carter has a bullish from wells fargo.an wants to know whether or not we will see a bounce in this stock. >> there is weakness to take advantage of. meaning the stock dropped and gapped at the open. it found support. all day long it was climbing back. the low print at the open. stock closed at the middle of the range. >> mike, would you agree here given what wells fargo reported today? >> if you are inclined to agree there are a couple of things that happen. options premiums drop. they released the news. i am not inclined to be for example short puts in the financials at this point. if you are inclined to make a bullish bet i encourage you to buy calls or call spreads. >> our thanks to carter braxton worth. be sure to follow us on twitter. dan posts regular updates of his trades. if you are on facebook stay posted on our trades throughout the week at facebook.com/options action. we have the final call next. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click

with his bullish trade on wells fargo.an thought wells fargo would go far. >> here is a stock amazingly stable. throughout all the turmoil over the last year and a half. >> buying the stock, 100 shares set him back, $3,600. dan instead bought the january 38 strike call for 90 cents. he needs it to rise above or above 38.90 by january expiration. 90 cents? we are trying to bet on a bank here, not empty out our bank accounts. dan, let's find a way to do this for less. >> i sold the january 13, 33 put. >> now we are saving. so to spend less dan sold the january 33 strike put for 80 cents and created his risk reversal. but he did something better. he made making money easier and here is how. between the 90 cents he spent buying the call and the 80 cents he collected by selling the put dan is spending a dime on the trade. instead of needing wells fargo to trade above 38.90 he needs it to be above 38.10 by january expiration. but there is a tradeoff. because he sold that put dan will be forced to buy wells fargo stock at that st

liz: the stock is down 1/2% from wells fargo. very successful, southern district of new york for going after insider trading and other cases and it is wells fargo talking about is false certifications. we are watching the story closely. the dow is down 1/2% at the moment..o cf1 o robert gray will interrupt and get us more on this and according to adam shapiro where is the news? ten years of misconduct in connection with wells fargo participation in the f h a direct endorsement lender program. as soon as we get more we will get it to you. let's go back to the markets and your money. what are you reacting to and why everyone is so nervous we seeing a sell-off of 83 points is the volatility index relatively low? let's bring in jim king, our guest today. south texas money-management president and chief economist joining me for the last hour of trading. you folks in south texas don't scare so easily. >> a lot of things people are worried about, china and the middle east and europe, fiscal cliff, these have been highly telegraphed and

next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it was modified, what ever reason it may be. it cannot be, i did not want to pay that payment any more. the second c, conditions. basically, how precise will the money be used? we are looking at a business plan. when you look at a business plan, that is just a start up. we are looking to see where there will be the need for lending. if you are an existing busi

tim sloan, cfo of wells fargo. >> so are you better off buying shares of wells fargo or the other bigorting earnings today? jpmorgan chase, the other big bank. that trade is next. >>> with so many minutes left to go here, about 40 minutes left, i'm still thinking about the war room on the fiscal cliff. we have the dow up four points. maybe we will finish positive for the first time this week. >> that big, toothy grin from joe biden last night, didn't that steal the show during the vice presidential debate? our political pundits and cable talking heads paying too much attention to the debating style of the candidates and not enough to their substance. >> we expect democrats and republicans to argue on this, but you know atmosphere in washington is toxic when two members of the same party can't even get along. so more of this incredible video. and i know both of these guys. >> you do? oh, my gosh. >> it's unbelievable what these guys are doing here. i'm ashamed for both of them. they are both saying they're apologizing for it. we'll get to that coming up. >> okay. so you know that maria

originate wells fargo.ou would obviously like to see them diversify that revenue stream a little bit. >> they really do have a diversified revenue stream i believe. it's just, they will get more credit on that loan portfolio then they will get from mortgage banking revenues. mortgage banking revenues are looked as volatile earnings stream. they would much rather see a portfolio. that will get them more of the credits. even though they made record profits what people don't like the mix of revenue is lesser quality. ashley: there are those, paul, that say the banks are boosting their profits because they're slashing reserves for bad loans. is that, is there a case for that? >> you know, not for these two institutions. they have very high reserve levels. so it is not a concern for these two at all. you know, jpmorgan i think released 900 million but they have well over 3% reserves. it is not a concern for these guys. when you start going back to the smaller entities the regionals. that is a concern. we've seen

i do have one question for wells fargo. what are the typical rules for applying for sba loan of less than $50,000? how much money do we need to have in your bank to apply for a loan? >> i am on the smaller side of the bank. i am a transaction guy. i do not technically require one to have an account to do a loan with. what i look for, i generally start at 100,000 and up. when it is a requirement of 50,000 or less, i tend to call of the micro guys to help me out. that is right in their box. for us, the capacity for us to do the smaller side is not there as much as it is for them. on getting a loan through my side of the bank, i do not require an account to do that. we would like to have it, but i do not require it. >> last question for the opportunity fund and a critic representative. are you a cdfi? is san francisco and s.p.a. in support of cdfi's being established in san francisco? >> yes, we are. we were founded in 1999 with a small business loan. that is how we started our tenderloin office. >> opportunity fund is a certi

wells fargo is a small business lender. i want to hear from wells fargo. don't like to take down companies until i know exactly what went wrong. but it's going to cast a pahl on the group. it's not supposed to make mistakes. not supposed to. >> jpmorgan did not make a lot of mistakes this quarter. there was a lot of focus as there tends to be on the reporter call which i was on. london trades. they are not the story any longer. it was a strong quarter for jpmorgan across its different business lines. there was a reserve release of $900 million in the mortgage business. importantly, we did have jamie dimon on the record now saying we believe the housing market has turned the corner. of course, his voice added to a chorus of many who said the same. we'll see how the stock reacts. as for a buyback, if you recall, that was speuspended, they want permission for the first quarter of next year, applied for that, but then they need to start over again for next year as of the end of march, and so it's not clear they're going to be buying back any stock until let's

jim, you have wells fargo and jpmorgan out today. what do you think?w a lot of people tell me why it isn't good. the company has made a comeback off of what was happening a few months ago. frankly, just kind of a picture-perfect quarter. wells fargo owe my charitable trust owns both. my feeling, no, it was not what i wanted to see. i do believe that wells farg is taking over the country in terms of mortgage servicing, taking over the country in terms of market share mortgages but not making enough money. that interest margin was disappointing. i like to point out when i'm wrong, i believe ultimately i will be right on wells fargo, but this is not what i wanted to see. >> so a hiccup this time around. jim, thank you. great seeing you and wonderful being on-set with you last night. >> a great job last night, guys. >> you did a great job. see you in a few minutes. >>> we heard from some big names this morning, highlights coming up next. >>> monday on "squawk box," he's the governor of a swing state. florida's rick scott will be our guest host. >>> plus, t

wells fargo dinot ny on gu yreyn t e s,itso. >>shepard: i read the words and most of them are nothing. >>guest: it is a familiar story. the better question is, would hasn'teen accused of issuing bogus mortgages during th stthaspp wbble inil thventgutehe s they said that wells fargo took over another troubled lender and that happened in 2008 so some of them may go back to the other bank. but a lot of them were not garts te who could not afford it just churning out the fees and packaging them into securities. they were the so-called toxic securities that were volv i eeln. e rn i ngth h.th on e hook insuring the mortgages and the federal government wants the money back. >>epard: t shocking thing is that the government did not think this could happen when they changed the rules under the clinton administration. deedooropnhat ru change? >>ar this is how it was supposed to work. >>guest: the banks are supposed to say we police the rules. the f.h.a. doesn't. the government doesn't checkup on y tost yfoo buen they blow up, the governmen

the feds have sued wells fargo for fraud spanning a decade. the lender says wells fargo denies the allegations and believe we acted in good faith with federal rules. and now, we have author of "rebounders, how winners pivot from success." wells fargo did not do anything wrong? >>guest: you are cynical to the banks, it sounds. >>shepard: i read the words and most of them are nothing. >>guest: it is a familiar story. the better question is, would hasn't been accused of issuing bogus mortgages during the housing bubble in a familiar story that has happened with other banks. the government guarantees the loans and they said that wells fargo took over another troubled lender and that happened in 2008 so some of them may go back to the other bank. but a lot of them were not underwritten properly and they did not vet properly, and they gave mortgages for those who could not afford it just churning out the fees and packaging them into securities. they were the so-called toxic securities that were involved in the meltdown. the government is saying, the

we take you to a wells fargo event in chicago, where housing grants could turn renters into buyers. >> tom: then, from tax hikes to corporate earnings worries,o tonight's "market monitor" guest says investors are facing a cliff of concern. robert stovall of wood asset manament joins us. >> susie: that and more tonight on "n.b.r."!me >> tom: the u.s. economy actually sped up in the third quarter, surprising economists and maybe you too. thanks to a pick-up in spending by conumers, the federal government and the housing c sector, the gross domestic product grew at a 2% annual rate in july through september. that 2% pace was stronger than expected and much better than what the economy experienced in the second quarter. suzanne pratt takes a closer look at the data and what it suggests about the economy the final months of this year. >> reporter: an economy growing at a 2% annual rate is hardly anything to celebrate. sure it could've been worse. but, clearly at three-years post great recessi , it should be a lot better., experts call it a side-ways economy, one that is unabltona create en

[ female announcer ] wells fargo. together we'll go far.ne have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ phillips' lady ] live the regular life. phillips'. >>> if you don't want to break children's hearts do not try to explain the electoral college to them. >> who is voting for colored pencils. who is voting for markers? 14. for markers. markers have won the popular vote. [ applause ] and now we are going to have the real election. in the end the whole election. this will decide the whole thing. how do you cast your vote? >> colored pencils. >> what is that? >> you are so cheating. >> everyone is thinking it is unfair. >> joining me now is the host of that documentary. mo rocca, so cruel. why don't you wait until we have to allow them to get their hearts broken. >> it will be happen. >> there is a fascinating piece here. where you get into the constitutional right to vote. >> i haven't

which loans did wells fargo allegedly, i don't know, lie about?nds and thousands of ones that were backed by this fha administration -- this is a federal government. the u.s. attorney saying that they made mistakes making these loans and they knew about it. now those loans later defaulted on. that's one clue that there might have been a problem. >> shep: i know that all the stuff going on overseas was part of the markets today. was this part of the market drop as well? >> i doubt it. it came late in the day. i'm not sure people were paying a lot of to say it. what's more, a loft these suits have been filed by the u.s. attorney, filed five of these suits, three settled. hundreds of millions of dollars going to taxpayers. now you might be wondering how wells fargo did today as the stock. not so hot. down 70 cents or 2%. so i think people have heard a lot about this coming out. they're kind of expecting it and so you don't see a huge selloff on the news. >> shep: when you ask the bank, they haven't done anything wrong. >> absolutely. >> shep: neither

wells fargo.ll go far. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. try this... bayer? this isn't just a headache. trust me, this is new bayer migraine. [ male announcer ] it's the power of aspirin plus more in a triple action formula to relieve your tough migraines. new bayer migraine formula. at meineke i have options... like oil changes starting at $19.95. my money. my choice. my meineke. >>> good morning to you, and welcome back here to this cnn sunday morning. i'm brook baldwin sitting in for randi kaye half past the hour now. here are stories we are watching for you right now, including hawaii. the coast of hawaii remains under a tsunami advisory where the waves are expected to

we have the former wells fargo chief dick kovacevich with me now.ejoined by jeff cox and david faber. dick, let's talk about the situation as we know it. as we listened to this conference call, was pandit not the right man for the job to begin with? >> i think if you look at the massive challenges that citi corp. faced at that time and compare that to vikram's resume, there's a disconnect. i don't know that an asset manager and a hedge fund manager has the knowledge and experience and the deep experience over a long period of time to address the challenges that citi corp. faced. this is not vikram's fault. experience is experience. he didn't make the choice. i just think there's a huge disconnect between what they faced and the experience that vikram brought to the party. >> yet, it feels like shareholders have tolerated or held his hand throughout this tumultuous period, even though the stock was down 90% since he took over. you've been a student of this business for a long time. you came up with the idea of an atm, right, when you were at citi cor

i expect jpmorgan and wells fargo to beat tomorrow on mortgages.t's time to take some profits in the money center banks, go to the regional banks. they've underperformed since august by roughly 500 basis points. i would be select nif choosing in this environment. >> i guess you'd be selling then because you like the banks. why? >> i think that when you look at some of the large banks, you have rebound in capital market activity. these are banks that generally have taken their cost structures down. you've got a little bit of leverage going on as we speak. i think that's one of the main reasons. >> are you worried about all of these lawsuits? quarter of quarter, just when you think the litigation may be coming to an end, poof, there's more. this is, like, phillip morris of the old days. you're not worried about that? >> we're certainly concerned about it. i think what jpmorgan has done is taken litigation reserves, sometimes smaller amounts and sometimes larger amounts -- >> but that costs money and hurts profits, right? >> it does. but in general, t

jpmorgan and wells fargo both stocks are down. what's up?playing it self out in the banks. people thought it would be good but forgot something mentioned a little while ago on your show, net interest margins, wells fargo in particular, 25 basis points down in net interest margins, that's really what is taking the stocks down. >> that's not going to improve any time soon. >> absolutely not. the offset is both companies reported strong mortgage banking income, continued good credit numbers so that's the thing, the ying and the yang of qe3 for the banks. >> is it enough to own the banks? >> the banks got ahead of themselves coming into the quarter. after qe3 we were saying you want to short those on net interest margin and long those on credit mortgage but people were buying them all so i think they got a bit ahead of themselves coming into today. >> next week you've got 6:00, goldman, morgan stanley and bank of america. who wins in the market strength and expense discipline? >> you want to move towards the capital markets as you're suggesting

wells fargo. together we'll go far. overthe people of bp twenty-threeitment to the gulf. billion dollars wells fargo. to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. but what about your wrinkles? neutrogena® rapid wrinkle repair visibly reduces fine lines and wrinkles in just one week. why wait if you don't have to. neutrogena®. sid . >>> every single word coming out of the candidates' mouths, being analyzed, every word or phrase, being looked at. not to mention the phone calls, tv ads, most of them negative. we need some therapy here, so let's bring in jeff gardier, a clinical psychologist, i have never been happier to see you. they said, are you ready for the the election? every four years, the american people go

morgan and wells fargo. j.p. morgan trading near a five-month high. is this a stock that you would buy? > > it's interesting to see it. we're back pushing toward those highs of march, that $45-level. it will be interesting if we do get some good news out of j.p. morgan. certainly they've recovered all that loss post the whale trade, so the stock, and banks generally, i think, kind of feeling the benefit of what the fed is doing as they're able to in essence layoff some of their mortgage rate back to the fed and take it off their balance sheets. so, we'll see what kind of reserves they need to bring forward to kind of meet their number. that's kind of the key to the bank earnings reports both on j.p. and on walls fargo as well. > > is wells a buy here? > > wells has been the relative out-performer. it really didn't suffer too badly. the news we saw a couple days ago i think will provide a little bit more caution here. on a comparative basis, i kind of like j.p. on valuation and also on earnings verses wells going forward from here. > > there's lots of

wells fargo. together we'll go far. these are sandra's "homemade" yummy, scrumptious bars. hmm?ed you to eat more fiber. chewy, oatie, gooeyness... and fraudulence. i'm in deep, babe. you certainly are. [ male announcer ] fiber one.

there's some disappointment with the revenue growth for wells fargo.l also watching apple will see if apple stock can rebound $6.28 per share three weeks ago it was $3.70-test $3.50. thank you market has been a busy day fires around the bay area. >> the west portal neighborhood nine west portal avenue. the fire breaking out just after 5:00 a.m. are kron 4 reporter is standing by given us the latest information as far continues to burn. >> the fire religious broker the top of this cafe and you could see the flames are coming out the top of the scott and gobble, cafe there a three ladders you can see one spring water. the flames broke and the top the 63 alarm fire all of the trucks and some of the fire crews are watching their comrades and colleagues put water on the fire to control the blaze. you concede this firefighter pouring water on it it has been going on for more than an hour. crews on sing in the past few minutes additional fire lines have he plans and the fire breaking through the top just in the past few minutes even if you do not live here th

rain or even snowshowers from fargo to the northern great lakes.lso, showers from san francisco to l.a. and san diego. >> 70s in sacramento and much of the rockies. 60s in the pacific northwest. mostly 50s in the midwest. >>> and when we come back this morning, labor pains at walmart. as worker protests against the giant retailer are growing. >>> the cyber attacks against major banks spread, with one major bank bracing to be hit today. >>> and then, the peanuts gang has a state at the movies. charlie brown and his pals are heading back to the big screen. >>> welcome back, everybody. the federal government wants its money back. it is suing wells fargo for defrauding a government-backed insurance program of hundreds of millions of dollars by improperly underwriting loans. it's the fifth lawsuit of major practices. wells fargo is denying the allegations. >>> capital one is involved in a series of cyber attacks. it says some of its online systems were disrupted yesterday. but most services have been restored. the same group promises action today agains

wells fargo.ether we'll go far. >>> the man who is afraid to do "the view" sent his wife to do "the view" alone today where whoopi goldberg forced mrs. romney to defend her son's refusal to participate in the wars that they support. the romney men are in tonight's rewrite with a very special word for taggert romney and his desire to punch the president of the united states. hi, i'm phil mickelson. i've been fortunate to win on golf's biggest stages. but when joint pain and stiffness from psoriatic arthritis hit, even the smallest things became difficult. i finally understood what serious joint pain is like. i talked to my rheumatologist and he prescribed enbrel. enbrel can help relieve pain, stiffness, and stop joint damage. because enbrel, etanercept, suppresses your immune system, it may lower your ability to fight infections. serious, sometimes fatal events including infections, tuberculosis, lymphoma, other cancers, and nervous system and blood disorders have occurred. before starting enbrel,

wells fargo is delighted be one of the desponsors of the book festival and the history pavilion. next we have a very special program devoted the life and legacy of dwight david eisenhower. i'm especially pleased to introduce this segment because i was born at the end of the eisenhower presidency. some of my grandfather's favorite memories -- my favorite memories were spent with my grandfather who was a huge president eisenhower fan. such a fan that when he visited my mother and i in the hospital for the first time, he told my mother, his daughter, i have the perfect name. let's name him dwight david gelden. my mother preferred michael, obviously, but throughout my childhood, my grandfather reminded me many times, you were really supposed to be named dwight david golden. how delighted would my grandfather be if he knew who i was about to introduce today. we're fortunate to have david eisenhower and julie nixon eisenhower joining us, david is an author, public policy fellow and grandson of dwight david eisenhower, a scholar at the an anyoneburg school of communication in pennsylvan

government is suing wells fargo over allegations of mortgage fraud. the lawsuit accuses the bank of making reckless and fraudulent home mortgage loans for a decade costing the government $190 million. according to the complaint, the federal housing administration had to pay insurance claims on defaulted loans that were falsely certified by wells fargo. wells fargo denies the allegations. >>> a group backed by the beverage industry is spending millions of dollars to denote a soda tax measure on the ballot in richmond. the no on n campaign has spent more than $2 million compared to just $25,000 spent by supporters of the tax. it would raise a tax on soft drinks and other beverages by a penny per ounce. >>> a story we first brought you at noon yesterday was a rescue that was days in the making and this morning a sea lion is safe and recovering at the marine mammal center. this is exclusive video of the rescue here. rescuers went out to pier 39 yesterday after they received calls about two sea lions with fishing lines caught around their necks. it's heart

. >> tom: in cities across the u.s., the biggest mortgage lender, wells fargo looking to mend its image after accusations it steered minority homebuyers into sub-prime loans. the bank's strategy is to help certain home buyers with their down payments. as diane eastabook reports cities like chicago are hoping the grants could be a first step in turning around distressed neighborhoods. >> all of you out there probably know what your numbers are. >> reporter: these chicagoans are lining up for what could be a chance of a lifetime. they're applying for $15,000 grants to be used for the purchase of a home. the money is coming from wells fargo and it's part of multi- million dollar national fair lending settlement between the bank, the u.s. justice department, and several states including illinois. >> the programs desire and intent was not only to spark not only the market, but to spark people's imagination to get them interested in buying a home again. >> reporter: the $8 million set aside for the chicago grants could help revitalize neighborhoods hard hit by the housing crisis. to be eligib

last but not least, we have our conditional lender represented here by wells fargo. mark cyrus is the senior fda banker for the region -- the senior sba banker. he held businesses choose the best loans for the growing business and focus on a comprehensive understanding of their goals for their business. mark is responsible for helping entrepreneurs with sba loans every step of the way. i would like each of you to speak a little bit about what your organization does and, more importantly, address the audience here and let them know what your looking for when you are hoping to fund their loan. we will start with you, mark. >> absolutely. thank you. i want to thank speaker pelosi for putting this together. i want to thank all of the of for coming out on a smell it -- snowy san francisco date. [laughter] we've been told we should get us know when we go back outside. not sure what to expect. second, i thank speaker pelosi for all the work she did to support the jobs act and before that, the stimulus bill, the original american recovery act bill that allows sba to be able

wells fargo. together we'll go far. these are sandra's "homemade" yummy, scrumptious bars. hmm?ed you to eat more fiber. chewy, oatie, gooeyness... and fraudulence. i'm in deep, babe. you certainly are. [ male announcer ] fiber one. >>. >> bret: benghazi terror attack, the white house responds, the november election, democrats coo accuse republicans of gotcha politics. they say it cuts to the hat of election. this much is true, it's an issue that is not going away soon. >> by october the republican presidential nominee mitt romney is regularly hitting president obama hard on libya. >> the attack on our consulate can't be blamed on a video insulting islam. despite the administration's attempts to convince of that. >> but they insist the only reason it's a political issue at all is because romney and ryan are making it one. october 11th, right before the vice presidential debate, i asked her if she really meant that. >> what are you suggesting. are you suggesting we are playing politics with this? you have been -- >> this has become the political topic. four people are dead. >> ab

wells fargo. together we'll go far. [ female announcer ] wells fargo. see life in the best light. [music] transitions® lenses automatically filter just the right amount of light. so you see everything the way it's meant to be seen. experience life well lit, ask for transitions adaptive lenses. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips'. >>> ten days, ten days left in the 2012 presidential election. and this morning, we're focusing on the undecided states of america. here's what i'm talking about. the country is pretty evenly decided between the blue states and red states. but let's take those out. that leaves us with the yellow ones, the critical states that could swing the election one way or another. taken collectively, they're like their own little country right there in the cen

. >> we have breaking news on wells fargo. scott cohn stepping in now with that. >> you may have seen it on your screen a short time ago. we can look at the chart of wells fargo, which is getting hit toward the close here on this news of a civil fraud suit filed by the u.s. attorney in manhattan. the latest action by a federal financial fraud enforcement task force. it's slightly different than the suit we previously saw against jpmorgan involving bear sterns. this is about fha-insured mortgages that the government says that wells fargo was misrepresenting to get fha insurance on these mortgages for a period of some ten years. they say about $190 million worth of mortgages may have been misrepresented, essentially ripping off the taxpayers for this fha insurance. under the law, the government could recover triple damages. this is a $570 million suit against wells fargo. we're following it. we'll teep you posted. back to you. >> just off the lows, scott, thank you very much. we're heading toward the close, otherwise, with about

jpmorgan, wells fargo, they beat the earnings expectations. saying maybe the qe inspired rally is coming to an end. we are seeing a big drop in most of those stocks. that being said, tomorrow will be a huge week. remember, these financial stocks after hitting their height of he year sold off big but rallied back. 33% year-to-date. analysts are optimistic heading into earnings. this is ahead of the opening bell. $0.97 per share expected. 62% of analysts that cover citigroup shares rated it a buy. more than any other financial name out there. we'll hear from bank of america as well, but keep in mind they were very downbeat about the third-quarter performance. they're forecasting the first year-over-year decline dating back to third-quarter 2009. so citigroup is looking pretty good right now and outperforming all these other names. cheryl: the entire sector has done amazing to me cannot deny with the financial guys have done. sandra, thank you. dennis: and medicare fraud, big questions over prescription refill practice. cheryl: the government loo