby seminary where the post -- where the pope will be staying this weekend has requested some. become when he has said that it will be happy to deliver half the case of the beer. just in case the pope gets thirsty on his stay. molly: nothing like a little holy drink there. kate, thank you for walking us through the day's business news. it is time for the press review. i am joined by florence villeminot, for the headlines with today's wr

caterpillar is suffering as crude oil prices slumped.the biggest round of cuts since 2014. the japanese prime minister is shifting focus to social spending. vowed to hold the decrease of the japanese population after he lost backing because of his unpopular defense though. bill.fense out three arrows. let's talk about august inflation figures for japan, just crossing the bloomberg terminal. david inglis with the breaking details. david: we are just getting core cpi and metrics in line with metrics. the take away is that the inflation rate has fallen below zero for the first time since may of 2013, -.1% national cpi stripping out fresh food. if you take out energy you are seeing a growth in price levels, .8%. that line, -.1%, in line. point 1% line, negative, in line with the bank boosting qe. me run through other things, the tokyo cpi, fresh food, -.2%. prices are falling more than if you take a look at japan overall. quickly, the dollar/yen unchanged, futures telling us that we will see a sharp selloff in 30 minutes. 225x should be down

matt: global, caterpillar, deer? in general, the sector level.hey have been outperforming since july. think what you will see it as we will have better performance economically in the states, modest performance, and then you will see better news out of china. news that says, this is stabilizing. you will see better news out of japan and the eurozone. industrials, technology, consumer discretionary sector, we want to be in sectors sensitive to a continuation of the recovery in the states and better news abroad. matt: scott, thank you so much. scott wren, managing director at wells fargo institute. a reminder that at 5:00 p.m. eastern, we will have live coverage of janet yellen's speech at the university of massachusetts. it is called inflation, dynamics, and monetary policy. we will be right back. ♪ matt: welcome back to the bloomberg "market day." i am matt miller. a quick look at the markets because we are seeing triple digit losses on the dow jones industrial average. we are getting down to the lows of the session, a drop of 1.5 percent, 16,037

bad news from caterpillar certainly didn't help, did it? >> no, it didn't. and these bellwethers. we watch them so very closely to see what the state of these big economies is in the overall landscape caterpillar cut the revenue forecast for 2015. they're cutting up to 10,000 jobs through 2018. shares hitting a five-year low yesterday down as much as 8% at one point. it is this china-led slowdown that really hitting a large of the metal and mining companies. a lot of the underlying iron ore prices for example, trading a lot lower. six-year lows for some of the raw material prices like crude, copper, iron ore is mentioned, coal. we're looking at oversupply again as weaker chinese demand. speaking of china, they're to announce a cap and trade program today to limit emissions. this is a big deal because they are the world's largest polluter. and they're going to be reducing emissions in big industries. so like steel, cement and power. that's where they're looking to cut back. they're going to be starting their program in 2017 and they're going to be putting a price on it as well. it'

the ceo of caterpillar and he comes on rain or shine, which we appreciate.he company in 1994, and he's celebrating the 90 th anniversary, and did you know 60% of its audience are outside the united states? looked good senior year in high school, doug. what was your -- wow. all right, also, with us, david cody, chairman and ceo of honeywell, and they joined the company in 2002. and before that, the company. and bmw, and then before that? honeywell made 84 acquisitions, and 655 brands and focuses on manufacturing in just a moment, but, first, we want to start with the state of the u.s. economy, the decision coming today and current turmoil in china. would eat one of you be mortified with 25 basis points? would business grind to a halt? >> i don't think so. >> you wish they would do it? >> i think we're on that cusp where markets expect it, but that doesn't mean there's a negative reaction. i'm going to say i'm receptive to the idea if you go up, you can go down if there's a problem. i have a tough time seeing it being an issue. >> the dollar could strengthen,

quite a difference from when i traded those 50,000 shares of caterpillar back then. we call this process right-sizing a position, so we don't take on too much risk as a stock goes higher. or lower, for that matter. now, right-sizing is a very delicate thing. because when a stock starts going back up, you most likely want to buy more, not trim. that's your instinct. that's the fallibility. that's just chasing. it's an instinct that must be fault. under that method you're simply playing momentum. under my method you're simply getting back into shape if the stock slips back down again and retests the low, as we have, again, often seen to be the case in the off the chart segment. in my method, you'll be ready at that point, that dip, to buy more stock back. it's a better let them. and that's something you couldn't do if you acted impulsively and tried to get some more stock back in,. you have to trim on the way up, not buy. you're just chasing. here's the bottom line. please don't buy all at once. that's planar owe -- that's just planin arrogance. that will cause you to

caterpillar, joy global.n about fed policy or maybe something else entirely, what is happening in the market, we're seeing a pretty steep selloff. we know it is not the pope. we're comfortable saying it is not pope. neil coming back for nor kos to kos in a moment. "coast to coast" in a moment. neil: so are they feeling the love in congress after feeling feeling -- hearing from the pope? loretta sanchez, congresswoman from the fine state of california. congresswoman, how much love are you feeling towards your fellow congressman and they to you? >> i am one of those democrats that actually get along with most of the republicans. we work on a lot of issues together. i didn't need a pope to tell me let's get down to work and work together but i'm glad he came. i am glad he came. neil: do you think he was saying, look, we have this big pressing humanwide problems and we have to find a way to deal with them? he was kind of egging you guys on to get past your differences to do just that? >> neil, absolutely. he unde

this is not a caterpillar market. but you know what, enough. enough. i surrender to all these people who say nothing can happen until we get a rate hike. now watch what happens when we get a rate hike. won't be the stocks that you think. but i do like the banks. banks have something. >> that's exactly right. general mills and some banks. >> yes. >> by the way, this meeting between the president and xi jinping is going to be interesting. the cap and trade program making some news, but "the washington post" today, jim, saying it's a relationship in their words with little personal warmth and even less trust. this is one of the tougher bilaterals he has. >> yes. i think that this is -- china's a country that is saying, listen, we're not emerging growth. the equivalent at one point you could say british if you want to go ally. i don't think that. you could say soviet union. look, we are -- it's our time. i think they feel what i would use in college the word understand they own that sphere and stay away. i think a lot of -- they've thrown us some bones, bo

caterpillar this morning, 10,000 jobs laying off because of it.s why you're seeing the market go down. what the fed does or doesn't do is going delay it. trish: it is inevitable in the sense we're looking at what could be a bad situation globally. how do we get out of this right now? stephen, the fed effectively has been the only game in town for the last 6+ years. do we need more commitment from washington, more working together to develop better policies, better economic policies to help generate growth at this point? let's face it, the fed may have saved us from something pretty bad, but at this point, they're very ineffective? >> may have saved us from something very bad in the short-term but may have ensured decades upon decades of a pretty lousy time. i want to see them say they're not sustaining the debt supercycle, not just pleasing the politically elite. trish: kind of hard to do, if you're a member of the federal reserve, they think by the way they're helping the average american but we have a quote from bill gross they want to share wit

also cutting it's revenue outlook but right now we're looking at caterpillar up over 3% in premarket trade. >> a little news to share on staples. the european commission is opening an indepth investigation into staple's proposed take over of office depot. that deal would be worth $6.3 billion. so once again the european commission opening an indepth investigation into that staple's takeover of office depot. >> let's move on, the u.s. senate will hold a vote on monday. a step toward avoiding a government shutdown on october 1st. the measure does not include a provision to defund planned parenthood which conservative republicans have targeted amid allegations it improperly sold fetal tissue from abortions. house speaker john bainer is working on similar legislation but it's unclear whether he will defy conservatives to put forth a clean bill. >> speaking last night chair janet yellen says the fomc expects conditions to be right to raise rates this year but caveated that with if it falls to the down side that will change. >> we currently anticipate that achieving these conditions will l

caterpillar, a lot of overseas.portunities presented themselves for companies that have good balance sheets, dividends, us-based revenue, and those are the names that are really opportunistic. we have seen a lot of rolling negativity in the market. industrials are destroyed. there will be opportunities and are now opportunities to love on these names that have good dividend and cash flow and look attractive right now. deirdre: all right. thank you for joining us. next up, silicon valley and the white house may be opening their doors to muslim students. here more from the interview that is trending on google after this. ♪ >> what if it had been a bomb? the teacher supposed to see something and go, this might be my bike privilege talking. [laughter] ♪ >> someone like me in the eye and tell me, if so many muslim, young muslim men, 14, but that this never happened before. not blown should offer on the world. this kid deserves an apology. he was not one of them. why would a homemade pocket arrested umass. this just might

they are downgrading caterpillar because of results and forecasts that are so bad.erestingly, it is not downgrading joy, just cutting the price target by more than -- $24 from $50. it is not the only one doing that. to $20also downgrading from $40. these companies both service miners with equipment and services. they need less equipment and fewer services says they're not getting any money for the stuff that they are pulling out of the ground. thank you. matt miller who is reviewing the stocks. the top we will look at stories. amazon is expanding its portfolio of cloud computing services by buying elemental technologies that distributes a video to web connected devices. amazon is paying $500 million for elemental. betty: publishers may have won the battle but lost the war when it comes to you books. e-book revenue dropped in the last quarter after striking a deal with amazon that let them set prices and avoid deep discounts. high prices are turning off buyers. fallibility does not extend to eyesight. newhen pope francis needed eyeglasses, he went shopping like anyon

we just saw chesapeake. 15% layoff and caterpillar doing layouts. where are we in the business? >> in the small sector, we're still seeing solid growth. it is decreased a little bit from last year's peek but we're seeing four years of sustained higher employment growth in the companies under 50 employees than the base year of 2004 and the index. and the other good thing is we introduced new sectors. we break down the job both bisectors and other services which is discretionary spending saw the greatest index and that is good because people are spending money on things that are discretionary. >> and i know the analyst that have been negative saying until they raise rates, they can't make money. and i think that growth in the human resources shows you are a growth stock and won't sit there and wait for the fed to raise rates. pretty true, right. >> that is exactly, true. thank you. >> president and ceo of paychex. conservative and well-run with a good dividend. that is what you need in this kind of market. stay with cramer. >>> it is time. it is time for the lightning round. [ ina

now caterpillar's stock is over 30% for 2015. it yields nearly 5%. the earnings and revenue estimates in my opinion are still way too high, which means they can be sliced. and when that happens, stocks go lower. yes, the minerals and mining is that bad. some are trying to buck the trend like alcoa, which is splitting into two companies, one that is rightly or wrongly linked to china metals. we'll hear more about this breakup when we speak to alcoa's al kleinfeld later in the show. second, anything oil and gas is just despised, okay? i'll do it during the commercial break. it's real show. i just said that. i can't believe that. oil and gas is hated with a furious passion. i can't stress how important that hatred is. as hated as this tie. it extends to every part of the oil complex including independent oil and gas companies, the big oils like chevron, the drillers like insco, the master limited partnerships, and pipelines like williams which just got a takeover bid and is still being crushed. the worst, why do i mention glenncorps? this is what i wake

i want to take a look at some old economy companies that are taking big hits, starting with caterpillarthe world's biggest maker of earth moving equipment. it is down on a downgrade from ubs, down -- i'm sorry, from baird, you can see it is down 2%. it is interesting, baird downgraded caterpillar because of joyce wearable third-quarter results and joy has to its 2015 forecast will stop a dozen down great joy.wn take a look at global. of 2%. joy got killed yesterday when a downgraded its forecast. everyone has come out cutting their price targets. baird says $24 instead of $50. this still has the stock at an outperform. ubs keeps it at neutral, but cuts the price target to $20 from $40. you are seeing a lot of pain in anyone who relies on the mining sector. joy global the biggest maker of underground mining equipment, not getting a lot of orders right now. olivia: thank you, matt miller. some top stories at this hour, amazon expanding its portfolio of cloud computing services, buying a little technologies which announces -- elemental technologies. amazon is paying about $500 million. u.s

caterpillar was back in the dow. one thing that we saw was dollar strength. it does not like the market was rallying because they thought the fed would be on hold. everybody was up, it looks like a true risk on day. alix: right around 2:00, it dipped extremely. spokesman said's that president obama was not for the house ban to lift oil experts. joe: this will be a whale until that happens. we do want to take a deep dive into the bloomberg terminal looking at the 25 year charge up i guess and manufacturing group looking at the previous rate high cycle you have 1990 4, 1999 and 2000. what is interesting about this is it comes from goldman sachs and all of the are between 52 and say hi 60's -- the low 60's i should say. we are below that right now, we are at it the one. -- at 51. turn to the strength that we saw. to dive into my terminal because i mentioned short-term rates. a short-term rate. the gold line is the line on the u.s. to year, the highest level since 2011. the white line is the yield on the u.s. sex which we do not talk about a lot. about and will t

caterpillar weighing on the blue chips, the dow industries, heavy selling in the early going. dow down 185. nasdaq down 46. s&p down 18. back to you. >> thank you, jason brooks from kcbs news. >>> san mateo county supervisors are getting an earful about noisy planes at san carlos airport. air traffic is increased because of the popularity of surf air. a commuter airline that charges a monthly fee for all you can fly use. noise complaints have come from atherton, north fair oaks and palo alto. the board of supervisors voted this week to look into the matter. >>> uber is making a move to the east bay. the company will soon take over the iconic sears building in oakland. as christin ayers shows us, it's yet another sign that the times are changing. >> the global headquarters is going to now include oakland. [ applause ] >> reporter: the big announcement from tech giant uber had city officials applauding. >> its move to oakland is game changing for us. >> reporter: but some oaklanders told me it's the worst kind of game changer. . [ [ indiscernible ] >> i think the old oakland is

the biggest losers, gold, caterpillar, dupont, general electric.hen you quote percentages losses you know you're down big. on the s&p 500, you're talking 2, 3, 4% on the down side. nasdaq, home of technology, they're the big losers, some of the companies you won't know, much smaller companies. . but look at netflix in the middle of the losers list. that's different. look at the jobs report owl earlier today. 173,000 new jobs created and the unemployment rate just about 5%. i'm going to bring in austan goolsbee, a frequent guest on this program and a very welcomed guest and opens up with a smile. let's see that smile. >> all right, thanks. stuart: you've been very candid on this program, you always have been, you've always said that, now, we're not doing terribly badly, we could do a whole lot better. would you apply the same analysis to today's jobs report? >> yeah, you know, i would. we missed the expectation, there are some things that are positive in it and it feels to me like the same old same. we're plugging along okay, but not great. stuart:

he recorded a monarch caterpillar as it weaved a >>> announcer: news 4 today starts now. >>> right nowt 6:00 a.m., a sex assault suspect runs into a metro station and through a train tunnel. still, this morning, police don't know where the man is. >>> we have a stretch of perfect weather on the way. today, we have to deal with quite a bit of rain. looks like overcast skies, we are dealing with it all today. i'm gos gangie gosk. >> i'm david culver. >>> first, let's turn to the weather and storm team 4 metlo

our nbc washington facebook page now, you will find another one of her videos showing a different caterpillar emerging as a butterfly, you know? >> sheltered, didn't get washed away, the rain we had. >> really, been bad thought in parts? >> it was earlier, now we are doing a lot better, still some wet roads, folks need to really take it easy with breaking this evening but in terms of lightning and the heavy rain, that's now well off to the east of the area, pushing right along out i-66 and far western areas of virginia. one warning up for hampshire, mineral county, west virginia, look around the beltway, fairly dry now, braddock to mount vernon, just a few showers and those are pressing away from i-95, that severe thunderstorm warning goes into 6 p.m. and that pocket there northern west virginia, these storms also are going to start diminishing and continuing to move away from our area. impact forecast, the weather having a moderate impact on area roads for your evening and overnight, because roads are still going to be wet, by early tomorrow morning, i think dry for most of us, so we get the

the chemical destroyed milkweed which is the caterpillars only food source. >>> the former top cop who is now a teemper and his classroom is the only one of its kind in northern california. >>> also, the hulk meets the tumor. >> that's like the size of my head. >> we have the inside look. >>> i'm michael >>> the undocumented immigrant accused of shooting a san francisco woman at pier 14 will stand trial for murder. a jury will decide between second-degree murder and manslaughter. 32-year-old kate was struck by a bullet july 1st as she was walking with her father on the pier. >> reporter: attorneys for juan francisco lopez-sanchez has always maintained the shooting of kate was an accident. it's been determined that the bullet ricochetted off the pavement. he said he found the gun wrapped in a t-shirt. >> he said it's an accident. he said he didn't have the gun prior foiking it up and he did not know it was a gun until it fired and he threw it because he didn't want it to keep firing. >> reporter: the gun similar to this one was later found in the bay. the gun was stolen from a federal a

whether it's dg at caterpillar, which was very dower yesterday, or whether you put more eggs in nike's basket? >> i would go with nike and for all the reasons swrim outlined. obviously you are talking hundreds of thousands or millions of dollars for some of the big-earth moving equipment, and the fx and the affect that it had for nike, it was notable, but nonetheless, they were able to mitigate about half of it. they would have been 17% futures orders would have been up 17%. i'm sure mr. oberhelm at caterpillar would love to have that outlook, but doesn't, and that's why the stocks are trending in the opposite direction. >> this is, as my colleague carl quintanilla, already said, one of the busiest news days that we can remember. if you consider the pope being in new york as well, waiting on this news conference, of course, and then news within the last few hours that the house speaker john boehner is stepping down at the end of october. eamon javers has had the latest. >> we're told as of right now we're expecting to hear from john boehner at a news conference as soon as 1:00 p.m. we

we are seeing shares and catapult, the heavy equipment maker, among the laggards -- shares of caterpillarthe heavy equipment maker, saying they will cut jobs after the heavy apartment market is reportedly gloomy, signs that the economy is slowing. if you other stories, the french labor market is softening. the number of job seekers in france has risen to a fresh record high. nearly 3.6 million people looking for work in august according to the latest figures from the ministry. it is a cold shower after the number of job seekers in july actually dropped somewhat. 8úxú 09/24/15 09/24/15 [captioning made possible by democracy now!] amy: from pacifica, this is democracy now! >> i am deeply grateful for your welcome in the name of all americans. immigrant, i am happy to be a guest in this country

if you listen to caterpillar and you start looking around and you look at the pmi recently at the lowestevel that is we've seen in months or years even, when you start to take a look at a lot of these types of data that are out there, this will be multi-year type trades, i think, and that's what people have to understand. do you have the patience for that? >> at the same time so, you know, icahn calls out corporate earnings. we've been asking the question certainly on this program almost daily that, you know, knowing that earnings must be too high, expectations for 2016, well, goldman sachs today cuts their earnings expectations for 2016 for the s&p to $120. okay. they bring their earnings expectations down. where should the market be trading then relative to that? they say 17 1/2 times. market should be at 2,100 next year. meager returns is what david costan, the chief market strategist at goldman sachs is looking for next year. how do you play the market tiaa kraft portfolio manager with trillions of dollars under management. how do you play the market in that? >> exactly what he is sa

there's, like, sunflowers and caterpillars and, like, spider webs. i think it's just really cool how they carved them. >> could you tell me a little >> sure. this is perhaps my favorite exhibit here. this is a buzzing beehive, and you can see all the little bees that are buzzing around the hive. and this is something that was created first time last year, and i just think it's fantastic, and i'm glad we brought it back. >> i think it's very cool. this is our first time here, so we're really enjoying it. >> i think it's pretty impressive, because to carve all lot of time. >> it's so creative with all the it's so much fun. >> i think it was fantastic. it was pretty cool seeing all the faces on the >> the blaze includes a display ireland. it's a way of paying tribute to the people who brought us their craving for carving. >> jack-o'-lanterns actually came to america as part of an irish tradition, where the irish used to carve faces out of turnips. and when the immigrated to america, pumpkins are native to north america, and we began to carve pumpkins, a

. >> ifill: the world's largest maker of construction equipment, caterpillar, will cut as many as 10,000 jobs through 2018. the announcement today is the latest sign of a worldwide slowdown in mining and energy exploration. and, that, in turn, held wall street back. the dow jones industrial average lost nearly 80 points to close back near 16,200. the nasdaq fell 18 points. and the s&p 500 dropped six. >> ifill: still to come on the newshour: pope francis before congress. a look at the message he's delivered so far on his visit. and, making sense of the uneven recovery in america's housing market. >> woodruff: the pope wrapped up his historic trip to washington d.c. today. and it started with an address to congress, one that was notable for his call to action on economic, political and social issues. william brangam begins our coverage. >> mr speaker, the pope of the holy see >> brangham: it was the first time those words have ever been heard in the united states congress. pope francis entered to a standing ovation from the house and senate, and members of the cabinet. >> i am most gratef

i don't think anybody should be surprised from what caterpillar is doing in the current environment.ultinationals, exposure to china, what's the story here? is that why it's down? >> it got a downgrade and the downgrade came because they had an upgrade thesis in may that made this call and as it turned out, the thesis didn't play out so now they're saying since it didn't work out we're getting out. buying high and selling low has never worked for anybody and it won't work in this case. selling out of caterpillar down here at 73 doesn't make much sense. >> it makes for -- >> take a look at joy global. >> it makes for a good conversation. can you buy any big multinational stock right now? >> yes. can you buy 3 m, you can buy ge, inninggersoll rand. the m stocks are challenging, there are pockets of industrials where you can own. >> louisiana pacific upgraded today, stef this is yours over at rbc. >> rbc upgraded, a housing play, nonconventional. we talked about it. the analyst believes that osb prices have bottomed and that really speaks to the tight supply and that's strong housing an

caterpillar has been down big, down a buck today, 75 on cat.cdonald's despite all the news about breakfast all day long, $96 a share. it's been there a long time. and dr, what do you like? netflix, amazon, apple? have they bod? >> i think apple was a good-bye when we got below that 104 number we talked about in july steward and i think that's going to be a continued stability stock, that he is a good place to put money if you were worried going up and down. i like amazon in this. in the big moves that we've had over the past week, last monday not withstanding, it's been the strongest of that lot. i think the continued good news has been coming out the dash, the video, downloading came out the day before yesterday, they continued to trickle out good news and keep people excited about that stuff. stuart: do you own amazon. >> i do not. stuart: you do not? >> not currently people an in and outer. stuart: take a look at gopro and that stock had a big hit yesterday. down 10% and look at that. down a bit more today. gopro down 41. they've got supply

keeping an eye on asian machinery makers, because caterpillar in the u.s. cut its sales projections, citing weak global demand. with volkswagen and everything, it may be not the best time for investors to be really aggressive in buying, for me. >> mai, you mentioned yellin's speech. did that have any impact on currencies? >> it sure did. the dollar rose against the euro as traders thought yellin's comments left the possibility of a rate hike this year. euro is around 1.1179. the dollar's edging higher to the lower 119 yen overnight. now it's back to 120.33, about the same levels from the same time yesterday. i'll be back with more on the markets. that's it for me, back to you. >> freight stuff, mai, thank you very much for that. maya yoshida live from the tokyo stock exchange. >>> any chef will tell you mixing ingredients is an essential part of the cooking. it also makes it pretty hard work. the growing number of companies are looking at ways to auto mate food preparation. now nhk world's yang nguyen has been sampling the latest offerings. >> reporter: cus