talking about darden.olders have elected 12 new directors for that company, throwing out every single director of darden and agreeing with or going with the full slate of 12 directors proposed by activist investor starboard, which has been a long running battle. that battle including the decision by clarence otis, the long-time ceo to step down. that battle also including and perhaps this becoming a most important component as to why shareholders voted the way they did. the decision to sell off its red lobster chain. it was in may they sold it for 2.1 billion. to golden gate. golden gate signed an agreement to sell red lobster's real estate to american realty capital for $1.5 billion. the purchase price for red lobster $600 million. at the time starboard said they believe the net proceeds to darden were about 100 million. that seems to have galvanized shareholders to say we are getting richard all the directors here and it has happened. what happens for now for darden, that remains to be seen. you have a n

what darden did was so extreme. maybe they believe they are right that olve garden was the way to go and that red lobster was worth -- star board says they sold it for only $26 million a piddling sum when you back out the real estate. maybe they were right but maybe they should have spoken to their shareholders more and i think this is a warning sign to boards that you have to speak to your shareholders. >> the problem is the directors are protected by the dno liability insurance and thanks to delaware law do the hareholders have any help? does it not protect them t board from a lawsuit? which shorlsde would probably want to do right now. >> well the board can sell, so yes maybe the law hasn't caught up to the situation but it doesn't look like the law seems to want to change either delaware or generally, this is something that's going to happen behind the scenes with shareholder activists and institutional investors making sure they have the right directors. so it's to be continued. >> well, the new board will cont

standoff which ended with star board's slate getting elected to the board of directors, shares of darden fell nearly 2% closing the day at $48.37. >>> after a surprise decline in sales in china in september, its first monthly dip this year, ford motors predicts a big boost in sales once the ford assembly plants come on line there and the models hit the show rooms in the coming month. ford shares down finishing at 13.79. sticking with automobiles, tesla showing a new version of its model s sedan, including dual engines, they have improved everything about the car including the speed and it has a longer range on one charge. investors did not care, though, hoping to see a new suv or lower priced electric model. shares fell nearly 8% in tesla today. >>> and hedge fund manager david einhorn disclosing. he wants the ceo out and wants to convert the firm to a real estate company. cvo provides housing for australian natural resource sector. the company will move its headquarters from dallas to canada, with shares ending 20 cents higher closing at $12.46. >>> the fda has approved a daily pill tha

you would be buying darden, not selling darden. there's a downgrade today. it was just fatuous. that's what you would be buying. retail, you should be buying. but what are the stories in retail you read? tepid, tepid, tepid. and one of the things, i think, david, and i've worked with you for a long time, when you talk with people about what's going on in the market, here's what they say. something's lurking, something's lurking. that doesn't do anybody any good. but is it kabul, is it baghdad? will we have to send in the marines to baghdad? it's got a feel about it, this market, that there's another shoe, because every time we rally -- the close yesterday, reminded me of 2010, 2011. vix spikes, doesn't mean a thing, vix is going much higher. all of a sudden, what does that guy that i don't know? in all the hedge fund trades, they're falling apart. or the united rentals. >> or hertz or any of the oil or energy names or event names. he did this yesterday. the hedge fund pain is significant. >> we're talking, we're down as of friday, down 6, 7% for the month. for the month. and add

board has won all 12 seats on darden's board. they were angry over the selling of red lobster, and has just ofen darden a 300 page list improving the business. european nations are trying to remove google's control over the ability to erase search controls. some ministers are concerned it could lead to mass a racing of data. -- erasing of data. spoke at satya nadella a conference celebrating women's achievement and technology. he was the first man to be a aker, but he made some comments that upset the ground. if womend about should ask for a raise, this is what he said. >> and is not about asking for the raise, but knowing and having faith that the system will actually give you the right raises as you go along. that might be one of the additional superpowers that quite frankly women who do not raise half. that is good karma. it will come back. that that that is the kind of person they want to give more give -- and responsibility too. . >> later in the day he released an official memo apologizing, saying when you think it is deser

starboard value they have won all 12 board seats at darden.y big win for activism in general. >> and time and time again these activists are really starting to be table push around the boards and in this case the entire slate. does this mean a buy right now for darden? probably not. it is going to take time. a transformational change they tell us at the top. that is something i think we've got to wait for. >> family dollar falling after missing estimates for the quarter. >> and today it is flat. so here is the good news. gas at the pump is coming down. unfortunately most people go to family dollar don't own cars but they still have to heat their homes. that is going to be a nice giveback into your pocket for gasoline. you know, the neighborhood stores. >> what is your e-mail again? >> it's pete at option monster.com. >> you can call me. i'll give you weise's mobile number. >> he really is something. >> meant that in a good way. >> can we just keep this tight shot on weiss for a moment? i want to see the shades of red develop. >> makeup. >> fpn

brinker compared to darden, it's not just about the tablets.st several strideshas made the that darden did not make. they own some other chains and got rid of those and concentrated more on chili's. it has gotten operationally more tight and has been returning a lot of cash to shareholders. raised itsntly dividend and did a lot of buybacks over the past several years. we have a graphic of the various buybacks it has done starting that was an authorization for $575 million going back to 2010-2011. that's the reason that investors have liked brinker over darden. >> i will pledge publicly to try thisli's by the end of year. we will take a quick break but thank you for joining us. it sounds lovely. >> casual dining. we will take a look at the robin hood conference and what it raises for charity. ♪ >> breaking news from the homeland security committee -- they say they will require airline passengers originating leone, anda, sierra guinea to essentially enter the united states through airport specific screening measures. they will have to have the sc

our position has been that we support darden's management and the board that they put forth, which is four new board members of their choosing and four exist. we have seen very few opportunities in the restaurant space where an activist board has been able to turn around a brand. so we believe the current olive garden management team and dar doz darden's management in general has the most access to turn the brand around although you're bringing up apslept point which is it's very difficult to turn around brands of that size that have lost their way. >> rachel, thank you so much to your time. >> thank you. >>> and we should note that the conference call for yum will happen tomorrow which is why we're not talking about what is happening on this conference call. >> mcdonald's has been interesting. we thought it held 93. bounced up to 96. thousa here we are back below 93. clearly facing competition from chipotle and jack in the box. but i thought the stock had sold off enough. now that the tape will turnover, you have to be careful. i think it's imperative that it holds right here right n

obviously first order of business at darden find a new ceo, and that's what they're looking at now.n they will revisit, of course, many of the questions about real estate, various separations, if in fact they should occur. darden shares down 1.3%, after an extraordinary victory for activism overall. >> was he expecting that? >> in last week or two, in fact, apparently management knew it as well, so allowed them to start getting access to things even ahead of vote, knowing there was going to than huge change in the makeup of the board. >> a win for him. >>> to bob pisani on the floor. he's got more on what is moving this morning. bob? >> i want to point out, crisler, fiat, 9.46. nice move here. high's 9.50. at the high, 9.50 on fiat chrysler. this is, as phil pointed out, not an ipo. an exchange offer. they're exchanging shares for fiat chrysler automobiles. it's a dual listing in milan and new york city. long tortuous road for chrysler, 1998 traded under its own name until sole to daimler, cerberus, 2009 bankruptcy, 2011, fiat stake. from dutch to italian domicile. changes going on

that's what happened at darden fetishes i.s.s.rd bid and allowed home the sweep the entire board. >> sit always a good thing? >> not always. the question that a board has louing is, is this just a a quick pop in the stock so the activists can cash in and get snout or is it -- that's why boards sometimes resist for the right reasons and that's why not all activists need to be considered as equally good or bad for that matter. you have to listen to their ideas and then decide as a board whether or not it makes sense. >> they don't own anything about the quick buck turnaround. >> in my mind the best example of a shareholder activist was ralph who was diagnosed as throat cancer and resigned as his position as chairman and head of his institution and they are selling off their holdings and they are done. and i'm very sad for that. not only for ralph, who is a personal friend but just because he was the role model of someone who is highly constructive. he seeks a board searkts gets into the boardroom but is not there to be pompous or pr

other retailers including best buy, walmart, target and darden restaurants are partners in current cexisting terminals. apple pay requires businesses to buy its equipment. >>> tesla has a new leasing policy for its updated model s sedan. buyers in the u.s. can return the car within three months and the remaining lease ongation will be canceled. but once a car is returned, a driver cannot immediately lease another model s. tesla's ceo also announced drivers who lease through u.s. bank can qualify for a lease payment that's 25% lower than in the past. >>> starting today, b.a.r.t. riders who park at the concord station will have to start paying. the new parking fee is a dollar a day. that is the lowest rate in the entire system. many riders oppose the fee but others say they knew free parking would not last forever. >> i can understand it might be a struggle for some people who typically park their cars at the garage. but in return, i believe that b.a.r.t.'s responsible for kind of showing us how the money is being used. >> b.a.r.t. says some of the money will help pay for station impro

we will continue to keep an eye on that but that's the latest news out of darden.broader markets. we're about 30 minutes into the starting day and a comeback of sorts for the s&p and the dow up after dropping more than 300 points yesterday which of course wiped out the biggest gain of the year which was on wednesday. it's been a long week. the nasdaq still under some ressure still under 37b940%. right now it's come back a little bit as equities have recooped some ground from the previous day. also taking a look at how oil prices -- entering a bear market. it continues to lose ground here. 85.18 and the dollar is stronger. there's that stronger dollar theme and we'll see how it plays into the earning season. with the wild week we've had we are joined by michael. are you surprised that we're seeing a little bit of a bounceback this morning? >> not really. as you were saying this has been a choppy week and it's a little bit of a bouncer. and we may get a little bit of a bigger bounce. > so when you look ahead and figure various triggers or catalysts for this, are we a

darden restaurants which operates over 1500 different restaurants around the united states. is stepping down from his role effectively and immediately. they will have an interim ceo, gene lee. that jeffrey smith will become the independent nonexecutive chairman of the board. the search is on for the next ceo but for the time being, gene lee will serve as the interim ceo. they said in a press release that the search will be within the company and externally. this news is coming months after the company separated the role of ceo and chairman. >> thank you. we continue to count down to the opening bell on this tuesday so let's get to number 6 -- jpmorgan and citigroup and wells fargo, all three reporting third-quarter results and the too big to fail banks, could face a funding cap of up to $870 billion in a crisis according to estimates. i want to bring in dennis kelleher. he says we have not taken care of too big to fail. i want to get your take on his 850 the yuan dollar funding gap should we had another crisis -- on this 850 billion dollar funding gap. >> there is clearly a

the darden numbers this morning are so good. dard darden owner told me this is a direct gain when gasoline goes down. sure enough, look at these numbers. olive garden, 0.6% for fiscal september 2015. that was down minus 2.6% before this. longhorn steak was 2.2 before. capital grill, 6.4% gain versus 1.5%. these are great numbers. >> by the way, first time they posted monthly sales in a while. >> october 10th is the vote. the shareholder is going for the board. they propose eight independent directors, got rid of eight directors. that has been a nasty fight that will culminate in eight days. >> i look at these numbers. i think, okay, they got rid of red lob. they are more laser owe focused. when you cut a division, you are now laser focused. before that you were, what? >> 150% to 160% focused, but not laser. >> maybe you were like dimly lit focus. this is a very good report. i think a lot of it is you see oil. takes your breath away. >> west texas today below 90 the first time in 17 months. >> there is no place to put the darn st

>> it's a darden-like situation. >> darden-like situation for an activist comes in and throw on it the entire board? i beg to differ. >> yes. i think an activist comes in and says, listen. >> ackman was in there years ago. >> it's a horrendous release. maybe on the call they say -- it was horrendous. >> still yields 3.7%. >> that's why i like it. it's a treasury equivalent where unli unlike the treasury -- jack lew will not be out. there will be no starboard coming in taking jack lew out. this is a ten-year treasury where there's going to be changes. there will be changes. and sea of up side. they still have a good balance sheet. they've done nothing. great balance sheet. >> they mentioned specifically having to close restaurants in russia. obviously, the pate scare in china. higher effective tax rate. they are not able to explain this quarter? >> chipotle corner the analysts didn't like. they are selling itself. people are looking at mcdonald's saying i can't go in there because i'm a healthy individual. but mcdonald's has to -- mcdonald's cannot stay like this. coca-cola is going to

darden is doing well, and i like jack. all these companies depend on one thing.'ve got to put it out there i hate to do it. you want ebola contained. why do i say this? i go on twitter, my thesis and people from dallas are saying, jim, come down to dallas and you'll know you are not going to see that store traffic you think. that to me smacks of panic. that's the only wild card. otherwise this employment number fits perfectly with my thesis. you have to be long domestic. i am going to say that ebola is going to be under control. >> i think and hope that you are right. >> let's get back to this medtronic story. the stock is up sharply. medtronic up 4%. take a look at shares of covidien. the company put out a press release under which medtronic is changing its source of cash for the deal. originally, it was planning on using its overseas cash, $16 billion, to pay for part of the consideration in a deal that calls for it to pay $35.19 in cash and 0.96 of those shares for each share of covidien. it's not changing the deal in consideration. it is still going to be inv

so bottom line, golden gate capital that remember bought the red lobster chain from darden restaurantsw in discussions on a non-disclosure agreement in place for ann taylor stores. those shares up 8% in the arrester marresfter market. >> what comes to mind when you hear this? >> i don't know. i guess i would wait. we've seen sycamore and other situations where it's taken a long time. so i'd wait on this one. >> after the break, latest headlines fresh from the intel conference call. stock trades higher. and later, how does mercodolibre stack up? tdd# 1-800-345-2550 [ male announcer ] your love for trading never stops, tdd# 1-800-345-2550 even on the go. tdd# 1-800-345-2550 open a schwab account, and you could earn tdd# 1-800-345-2550 300 commission-free online trades. tdd# 1-800-345-2550 so if you get a trade idea, schwab can help you take it on. tdd# 1-800-345-2550 we're getting a lot of questions tdd# 1-800-345-2550 about organic food stocks. tdd# 1-800-345-2550 [ male announcer ] sharpen your instincts tdd# 1-800-345-2550 with in-depth analysis by schwab experts. tdd# 1-800-345-2550

darden up by about 2.5%. flip side, signet jewelers losing ground after the ceo barnes resigned and replaced by president and coo mark lite. see the shares down 3.5% and end with one of the major bank earnings for the season. wells for fargo matching for estimates. the shares you can see there down by 3.5%. a bigger decliner on the overall session. back over to you. >> thank you for now. >>> let's dig deep sbeer the numbers. >> joining us now is john shusberry. >> nice to be here. >> interesting quarter. you matched, obviously. margins clearly seem to be the biggest issue. i'm just wondering sort of what visibility you have in this economy, what interest rates is telling us and affecting your business. >> sure. well, first of all, with respect to the quarter, it was a great quarter with profit, loans were higher across all categories and deposits higher, as well. so we feel great about that and set up nicely i think for the coming period. interest rates and the bond market have come down sharply. seems like e

check out darden restaurants. that company appointing starboard values jeff smith as chairman and naming jim lee as interim ceo replacing clarence otis. skyward solutions getting a nice lift raising revenue forecast. >>> and google turning up the heat on amazon. the tech giant expanding express delivery service and will begin charging a membership fee. >>> new episodes of the profit kicks off tonight at 10:00 p.m. eastern and pacific. you can watch it here on cnbc. . marcus bought the struggling cupcake chain crumbs and is in manhattan. how is it going? you have quite a crowd there. >> i can't believe the crowd. you look at the table and look across the glass and all you see is cupcakes and bagels and muffins and biscuits and brownies. by the way, we have wicked good cupcakes from our friend kevin o'leary. one of our first days that we are open. we think that this is going to be amazing. you can see by the line that it is phenomenal. it has been a giant undertaking. 120 days since we announced the acquisition and

let's start with obvious ones and how about darden, the owner of olive garden. great numbers today.ig beneficiary buys tons of commodities and could be a big winner especially with the bountiful 4.6% yield and there's jack and jack-in-the-box. buffalo wild wings and remember that? they all make sense and the rejuvenated panera bread, turning around its operations before our eyes and don't forget chipotle down 30 points from its high. why not pick up tyson foods? it's a huge buyer of chicken and pork which by the way, it it will work. it's part of the hill share brands acquisition. how about macy's, kohl's, costco on the retail front? they all work, so does tjx, and walgreen's the worst is over there, take some. same goes for vf corp. pbh they're all takers of commodities and especially cotton and that's exactly what we want and kroger is a good bed with lower commodity prices. google, celgene, facebook and underarmour, they cannot run slow growth worldwide. the beers in particular, more on that later. here's the bottom line. i don't want to get carried away here, but i do think if y

. >>> darden shares higher today on news that its ceo is stepping down.as been under fire from activist investors to implement a turn around in his olive garden chain. he is expected to stick around until a new boss has been chosen and there's more salt in the water. and crumbs bake shop is reopening 26 stores after its company-wide closure in july. new items are being introduced such as a bagel mixed with a croissant. that sounds delicious. that is the latest from the fox business network, giving you the power to prosper. ♪ ♪ melissa: don't call it a comeback. kim jong un back in action after a very mysterious 40-day absence sparked the international rumor mill. we were glued to it. photos released by the north korean state media show the young dictator with a smile, of course. they do show him walking around with a cane though. no word on when the photos were taken. here, now, gordon chang, jonathan and monica back with us as well. do we feel like these pictures are real? is there a chance it's an imposter, they're old? run through the gamut of things t

the former ceo of darden did a great job for many years, came on "mad money" and said if you want to know what makes people go to olive garden other than promotions, it is gasoline. gasoline never came down. when you look at a situation like deckers that is a disposable income situation. the only hesitation i have with deckers is tom brady is their spokesman. i just cut him from my fantasy list as payback. i didn't trade. i cut him. dsw is down on its luck. they are talking about polls. perfect. >> jim, you mentioned the commodities markets really getting crushed recently. down here art cashin and others are worried about deflation given it is the complex, metals, base metals. are you worried about that? is it a problem for the economy at this point? >> it would be if we didn't see that kind of job number we saw this morning. the job number makes me feel good and makes me feel we are a beneficiary of deflation around the world. this set of circumstances if i were in europe i would be trying to create jobs and be very concerned because it feels very 1921 over there. in our country we

darden restaurant downs 3% after piper jaffray downgraded to a neutral. karen?i think that was a pop in this market. not much going on here. they have finally won. now the work begins. we're long. i think over time they'll do a good job here. >> pop for semantic. up 1%. >> this is bucking the trend. last week they decided to split their storage and their security businesses here. this is a real problem for me. this company is a massive value destroyer. the fact they're going to split up with the new management that has preside over new management the last ten year. ten years they bought back $12 billion of stock since then. their market cap right now the $15 billion. they destroy value. i wouldn't step in on this one. >> a pop for vale. >> it's lockstep with each other. i think you're going see a short-term pop here. but a big global growth is not where it should be. this is a sell-off. >> i drop for yahoo! down 3% despite being bumped to a buy rating buy of allen gillis. >> $50 price tag. that's where pete thinks it's going. i don't know if it gets that high. b

. >> you are looking at the stock price of darden restaurants. down one quarter.ivists went after him. they are out. those are big changes planned. check out amazon. it will be on the same street as macy's. i want to get back to our interview. i asked him about the business ventures. listen to what he had to say. >> the criticism did not end there. i also asked him how he felt about other countries and how they perceive us in america. what is wrong with america? he travels all the time, you know. the only place five or six rounds of golf a year. hard to believe for a man who is once the greatest in the world. i have something for you with microsoft. apologizing for saying women should not ask for a raise and to trust the system to work out equal pay. it puts the whole idea of gender discrimination in the workplace. >> i think it was trust the system. if you wanted to address women's pay, there are a lot of things you can't address. the marriage penalty. marriage laws. arbitrary limits. women take different jobs they and then do. that is because many of them are an

other retailers including best buy, walmart, target and darden restaurants are partners. >>> the 2015ld series shifts back to kansas city for game 6 tomorrow night. the giants are back on top with another incredible night on the mound from madison bumgarner. we'll continue our team coverage. >>> a health scare at a high- end hotel on the peninsula over the weekend. we'll tell you what sent a dozen people to the hospital and what the hotel is saying. >>> we're already seeing a lot of slow traffic this morning. in the south bay and also in the north bay. 280 is slow on the right there as you can see getting up through downtown san jose. i will tell you about slow traffic after the carquinez bridge. >> not a spectacular sunrise. it's cold. a lot of 30s and 40s. it's a fresh approach on education-- superintendent of public instruction tom torlakson's blueprint for great schools. torlakson's blueprint outlines how investing in our schools will reduce class sizes, bring back music and art, and provide a well-rounded education. and torlakson's plan calls for more parental involvement. spendi

darden rest rapts losing ground.ts entire board of directors ousted at a shareholder meeting by activist investor starboard value and ending with dave and busters rose as much as 13% in its market debut today. play ticker and pricing 6 million shares and that's the low range of expectations and open up, guys, at $17 per share. back over to you. >> all right. dom, thank you. we'll pick up there with dave and busters doing well on the first day of trading but yesterday there were some shaky ipos amid the market volatility and today that box delaying the offering to january because of the recent market. will others follow suit? >> joining us for their takes is cathy smith, excuse me, from renaissance capital and scott rosten of training the street. welcome to you both. good to have you in this conversation. scott, you have to have some guts to go public into this volatility, right? >> that's right. something we bring up in class training on the topics is ipos are windows of opportunity. windows open and close and move v