>> my top three picks, will, are citigroup, citigroup, and citigroup.bank trade at book value or tangible book value you're going to trade back down to tangible book value i have -- for citi's tangible book value is at $92 why does it trade at such a big discount is there a hole in the balance sheet like in 2007 no do they have big exposure to commercial real estate no so you start with the valuation, and then the ceo jane frazier, where i think the strategic plan is falling into place. selling off non-core businesses. they've sold off most of their non-u.s. consumer operations the end of this week, it's a watershed week for citigroup at the end of the week, they will be done organizing into five lines of business for the first time in their history, services, banking, market, consumer and wealth. that allows them to modernize their tech much more easily. >> it's interesting, because i did what the -- i did the first interview with her, and she said there's no dilly dallying. that said, she has been afforded a decent little amount of time to make some o

people have said no to citigroup. we own more jpmorgan than we do citigroup. we're pointed in terms of where we own citigroup, but i think it's time to look at the company again. >> if basel iii is going to be modified and capital requirements -- >> not if, when, because it is. >> i love what i'm hearing from jay powell today. that's going to give citi more wherewithal. at discounts, really meaningful discounts to tangible book value, that's good. >>> let's take a quick break. when we come back, more committee moves to tell you about. josh just sold two important stocks, and we're going to tell you what the trades are next. >> announcer: are you following "the halftime report" podcast? what are you waiting for? look for us in your favorite podcasting app. follow "the halftime" podcast now. erything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com power e*trade's

. >>> citigroup is in the last phase of the sweeping overhaul to simplify the structure and reduce head and improve performance. according to the memo reviewed by reuters, the final and largest round of job cuts and staffing moves will be communicated to staff this week. citi has reduced its work force by 5,000 since september. >>> and florida governor ron desantis signed a bill to prohibit people from under the age of 18 to have a social media account. social media companies will be required to close all accounts believed to be used by those under the new age restriction, frank. >> interesting story there silvana, thank you >>> turning attention now to the big money movers we start with the meme stock that we were familiar within the reddit rebellion gamestop has earnings after the close today. take a look. you can see that stock up 1.5% keep in mind, shares are down 80% from the all-time high reached back in january of 2021. that was during the reddit rebe rebellion. >>> shares of truth media will begin trading on the nasdaq today under the ticker djt former president trump owns 50% o

morgan, citigroup is a turnaround story, wells fargo has been trading better, even bank of america. the economy holds up it could be a pretty good sector with reach% dividends. jack: the big financial center banks are doing better than their smaller brother. >> alliance is winning the theme from the wells fargo bank analyst that has been the case. >> tech is expensive. >> you're talking about ten, 11, 12, 13 times earnings not all that expensive, these companies are basically from a regional bank peers right now. >> citigroup and wells fargo have things that they're working out, issues that they're working out. >> city is a self-help, wells fargo has asset cap which is lifted in a positive for them in morgan stanley and goldman sachs are placed on merger and revival of the share probably get water. they need more investment idea you always got your mind on the green. not you. you! your business bank account with quickbooks money now earns 5% apy. (♪) that's how you business differently. intuit quickbooks. with dexcom g7, the most accurate cgm, you can achieve diabetes results withou

she said citigroup will not repeat mistakes. they are quoting -- cutting 20,000 jobs.miller is disbanding an investment team in hong kong based sales advisors will wind down handing their portfolio to external firms including blackstone. bloomberg learned that the largest pension fund is looking for a chief investment officer. the list of four candidates includes jonathan grable. the fund has had four cios since 2009. coming up, the center for strategic studies joins us to d annabelle: thinning australian gdp in line with expectations when it comes to 0.2 percent. there had been some concerns that they could be a lead or negative prints. 0.2%, euro nearing number in line with expectations. concerning when it comes to the slow down in spending and sentiment. households where impacted by the cost of living crisis given the muted levels of spending the busiest months of the year. not much of a reaction with the aussie dollar. and a lot of dollar pairs have been quiet with u.s. dollar trading range bound. potential for further sluggish growth in the coming months. not just

out of citigroup, i'm sorry out of jpmorgan into citigroup.tes citigroup and we've been adding to more of that. apple, apple, never bet against apple. it is a cash machine. the stock actually rewarded us here the last couple days and come back quite nicely. charles: i have admit it always baffles me when wall street completely, okay we'll scale out or we'll pause, when we completely write off all companies, apple, whether they write it off, it blows my mind. we covered it a lot. there is no failure to communicate here. we got it, we got it. thank you. >> thanks, man. charles: take a look at this, folks, there is how much microstrategy's stock is up since our next guest suggested it as your way of gaining exposure to bitcoin. is there more? lyn alden, she will tell us. she is next. ♪. personalized financial advice from ameriprise can do more than help you reach your goals. -you can make this work. -we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. amerip

been a lot of false starts to the broadening of the market rally people have looked and said, it's citigroup's time, and i think there's a moment of truth coming up and i think it's first quarter earnings my question is whether these stocks and whether the anti-technology procyclical trade, is there a fundamental basis to it? that question is likely to get a positive answer in the first quarter earnings reports i don't care about the fed at this point >> maybe you should. >> maybe >> and one of the questions is whether the market is delusional about the fed itself and the number of cuts priced in i know the fed, their outlook stayed at three cuts for the year the way the market is priced may not be exactly on the level with at least the way some in the fed are talking, and bostic among them saying he sees only one cut. steve liesman is on that story for us today, because that's the big threat it appears, steve, is that the market gets itself really offsides to where the reality of the fed currently sits >> yeah, and i mean, i think a little context is needed here, which is the market came a lo

so worked for them, it can work for citigroup.e citigroup a look! because there's a lot of parallels here. a whole new report that talks about those parallels. you say, oh, citi's never done it before. never gone to five lines of businesses, sold 10% 15, 15% revenue before. and never gains at the top. nowhere to hide. you know what? three years from now by 2026, she says she is highly -- with high conviction, she expects citi to have 11% to 12% return. by the way, my estimate is only 10% and i expect the stock to double. get to a 10% return, trade a tangible book value we have at $111 in 2026. no heroic assumptions here. and consensus is only 9%. but guess what? if she doesn't get a 10% return, double-digit return in three years from now could be out of a job. but if she gets returns should be banker of the year. in this international women's day, the only woman who heads a major u.s. bank, jane frazier, has a chance, could fail like the other 12 restructurings or wind up being banker of the year. i'm leaning towards banker of the

we saw an event the other day where first, blackrock and then citigroup bailed out of this organizationclimate 100 organization to try to force their dominance of the market and ag's did the same thing. ag's came out and said this appears to be a violation of americ we're going to pursue you if you don't stop. on the judiciary committee we sent out letters asking for sent out letters asking or they sort of scattered like rats leaving the ship and you have one down. we're going to work closely with republican attorneys general across the nation and something important to say, what we're trying to do and what steven miller has done leg actually pursuing the law, we're trying to enforce the law, not abuse it by circumventing it through the position of authority. whether you see that on homeland security or the experiences ken's talked about, that's got to be stopped and that'sltimat we support the rule of law, what we've got to be is more aggressive as steven suggested in getting after it and showing at that weon to use enforcement power to pursue the law. >> it's called the rule of law, n

well, i guess bank of america, but i'm reluctant, just given the run citigroup has.k jpmorgan. i know -- >> wait a second >> hold on a second. would you rather rather? >> it's a rather rather. >> that's completely outside the realm of this particular game. i will not allow that. >> it just happened. >> it's too late >> jamie dimon is watching in his office >> tim >> horse out of the barn >> bac or citi >> citi. i own citi i also own bac, and i've watched them both have a very strong run, but the city run is, i think, based on more fundamentals than bac is getting pulled up with the money center banks. the more benign environment for credit, more benign regulatory environment. i believe in that year of efficiency at citi bank. >> let's move to autos general motors firing on all cylinders, gaining 22%, compared to 2% for ford on the year so, guy, would you rather? >> you know, you would think i'd say ford because they seemingly trade together, and gm's outperformed, but seems that gm has figured it out, while ford is still struggling. and gm is within a whisper of brea

now i happen to believe, and with every stock, i don't care if it's citigroup or general motors or qualcomm, the fundamental reason it is there. is this rotation just sentiment driven? is it a fad or is there fundamental basis? i'm looking, liz, to the first quarter to get support on the fundamental call i'm making, that general motors is selling a lot of good cars and has it at a good profit level, that citigroup is seizing growth that it can buy back shares meaningfully. i can go down a long list through the sectors we're talking about, financials, industrials, energy, materials. the first quarter is a proving ground. >> you're saying it's a proving ground. you're leaning on the fundamentals. to the sentiment, isn't alot of it based on the idea we're going to get rate cuts this year, probably three? i was speaking to the chief investment strategist of kkr, paula campbell roberts. she was saying even after the fed meeting, there are only going to be be two rate cuts. how important is the actual number of the rate cuts to the sentiment and part of this rally we're seeing? >> it depends on w

they hired weinberg brothers as an advisor and citigroup saying it is unlikely they could find a mergerr after what you saw happen with jetblue. is this a matter of finding a new financer at this point? ways to refinance and pay down debt? >> that is probably the best option available to them, the market is in such a different place than it was when jetblue and spirit agree to this deal more than a year ago. at the time, it looked like a good deal but now, spirit is in a tougher place, travel demand is not what it once was. i do not know if they will have as easy of a time finding someone who wants to merge. sonali: we started this conversation about how jetblue is relegated to the second tier now. how has that set them apart from tier one? >> it is certain markets where jetblue might seem really big because they are in that market but there are a lot of markets they are not in throughout the country. airlines like american, delta, united, they're everywhere and you can fly internationally with them. jetblue is going to have a real hard time getting to that level. they have added a few

stepping with the bank's pace, citigroup producing its investment banking headcount in london. 20 employeesffected. they are lucky to include junior staffers in the analyst a director that was. sticking with corporate news. the u.s. justice department is said to be poised to apple as soon as today. for violating antitrust laws. apple has been accused of bucking -- blocking rivals from accessing hardware and software functions of its iphone. the ftc also proceeded antitrust cases against med and amazon. boeing has predicted a massive kapstream for the first quarter as we go toward scrutiny as lower output of his 737 max takes its toll on the company's finances. billions of dollars for the full year. 5 million expected. this is the company grapples with the aftermath of another incident earlier this year. buoyed by for artificial intelligence. we have been watching the largest maker of computer memory chips. it will be between 6.4 inches $.8 million. topping 6 billion penciled in by analysts. finally, brecon handbags are just too difficult about as that is the contention of two shoppers in ca

double its stock buyback program to at least $12.8 billion this year with us now is our guest from citigroupaw the move in tencent adr's overnight so it seems like the buyback program was at least enough to try to appease or impress investors to an extent that was that more of a focus for you or a miss on headline expectations? >> i would say double down on the shareholder returns is a reassurance. aside from that, other than just looking at the total revenue growth, i think investors should pay more attention to the gross profit growth, which is growing at double-digit. this quarter is 25% your of your growth and it's been accelerating the past few quarters the main reason is tencent has been focusing on the higher quality revenue stream, which to some extent is net revenue but higher margins. the vas line is pure profits and the video advertising is relatively higher margins. the financial business services line, it's also kind of pure profit. so if you look at the gross profit line, each of the major business lines, gross profit is increasing substantially, especially in the business serv

bank of america very quietly is having a very strong performance while everyone is talking about citigroup. so yes, i do believe that the five money center banks that we tend to focus on can continue their current crisis -- price continuation. >> the others that participate in both areas of big banking. are you positive on the financials? >> i think they have some pretty significant tailwinds which is that you have slightly less inverted yield curve. you have loan standards that are actually easing. loan standards are coming in. some of the stress in lending is going away. you have the recovery and capital markets business which is to suggest that there could be an earnings recovery ahead. there only training at 1.2 times book which is not at all history. >> as anything that would make you nervous, we are at 420 right now. there was a note earlier that said okay, if you go to 435, and then maybe you get a problem. they then said reasonably as of late. >> we are at 4.35. what is interesting about the correlation between yields and where i want to invest in the market. the beginning of the y

citigroup upgrades to neutral and they increase their price target to where the stock is now. footlocker benefiting from nike. they are sending less inventory to other speaker stores. they say that's not working anymore. footlocker will get more of their stuff. footlocker management is planning growth in nikes kids and basketball category, jordan's. neil: let's turn to politics. democrat strategist james carville is great for a soundbite. what he saying about biden's campaign? lauren: he says by nature president biden is not an attack dog but his campaign can hire one. >> president biden is not the best attack dog i've seen in my life, leave it at that but there are a lot of people to do what i call, quote, the wet book. it is kind of -- tv and stuff like that. a cia term, take a guy out. he doesn't need to be that. people like me and other groups in the party need to do that. lauren: getting aggressive. biden did somewhat work at the state of the union but carville is saying now it has got to be the campaign that's going to help him do it. adam: very onerous, do somewhat work

citigroup wrote it is wildly bullish on semiconductors thanks to ai and amd is currently up 2.7% in the not quite nvidia levels but it's rising significantly in this ai craze. on the others, let's look at some 52-week lows. xl energy is sinking the most since 2020 after a law firm said the utility company might be linked to the texas wildfires ravaging the state. that is showing up in shares in a big way over the past two days it's down about 14%. coming up, the autodesk ceo joins bloomberg technology with caroline hyde and ed ludlow up next at 10:00 a.m. new york time. that does it for bloomberg markets. have a great weekend. this is bloomberg. ♪ you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, c

lisa: we were just talking with andrew with citigroup, and he expects a southern turn midyear where thewth that we have seen tapers off and becomes true weakness. how likely do you see that given the consistency, if not acceleration, the resilience in the economic data? aditya: that is not our base case. we have seen significant resilience on the consumer side and side. for the consumer, we think the first driver of strength is the labor market. the labor market is delivering strong gains in real income. another thing that is useful is airport traffic. that is a very discretionary form of spending. about 7% up consistently from last year's levels. that is inflation-adjusted. that comes with other forms of discretionary spending. people eat at restaurants, spent at hotels, entertainment. all of that makes us confident about the consumer. jonathan: the pre-8:00 drink? i don't understand that. annmarie: no rules at the airport. jonathan: i see that all the time at heathrow. pints at 7:00 in the morning. lisa: it is that much more prevalent in your mind when you are traveling. vacation star

boeing also a top pick on the street by citigroup bank of america, deutsch, uh-oh, boeing down 26% so far. this year. bring in stephanie link. chief investment strategist and portfolio manager at hightower and a cnbc contributor and owns both ge and boeing one good, one not so good. stephanie, it's been that kind of quarter, i suppose. i mean, generally the market is higher, but there have been pockets of disappointment, as their always are >> and that speaks to, you always want a diversified port portfolio. not everything same time will work, or not work. right? i think the encouraging thing this past quarter was that we grew more than expected in the economy. just learned grew 3.4% fourth quarter. inflation come down pup have decent top-line numbers. decent margin numbers. even margin xmexpansion in cases leading to 10% earnings. likely to continue for some time do 8, 10% earnings full year the most encouraging underneath the surface, encouraging to see, people talking about it, broadening out in sectors and in style. february 9th, russell 1000 growth was outperformed russell 1000 v

citigroup is one of them.ted at all in the kre or regional banks. >> diamond hands, last word. >> thank you for clearing that up. i'm one of the most anxious viewers who was hoping you would. i'll go with google. it's extremely cheap. >> got to leave it there. that does it for us. "the exchange" with dom chu starts right now. ♪ ♪ >> all right. thank you very much, frank. welcome to "the exchange." i'm dom chick chu. here's what's ahead on the show. ineffective oversight and risk management. that's how management describes internal controls at new york comm community bank corps. we'll talk to someone who has managed risks in the financial sector. >>> elon musk back this the headlines, suing openai and ceo sam altman. ou

citigroup is one of them. i'm not interested at all in the kre or regional banks. >> diamond hands, last word. >> thank you for clearing that up. i'm one of the most anxious viewers who was hoping you would. i'll go with google. it's extremely cheap. >> got to leave it there. that does it for us. "the exchange" with dom chu starts right now. ♪ ♪ >> all right. thank you very much, frank. welcome to "the exchange." i'm dom chick chu. here's what's ahead on the show. ineffective oversight and risk management. that's how management describes internal controls at new york comm community bank corps. we'll talk to someone who has managed risks in the financial sector. >>> elon musk back this the headlines, suing openai and ceo sam altman. our market guest welcomes any pullback in tesla stock on that noise and ready to buy more. >>> following bitcoin's monster run, we have a special three buys and a bail edition for crypto. that's all ahead. right now, know, markets are seemingly moving towards the highs of the sessio

maybe citigroup. i don't know. maria: who is there to pick up the pieces, right.e the point the last time we heard from jay powell that he took out that one line, that the banks system -- >> is resilient or whatever. i mean, obviously there are issues with the banking system and we've known that for roughly a year. a year ago we started to get the issues out of signature bank. i guess that would -- if there are issues in the banking system, you would probably expect jay powell to cut rates sooner than expected but i've got to tell you, that's not what i heard yesterday. what i heard is he's going to be cautious and calculated. i heard the momentum, maybe the three month moving average of month over month inflation is more important than the year over year going down and it's been coming in at 0.4%, 4.8% annualized run rate. i'm expecting fewer cuts this year than most. maria: i agree with you. i don't know how he cuts more than once. we're going to cut in june but anything beyond that he's going to get criticized for getting involved in the election. >> we think n

we've got news that on citigroup, announcing that it's finished the final phase of the overhaul of jane statement, quote, today, we shared with our colleagues that we have concluded the major actions that we announced in september 2023 that ally with -- aligned with citi's structure. while these decisions were not made easily, they have allowed us to strengthen how we run the bank and serve clients through enhanced -- up around 18% so far this year. citi has successfully been closing that discount get that it had suffered from for a number of years really since that restructure. $60 or so at the moment. sales of the -- fell slightly last month. for every purchase set to 675,000, the actual sales came in at 662,000, which is 3/10 of a -- percent lower. it still sees positive momentum in some areas of the housing market. let's bring in brown harris stephen. thank you so much for joining us. the first question of this data, do you think we should be looking at the miss this month, or taking things in year-to- date as a whole? >> i think it is better to take things in year-to-date as a whol

. >> american eagle outfitters off of its fifth positive week in the last six, citigroup with increasedlly as the retailer looks to expand gross profit margins, what's the take on american eagle? >> my daughter loves it, the kids and teenagers love the brand, they are making the right moves but i don't like competition this is risky business. as they remodel 15 more stores, look at the last 10 years, the stock is not given too much value. tomorrow they will have the investor conference and they will start talking about how they increase shareholder value. there is only one way to do this which is the buyback. i want to wait, listen tomorrow and see that show me the money because again this is retail, you have to make the right moves to survive. >> finally on retail, victoria's secret on pace for its third straight down week, wealth off october lows, wells fargo focusing on brand strength with outsized growth in its fragrance business as the company cuts cost with better inventory management taking hold. what is the trade on victoria's secret? >> walk away, like all the teenagers do as t

citigroup, bank of america, goldman sachs, jpmorgan -- not only are the stocks making 52-week highs,hnically they really look flawless. there are no sellers, there's no resistance right you in. i think these can continue to rock out, and i want to be in these names as long as i can. >> we're going to back up. kari, your old wheelhouse, you used to cover travel and leisure for fidelity. do you want to take on the funneled amountals or technicals? >> i think marriott makes a lot of sense. i think royal caribbean, those two look great. we own booking. a hiccup but those two are different, in my opinion, than dow and 3m. both of whom had massive downturns for multiyear trends. both fundamentally and technically, and those are turnarounds in both cases. those are turnaround stories and the charts look good. the other stocks, royal caribbean and marriott, and booking, are sites that have been in up trends. travel is, of course, the place where consumers are spending more time and more money and more interest and the infrastructure are beginning to dominate the whole leisure space. >> marri

we're talking to investors a lot about this reminds us of citigroup in 2008 and the dilution. the earnings power has been diminished. there is earnings in the company, it's going to take time to come out. today was the capital raise. going forward, they're not done. they're going to consider securitizations. those are the first moves the company is going to make after earnings. clearly we're trying to estimate the earnings power, and it's probably a 5 to 6 roe. >> who's next because you can't tell me that id owiosyncratic, new york rent control market is difficult. we can paint that picture. it was a year ago it was svb, held in security maturities, and a quick flight of capital that made that problem. there's issues out there, and it seems to me, a lot of people may be over thaeir skis. >> commercial real estate is 40% of bank's balance sheet. that's where we're spending the focus. and they have lower reserves, the incremental earnings pressure is felt in small banks. confidence has been really really low. i think investors feared this was going to be a zero for sharehold sha

and efficiency, i think the year of efficiency is going on at citigroup.g about, and this is a bank that for a long time, this is what they needed. so, they're more focused, by the way, this is also a bank that pays almost 4% dividend. not the reason to go out and buy a bank, but if you think about banks as a group, there was some question about what banks were able to do with their capital, and i think what they're able to do is exactly what they have been doing. >> there was a stretch of time when we would come in, say, what is wrong with bank of america -- am i in your head? >> i'm looking around to see who is behind of me. >> it was trading like nobody wanted to touch it. >> it was in the fall, we had these conversations. the analyst, forgive me, you take copious notes -- >> i don't take guest notes, though. but anyway. >> one of the analysts thought citi could trade up to $100, that might be a little ridiculous. however, $60 is not crazy, in terms of the metrics tim pointed out. close at 56. i think about a week or so ago, i saw an upgrade to 65. now

. >> the valuations are quite attractive good decent yields, citigroup, you have to look at both partsey've done and what the valuations represent >>> quick break. we'll document some ofim j's new moves. and mike santoli will join us with his "midday word. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. norman, bad news... pgim investments. i never graduated from med school. what? but the good news is... xfinity mobile just got even better! now, you can automatically connect to wifi speeds up to a gig on the go. plus, buy one unlimited line and get one free for a year. i gotta get this deal... that's like $20 a month per unlimited line... i don't want to miss that. that's amazing doc. mobile savings are calling. visit xfinitymobile.com to learn more. doc? >>> our senior markets commentator mike santoli here at post nine. i guess we're up across the board. it feels like we're really not going to be willing

citigroup is at a 52-week high. the xlf is up 7% on the year only trailing communication services. if not for meta, the xlf would be the best performing sector of the year. how many people even understand that? 18% are at 52-week highs. that is significantly above historic levels. so there are other games to play. >> i see that and i think we should probably move on from jensen to jay. so now that the market is through nvidia's developers' conference, to the other big event. we have a fed meeting this week. cnbc senior economics reporter steve liesman with a look at what to expect. hi, steve. >> reporter: hey, courtney. it doesn't sound like the traders there are much concerned about it, but let me tell you -- no, it's what's on their mind. that's all good. results of the cnbc fed survey saw a greater chance of a soft landing but somewhat less easing from the federal reserve. it doesn't bother josh. 100% according toour fed expectations say no cut in march or may. 59% say that first cut does come in june of 2024. 52% average probability on a soft landing. the first time we've been

steven wieting there of citigroup. looking for one more ugly efficient report -- ugly inflation report. lisa: that everyone can look past--because it will be ongoing disinflation. it will not be an even ride with a high adoption. this french call center, their shares plunged because clarna said they could respond to their calls with ai and that was wiping out the industry. these are the pockets of distress i find interesting. jonathan: is this on the list of things to worry about, french call centers? lisa: if you think about is, how many businesses will be rendered obsolete that have not been priced yet? jonathan: the bear on wall street is holding up to french call centers. lisa: it is going to be my clarion call. jonathan: your bloomberg brief with dani burger. dani: doj is keeping -- questioning the timing. reporters at the bankers meeting in brazil that the price target is not yet in sight. is comment did appear to pour cold water on the earlier move this month. economists are still expecting a near-term hike in m

so those positive comments giving citigroup a rise by 1.5%.now, which are higher by roughly 11%, almost 12%. nearly 400,000 shares of premarket volume. now, after the bell yesterday, the retail brokerage company reported that assets under custody at the end of last month grew by 16% to $118.7 billion. that's a big deal, maybe the return and resurgence of retail trading. meanwhile, analysts at bernstein have newly initiated coverage of robinhood with outperform rating and that is thanks in part to the rise in crypto interest and trading which could power some results in the future. so those robinhood shares up by nearly is12%. if you want to know more about the citi, goldman call and the robinhood bernstein call out there, just head over to cnbc pro, where subscribers can check out commentary and more in depth analysis of the big analyst calls, joe. i'll send things back over to you and, no, i'm not going to have any nicotine or alcohol in the next several hours. >> oh, that clears things up. several hours, 7:25, that could be 9:25. >> i guess

we are hearing that from morgan stanley, also citigroup with how they are thinking about the world.ng pools of capital. jonathan: the question on the investment bank just won't go away. a bigger part, just an interest in general. repeatedly it keeps coming up. lisa: there's a question of whether that is an antiquated model. especially given the trading with the real kind of booms and busts. ultimately if you are looking at a new model as part of that full-service, it has a different tenor. jonathan: we are looking for a pivot towards more of the advisory stuff. coming up, we pivot from banks to boeing. disastrous start to 2024 keeps getting worse. equity futures on the s&p 500 set up as follows. equity session highs of 0.6% on the s&p 500. big moves in the bond market. we start the week on the 10 year in the four 30's. foreign exchange, the euro slightly stronger. this is bloomberg. ♪ her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we got him under a new plan. but then they unexpectedly unraveled their "price lock" guarantee. which has made him,

lisa: overnight the citigroup team upgraded eu stocks with more upside year to date in their view.he highest on the street. this is the reason. more certainty on rate cuts. global growth. dollar weakness. much as dollar weakness necessary for this call to work? peter: i am less convinced on the dollar weakness part of that story, though i agree with the other comments you made. the european economy is growing at a much weaker pace than the u.s.. we are looking at u.s. growth this year of around 2.8% and in europe about .7 percent. we should not forget that the european companies that dominate the indices are very global and they benefit from a recovery in global growth and in a global manufacturing cycle which is beginning to happen. i think what we find for european stocks is the growth trumps the currency. if growth is accelerating european companies do well even if the currency is stronger. it may well be weaker and that will add to its relative competitiveness. we do not think the currency is the crucial part. it is about relative fundamentals. his growth improving? are interes

at the same time citigroup today reiter rated their buy rating on apple but lowered the price targetl gross margin expansion due to peoplization supported by ai smartphones and services growth. for more on the bull/bear debate playing out head to cnbc/pro subscribers there can read more on both sides of that story so keep an eye on that, sara. i'll send things back over to you. >> we will. thank you. >>> still to come, traders ramping up their rate cut bets following today's employment report. the latest odds. we'll talk to goldman sachs chief economist jan hatzius to weigh in on the data. dow up 52. s&p and sd arerdig.naaqt co hhs we're back in 2. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com after last month's massive solar flare

today citigroup's chief global economist on why moderating inflation around the globe won't do much toa soaring after promising weight loss drug results. the ceo is with us

still going back and forth just arguing who is on -- we can't be co -- didn't work well in rome or citigroupyou want jo-ro. >> you'll carry the midwest. that's the key. >> exactly exactly. salt of the earth. you got the coasts you got the coasts we got it. all right. thank you, congressman let's check it out. says here it gets plenty of light. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone. get iphone 15 pro on us. (♪♪) the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i

citigroup says the fed needs more data.hairman powell will be coming up on capitol hill this week? annmarie: if you believe pressure, he will face serious democratic pushback including elizabeth warren. they were concerned what this means for lower end consumers and people dealing with higher housing costs and higher rents. he will get a ton of pushback from democratic lawmakers if he says we are waiting for the data in they say the data is showing we should be cutting. jonathan: you talk to the desert talk about the labor market and 200 and 80,000 is what's predicted for friday. lisa: if anyone says you need to cut right now, they are looking at a different indicator than a lot of people are in this market. who do these rates hurt the most? how does the compositional aspect of keeping rates for longer shape the big stocks but when it comes to the political scenario and how people are invested. jonathan: if you are a borrower, not such a great scenario. lisa: people can't afford to spend 10% on a vehicle that also is much h

. >>> citigroup says it is in the last stage of the overhaul after shrinking the work force by 5,000 employees since september. in a memo, the ceo told employees that the largest round of staffing moves including reassignments and departures would be communicated to employees from monday to thursday of this week. shares of citi are up more than 40% in the last year >>> florida has passed a new law that bans people under the age of 14 years of having social media accounts regardless of parental content that requires social media companies to close accounts believed to be used by minors under 14 minors who are 14 or 15 could have an account with parental consent. >> i don't know how you enforce that >> if there are -- it will never been 100%. if there are i implications i don't know what the consequences are >> could you click yes, i'm 14 >> if you have a repercussions for that, you could require proof of identification for that it would be tough. because it is just a state, i could see the social media companies going around and trying to go to the federal level. maybe this would be s

commentary out on tesla ahead of the its release of first quarter delivery data expected out next week citigroup the target price, driven in part by lowered expectations for those q1 deliveries receiptburn atlantic cut its price, it was $160 before. a lot of the negative sentiment on tesla lately has been to the extreme side now, for more on all those tesla calls out this morning, and other company commentary as well, just head over to cnbc.com/pro, subscribers can get the full story on those analyst calls. >>> next up, shares of the newly minted trump media and technology group djt. the holding company behind truth social social media platform it finished its merger with special purpose acquisition company digital world open for trading yesterday gained 16% to close out the session. it did jump by as much as 59% at one point during the day shares are up 12.5% over 300,000 shares of volume >>> and pharma side, a check on merck, which is up over 4% right now, 30,000 shares of volume it is catching a bid after the u.s. food and drug administration approved one of its key drugs that treats a rare p

upside, up 34% they see better opportunities among some of the largest cap bank stocks out there like citigroupbc.com/pro, subscribers can get more on that call and big analyst calls now we'll stick with the financials, ally financial, discover financial, and capital one financial. those shares are moving on thinner premarket volumes. ally up half a%. capital one down two thirds of 1%, flat for discover. we know that capital one agreed to buy discover. we now know that current discover ceo michael rhodes is leaving that company to take that same ceo role at ally financial. rhodes is a retail and consumer banking veteran who worked at bank of america and td bank before joining discover. so watch those shares. and we'll cap things off with a check on newly minted publicly traded social media platform reddit, which is down 5% right now. 125,000 shares of volume following up on an 11% drop yesterday. some key executives including reddit ceo steve huffman have been selling shares since the ipo just five trading days ago according to regulatory filings, huffman sold about half a million shares on mon