to david solomon as well for the exclusive interview on close bell. there's a note -- goldman's results weren't great. investment banking wasn't great. there's a notion mr. solomon because he's new gets a pass for now. >> maybe for now first and foremost i think he's great. turn around stories take a long time he said it it will take a long time they have to invest. you don't get operating lefrmg on the positive side and you have disappointment on earnings like you saw. >> do you buy the stock today? >> i don't buy the stock because i don't know what earnings power is i don't know how much they will have to spend to grow. i think he's the right leader for this job and i think egreat about it does take time. there's so many other banks that are executing well bank of america, jpmorgan, even citigroup with their ups and downs you're willing to buy that becauseit's a discount >> what he had to say about the credit card. >> he's not getting enough credit because he's not moving needle he's doing the right things. absolutely doing the right things but doesn

david solomon at goldman sach says more cautious which camp are you in?> i'm probably in the middle. i think all these bears are scratching their head and wondering why the s&p is up. first, we are seeing a nice earnings season. i know the bar has been lowered. secondly, we are see egg the fed policy we are expecting the fed watch tools. third and final is the fact that we have u.s. trade conversation or deal. seeing that come to fruition with all-time high in july >> jeff, there has been a concern that the leadership position has been technology and communication services companies. those are the ones not quite leading the way. more of these defensive names. is that more cost for concern that we don't have the traditional leadership in the market >> we are seeing utilities and the 10-year note proxy you are seeing a lot of people that don't go up in the market technology continues to be number one it has been number one for two years. as we see that surpassing, we are sticking with these themes when you see that global growth specifically coming out, tha

david solomon took over as ceo i liked the interview with frost the other day. d faber didn't wear a tie, he wore a tie for my morning show -- let's get back on point. every time the stock has gotten near momentum, it comes right back down. so the sad truth is that going into the quarter the expectations for goldman sachs were pretty low. we own this one and it's been a little pathetic. we were hoping for some solid numbers for the new lines of business like the apple card and marcus, which is their consumer business that's not quite what we have. i have the apple card and it's not like the visa so get that out of your heads. goldman's business was down 22% because we haven't had as many mergers. they had a decline in underwriting the investing and lending business was rough trading was good, though fixed income currency and commodities were up. investment management was up, up 5% versus last quarter someone stopped me on the street and said i like the fact that you give us a lot of information. so all told, i think goldman delivered some solid numbers in a less

it's fertile ground in asia, especially with barclays and deutsche bank and others >> finally david solomon is catching up, better late than never. at the same time, morgan stanley had an improvement in the pre-tax business in the wealth business >> i think david solomon is doing a great is job he's taking the necessary steps that you have to take and he's got a vision that goes out look, they've been -- i was talking at one of their senior partners there you mentioned it, they're saying, look, instead of waiting a year or two years, let's talk about you leaving now. so that frees up the rung -- the rungs on the ladder for others to move up, which is what you want, right? they've combined some businesses as well. so they're taking costs out and they're trying to increase their synergies. those take a while to play out but you can't count goldman out. >> mike, really quick because citi is one of the names you talk about all the time. do they return the price to book like back in 2007, 1.6 range, or are they stuck right now >> we think the citigroup stock will go up the math works and all we'

goldman sachs chairman and krae are ceo david solomon so much to discuss for the banks for markets, macroand of course goldman sachs in particular. looking forward to that. we are out of time though. that does it for "closing bell" today. >> "fast money" begins right now. >>> live from the nasdaq market site over rook looking new york city's time square this is "fast money. traders on the derrick pete narj karen finerman and guy adami with the after hours axe earnings season kicks in high gore netflix, ibm csx on the move after results. net friction the one to watch with less than an hour until the conference call. we have full team coverage to break down the results gene munster firing up the red phone in minneapolis we begin with jewely boorstin riff in los angeles. julia. >> melissa, netflix shares soaring now up 9% despite lower than expected guidance investors reasaurd by better than expected earnings per share as well as better than expected international subscriber growth in the quarter netflix adding 6.3 million international subscribers. above projection while u.s. subscriber growth

david solomon marks his first year as ceo.wn 8%, which is the worst performer out of the top five u.s. banks. the firstre expecting year revenue will be down slightly. also ittough year, but is pointed out that it is like when david solomon got pulled over in his suv. he is moving fast. has declinedolomon to comment for the bloomberg story, but he says it is no different than when he took over. he has a lot of hurdles to overcome, including turning around the trading business that has had a lot of headwinds. alix: thank you so much. the third company is boeing. for more, brooke sutherland joins me now. boeing just getting an estimate cut it jeffries. more caution on the 737 max. is boeing more cautious? brooke: they are sticking to their timeline. they think this will get put back in the air in the early fourth quarter. dennis muilenburg says he sees boeing in the end game. in contrast, you have the southwest pilots union making comments they do not see flying again until january at best, march at worst. that timeline strikes

today, morgan stanley will share their q 3 numbers and state street will also share results and david solomon will speak in his first interview since the wall street giant missed expectations that is today at 20:00 cte >> netflix shares, new conflict titles and fresh seasons for "stranger things" and "13 reasons why" added more and missed on the domestic front >> sharing lower than expected guidance reassured by better than expected earnings. gaining margins by 300 basis points earnings came in at 1.37 which beat expectation of 1.04 a share. international growth surpassed expectations new u.s. subscriber numbers fell short. investors may be reassured by ceo giving commentary about competition. coming ahead of disney plus and apple tv plus launching next month. they say they've been preparing for this launch for a long time. saying these new services will be noisy there may be some modest head wind the other ride spot stressing is international growth saying they are expanding non-english language original offerings because they continue to help growth in international markets. they've release

. >> tomorrow, by the way, don't miss my exclusive sitdown with goldman sachs chairman and ceo david solomon right here in the 3:00 p.m. hour on "closing bell." keith, back to the earnings, though, there's also been some stock-specific differences this quarter as opposed to all banks look attractive. bank of america week to date, citi is just in the red week to date i think perhaps that's being missed in terms of this general sentiment of saying the banks beat expectations. >> like everything we analyze here in the markets you have to get underneath the headline. there's certainly a theme there. the consumer is strong, the consumer is strong, the consumer is strong. all these banks have other big core franchises like corporate lending, like trading. those capital markets activities if those don't start pulling their weight, if the consumer weakens a little bit, i'll be concerned about their long-term prospects. >> are the banks a place you feel comfortable putting something to work here >> the certainly warren buffett feels confident. and i hesitate to actually go against mr. buffett. howeve

taylor: we have a quote hear from david solomon of goldman sachs, who was mentioning apple card, reallyighlighting what a success it has been for them. what do we know about apple card as goldman looks to pushover a little bit into that consumer side of the business. sonali: it just launched, it was only this summer. if you know anyone who has it, it is a pretty sleek looking card. we don't know anything really about the profitability metric but it has been one of the best launches of a card out there. the credit card space is enormously competitive. jp morgan has their own rollouts. the partnership with apple is quite significant. thanks for joining me. coming up, where are the laughs? standup specials on netflix are about to undergo a massive change. the new approach to comedy. this is bloomberg. ♪ are scrolling through your netflix queue, chances are pretty good you will see a ton of comedy specials, but that is about to change. after pouring hundreds of millions of dollars into programming, netflix is cutting back. there will still be comedy specials, but just not as many with names

in just a few minutes he'll sit down with goldman's chairman and ceo david solomon for an inw

market is saying, prove it so what we need, we need guideposts along the way the good news is david solomon is leading a push for more transparency and we would like to see some metrics that we can track. having said that, as you said, the stock trades around tangible book value for a company that's grown book value twice as fast as the s&p over the last few decades. so it is very cheap. >> and you have a buy on that as well >> yes >> mike from wells fargo securities we have got just under 40 minutes left to trade. we are higher on all the major indices. the s&p is standing at 3022. the record all-time closing high, 3029 we were above it briefly during today's session, but below it just as we stand with 49 minutes left to trade. softbank getting downgraded by one bank, which is calling its bailout of wework, quote, throwing good money after bad. the details of that, coming up >> and later, we discuss how you should adjust your stock strategy if elizabeth warren becomes the president. a few specific ideas from a new report after the bell. i get it all the time. "have you lost weight?" of cou

kicks off this morning, wilfred frost joins us with a special guest ahead of the interview with david solomons afternoon. hey, will. >> reporter: hey, jon, good morning. i am here with gregg lemcau, head of investment bank at goldman, sachs good morning thanks for having me. >> thanks for having me. thanks to cnbc for being here to shine a spotlight on entrepreneurs and great companies. >> some of whom are joining us throughout the day recent earnings, your department, investment banking, revenues were down 27% year over year, some of your rivals seeing increases year over year what was that down to? >> you saw five major banks reported this week our investment bank results were softer, quarter over quarter, year over year than competitors, due to phenomenal outperformance last year. we look at the absolute results, put up advisory revenues of $716 million, about 40% higher than the next competitor. that's the key barometer of the ceo hiring us on the most important thing, most important business they can do underwriting business was softer you step back and look year to date, investment bank

david solomon of goldman sachs is not going. but they are sending c-suite people. liz: know what?you as a journalist, we should send you to cover this story. >> it's a big story for a lot of reasons because it's financial, it's a changing economy, but also, what it stands for. you know, the guy was murdered. he's a journalist. he's one of ours. and you know, it's sad that the dollar rules, right? liz: it sure does. money talks. charlie gasparino, thank you. we are coming right back. ♪ from the start, the c-class was ahead of its time. still, we never stopped making it stronger. faster. smarter. because to be the best, is to never ever stop making it better. the 2020 c-class family. lease the c 300 sedan for just $419 a month at your local mercedes-benz dealer. if you're on medicare, remember, the annual enrollment period is here. the time to choose your medicare coverage... begins october 15th and ends december 7th. so call unitedhealthcare and take advantage of a wide range of plans with a variety of benefits... including an aarp medicare advantage plan from unitedhealthcare. it

. >> that was goldman sach ceo david solomon. et strategist at meet life and david bonson, founder and ceo of the bonson group. showing in the third and fourth quarter huge gains almost 31% at one pointer. 17%. end of 2018, we flat lined for next year, you are looking at 9% 9.1, 14% earnings per share. are you saying this is bullish or not >> i'm saying for next year, if it doesn't happen, bulls will need a new thesis that requires you to believe -- >> i believe this and thought it was bullish. are you saying it sets up the market for disappointment? >> what would make them come back is if you don't get a trade war done i am bullish in a sense that there are pockets of value there. the chart we don't have but we are talking about shows that markets discount in advance. >> can you lower this guy's chair, please. you are talking down to me like -- look at this all i can say, yes, sir. no, sir. >> come on, mac. how is that? >> i feel right sized. >> you want all the guests to be lower. >> i thought we were going to grow the pie we ar

head to break, you're not going to want to miss a cnbc exclusive with the ceo of goldman sachs, david solomonr today on the "closing bell" at 3:00 p.m. eastern time squa"squawk onhetrt" t see," th, will be right back after this break. don't go away. no two patients are the same. predicting the next step for them can be challenging. today we're using the ibm cloud to run new analytics tools that help us better predict and plan a patient's recovery. ♪ ♪ ultimately, it's helping thousands of patients return home. and who doesn't love going home. seeing what people left behind in the attic. well, saving on homeowners insurance with geico's help was pretty fun too. ahhhh, it's a tiny dancer. they left a ton of stuff up here. welp, enjoy your house. nope. no thank you. geico could help you save on homeowners and renters insurance. >>> now to our etf spotlight today we're taking a look at the industrials. the xli getting a lift this morning. it's up more than 21% so far this year, slightly outperforming the s&p 500. honeywell is one of today's catalysts. the company posting a quarterly earnings beat

i hear david solomon of goldman sachs is not going.e they are sending their people. last year, they sent just local representatives. this year goldman sachs will send dina powell, i don't know if you remember her, used to work in the trump administration, is now a partner in the investment banking business. she will represent goldman sachs. jpmorgan will be sending its head of investment banking, the global head of investment banking, carlos hernandez. other top wall street firms are sending similar senior executives to this conference. so a lot happened in the last year after the murder of the journalist khashoggi. we do know that there's money on the line here. every major bank is going to make money on this ipo. they are still vying for a bigger share of it. because of that, they are showing deference to the saudi royal family no matter how controversial that connection is. back to you. neil: thank you, my friend, very, very much. we are finding a little more about this netanyahu decision to give up what had been a better than three

david solomon will join us exclusively on thursday.would be worth a huge jump in the share price >> if that were removed as an overhang >> bob, which of these banks stand out for you in terms of valuation or is the sector itself kind of too late cycle? >> we're learning at the earnings today of jpmorgan, best in class the stock there, you can own, but it's not cheap relative to its peers. wells fargo is interesting, obviously, the way the stock act today, investors are assuming the worst is over. they're reporting all the bad stuff with the new ceo coming in wells fargo, the problem we've seen a downside in this. wells fargo is probably not a bad risk/reward. >> a lot of the analysts wondering, what's to come. will they have to throw the guidance out the window when he gets in there? >> exactly >> shares of some recent ipos are under pressure as their lockup agreements expire leslie picker has more on that hi, leslie >> hey, take a look at shares of pinterest and zoom, trading lower today on higher than average volume their lockups, wh

tom: bloomberg was out today with an omnibus on the one-year david solomon rain at goldman sachs.t the senior management and the travails of your company, but i do want you to talk about the goldman sachs asset management strategy and is active-passive debate. what is the patel pact on what you're going to do? sheila: you and i have talked about this before. we see room for both in the marketplace. first of all, just talk about historical passes. do you drive your grandfather's car? do you use a washing machine from the 70's? we think that classic indices have a place but are not the future of investing. some of the things that we have done to bridge the gap between various ways people can use active and passive is by launching etf's in europe. betactive approach, active approach to u.s. equities is a place where we take a quantitative approach to move forward from classic market cap waited. indices. . it was a huge success for us in the u.s. and we think similarly it will be a valuable tool for investors here in europe. we try to offer a range of those strategies from the quantit

turmoil, because lloyd blankfein and gary cohn took this thing in the wrong direction for years and david solomonn waters. he will have a lot of trouble doing it. the fact they could do so well in terms of their investment banking activities both in terms of ipos and in terms of mergers and come up with numbers like this is terrible. it's just not good at all. maria: all right. i want to hear more about this goldman sachs story and also get your take on where things go from here, but first let's get to susan li. she's got the core numbers on the wells fargo quarter and apparently, there's a miss here. over to you. susan: yeah. we wanted to reconfirm this before we got the numbers out to you. wells fargo, bottom line here, profits missing estimates so $1.07 is what they put in for the quarter and also, looking for $1.15. now, on the revenue side, they actually came in stronger than expected, so we're looking at a number of over $22 billion, much higher than analyst calls were looking for just around $21.2 billion in the quarter. this is the country's fourth largest lender. they are also anticipati