you mentioned credit suisse. company reporting stronger than expected first quarter earnings helped by cost cuts and reduction of riskier assets. the company says it was planning a cash dividend this year as well and that its restructuring plan is on track. what more can you tell us? >> it's a solid set of numbers but it has something for bears and bulls. let's start with negative aspects. the private banking result was disappointing but to the positive, the bright spots. the investment banking result is really what drove the overall net profit result 1.3 billion swiss on top of that lower costs and of course fewer losses from the reduction of risk weighted assets. having said that, you know, i want to point out that analysts you spoke to in the last quarter doesn't like quality of the quality of investment bank because volatility is here to stay and the results in the future will depend on what the markets are going to do. speaking of the markets, when i spoke to mr. dugan this morning, he was pretty constructiv

you get two big major commodity downgrades by credit suisse and ubs. if you look at what's breaking down, but the momentum stocks broke down. it's great we have louise on. it all seems to be under the surface. >> i think what tim's saying is important. when you think about what saved us in '08 and '09, it was global glout growth reflation. you have the shanghai comp is down, you have russia down. and you have the u.s., which is becoming the s&p in particular. a very, very crowded trade. and i think in a lot of ways it's resting on the shoulders of the federal -- of the fed. and so to me -- >> which is dangerous. >> and you have a crowded s&p trade. so to me what makes sense when we're up here at all-time highs is to be cautious. tops are a process, we're not going to crash off of all-time highs is what i would say. you have to be cautious about committing new capital here. >> in terms of the action, where the action was. >> last time i was on with you here, mel, on the 5:00 show, we talked about whether or not the fed is going to make that move that ti

credit suisse still outperform, wells fargo outperformed, piper jaffray overweight. to look at it a couple ways. people have been critical of tim cook depending what side of the argument you are wrong, you can blame him for prior to this not returning money to shareholders, david einhorn at green light is happy with mr. cook, putting out a statement about this is one thing that is accurate and the right thing to do for shareholders raising the dividend, increasing stock buyback but a lot of questions about apple's future which is why you see price targets coming down. china had revenue of $8 billion in the quarter in china but that was a slow down and international sales account for 66%. apple's revenue in this quarter investors starting to wonder how does apple maintain this momentum and dominance, the tabloid market don't dominate smart phone market but still number one. liz: you were watching this as well. in the aftermarket session stock skyrocketed. how many people looked at that and 7 missed my chance and you didn't. >> we were down $400, but you have -- tim co

provided by converting the curate from original creditors of the failed company unsecured debt from credit suisse phone and speak for regular savers it means your money is no longer safe for mobile three smith thanks for joining us you wrote us favors off even the reason that u.s. depositors could be at more risk even without any rule changes is the fact that we have in the two thousand and five bankruptcy law there are actually creditors that are senior to depositors u.s. media talk about russian only goes keep your money in brazil you write wall street oligarchs moat films that's correct you know that it's you know basically it's someone else's tax haven it's a problem are tax havens aren't. people have traditionally seen tax havens as used by drug smugglers and. fios but the big users of the secrecy jurisdictions are the banks. through the record profits through this crisis james done many of them benefit from downturns those profits the pings dashed off shore the us economy just fell again but thirty two trillion dollars is now in havens that's double america's gross domestic product it will

private library so the private lawsuits against the banks including bank of america citigroup credit suisse deutsche bank h.s.b.c. and j.p. morgan chase was dismissed on friday of last week in manhattan and in the ruling on friday judge me only reese buckwild of united states district court in manhattan while acknowledging that her decision quote might be on expected granted the bank's motion to dismiss federal antitrust claims and partly dismissed the plaintiff claims of commodities manipulation she also dismissed racketeering and state law claims and she dismissed the rico case because she said quote rico cannot be used in cases involving securities based on a provision of the private securities litigation reform act adopted in one thousand nine hundred five to curb abuse of lawsuits abuse of lawsuits against banks right now that one of these laws are passed after the same as a loan of the eighty's that whole scam where they stole billions from savings and loans they changed the laws so that when they did the same thing they couldn't be prosecuted and that's an example of it the most surp

shares are jumping after giving an outperform rating from credit suisse.se as owner of both sports cable networks and teams, msg is well-positioned to capitalize on the increasing value of premium sports content. >>> boeing's 787 dreamliner completed first commercial flight since the plane was grounded in january. oath yop -- ethiopian alines is first one to return to service. japan's all nippon airways began flights today. that is the latest from fox business, giving you the power to prosper melissa: welcome back. earlier this hour, blackberry's ceo thors send hines was weighing in on the controversy around initial z10 sales. we nailed them down after analyst warned returns were outpacing sales. listen. >> i mean we have the statement even from our very valued customer, verizon saying it is within the range. they do their measurements. we do our meshments. we have the data. i well leave it with the process running with the authorities in order to discuss the details on that matter. i will not do this in public as you might understand. melissa: you don't w

. >> credit suisse taking down a few also. capital markets activity, i think people got a bit overjoyed earlier in the year. >> certainly with m & a and there were others tempering that enthusiasm and we'll see how it turns out and both of the notes pointing at -- it's not great on those fronts at this point, but the key thing, jim, that credit suisse says in their note about the morgan stanley downgrade is very simple that we've had a meaningful amount of expansion and a limited amount of earnings proof across the sector. >> we don't know. they turned into a retail brokerage and we don't know how extensive the earnings power should be. i'd like to know how much morgan stanley can earn. credit suisse says goldman is the one to own. sister, mother, sister, mother, it's a chinatown kind of market. and i struggle over the idea of a top because we don't have the -- the multiples aren't too high although they have an expngz and we are the only ones that have movement. remember that yesterday, if there's this much earnings weakness,

that's more than barclay's, credit suisse, jpmorgan, goldman sachs.rs are reckoning that will help with their ability to pay dividends. is that what is pleasing? >> no. i think what's pleasing is that a lot of investors have been worried that deutsche bank has on paper probably the worst capital ratios of any major european bank. there's been a real overhang on the stock with people fearing they need to do a massive rate extension maybe up to 10 million euros. the hope here is that this will relieve a lot of that pressure. people will stop worrying about a massive capital hike. i think the question is whether this is enough. there's a lot of bankers we were talking to last night saying deutsche bank was going to need to raise maybe floor oh four times as much and there's a big capital investment they're facing in the u.s. >> how much depends on the future of bank regulation and -- >> an enormous amount, in particular in the u.s. where deutsche bank's u.s. operations, the fed is pushing them to recapitalize their u.s. unit which by deutsche bank's own

credit suisse. and do not ask questions given how well they were performing until today. market is filled with halves and have-nots. not all groups are experiencing this lemming behavior. pa narrow is down where they didn't get a raised forecast and brinker didn't either. but starbucks and mcdonald's both had a good day. maybe that's because they are perceived like yum brand. meanwhile, taking whirlpool off the in-lining quarter, from the wealth effect, and boeing's magnificent quarter and even lolely worm alcoa. the bulls just have to hope that wall street doesn't think it's national lemming week or maybe they will figure out that the whole cliff diving thing is a bad idea and ought to spend more time looking and less time jumping. hey, let's go to ed in wyoming. ed? >> caller: hi, jim. greetings from -- boo-yah from cheyenne in wyoming, almost had 38 inches of snow. >> well, i guess it was more of a snow issue. let's go to josh. >> caller: hey, jim, big 18-wheeler trucker, boo-yah to ya. >> i'm liking that frigeightlin. >> caller: hey, i'm following the furloughs and th

he is managing director of credit suisse and head of private banking for the americas.in today. we have been watching equities take off. and i bet that really changes the question over the last couple of years that you get from your clients who come in. what is it that high net worth individual investors are thinking right now? when they start thinking about where to put their money? what are the concerns and the things they're chasing? >> they're looking at the last couple of years as having gotten off to good starts only to falter two years in a row and asking what's different this year. is there less headline risk from europe geopolitically? is it a better environment for stock picking? is retail going to come back? is there going to be continued investment in the bond markets? those are the kinds of things that people are looking at very carefully before they decide what to do next in equities. >> especially when you see the gains of the market. maybe it makes them more reluctant to jump into hedge funds than they have in the past. i think it was something like $34

. >>> credit suisse downgrading morgan stanley to neutral. here the reason -- valuation. the stock is up nearly 30% over the past six months. a five-cent gain of about a quarter of a percent. sue? >>> ty, fannie mae earned the biggest annual profit in the mortgage company's history, helped by a record fourth quarter, of course. the 2012 gain driven by the housing recovery. eamon javers has what it means for the government-controlled company. the. >> it's a pretty astonishing turnaround in washington, of course, we all remember it being the epicenter of the 2008 financial crisis. let me walk you through the details. the ceo of the company said the 2012 results were terrific, and said they represent a turning point for the company. came in the fourth quarter, fannie mae says it's paid taxpayers billions in dividends since 2008. the company now respects to remain profitable. that raises a big question, which is what happens to fannie mae and the sister company. they were put into conservatorship, now will the movement toward housing reform and replacing fannie and freddie, w

. >> credit suisse did not focus on garbage men or heroes but they're saying waste management companies can become real estate investment trusts. it's a very smart piece, had to read three times. they're saying you can convert, raise your dividend dramatically and make all shareholders much richer than you've already made them. truth or false to this report? >> well, when you look at it, jim, you know, the day i came here and started as ceo, we've always looked for ways to be more shareholder-friendly and there is no better way than looking at master limited partnerships, anything you can do from a tax advantage point of view would be good for our shareholders. now, with respect to reits, you know, those are very complicated laws. probably both -- both of our pay grades at this point in time. but what we have seen is that you've seen what it keys around is basically creating a rent stream out of your properties. and, you know, that's why it applies generally to commercial and rental properties. it's a little more difficult to see that happen in the landfill space but what we have seen i

credit suisse said that several months ago. >> i think that's right.old is to me an emotional trade. when you see there's going to be high inflation you run to gold. check your asset values. there's no inflation anywhere despite the at sterchts of the fed. >> yeah. >> i don't think there will be because i've defy anybody to tell me how they value gold. is it worth 900? i hear people swear it's worth 900. just don't know. it's an emotional trade. i'm staying away. >> people have called to get off the gold train for years now and they've been wrong. tough. >> are you saying they're going to be wrong? >> i think gold is going lower. >> you do? >> technically speaking. it's tough to say where it's going to be in five years but right now it looks like it's rolling over. >> i'll settle for the end of the year. >> have it like next few weeks it goes lower. >> charts right now are broken. gold, silver, they can't seem to get that mojo back. >>> next up, hmos jumping on decisions made on 2014 medicare rates but is it too late to get in on this healthy trade? we

credit suisse says wall street seems to be en masse now joining that chorus of why be in gold? >> real gold in the world, scott -- i say that, of course, tongue-in-cheek, but take a look at that bit. it went from 60 two weeks ago to 260 wednesday of this week, crashed back down to 60 today, and it's now fighting its way back to 80. it's in the "new york times" with the winkelvoss twins. >> what does that have to do with gold? >> people have been scrambling anything to get away from currencies because of what japan is doing and because of what -- with the $85 billion a month that we're doing, with what the european central bank is doing. they've been trying to get away from currencies, and they scrambled for gold, didn't work. paulson went for gold. now not working and hasn't worked in the last year and a half, and i think we could see an amount of $13.40 for gold. >> i know you don't like gold. >> i don't like gold. >> mefsh has a contrarian look. >> you have a pop in gold. >> i may not disagree. i'll tell you why. it wasn't that long ago that every brokerage firm came out and

just a few days ago on april 12th, credit suisse set a price target of 110 from 123 which still seemse more optimistic than the rest. >> i know our viewers can see that on the little bug on the right-hand side of the screen. yeah, we're down 102 points for the dow jones industrial average. as we said earlier, it's a down day all across the board. oil down to 87 and the dow is down and price of gold is retreating further from $1400 an ounce. is it a global slowdown? is it the failure of money printing to create an upswing in the stock market? maybe all of the above? but we are having a down day right now. and i got a new report for you. it's going to get you fired up. td ameritrade says the average investor is still on the sidelines. missed the rally and missed the selloff. did not cash in. that's a big deal. the little guy is sitting this thing out and still doesn't trust wall street and that's a very big deal. we'll cover it for you at ten o'clock this morning. i've got your 7 early movers for you. lower than expected quarterly profit at bank of america, it's down 3%. the dutch bank,

the counter is an automotive analyst at credit suisse and joins us for more.c, thanks for joining us. for european carmakers, is it a case of trying to balance out a negative europe with sales and growth elsewhere in the world? >> good morning, yeah. absolutely. i would think this is really the order of the day. and you've mentioned fiat and volkswagen before. i think in both cases, certainly in the case of fiat today, since we're going to see an even stretch between the performance of this business in europe, it is rather scary, to be honest, and the performance of its operations in north america and in south america. and i think the biggest -- the european operations is the kan cash consumption in this business which we expect to reach by 1.5 billion euros in the past quarter alone. and, of course, when you start running through that much cash in one single quarter, dow need to ask yourself, italy and the italians take much reflection in the operation. >> yeah. i mean, as far as some theories, because it's interesting, talk to some of the guys that look afte

credit suisse up by 3%. back over to you. >> all right. thanks for that. catch you later. yesterday between center left and center right has raised hopes that a deal could be reached and italy could form a government more than 40 days after the election. according to the spokesperson, the two leaders only spoke about the issue of choosing a new president. the tenure ends on may 15th and formal process to elect his successor begins on april 18th. two parties didn't discuss names but agreed on criteria for someone they both trust to take them out of the political deadlock. >>> brazilian prime minister admitted that her country's banks are problem number one. she insisted her government can solve the issue on its own and that nonperforming loans will be transferred to a bad bank in june. comments came ours after a report was issued saying the government may have underestimated the cost of cleaning up banks. how much money is needed to sure up the banks? >> three to five billion euro or somewhat less will be enough. it's difficult to say precisely. it's up to the government to

tom kindle from credit suisse. >>> meanwhile, charles plosser is cast down from the benefits of the central bank's effort purchase program. speaking earlier, plosser told cnbc why bond buying is hurting the real economy. >> monetary policy in the asset purchase program, you have to look at how effective it is and you have to look at what the costs are. my argument has been, and has been for the some time, with the benefits of financial asset purchases has been very meager, at best, on the real economy in terms of unemployment rates. i don't think it's having a very big impact. and it's also -- but it's creating risks and challenges for us in the future. so when i look at the cost and benefits, it's about weighing those two things. right now, i'm still of the mind that the benefits don't outweigh the costs. >> francesco, you just talked about still this wave of money that's coming through. is that impacting your investment decision or not? >> well, it is a lot and that is why we are that bearish in the long-term. but in the short-term, we are long. and is when we last met two months ago, as

credit suisse cited the rule last summer as a reason for exploring that sale. also, a u.s. trade panel has ruled apple didn't violate a google patent to make the iphone. if it had been found guilty, the tech giant's popular devices could have been banned from being imported into the united states. google can appeal that decision. >> and we can ask eric schmidt. i know he's on to talk about his book -- >> he's going to be on at 8:45. we can ask him about that, as well. i finished reading the book. it's about the future of the world. it's a book about sort of predicting what the world will look like 15, 20, 30 years from now and all of the issues that we'll be grappling with as a society, as states, as businesses. it talks about bitcoin and virtual currencies and even terrorism and sort of in the wake of the boston marathon attack. all of the issues around the responsibilities that people are going to have, how easy it is going to be to actually commit crimes, how easy it may also be on the other side to discover the crimes. i mean, it sort of goes through all of these differ

. >> credit suisse says they'll be good. >> people are going away from these stocks in part because of procter. >> panera, you mentioned them earlier in the show. >> same-store sales will be tough. don't give up on this company, the sales are really good here. >> cash is in a bit. >> they had an 11.5% piece of paper. thank you, ben bernanke for saving realgy. >> this is one, the drugs are not in favor today, and this was a good quarter and not today, and it will be good tomorrow. >> tonight on "mad." we have comings and goings. we have rick goings, ceo of tupperware and cummins having an engine that uses natural gas. he may have a good, so it's goings and cummins. >> we'll see you tonight, jim. >> simon hobbs here with a look at what's coming up in the next hour. >> good morning to you, carl. the biggest share buyback in corporate history and for apple stock, we'll pitch a shareholder against an analyst and the ceo of broadcom will be here to talk about its results and can the banks grow? can the banks return their cost of capital. the former cfo of citigroup sally krawcheck will will

the best and the brightest -- >> do you want them to go to credit suisse?ed for 20 years? where did that get us? where did it get us that they went to washington mutual and wachovia? ultimately, wells fargo prevails. >> it got us synthetic and ceos and things that chuck prince had no idea what, in fact, they even were. it's about technology and you listen to mr. thompson and it's about technology and it's about plans that are working. it's about mobile payments that are working. i am in throng with these companies when i am on their calls. it might not be the worst thing if they went into the telecom equipment world and we had a u.s. provider of some of those services instead of having to say we can't have the chinese because they're spying on us and they don't have it together and ericsson. i could think of some areas where it might be good to have guys to starbucks. >> mark cuban talked yesterday on wapner's show. innovation and tech, and apple is now old. i know mark benny from sales force.com, but the innovation tends to be customer relations management

banks at credit suisse and it has a neutral rating at bank of america and the target price right around. first of all, give me your take on the quarter. >> sure, david. the quarter was okay. i think expenses were roughly in line with what we've had although some people were looking for a little less and it was light on the fee revenue side. >> what about -- i'm sorry. in terms of credit issueses, and actually a couple of different issues here. they do feel they've done a fairly good job taking down expenses and there is some concern on the flip side about their consumer business where loans were not up, but actually down. >> right. >> i think the consumer business has been a lagging problem that will still be with them as long as interest rates are low. they've had a revenue problem there so i would say that's going to be an issue. in terms of expenses they have about $1 billion that's compx pences that hit in the first quarter. so with that they were roughly in line with our expectations. >> investors seem to keep waiting for the litigation cloud to completely dissipate and this quarte

piper raising its price target on cbs up to 55 and credit suisse you pointed out, upgraded news corp.rp., the split's coming. one of the things we've seen is you get two legs to win a split when the company breaks out. there's the initial -- wow! unlocking of value and once you get the pieces, a second value, sara lee. philip morris, altria. i think people were trying to get in the second leg. not a lot of debt than was anticipated and we came out with the proxy in terms of the split and what would be on the publishing side and still a question as to whether mr. murdoch would try to acquire the l.a. times although there may be some cross ownership rules that prevent that from happening and the big media continues to be return of capital both through repurchase and dividends and you're talking as much as 10% of the overall market cap of these companies in one year being returned in both those forms. that's the story in media and that will continue to be the story until we get another wave of consolidation. >> so cbs, i have to admit i watch every game that i can watch and they run thes

. >> credit suisse did a good piece about how once you're in a tailspin, you're finished.low, the steven roth professor of management at dartmouth. his book is "why smart executives fail." david, how ironic is it to have the professor talk about one of the worst investments he's ever made! >> he doesn't like to hear you say that. >> i like steven roth. i'm sorry. >> he's done a lot. >> he has. >>> after another record setting day in the markets, how can you take your portfolio to higher ground in cramer is going to show you the way to do that. his "mad dash" is next. >>> tomorrow on "squawk on the street," an exclusive with may is he's chairman and ceo, terry lun lundegren. >> wow! that's big. >> with what's going on with the martha stewart deal, jcpenney and macy's. what's working for macy's. its stock is at a 52-week high so something's working. mixed picture for futures. best three-day gain of the year. dow opening slightly higher, nasdaq will give some back off this microsoft downgrade. coming back after this. ♪ [ laughter ] ♪ [ female announcer ] each one of us is our

vagus from demolitions and it's coming back and they could be a real estate investment trust and credit suisse okay. having been to the main waste management dumping point in new jersey. >> what's that like? >> it's beautiful. the seagulls mess it up a little. >> right. >> but they have a view of the empire state building at that landfill. trump could build on the landfill and we'd all try to get an apartment. >> the best view of the statue of liberty from the landfill. have you seen our view of the statue of liberty. you ought to climb that mountain and taka i look. >> they haven't capped that yet? >> it's a prime piece of real estate anywhere. >> it's like a park. >> waste management has provided five times the energy of the solar industry. can you imagine that? >> the president doesn't seem to want to do a solyndra with waste management. >> i rest my case. >> up more almost 2%. we're expecting some big announcement tomorrow about a phone operating system. this news that the sec is going to let companies disclose on social media. >> i thought that was amazing. my charitable trust has been a