gross to bail or dimon to buy. >> that's easy. dimon to buy. bill gross is the bond king. i'll grant him that. but i'm not thinking judge that his judgment based on saying the banks were a sale here. they were going into december when they made the first increased to interest rates. that's when you should have been a seller to banks. look at the sell off since then but jamie dimon buying where he bought and the opportunity to get in at these levels to buy at 80% of book value and so forth that's now. you don't sell at that level. you buy. >> either a sector ready to be bought or a victim of write offs tighter regulation and significantly lower future margins. >> they are the victim of tighter regulations. their earnings models have been permanantly hurt because of regulations. however the price discounts got more than it needs to at this point. i can give you lots of others. the rising yield curve and rising rates, they're a buy right here. >> since jamie dimon bought jp morgan stock what has been the best performing sector year to date has turned around and since that day

he's headed there, andrew is to the ceo summit to speak with jamie dimon.ll join us in 30 minutes. futures at this hour are indicated down 13 points or so, down 1.4 on the s&p and down 2.75 on the nasdaq. in the headlines this morning ahead of tomorrow morning's february jobs report we'll get the latest weekly initial jobless claims and that will come in in about 90 minutes. analysts are looking for 270,000 new claims from last week down from the prior week. herbalife shares are take a big hit. get rid of the h. why put it in there. it's a waste. it says it's discovered and corrected some errors in its active new members metric. i want will not affect previous financial statements. look at that. ackman is not down quite as much more 2016. 2012 gop presidential candidate mitt romney won't go away. and he's taking aim at republican front-runner donald trump at a speech to be delivered later today. mitt romney said trump is a phoney and done have the temperament or judgment to be president. when i say it like that they don't know that i added that. >> i'm sure

on the cover, baking superstar jamie dimon.sat down with bloomberg for a rare all axis interview. -- all excess interview. peggy joins us now. you've been doing this since january when we had all this turbulence and uncertainty. with a quotert -- my favorite idea is be long on the u.s. dollar as europe, china and japan continue fueling dollar strength. several people talked to you about trading strategies. peggy: exactly. there is volatility in the markets. one thing that is striking about these markets is there is almost nowhere to hide. everything is something investors are worried about. lots of people we talked to say it's important for investors to up their cash allocation. be in at want to position where you have to sell into a down market, but there are going to be opportunities to buy as we go through these volatile cycles. you want to have your shopping list ready. tracy: we have another quote on technological disruption. this is the buzzword visual or dujour.word dword energy models that are cleaner and give consumers

the strength in part is not by jamie dimon. we're up 10% from the lows we had two or three weeks ago. 10% almost and that, of course, coincided with jamie dimon suggested he's buying back his own stocks. >> on that note they say the 12-month u.s. recession lows have risen on a third and they say without a recession they don't see a potential for earnings growth for the rest of the year or for multiples to expand. we do get jobless claim, carl, as you mentioned. they went the wrong way ahead of the jobless report. remember last month it showed it was 53.5. so still expanding which is part of the economy, but last month it was the slowest rate in nearly two years so the question of whether the manufacturing and pain spreading throughout the economy, that ee going to in part be answered by that. >> the bigger picture of why we've rallied shortly, it may not be a great but it's less bad than people think. out of a -- really out of the case here. if you look at the expectations on interest rates, it's not a 60% chance they'll raise

it is the one month anniversary of the dimon bottom. and stocks have rallied since then but which ones are likely to keep the momentum going. don ran the numbers and is at the wall with the results. >> we take a look first of all at the s&p 500 because we're running into this little area of the long-term average for the stock market up about 9% since that dimon bottom. let's put it in larger context here. we're off the highs and the lows. the great in between. the no mans land you can see here overall for the s&p 500. only down 1%. three of the stocks that are interesting that came up here. some of the biggest gainers. let's take a look at a refiner. over the last year, the purple lines that longer term average price. phillips 66 stock is up about 18% since that dimon bottom and it's now 6% above that long-term average price so showing signs of life there but that's a steep move in a short amount of time. dominos pizza. people may be eating out more and using the gas savings. the long-term average price you can see there. dominos pizza

so in the coptic here, jesus calls judas the 13th dimon.nd dimon was translated in the original translation as the word "spirit." >> why do you try so hard? >> but in fact, this word means demon. >> this single word changes the whole interpretation. >> i have seen a great vision. you 13th demon. >> so the judas that i saw when i did my own reconstructive work, he's not a hero. judas is a fallen angel. he's a demon. >> and behold, from out of the cloud appeared an angel. fire spews forth from his face and his likeness is defiled with blood. >> in april deconick's translation, he's not only evil, he's the most evil. >> but in 2008, previously unseen pieces of the gospel of judas begin to emerge. >> there's always one last twist with the story of judas, and here we have another one. bruce ferrini, the dealer in ohio, kept back a few of the papyrus fragments of the gospel of judas. >> these pieces are seized along with ferrini's other assets when he goes bankrupt. for the first time, the gospel of judas is complete. and its real message is far

why jamie dimon?e of most influential people on wall street to talk to is and we wanted to do it as a q&a so there was no filter between us. it was an all access interview. john: what did you talk to him about? >> the future of finance with competition and where does he feel vulnerable. one of the things we took away from the conversation was him saying we are either going to compete or partner which is what they have done recently. i read about the startups and the regulation they get. what did he have to say about that? >> he said anything systemic will eventually be regulated like a bank. he said i have been regulated my whole life or it i thought that was a hilarious way of looking at it because he is used to this conversation. he said if you look at this, there is no way we will not all be treated the same. stephanie: it's a race against the clock, the guys were not regulated are eating up market share and eating jamie dimon's lunch. >> he said bring it back to the client. give the clients what t

you outside the dimon world? what don't we know? jean: that's a good question.ould like to think that i am a civil person. friends.eing with i like being outdoors. i like to travel a lot. i like to experience new people. that's one of the things i really enjoy. i do jogging once in a while. it's the best time to think. there are a number of ideas you only get while you are jogging. haslinda: i'm guessing you're thinking about your next venture? fred: it's all about impact. i really want to make an impact. i want to make the world around me a better place in i look at my sphere of influence and i try to improve around me. that includes me. i am very keen on education and self-development and i like to see continuous progress. it's about how we can move ahead and become better. how can we make a better impact on the world. that's what drives me. haslinda: gentlemen, it's been such a pleasure having you on "high flyers." .hank you ♪ >> the following program is a paid program. the views and do not reflect the views of bloomberg. >> the following program is a paid ad

the so-called jamie dimon bottom.er nugget of bad news for the banks yesterday coming from, as you said, citigroup. they had an investor day yesterday. the cfo warning that investment banking revenues in particular might fall by as much as a quarter this coming first quarter. down 25%. he also was cautious on the nontrading parts of the business too, although it was the investment banking part that bore the brunt of it. the warning comes a month before the u.s. banks start to report first quarter earnings. they kick off in the middle of april. it just serves to remind us that despite the recovery in share prices, there are still a lot of profitability issues for them to face. i would add, though, perhaps not quite as many issues as the european banking sector is facing. we just have to look at the financial times article today that highlights the gulf that's opened up between the top five u.s. investment banks and the top five european investment banks in terms of revenue. globally, this sector under pressure. but the

although, that's still way less than jpmorgan's ceo, jamie dimon, who saw his compensation rise 35% to $27 million. >> and he's enhanced that further with some well-timed trading. >> the dimon bottom, when he bought his own stock. >>> mckesson cutting 1600 jobs. that move coming as the u.s. drug distributor slashing costs after it lost some key customers. mckesson is offering severance and benefits for the affected workers. their health care is the worst performing sector on the s&p. health care and banks. >> and biotech within that has been a tough area. >>> some stocks to watch. a few more. toshiba is selling its medical equipment unit to canon. the company will use the proceeds to help fund restructuring after a massive accounting scandal. the s.e.c. and justice department are investigating toshiba over accounting issues. off 8% this morning. >>> ctrip swings to a fourth quarter profit easily beating forecasts. expects first quarter ref knew growth but it's off 5.6%. > >>> glaxosmithkline says the ceo will retire in 2017. it is roughly flat this morning. >>> the fed follow through.

it was the dimon bottom, when jamie dimon announced he was buying back his company's stock.ow, check out the futures. you're going to see this morning it looks like we're still in positive territory. dow futures indicating an open of about 22 points higher this morning. s&p futures up by close to

jamie dimon mentioned it, as well. think the high end, it went from everyone thought the high end was going to stay very firm. and the low end would benefit from the lower oil prices to kind of the reverse. now everybody wants the low end. and no one wants the high end. and i just think there is a balance. there is an equilibrium here and i think the stocks got so oversold. so i like this. this is not a trade by any means. you have to be patient. because there are some headwinds, given the internet and amazons of the world. but i like that nordstrom has a lot of different ways they can win. and, again, if they decide to monetize their real estate, that's an added kicker. >> steph, see you soon. >> thanks, scott. >>> all right. tiaa, steph knee link. let's do our trader blitz four trades on four stocks. first up, united continental. its ceo, oscor munoz, set to return next week. >> he had had just taken over. a very, very short time frame before this happened. and thank goodness for him. the heart transplant, great to s

bottom when jamie dimon bought a whole bunchch his own stock. compared to the s&p, a slight outperformance, about a percent during the time frame and if you take a look at the pack leaders here, it tends to be large-cap technology stocks. let's focus on a few in particular. four specifically that have been outpacing the overall market. take a look at amazon.com, one of the top per forming stocks and saw a bit of a rough ride early on in this year and now it's up 17% since those lows and apple also up about 15% since those lows. you get a semiconductor company with intel up about 14% and then facebook, the world's biggest social media company, up by about 13% as well. if you take all of those gains and put market caps on them and you're talking around about 180 billion of market cap gains just in the four stocks during that to imperiod. it's huge and remember, those four stocks make up a quarter of the overalnas damage 100 larger cap nasdaq index, so if you take a lock overall at some of the pack leaders, some are worth paying attention to only b

no traffic is moving restaurant, we notice accident involved a dimon taxicab. we can see that cabinets logo. a witness reported seeing a minivan going to runway on i-4. report. this accident scene for you. how this will affect your commute this morning. ted: let' commute around this closure. here' cameras showing the live team with the deadly car crash on i-4 westbound. if you usually travel there, the crashes near sand lake. here' s what you do, take kirkman road south to sand lake, take sand lake westbound to get back onto i-4. at the moment because it is still so early, we are not seeing a huge backup with this. we will keep an eye on that. jason: thank you, ted. the clock is ticking until pulling places open and for some candidates, it could be counting down to the end of their campaign. 99 republican delegates are at stake and the winner gets all of them. here are those delegates and that count, donald trump is leading in the latest polls with double digits over senator marco rubio. there are 214 democrat delegates to be assigned today. hillary clinton is

that was the date jamie dimon announced buybacks. it is good to see energy has been the leader. this is since february 11th. notes also here telecom and utilities continue to be fairly strong. they're not the leaders. but they're still up rather notably. the important point here is -- a lot of comments over the weekend about this. telecom and utilities still far and away the leadership group for the year as we enter -- leave the first quarter. you can see telecom and utilities up double digits on the year. nothing else really comes close. staples, utility, energy up fractionally. that's about it for the leadership group. we'll take any gains at all. telecom and utilities an odd group to lead in the first quarter overall. a lot of important points about utilities. the case for utilities made over and over the last few weeks. less vulnerable in the economy, low commodity prices. we have nice dividend yields, and they grow. the dividends grow at a regular basis of 5%. i can see it in a low-growth environment. the problem i have with it is overall, when you have utilities as a leade

jamie dimon, i like jamie damen. he speaks out against regulations and they fine him another 13 billion and he talks about things are great. i'll tell you how things are great. they are buying a record amount of cars because they are renting to afford them. >> we know the leasing numbers have been up, right. listen, you read what warren buffett is writing -- >> renting houses, renting houses. >> you know, but the data -- the car can be the new house, it's okay. >> if you bet against -- >> put a big screen tv in the back seat and call it home. >> you can get that everything is going to rally around and 2% growth is going to be enough to raise living standards and support the market longer term or throw it away and forget it and it's over and done. >> can i get in here? >> go for it. >> how about help? how great are things out there? >> did you see the production number this morning in the ism and sustained new orders? >> i saw the employment number too. >> we have decent numbers there. if that employment -- >> no, we

he says the dimon industry -- diamond industry is under pressure.riced at $11 at $11 -- bra priced million. i would not want to wear that. ♪ >> the diamond and jewelry industry goes through different cycles impacted by the economy. in the last two years, it has been difficult. i think it will remain difficult this year. it is the first time we are going to a global slowdown where there is not one market that is thriving for jewelry. has china's slowdown affected the industry? >> we are seeing a polarization where volume is happening at lower price points. the in between is where people are having difficulties. >> how much am i holding now? >> you are holding $13 million in your hands. oh, my goodness. what is the difference between a good long-term investment and one that is not so much? >> you want to go for the rarest possible gyms. a colorless, the best possible grade, free of inclusions. mother nature produces diamonds, but very few are pure. compared to one next to it, although smaller, there is a int of yellow, and therefore more common. i wou

and many can thank jamie dimon for turning the markets around, his disclosure of his purchase of j.p.organ shares coincided with the rebound of s&p 500. the green line is the s&p 500, the yellow line is tracking the market value of stock purchases by insiders and banks. this is specific to banks. you can see the big spike on the far right, this is after diamond bought $26 million of shares in the s&p -- from jpmorgan. threerse, this happened previous times since the financial crisis, right here, and right here. twice in 2012. and early in 2010. we do not know how long this recovery will last. carol: those financials have really been lagging in the overall market. and other industry groups, if you will. but when you have an insider buying it, it can provide support. scarlet: you can see all these charts on twitter. the chief u.s. economist at morgan stanley joins us on the fed's next meeting, that will be next week. you think that the federal reserve will hold off and lower the growth inflation estimates, why? guest: we say, what does the world look like when they put the december fore

anna: have you had any conversations with -- bob dimon?u had any conversation so far on that front? >> we're just announcing this decision today. there have been no conversations with anybody. this is just public now. as i said, we are going to give ourselves to-three years to do this in a way that preserves the share price of barclays africa and allow ss that franchise to continue to grow and excel. mark: 14% of your assets are tied up in the africa business. you going to relocate the capital and make it work better for the battered shareholders of barclays? >> you know, we are going to signify the bank. to be a transatlantic bank focused on our consumer and corporate and investment banks. we have a number of franchises within the transatlantic tank that are generating double-digit returns today. we have got an excellent credit card position in the united states. a great credit card -- the number one credit card issuer in germany. we have a tremendous business in the u.s. generating double-digit returns. what we are doing with technology

it was the dimon bottom, when jamie dimon announced he was buying back his company's stock. right now, check out the futures. you're going to see this morning it looks like we're still in positive territory. dow futures indicating an open of about 22 points higher this morning. s&p futures up by close to one point. the nasdaq up by 3 1/2. much of the rally in stocks was pushed by that surge in crude that joe was talking about. wti topping the $40 level for the first time since december. this morning, it is still above $40. it's down by about 4 cents. brent is up at 41.39. >> let's tell you some of the big stories we're watching this morning. a trio of fed officials are going to be speaking today. new york fed president bill dudley. also, boston fed president and the st. louis fed president. bullard's speech centers around the economy. we'll see what all three gentlemen have to say. also, trans-canada buying columbia pipeline group for 25.50 per share. that's in cash. about $10 billion total. the deal would create one of north america's largest regulated natural gas transmiss

jamie had jpmorgan's dimon cannot is a we are committed to our clients, and other bank ceos say similars. they do not want to create for bankruptcy in these companies. they really cannot cut certain exposures. if all of those companies did draw down on their energy line, that leaves less for the banks to cut from, because once these companies draw down on their lines effectively have financing for three years. typically, that is the timeframe. that will lock them in. saw last year that a lot of banks did not want to be the bad guy. they wanted to give companies time to write other ways to address the capital structure. then he saw the oil drop below $30 a barrel, and able in the industry said that was a mental reset and everybody said this time it is different. coming in this year, last fall, we saw this cut by 5% or 6%, which was a lot less than people expected going into it. and now they're pushing 20%, and we are companies that say they have a $4 billion borrowing basis. 35% cuts. the mindset may have changed. banks that were willing to be patient, don't want to be the bad guys, i th

dimon said banking is better than we thought. february '10, we found out hillary got soundly beaten by bernie, but deutsche bank said we'll buy back our bonds. i think that was the end of the credit crunch period. since then, we've been straight up. i don't know if that's right. >> we have the political quotient to consider. a debate last night. no pause in the harsh rhetoric between candidates. our chief washington correspondent john harwood is in washington wrapping up a busy weekend where he sat down for that exclusive with hillary clinton. >> carl, let's run through the results over the weekend. you had a split verdict in both parties. on the republican side, donald trump won the biggest contest in louisiana and kentucky. ted cruz had wins in the caucus states. rubio won in puerto rico. hillary clinton won in louisiana, biggest single delegate haul that day. bernie sanders won in maine, nebraska, kansas. look at the delegate race, donald trump has a lead over ted cruz. he has 395, about a third of what you need to capture the

it was down about 11% and then that famous february 11th low, the jamie dimon low we have been callingt late hi but amounting to a do over for the dow. we'll see if we get there today and what that means for the rest of the year. >> meantime hillary clinton's pledge to take on wall street is putting her in confrontation with a key part of the industry. mike, how different is what she is proposing from what bernie sanders already proposed? >> it's narrower. it's only meant to target a certain kind of high frequency trading. so part of the problem to restrain risky wall street behavior is a plan to tax high frequency trading. he is trying to raise a lot of money supposedly. clinton would only tax certain types of high speed electronic trading. here's how her campaign sets it out. the growth of high frequency trading has unnecessarily burdened our market and enabled unfair and abusive trading strategies. that's why clinton would impose a tax targeting specifically what she calls harmful hft. she would do this by taxing activity that uses excessive order cancellation. automated trading sys

story when we reached out to them, why given what mike mayo just said in the performance of jamie dimon >> it's the better test case and i they you see that the shareholders it's lagging it's piers. it can lose money even fund management scrutiny. sh. and by 44%. again, i think that even in this best managed bank, supposedly, it is too big to manage. $2 trillion worth of debt that it owes people. more than 1 million of that. mike has mentioned before and the jp morgan management line that it has a balance sheet. i don't think banking should rely on clever words. again if you look at the fdic and i call that living near the edge. >> you make a compelling case to break up every company on the planet not trading on their asset value. all you're saying is break it up and the parts are worth a whole. my solution is don't break it up. break up the regulators because what they do is throw barrier after barrier at these companies and that's hurt frankly the market. it's hurt businesses. it's hurt growth. that's the real issue. >> i'm sorry that the facts simply don't surveillance pourt your pre

he spoke highly of jamie dimon his former boss.e ran investment management, asset management and investment banking. jp morgan has become a farm team for ceos. ceos of visa, standard chartered. aig, the ceo of comcast have all come from jp morgan chase. he praised the branch of that bank saying he is trying to build similar talent at barclays. he already brought over a few people from jp morgan include a risk manager that will run their stress test. they're hunkering down and trying to get to the bottom of the cultural issues and legal issues and for now they're staying put. guys back to you thanchts . that is kayla in london. important story for us today. stocks trading near session highs. dow up 222 and the s&p at 1961 is the highest since january 6th. >> it's lifted europe as well as you can see quite a broad based rally. that rolls it at the moment. you're coming down to a level of unemployment but if you hook at the mark managers index it's the final read. you have these prices accelerating to the down side within manufacturin

march 11th, we did this earlier, jamie dimon announced -- >> february 11th. >> $26 million worth of stock stock is up almost 11% since then. jamie dimon, stock picker, and maybe i think -- let's get him some credit, it was a factor in the potential turnaround with many things. we're in a very interesting situation now because i wrote a story trader talk, the pain trade is higher -- >> i like how you did that. >> three things that really matter to the stock market calming down. fears of recession calming down. oil, you showed that chart there, certainly moving higher or at least calming down and finally the dollar, not dropping up. down would be good but sideways, which is what we've got is also acceptable. only x factor is next week is the fed going to try to sound a little hawkish for a june rate hike. we don't know, normally there's a positive bias. >> it's a quadruple expiration -- >> rest up, everybody, going out with big gains fourth week in a row. evertec ringing the bell and national kidney foundation at the nasdaq. feel better, kel, have a good weekend. >> welcome to "the closing

jamie dimon was buying his own stock things have changed. we talked about this with hans reddick. 100 95000 and mr. delly of over at bridgewater says, i am not bearish on stocks so the question is where do you put your money to work? since there the moves 10th of february in stocks. let's talk what was happening overnight and bring our risk radar onto the screen and talk about how we have seen it moving into some emerging market assets. the korean currency had its biggest growth in five months. oilking in on the price of on nymex. how far into would reach $40 for the upside again? >> we have copper at the bottom. you can see copper extending its four-month run. they set the new growth targets it is climbed for five sessions in a row. anna: nejra cehic has the bloomberg first word news. nejra: with the latest u.s. payroll data. expect the unemployment rate to hold at the eight year low of 4.9%. 190 5000 jobs in february after a gain of 151,000 the previous month. china i -- chinese political leaders are gathering in beijing. there is mounting

we had jamie dimon talking about it earlier. it's about europe.mmodity prices. >> wait a second, do you think oil is going higher or lower? >> i think oil's going lower. so it doesn't matter, because here's the thing. because the way they've priced these assets, there are very -- there's never been a case really that i can remember where you had a first line loan in some of these big commercial banks that they've lost money on that transaction. it may take them a while to sell the assets. that's on my side. six months, nine months, a year. but i can tell you right now -- >> i think oil takes another leg lower. >> it depends on your time frame. you have to look at the most recent bounce. is that worth holding on to at this point? in this case. >> quickly, we started the show talking about the fed and what they're going to have to do. get a good number tomorrow, it will force them to raise rates. but it only moves the front end. did you hear what ari just said? the back end's going down. the yield curve is going inverted. that's not good for banks.

we made a big deal when dimon pot stock back in february. do we make a big deal here? >> just because investment banks don't have the same business model they had a couple of years ago, i think which will continue to stay relatively flat, because the mna activity is coming down and we know the private equity, it doesn't matter. these guys, it's a credit perspective. these guys are much healthier than people say they are. the four cs, credit, china, consumers, commodities, much better than people had them. >> i think a huge headwind still at the banks right now. i sold my bank of america. i sold it a couple of weeks ago. i thought they would be stagnant, sideways basically. so jpmorgan is down 10% year-to-date. citi is down 17%. bank of america down 20%. they're all down. they're probably not going to track new money coming into it. i think people are chasing dividends and growth. i'm not sure you're going to get it with banks. >> everything timmy just said is spot-on. february 11th was the headline the stock closed at 54-ish. 59 now. it's basically mirrored the move in

yes since mid february the jamie dimon bottom as we have been calling it on this show. do we think that josh those stocks are those the ones that you're suggesting that you should start playing now as the quote, unquote, laggerts? >> we have financial exposure but i don't think there's anything to say about the type of year that any companies with wall street exposure, capital markets exposure are going to have. they're laying people off and seeing profits decline. pretty much across the board. there's no m&a this year. no ipos this year. literally none and what you end up with is stocks that sell at a big discount to the market but deservedly so and the investor class has come to realize these companies are basically highly regulated utilities at this point. i'd much rather be in a ge shedding it's financial assets. they asked for permission to shed the title of being financially important. they don't believe they are anymore and that's a name breaking out. >> you think it can go to 40. >> it's all happening. the stock is now leading it's '07 highs in the dust and this

even jpmorgan until we see a bunch of closes above $60 you don't put too much credence on what jamie dimon bought or what he bought. i don't think the financials have confirmed a lot. i don't think it's safe to get back in the pool. >> i look at the whole thing -- to me there's a chicken and egg story. it's the economy. if the economy continues to improve i like the data we saw today. to me, that's what's good for the banks. the potential the fed raising gain, that would leave the banks higher. >> let's talk about where the volatility came from this year, why european and asian banks acted so poorly. it's the deleveraging over there. that's not done. it's my view it's deleveraging cycle, a rolling credit crisis that's been going on. our bank took it on the chin. barclays cut their dividend again. that sounds very early '08 to me. >> and then the european banks rallied. >> not well. the stock index was up 2.5% and citigroup is up 5, 6%. to me i think it was a reflex bounce. i think you'll have and the united nations to buy the stocks lower later in the year. >> coming up next, tesla tanking

is it a one-day correction yesterday, or has that rally since jamie dimon came out and bought his own stock, has that run its course? >> good morning and thanks for having me on. we think there could be more room for upside from here. granted, we've had a nice 7%, 8% move off the lows. frankly, things will probably remain volatile, however. that's because the two major transitions going on globally are still in place. the first being the u.s. policy transition. we're seeing obviously a six-year, seven-year period of easing, moving into a period where we're focused on the fed's rate path and what they're going to do with interest rates. it's unlikely we're going to have 100% certainty in the near term on that factor. secondly, more globally, we're seeing this long duration transition in terms of china's move from an export infrastructure-led economy to a consumer economy. and along the way, we're going to hear all different types of positive and negative updates related to that massive transition. so given those two transitions going on, things are going to remain volatile. that being

jamie dimon at jpmorgan, and i agree with you on the -- >> you're using steve nguyen as a -- >> a corporate buyback. >> let's talk about corporate buybacks. if they think their stock is more attractive risk/reward for a fiduciary responsibility, that's right. the discount rate is low. the valuation on stocks goes higher. this is actually good for stocks. >> but here's the thing. this has been one of the pillars of the bull market. but a lot of investors now, when you ask them what would you want done with corporate cash? buyback option on the list. capital expenditures, they want growth. >> what sectors do you see that? >> that's the problem, you don't. >> you're saying investors want that? >> yeah. >> investors want companies to -- definitely not energy. definitely not utilities. i don't even think in retail. >> in every sector -- >> isn't everybody worried about credit? >> guys, hold on! i'm blowing the whistle. they're all talking over each other. let's use the example of apple. they borrow a lot of money, buy back a lot of stock. they have oodles of catch to spend on research and develo

jamie dimon tease there as well. we'll be hearing from him.on "worldwide exchange," much more on markets. >> we're going to get you caught up and ready for the u.s. jobs report out tomorrow and a host of economic data out today. art hogan will be joining us with your wall street setup. "worldwide exchange" will be light back. your path to retirement... may not always be clear. but at t. rowe price, we can help guide your retirement savings. for over 75 years, investors have relied on our disciplined approach to find long term value. so wherever your retirement journey takes you, we can help you reach your goals. call a t. rowe price retirement specialist or your advisor ...to see how we can help make the most of your retirement savings. t. rowe price. invest with confidence. you gein your car. odors you think it smells fine, but your passengers smell this. {ding} eliminate odors you've gone nose blind too, for up to 30 days with the febreze car vent clip. wow, it smells good in here. so you and your passengers can breathe happy. thwith aches,

now some people say, okay, maybe jamie dimon put in the bottom, because those stocks have rebounded significantlyince the day that he bought jpmorgan shares. do you buy it? >> i would buy into it, if, indeed, we hit the bottom in oil. i don't know whether we have or not. i think where we find ourselves now is where the energy space is moving into a different area. different range. we were talking about 25 to 35. now maybe it moves up a little bit, scott. maybe it's going to be 35 to 45. if that's the case, then i think it's much more of a comfortable feeling about the dash for trash, as those energy names, a lot of them we put out there. there is still debt there. we've got to see oil continue to make this rebound. the xle today getting dragged down immediately. you look at the rest of the market, relatively flat, but oil down three or four percent, pulling down the energy space once again. the value growth question, though, i still want to go back to that for a second. google, apple, why not have both? why not have value with growth. i mean, i never liked to take either out of the equation. i wa

. >> i know you are, but with the 3% dividend yield and jamie dimon, still that bottom is still therets to jump in and now it's pushing towards 60 once again and if we see any steepening in the yield curve at all throughout the rest of the year, that will benefit things. >> i don't like that at all. what i say when i see these -- when i see these dividend stocks, what it tells me is investors are telling me they think there's going to be deflation and low inflation and that means the yield curve won't steepen even. this is not b.k. we want observing signals from the market. people think there will be deflation out there so sold to you and jamie. >> i'm concerned about that. >> my concern is about these dividend paying stocks in general even beyond the conversation when they get into pockets where they are historically down themselves. >> the stock is off completely, hasn't really bounced back, but if you want a dividend and want a solid chart, attila group, philip morris. the charts look great and the yield look great. >> still ahead, a big bubble just burst in the market but don't be

jamie dimon has talked about going into new brafpblgs.e there's trimming, there's now growth in others and i think there's still going to take some time for the consumer to drive that conversation. tom: what's the level of fat they are cutting? i mean they make reductions. and i guess it's easy to do that. but at a point after the seventh reduction, what are you reducing? michael: right. i mean, at this point you're trapping some businesses. you're really, and they seem to be cutting from the top end rather than the bottom end tore shape of the pyramid at a lot of these wall street firms has started to change. so this is not just cutting the fat anymore. these are significant changes for the way the business is laid out. francine: lord desai you were talking and you've done extensive research on negative rates. at what point does it become to the debt ment of the banks? japan tried it, you know, around a month ago, and the three-tier system should have made it not too painful on banks but actually stocks sold off quite a lot. meghnad: i t

three weeks since jamie dimon is buying his own stock.% from there and that is also supported by as we have today this stronger data or let's say not disappointing data which has removed that talk over the fear of recession as far as many people are concerned. it's still not great growth. the jobs figure is good. >> let's just show you the reaction to the jobs figure plus commodities which are strong today and currencies. the dollar is getting hit pretty hard. initially it popped on the better number. now it's actually weakening against some of the major currencies and interestingly this political narrative simon, the highlight of the debate last night, donald trump on currencies. >> will you promise and how soon will you move your clothing collection, the clothes made in china and mexico. >> they devalue their currencies i will do that and i have been doing it more and more but they devalue their currencies, in particular china. mexico is doing a big number also. japan it's unbelievable what they're doing. they devalue their currencies a

jp morgan chase jamie dimon announces he purchased 500,000 shares of his own bank stock.ince that time, the dow and s&p and nasdaq have all gained ground. the best gainer has been the nasdaq up 10.9% in that time. kelly evans. >> well, the cover this week asks if value investing is back. jeff ubben is known for his value investing style. hence the name of the firm value act. in terms of activist community, he has that huge impact on companies like microsoft and valeant and 21st century fox. we sat down for rare interview at his offices, light of zipgss this week i started out by asking how central bank action is impacting his role as a stock picker. here's what he had to say. >> in the last year or two, the recurring revenue cash flow in good times and bad, model company has been increasingly priced away from us. the opportunity crossed is 1 and 2% and i can get a nice predictable cash flow stream at 10%, that's just too rich. our current return is increasingly not available to us. at the high quality companies that we seek. so we've had really -- we have been selling a n

we have a low achieved on february 11th when jamie dimon announced he bought shares of jp morgan chasend we've been off to the races since that time. the dow is still down, 3 1/3%. finishes with a rally of 1.75%. let's back that up. year to date how oil has done, it also bottomed on february 11th, the diamond bottom. crude is down 7 1/3%. >> a hill of beans because the dow is out of correction territory on a day where we saw nice move up and actually you want to look at the acceleration of oil. initially we saw markets moving without any gains in oil and i think you can credit that to the financials responding well to the increase in the 10-year yield. they like that steepening yield curve. >> and the economic data this morning. >> expectations and weaker economic data and europe continues to feed this expectations. >> and if there's a fly in the ointment, what is it? >> volume. >> thank you for that. volume once again is week. you wonder if there's a lot of conviction behind this rally. we have the beige book. no one is ready to call an end to the volatility but need added evidence fr

. >> same day jamie dimon bought all those shares. >> and uae said they were talking about freezing productions right. very same day. crazy how that works out. we have shake shack and global expansion made it a favorite with consumers. but some wall street watchers think urban outfitters may fare better than other retailers this quarter, both posting earnings after the bell tonight. kate rogers will join us and courtney reagan. kate, you first? >> the street is looking for adjusted eps of 7 cents per share when shake shack reports. the stock is trading at double its ipo just under $42 a share. they do plan to expand to 450 locations that are domestic and company operated. although there's no specific time line on when. right now they have 50 in the u.s. and 36 abroad. investors will be looking to see how much u.s. and international locations they plan to open this year. also of interest will be the profit margins with higher beef prices and labor costs. they hiked prices in january to keep up with rising wages and any mention of the chicken shack sands witch will be of note. >> i'm getting hun

bear stearns was going under and it was folded into jpmorgan, and essentially jpmorgan said -- jamie dimonthink it was something look 30% of the head count. -- >> even if you're doing that trading, it still goes back to a liquidity issue. >> it's going to be shadow bank, hedge funds instead of banks. >>> we have a new alert on the proposed merger between staples and office depot. seema mody, what is happening? >> the story continues gets tore interesting, a u.s. judge is rebuking the fkc's legal tactics in the staples/office depot merger calling the tactics, quote, disturbing, in particular the sung said they pressured amazon for a favorable testimony. the ftc is responding, denying it did anything wrong. of course it's been challenging this proposed merger for quite some time. we are seeing shares higher after hours. kelly? >> thank you, seema. this is a 20-year-old story almost of its own, mike, but this is a big move in the shares now, which might be ceasing out they may be able to move forward. >> an interesting twist. this suggests that at least a judge thinks that the government over

brian moynihan, 23% increase in about a 6% drop in shares in 2015 jamie dimon signaling a bottom fors with regard to the market at that time, those shares again up 6% in calendar year 2015. his pay you can see there went up a pretty decent amount as well. if you talk about the overall banks, it is about whether or not it's pay for performance. some of the largest ceos making a pretty penny despite lagging performance. >> i feel like they are getting paid sort of combat bonuses. all of these ceos have been through this war of nursing the banks back to some semblance of health in the regular tri demands and everything else. you can't tether it that tightly to stock performance. with michael corbat, you have to pass the stress test at citigroup. >> they are now seeing to mill lenni lennials, you can have a year off to do service work and keep you interested in working for us and nurture the next generation of talent. are they worth the premium? to some extent are they interchangeable or do you need to be a special person with the comp that comes with it to steer these companies? >> i th

hashanie: jamie dimon expressed interest in this. have you considered selling to jpmorgan?ts to this technology is greatest when it is adopted by more than one party. it is part of our tragedy that the technology we are developing , is at least important being in the open source community, available to multiple parties, including to our competitors, to build solutions. the reason we are doing that is to promote the chances of standardization which makes the prospect much less risky. multiple uses of the same infrastructure, which is more appealing than the idea of proprietary technology within the organization. stephanie: if not one of your clients or partners, why not to a massive technology company? n aboutbbie has spoke the this business. would you sell to an ibm? >> we are not focused on selling at the moment. we are fixed on building a business, to become profitable and deliver the products that we promised to deliver. what will come after that, naturally is the process of growing the company, and is growing the company requires soliciting capital for what are other so

staley really took a shot in the most aggressive way of getting jamie dimon's job.n he did not, he was out the door. i am not saying he is waving a flag, but it is tough for me to swallow. the morning antony jenkins got sacked, i went over to barclays. he wanted someone to come in, move quickly, and make significant progress. jes staley has cut the dividend aggressively viewed values is one thing, but look at what he is doing, and it is aggressive. stephanie: they talk about markets, client flow. i do not hear too many people talking about culture. >> who can blame him? stephanie: to win, you have to right culture. >> we are waiting for the ecb decision. ♪ unicreditup, the chief economist joins us to break down the upcoming ecb rate decision. ♪ david pup moments away from the ecb decision. global head of strategy is back with us. and guy johnson is with us from london. in yourggressive predictions about what mr. draghi might do. outperform cannot the expectations of the market. willter december, that probably be -- after the disappointment last year, draghi has to d

jpmorgan ceo jamie dimon joined us yesterday and had some thoughts to share with us on how he sees the> what we see is the american economy, the actual economy, the 145 million people working, more people of working, wages going up, they are spending money, spending gassing savings, their balance sheets are in better shape since it's been recorded, the consumer. they are buying cars at all time records, home sales are going up, household formation are going up. >> let's talk more about the state of the consumer. hudson bay, gerry storch joins us now. he's in new york where they just opened up their new store. hudson bay completed their $250 million acquisition. you're moving quickly. we just talked with you about this acquisition. >> we just close don't acquisition on february 1st and just yesterday we opened the first physical store inside of a saks. it's the premium off price retailer. the internet is growing rapidly. so by putting the two together we provide that experience. we're seeing this more and more convergence between the internet and bricks and mortar retailer. so the world

jamie dimon said it was one of a half dozen protests and one of the worst hi's seen.you know about this? >> well, i mean from what i've seen, i was not there at that event, victor, but clearly what we're seeing at a lot of these trump convenients, protesters are seeing a lot of opportunities to try to disrupt an event and donald trump does not like any sort of dissent in his audience. anyone who's making noise or even a silent protester, trump tries to believe them from the audience. more and more these days it's been a big distraction for his campaign, and i think a lot of it may actually help him in some ways too. his supporters really rally behind him. it's hard o see what kind of impact it would have on the polls but it shows the divisive nature of his campaign and if he runs into the general election as the republican nominee, he's going to have to deal with this time and time again. that's one of the things his critics are warning about. >> all right. manu raju there from cpac. donald trump will not be. marco rubio will be a little later in the day. thanks so mu

about the fast d -- nasdaq getting a boost, rebounding more than 13% since what we're calling the dimon bottom. >>> alphabet up over 8%. recode reporting the company might have a ceo crisis. joining us now is internet analyst at mizuho securities. how much of this do you agree with, this talk of a crisis at google? stock hasn't performed all that badly. >> i think it's a little overblown. these alphabet, other companies contributed about one half of 1% revenue last year. significantly more in terms of operating losses. i think it's a little overblown. we worry on the margin that if they are really losing a lot of employees from these, you know, startups that are within alphabet, what could that potentially do to the growth runway for some of these companies. >> i've always looked at alphab alphabet, or google as i still think of it, that all these additional companies are just incubators. you might hit a lottery ticket, you maight not. >> we do a sum of parts evaluation on google. we think of these as pie in the sky, hopefully one day these will it urn into public companies and drive sh