wells fargo off by 1% premarket.orm and good talk about consumer banking. david: it has been down and up. the market is trying to sort out what the tax law means for j.p. morgan. alix: they did point out in terms of individual business, consumer credit good, real estate also strong. i'm interested to hear more details about that as well as what they will do with the tax reform money. right now, they are avoiding it. and paulwart warther hickey will be joining jon ferro. this is bloomberg. ♪ jon: i am jonathan ferro. this is the countdown to the open. 30 minutes away from the start of trading. ♪ jon: coming up, j.p. morgan's season on wall street. u.s. core inflation accelerates. two-year yields up for the first time since 2008. facebook announces big changes to its website. coulduckerberg says it cause user engagement to follow. 30 minutes away from the opening bell, futures unchanged on the s&p 500. pop, uplar seeing a big .7%. the dollar still cannot get a bid, four basis points. up off the back of the solid core i

earnings from jpmorgan, wells fargo. retail sales and inflation numbers come out today, all of this combining to push people into equities. the optimism is what is truly astounding. joe: incredible. scarlet: let us look at individual names. foras much optimism names like facebook after zuckerberg signaled he will make changes to the way facebook calculates what kind of news stories and presents to you and their newsfeed. less of the sponsored post from media outlets. that could result in less engagement for facebook users in the short-term. investors not liking that news. jpmorgan coming out with results. it was a disappointing number if you look at the headline number, but that is because of the tax change. what is important is the outlook in jamie dimon's signal. the tax cut will be good news overall for jpmorgan and banks. has reached the $100 mark after a report by bloomberg that ge shot is building an activist stake in the retailer. joe: is also much we yesterday if you are not at double digits this year you are beh

jpmorgan and wells fargo's reports. facebook shares down after announcing big changes to the website. mark zuckerberg says it could cause user engagement to fall. abigail doolittle is with us as we are halfway into the trading day and stocks reach record highs yet again. >> the rally simply continues this year. take a look at the s&p 500, dow, nasdaq. major averages up more than half a percent, the dow up more than .8%. continued optimism about the effects of tax reform as earnings season gets underway. earnings on a year-over-year basis will grow 11.8%. it seems investors are feeling good about the current situation . as we have weekly gains, the best since last week, two solid weeks in a row. the dow almost 2% on the week. lots of bullish momentum. -- fromke a look at the a point and percentage standpoint. biggestp top 1.8%, the boost for the s&p 500. this as suntrust has raised its , saying $1400 per share shares are fundamentally very attractive. microsoft also higher up. one of the top boosts as bullish comments sa

from an employee of wells fargo, what do you think?> well, i did not send my disclosures on wells fargo stocks, i can't comment on the stock. as far as employee, i will say i've never seen this level of communication to the employees the top of the house to, you know, every employee, town halls every other day, communication memos, what's happening and the degree of collaboration. i'm very happy being at wells fargo. >> come on, pete, what -- >> are you going to upgrade or downgrade the najarian >> well, no, but the interesting thing is -- here's the interesting -- [ overlapping speakers ] >> you guys could stop the interesting thing is when you look across some of the numbers from wells fargo, there are record numbers that were coming out of this report and that's what i thought was so interesting for me is i went through that report is you look at the competition out there and these record numbers in multiple different categories, look at the assets over $2 trillion. that was a really impressive quarter that wells fargo was able to p

we kick off with the likes of jp and wells fargo today.you think we could see some misses on the q4 numbers, but big beats in terms of the commentary from management, in particular on both fronts as it relates to the tax reform bill >> the taxes are obviously good for corporates in terms of enhancingearnings going forward. i think the narrative that says the tax bill will result in growth for banks in terms of lending is off the mark. we have a striking comparison this week between wells fargo on the one hand which is barely growing, and pnc financial, which the street has at a 7% revenue growth number for this quarter. the smaller banks are allowed to grow they're allowed to make acquisitions the big banks are basically being told not to do anything. the regulators have explicitly told the top five banks no acquisitions at all. >> but acquisitions is one thing. the big banks are facing less regulation going forward they can grow. >> yeah. >> they can reduce expenses which will be helpful. you are seeing expansion in met interest margins n

we can do that. >>> wells fargo out with -- wells fargo out with -- they gave it to me. earnings just moments ago the company posting better than expected bottom line results however, revenue fell a bit shortstop joining us now, the principal and bank analyst the that was a really sort of overarching development a couple years ago when i -- it used to be warn buffet's favorite, you know, the rolls-royce of banks and now we think of wells fargo, that's all we think about. are they past the problem? >> we're in the later innings certainly. in the coming couple of weeks we'll probably see an occ settlement and took a litigation for that and that will allow them to close the book thon. >> how come it's taken so sflong h -- so long? how do we keep getting dribs and drabs of that? >> you raise a good point. number one, virtually everybody out there needs to extract upon the flesh and we have a litany of regulatory bodies in the u.s. so each one is sort of taking their turn. >> it was their own investigation. >> that's where i was going next and once they uncovered the sales pr

wells fargo dropped before recovering. let's head to the wall with remy.ow about the banks this week. looking at what happened was wells fargo and jpmorgan, it is interesting because with the jpmorgan, they came and one with estimates in terms of earnings and revenue, just a $60 million miss, not too much in the grand scheme, but the weight from friday, the head to what is happening with citibank and the other banks, is what is happening with trading revenues. his is for 289, trading revenues with jpmorgan. we saw this on friday. now have the numbers entered this is the third quarter, the is at itsming in lowest in the past three years almost chart, 2.2 2 billion, the off time that happened was of the star here. in terms of equity revenue, we're hitting the bottom, 1.1 5 billion. it is a bigger fall than expected, down by about 34%, an expectation of about 19%. you talk about jpmorgan and the share price, still rising to a record high. it might be because of what is happening here, because of the tax windfall these banks and other banks are very well going

wells fargo earnings take a hit due to ongoing litigation costs. facebook shares tumbling after the company makes changes to its news feed. will that transition lead to people spending less time on the website? 30 minutes into the trading day. we have records. abigail doolittle has been tracking the action. not big gains are necessary to get to that record. abigail: the rally continues. eight days are looking at gains averages.jor a lot of optimism around tax reform. results for the big banks, but the effect on the markets overall is a tailwind, especially with jamie dimon talking about how it will be a positive for the country going forward. where there is not a lot of optimism is facebook. we have an intraday chart of facebook cover which i can pull up. it is right here. there we go. facebook is down 4%. his worst day since the end of november after the company prioritizehanges to not brands.family, mark zuckerberg says people might disband less time on the changes,ecause of the but the time will be more valuable. investors are a little shocked b

would you compa and contrast the reports from jp morgan on the one hand and wells fargo on the other for us? >> sure. jpmorgan and the money center banks are having some pressure from the capital markets. they're not hitting on all with that, they're being able to grow earnings per share from those catalysts at around 10%. wells fargo is an outlier in the sense that it has pressure from the representatiol crisis it's dealing with. they're increasing expenses to make sure they're taking care of employees and customers as much as possible. it's also caused them to de-risk their business, to make sure there's no more hiccups down the road. it's created some revenue headwind. just one last thing, super regional banks are the ones that really will benefit the most from this environment. >> you really think that we're going to see a considerable earnings per share growth, 30%. so if you're not in these stocks, it sounds like perhaps they are not overpriced yet, and have more room to run. would that be a correct assessment? >> it would be. as returns will go up three full percentage points

wells fargo tweeted it's working to fix the issue and thanks customers for their patience. to double-check on that account this morning. >>> it's now 4:30. lets get an update on weather and traffic. let's start with mike nicco. you're never more than seven minutes away from the forecast. >> it's going to be a wet one throughout the day. keep an eye on that, each when we're not on the air with the weather app.

so what we had between wells fargo and jpmorgan is wells fargo still dealing with those issues they'retarting to stage for 2018 they had to get a lot of this behind them. the guidance is improving expenses and improving efficiencies, and they'll get that momentum as we get towards the back half of 2018. we just think it's timing at this point with wells fargo. >> so, does today color your expectations for citi, goldman, any of the other regionals >> again, if you look at the super regionals and regionals, you're seeing all of the elements for those to outperform, when you look at the money center banks, you have weak trading results which they're having to work through they're not going to have, again, the regulatory relief is in capital deployment, and that's where we'll see the superregional banks do much better >> any expectations for actual increase in net interest margin. if we get a yield curve that does cooperate >> the good news is we're up about 20 basis points over the last two years that was re-creating the deposit spreads without any help on the back end of the curve. we're

mastercard, $4 billion, bank of america $5 billion, pfizer 10 billion, wells fargo $22 billion.many, many more. $100 billion have been announced in stock buyback since the senate announced its tax bill. when many learned that some are not getting anything, some are getting raises, and the rest are getting crumbs, and big corporations and wealthy individuals are getting nice big fat pieces of pie, they are going to be outraged. my majority leader will not brag about the stock buybacks. he will, however, announce when a company gives a bonus to its worker. let's hear both sides and let the american people judge. bonuses are a good thing, but the truth is these one-time bonuses are a drop in the bucket compared to what corporations could be doing for their workers. and, by the way, not only were these buybacks, let me announce pa few other things that the -- a few other things that the corporations did after the tax breaks. when bank of america announced their news -- when pfizer announced it $10 million buyback, it would not research alzheimer's, laying off 300 people. wells fargo anno

nasdaq up 47 the russell up 4 n1/2. >>> up next, pnc, jp morgan, wells fargo onalg with blackrock.hich of the financials is your best bet the "closing bell" is back in a flash. how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. >>> art cashin just stopped by i guess we shouldn't be too surprised by this. the market on close orders, he said, show an imbalance to the buy side of $1 billion i think we were already seeing that seep into the market. with the dow up 225 points. >> that would explain the pop. >> yes, that's been a big pop today. >> we approach 26,000 already. we just did 25,000 last week anyway, it's also been a big day for the banks. jp morgan, blackrock, pnc financial, wells fargo, all reported earnings this morning jp, blackrock, pnc, are up today. wells is down by just over half a percent. ryan kelly from hennessy funds, and charles from ari

i'm in wells fargo and i've said that for months now. that stock continues to work and today i also added bank of america because of big upside call buying. >> bank of america, despite its outstanding performance last year, was the outperformer jpmorgan is still the most premiumly priced stock it's 1.9 times book. if you look at the big six banks as a whole, only two of them are trading below their ten-year average price to book. and that ability for wells fargo to turn around, particularly on simple measures, when we talk about rates going up, they're geared to that possible cost cutting, they're geared to that that's why the analyst has put that on his conviction list buy. goldman sachs and wells fargo are only up about 6%. >> don't discount the regionals. iusg, the tax -- >> and they have had a nice move this week. >> they have and that will continue because the tax plan is much more beneficial for domestically focused companies, particularly the small and midcap everyone i talk to that owns a medium-size business is putting more mone

when fans called us, we reached out to the wells fargo center. they told us the color was picked months ago in advance. it was an accident, they support the eagles. well, fast forward a few minutes later, our cameras were rolling when the lights of the center switched over to that eagles' green. >>> the city is warning neighbors to be prepared for extra traffic and parking changes. starting at 2:00 sunday afternoon nobody can park on broad street. there's also a concert that night at the wells fargo center which will add more drivers to the mix. one restaurant owner says he's opening and closing two hours early on game day because of parking and traffic concerns. >> game time, it will be crazy down here. the traffic is unbelievable. >> today several roads around the ben franklin parkway will be shut down for the women's march on philadelphia. a lot happening in the city, and there will be at least a dozen no parking zones. we'll have more details about the women's march coming up in the next half hour. we have exclusive eagles coverage throughout

mastercard, $4 billion, bank of america $5 billion, pfizer 10 billion, wells fargo $22 billion. many, many more. $100 billion have been announced in stock buyback since the senate announced its tax bill. when many learned that some are not getting anything, some are getting raises, and the rest are getting crumbs, and big corporations and wealthy individuals are getting nice big fat pieces of pie, they are going to be outraged. my majority leader will not brag about the stock buybacks. he will, however, announce when a company gives a bonus to its worker. let's hear both sides and let the american people judge. bonuses are a good thing, but the truth is these one-time bonuses are a drop in the bucket compared to what corporations could be doing for their workers. and, by the way, not only were these buybacks, let me announce pa few other things that the -- a few other things that the corporations did after the tax breaks. when bank of america announced their news -- when pfizer announced it $10 million buyback, it would not research alzheimer's, laying off 300 people. wells farg

palmira: elbanco wells fargo se disculpa ante su clientela.n un centro en malibÚ. el conejito tenÍa quemaduras en cuatro patas pero afortunadamente ya se recuperÓ. nos vamos, buenas noches y gracias.

still ahead, cfo of wells fargo .st bank results and how they will be affected by tax cuts. we keep saying this will be the critical thing for these banks. what they say about the implications of tax rather than the quarterly earnings. going to be at 4:00 p.m. eastern time. from new york, this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. mark: i'm mark crumpton with first word news. south africa's ruling party is calling president trump's comments on african immigrants extremely offensive. jessie duarte of the african national congress told reporters the developing countries do have problems. >> it's not as if the united

brian jacobson is wells fargo multiasset strategist. peter is a chief strategist. good to see you both it sounds like you have been paying attention to some of these names trading well above their 200-day trading averages

that's what i want i need leadership from jpmorgan wells fargo had a problem. i forget what it was was it stagecoach related? they opened some accounts -- >> there was some cross-selling going on

angry customers slammed wells fargo on twitter... company said it would refund any related fees or charges. it's just the latest embarrassment for wells fargo... which is trying to repair its reputation after a year of scandal.( darya ) most notably... when the bank admitted that employees created fake accounts to meet sales goals. ( darya ) if you were hit with a thousand-dollar emergency... would you be able to cover it? the majority of americans would not.( james ) a new report from bank-rate-dot-com found that only 39-percent would be able pay a bill that size. among those who say they couldn't pay ... 36-percent said they'd need to borrow the money or put it on a credit card.( darya ) according to the survey.... younger millennials were the most likely to borrow from family or friends in an emergency situation. (rebecca) tracking your morning forecast. what to expect as you head out the door right after the break. ( lydia ) you can get... ...more adventure, more woo-hoo! more magic. and more happy. and now you can stay steps awa

boeing, at&t, comcast, wells fargo and fifth third bank corps. all announcedd employee bonuses or pay increases following that bill. real money back in the pockets of the forgotten men and women that deserve it in this country. take a look, for example, what happened over at, yeah, liberal cbs news. they had an accountant crunch the numbers to see how the tax plan is going to impact the middle class in country. uh-oh, didn't come out the way they expected. watch this. >> we wanted to see how folks would actually fare. we asked households from three different parts of the country to send us their tax returns and had an accountant calculate how things will change for each of them. >> a single mother whoho rents a home in kerry, north carolina, her income last year as an administrative assistant was a little under $40,000. >> if she were your client, what would you tell her? >> i got good news for you, marcy, you are getting more money back next year. >> amber and jason edwards were also hoping for good news. >> i hope it alleviates pressure on the

when fans called us, we reached out to the wells fargo center. the colors are chosen months in advance. this one was chosen random by because there are no events at that facility tonight. they called it a complete accident and said, of course, they support the eagles. minutes later our cameras were rolling when the lights were switched to, the proper eagles green, as we like it. >> everything is right with the world now. the city is warning neighbors to be prepared for a lot of extra traffic and big parking changes coming up this weekend. >> parking won't be allowed for subpoenaed's game on broad street. it will be tough to get around the city. >> reporter: major restrictions in certain parts of the city. you said it, we are along broad street. there will be parking restrictions out here for about 13 hours on sunday afternoon. just check it out. all of these cars will have to go. cars on that side, cars on that side will also have to be gone come sunday afternoon. if you are planning on coming into the city this weekend, you better have a plan. w

wells fargo flagging a surprise $7 billion windfall from u.s. tax reform.hp things big, said to be seeking $1 billion to get out of its iron ore joint venture in brazil. ♪ betty: a billion dollar headache for bhp, a $7 billion windfall for jpmorgan-wells fargo, that really propelled the market higher on friday. along with that inflation data. in record territory in the u.s., what a month it has been. let's quickly pull up the boards to see how much we gain, the s&p closing at a record, the dow adding over 200 points, the nasdaq also higher. i get the feeling a lot of this will be as the markets are so high, a lot of it will depend on the news we get this week, including earnings, the higher the markets go, the more vulnerable it might be to pullbacks. and many of us have wouldhe first of 2018, we see a pullback, it has been dead wrong so far. saying thech, biggest -- on record. find the bears are throwing in the towel. looking to see some gains with the u.s. markets closed for the holiday monday. this is how we are faring in new zealand, about 1/5 of 1%. 72

sixers released a statement saying he fell ill last night at the wells fargo center. you're looking at him ringing the bell. sixers expect him to be released from the hospital following a medical evaluation. julius erving is 67 years old. the basketball hall of famer was at the wells fargo center marking the 35th anniversary of his iconic dunk against the los angeles lakers. dr. j even tweeted, rock the cradle. i threw down this dunk with the sixers and it's still one of my favorites. again, julius erving went to the hospital after falling ill at the game last night. the team says he's expected to be released after he is evaluated. >>> 5:06 right now on this saturday. this morning, a delivery driver is in the hospital after being shot during an argument. it happened last night right outside the takka grill and shrimpies restaurant. the driver is listed in stable condition. police say it's a miracle because the shooter fired at police length range at the stomach. investigators are now looking for that gunman. >>> we have new details about a mass exodus from the philade

if you don't, you may end up in a uber on the way to fargo.> not fargo. >> you have been warned. >> kristen, thank you after 50 years elton john is done being center stage. he's retiring from touring. elton says he's done after his upcoming thee hundred date global tour which kicks off in allentown. 70-year-old says he wants to spend more time with his family. by the way he also plans to play at the wells fargo center on september11th and 12th. tickets go on sale februar february 2nd. >>> harry potter about to set sale. a london based cruise company will soon have harry potter themed trips down the river timms. the six-day group stops at hold warts great haul which is actually oxford's christ church college say that a thousand times. warner brothers will also show passengers sets, costumes and props from the movie it's not cheap here. we're all going to chip in. it's $36,000 for a group of eight people. >> what? >> $36,000? > love is in the air. at least at white castle. what better way to celebrate love than with sliders. the fast food chain

financial friday, with wells fargo nd et to report before the wall street opens. low volatility plagued the fourth quarter but investors are hoping tax reform means future.er at what to k expect. >> you were asking where might go this next year? a look at take reform.terms of tax that could very well continue to help these rally. s&p 500 le, the 7% once bout 6% or tax reforge had trigger,pulled the ut for the s&p financials, grew by about 11% or so. o with the volatility, let's go to the first in terms ofart, fixed revenues, income in blue, equity here.e in white ow, looking back for the actuallyrter, that 21%. on the order of j.p. morgan thinks it could on the order of 15%. another thing to watch is fixed income will quarter, n in the third quarter, year-on-year double digits. want to e thing we look at. take a g we always revenue is terms of earnings.d bars here onte the top half of your chart the revenue growth for j.p. morgan. to can see relative wells fargo in the blue it outpacing is 2.7%. 7.65% versus it seals like this may continue. bloomberg , intelligenc

wells fargo in trouble yet again...did this time that infuriated customers... ) 4 your money tonight... wells fargo is apologizing again -- this time for a glitch that drained some customer accounts by double-paying their bills online.(vicki) the banking giant says the processing error that caused the double-posting of some items was fixed overnight. angry customers slammed wells fargo on twitter, saying their accounts became overdrawn. the company said it would refund any related fees or charges. it's just the latest embarrassment for wells fargo, which is trying to repair its reputation after a year of scandal. most notably, when the bank admitted that employees motivated by unrealistic sales goals created millions of potentially fake accounts. (grant) if you were hit with a thousand-dollar emergency, would you be able to cover it? well, the majority of americans would not. a new report from bank-rate-dot-com found that only 39-percent would be able pay a bill that size.. among those who say they couldn't pay ... 36-p

jpmorgan and wells fargo each up.black rock hits the tape as we speak, earnings right there beating estimates, revenue also better than expectations on black rock, the numberses just hitting the tape, better than expected and that's certainly what the sentiment is in terms of leading this market this morning. european markets are also higher, ftse up a quarter of a percent as the dax index in germany and the cac quarante up a third of a percent. in asia overnight, mixed performances at the close. nikkei average in japan lower but the hang seng up, the other majors also higher fractionally speaking, devastation in california, dozens are still missing this morning, several others are dead including four children after deadly mud slides ravaged the southern part of the state. the latest of desperate search for survivors coming up. the actor slamming bella thorne, why he says her attitude is why people hate celebrities. ai to take over the roads, details as general motors plans massive rollout next year of self-driving ca

for wells fargo that my drop 1%. earnings, wells fargo in the last quarter, look at that lunch. if that -- look at that plunge. we will see if that will continue. jpmorgan, 2.37. we were expecting that to rise a little bit to 2.39%. wells fargo is higher at 2.7%. the caveat is we are expecting that to stay flat. to my last chart, this is getting a little more specific in terms of mortgage because this is very important, especially for wells fargo. g #btv 989. over the past year or so this loan growth has been falling. in blue wells fargo down about 1.7% in the negative in terms of growth. jpmorgan falling but still higher up by about 3%. that's because of tax reform. bloomberg intelligence thinks that my pick up. for wells fargo that might still be in the negative on the order of somewhere around -12%. that's everything that's happened in the fourth quarter. looking ahead, tax reform happened in late november. optimism stemming from that time period has pushed the s&p financials up by about 11% since. you compare that to the s&p 500 which is up about 7%. there's a lot of noise i

with us fromvia wells fargo and we will continue through the hour.n the american labor economy, that is a good thing and also it is good to speak to james of the test fletcher school, he was scathing in his last visit on the u.s. foreign-policy. we will do that later on bloomberg radio. ♪ ♪ let's get to the bloomberg business flash. tesla has broken another production promise, the electric car maker has pushed back a target for making its model three after shipping fewer than expected sedans. they expect to make 5000 model three a week by the end of june, three months later than it had expected. shares of british the promise for owner devon's are plunging, the company once that earnings will be less than expected after a week holiday time. their post christmas sale fell 1.2% despite aggressive markdowns. the world's biggest chipmakers and software companies dealing with a widespread problem that leave computers and smartphones open to hacking, google researchers say it is a feature computer chips could give hackers to access to sensitive data and goo

called bail in that is that direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts well fargo they stole money out just like a common thief because of course they're terrorists and have a comment about that wells fargo but you know you've seen with polonium two ten can do to a man and they were just going down the road to steal people's money and oh did i speak out of turn so wrapping up on this story because we only have thirty seconds left i want to say this house i household debt two hundred percent of g.d.p. will constrain further borrowing in the future we've talked about this in the past what are they going to do with the next financial crisis are they can have this you know best.

called bail in that is that direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts wells fargo they stole money like this like a common thief because of course they're terrorists and have a comment about that wells fargo but you know you've seen with polonium two ten can do to a man and they were just going down the road to steal people's money and oh did i speak out of turn so wrapping up on this story because we only have thirty seconds left i want to say this house i household debt two hundred percent of g.d.p. will constrain further borrowing in the future we've talked about this in the past what are they going to do with the next financial crisis are they can have this you know s.t.r. is the i.m.f. going to come in and roll everything out is going to be gold it could be crypto currency and i don't i didn't mean threaten anybody ok that's just metaphor i'm a poet that's why i'm popular in the rap community now stay there for the second half because we've got

called bail in that is that direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts while fargo they stole money out just like a common thief because of course they're terrorists and have a comment about that wells fargo but you know you've seen them pulling to ten can do to a man and they were just going down the road to steal people's money and oh did i speak out of turn so wrapping up on this story because we only have thirty seconds left i want to say this house high household debt two hundred percent of g.d.p. will constrain further borrowing in the future we've talked about this in the past what are they going to do with the next financial crisis are they can have this you know s.t.r. is the i.m.f. going to come in and roll everything out is going to be gold it could be crypto currency and. look i don't i didn't mean to threaten anybody ok that's just metaphor i'm a poet that's why i'm popular in the rap community now stay there for the second half because i

(grant) wells fargo is apologizing wells fargo is apologizing again -- this time for a glitch that drainedaccounts by double-paying their bills online. the san francisco based banking giant -- says the processing error was fixed overnight. angry customers slammed wells fargo on social media, and many wrote in to us here at kron4 directly, saying their accounts were overdrawn. the company says it will refund any related fees or charges. and this faux pas is just the latest embarrassment for wells fargo, which is trying to repair its reputation after a year of scandal. most notably, when the bank admitted that employees.... motivated by unrealistic sales goals... created millions of fake customer accounts. (steve / on cam) using a car to rob someone of their purse --- it's called 'drive-by-purse-snatching.' (catherine / on cam) it's a crime we first saw here in the bay area last year...but in this new year -- it's happened again. this time in an east bay shopping center... kron4's haaziq madyun has the story. pkgsot

wells fargo working on that right now.hey have tweeted that it's working to fix the issue and is thanking customers for their patience. >> pretty good-sized earthquake shook the north bay. it's centered near the geysers. the earthquake registered 4.2. we haven't received any reports of injuries for damage. >>> a cal student will go back to class on monday after being released on a visa violation. luis mora walked with his girlfriend and attorney away from otay mesa detention center yesterday. he was granted $1500 bail. he was arrested at a checkpoint after his girlfriend made a wrong turn leaving a party. >> grateful to be here and to be able to fight my case through the country i call home, despite of minot having legal papers yet. i call home. my heart. >> the colombian native was brought here on a tourist visa seven years ago. he's not eligible for daca status. it's unclear what will happen to him long-term. mora's next court hearing is not until next year. >>> oakland mayor libby schaaf is willing to go to jail if i.c.

wells fargo calls the inventory the cleanest since 2012.this notwithstanding, there are still challenges. amazon is still an issue. retail store traffic is still an issue as well as general e-commerce penetration. all of that said, it is still a cautious outlook for 2018, but with more of a positive bias. vonnie: thank you for that wonderful stock of the hour. mark: let's stick with retail as the theme. strongerrting christmas sales. it's the first major retailer to report in the holiday season. shares up 10% earlier in london trading. charles allen is here from bloomberg intelligence. is next a precursor to great things from the high street or is it the exception to the rule? beat expectations but the sales were only up 1.5%. it wasn't as if it was a shooting the lights out. the timing of christmas this year and everything may be fooled some people that was obvious this week. we have seen that from the big department store -- we should have seen quite a strong last week and probably sales being positive. mark: 2017 wasn't the easiest of ye

called bail in that is that direct confiscation of money we've already seen a test case with wells fargo bank here in the united states they test case this process by stealing money out of millions of accounts while fargo they stole money out just like a common thief because of course they're terrorists and have a comment about that wells fargo but you know you've seen with polonium two ten can do to a man and they were just going down the road to steal people's money and oh did i speak out of turn so wrapping up on this story because we only have thirty seconds left i want to say this house i household debt two hundred percent of g.d.p. will constrain further borrowing in the future we've talked about this in the past what are they going to do with the next financial crisis are they can have this you know s.t.r. is the i.m.f. going to come in and roll everything up is going to be gold it could be crypto currency and i don't i didn't mean threaten anybody ok that's just metaphor i'm a poet that's why i'm popular in the rap community.

an alert if you have a wells fargo bank account. an apparent glitch led to some payments being processed twice yesterday and even emptied out by that double processing. wells fargo is working to fix the problem. more news after the break. are back in town this weekend. to amaze the bay area with their >>> the harlem globetrotters are back in town this weekend to amaze the bay area with their electrifying skills and to educate one of our reporters on the court. >> bob redell learns what it means to get schooled. >> scooter right over here, zeus has the guinness book of world records for the most bounce three-point shots in one minute and the world record for spinning the ball the longest on his nose, 7.7 seconds. let's say i'm a mom or a dad. you'll see crowd participation. bob, the real reason we brought you out here we're going to challenge you to a trick shot. >> what do you have in mind? >> i will bounce it off my knee, off the backboard while holding a death grip on you. >> wait, wait. what? >> reporter: i'm going to use my left

there's a park, and so i saw that their attention was on a gentleman that was right outside the wells fargo bank." jimenez says it seemed like the suspect wasn't complying with officers' orders."he had his hands in his pockets in his sweater and then soon after that he took his hand out, and he had something in his hand and shots rang out - i'm not sure who shot first or what - and then the gentleman fell to the ground."police say the suspect shot at officers, who returned fire and killed him.another witness works at the savers about a block away, and heard the commotion all the way over there."i heard about 12 shots so i told my coworkers about it and then ran across down over here and i saw the cops taping the whole streets."meanwhile, jimenez had his phone, and was recording everything he saw. when i spoke with him, he didn't have his phone, because police had it and were reviewing the video as evidence."i'm glad that my video was able to hopefully help them and their investigation."even hours later, people watching from the other side of the police line say they could see the suspect's

. >>> good news for wells fargo customers.t fixed the errors that mistakenly drained some accounts. wells fargo tweeted a few hours ago it's sorry for the issues and its technical teams corrected the errors. >>> it was ate once in a lifetime opportunity and they seized it. the historic way one couple took their relationship to a whole new level. >>> a reminder, we're on 24/7 on the abc7 news app and abc7news.com. today on our web side, we posted a way for you to track the storm using live doppler 7. if you're logging onto abc7news.com from your phone, also be sure to download the abc7 news app to get breaking news alerts and tune in for the latest news, weather and traffic for our next newscast at abc7 news at 4:00. >>> huge crowds welcomed prince harry and his fiancee meghan markle. this is the first time they visited wales together. they learned about welsh culture. the couple also went to the city suburbs to visit a community sports center prince harry regularly supports. don't forget, their big royal wedding is taking plac

friends stepped in and they are pushing it into the wells fargo lot. one foot at a time.ook at that. >> here's a really good tip, driving down the game you can use the waze app to navigate the parking lot. it will update with road closures and exit route information. if you don't have that app, download that, that will take care of you. >> the fans, can't stop talking about the fans, they are the biggest fans and eagles fan in the world but that's one person who's special. >> there is one personal, take a look. >> i'm barry the hatchet and i have been a die-hard crazy philadelphia eagles fan for 62 years. oh, my goodness, i'm old. that's how i got started being a philadelphia eagles fan. dad was a big eagles fan and a think i'm a little crazier. my lovely wife, i wonder if she would go along with an idea to eagle. with you 100%, let's do it. well, we did it and i think i did it pretty good. >> i don't know if you can get a look at this, a good shot of the toilet. to show my love and my pure passion love for the dallas -- stinking dallas cowboys fans, i had to -- it's a sw

here's a live look at the wells fargo center where the 30th anniversary of wrestling's royal rumble isbefore the pay-per-view event, there's a meet and greet and another in philadelphia. tomorrow the wells fargo center will be host to wwe's monday night raw. >>> also happening today, yoga with some bite to it. the adventure aquarium will host shark yoga. participants do poses in front of giant windows of the shark ram. against the backdrop of sharks, stingrays and other fish. coming up on 6:00 this morning. the eagles are getting ready to take flight. andrea cline thomas is live at the nova care center where the birds will be gathering later on today. andrea? >> reporter: just a few more hours before they gather here to head to the super bowl. we're going to show you how some players spent last night hanging out with fans. >>> you see andrea there with the umbrella. you need that today. this area of rain atop us is not going anywhere quite yet. we'll talk about when it's going to exit coming up. >>> plus, nbc 10 is on the road to minneapolis. here's a live picture from storm force 10 d

wells fargo is apologizing. they said in a statement, an internal processing error caused temporary double posting of some pop -- of some items impacting customers. impacted customers should see the correct balance is now. >>> a new campaign in the south bay to stop teenagers from smoking pot. the department of public health is using the slogan, called wasted for a reason. the message, do not let being a pothead make you miss out on college and life. lynn ramirez takes a closer look. >> reporter: in a media landscape, one message stands out. talking about the new ad campaign hitting bus billboards, social media and movie theaters showing people whose lives are going up in smoke. >> he looks as if he's really doped up. >> it's called wasted for reason. the reason why we put that campaign together was because we wanted to address the issue of marijuana, particularly for young people. >> reporter: the santa clara county haverhill health says with the legalization of pot in california for adult, young people are get

also, wells fargo customers using the bank automatic bill pay feature say that they are being doublestomers say that their account ended up being short several hundred dollars. people took to twitter complaining. they reported long wait times when they called customer service. wells fargo tweeted this morning it has fixed the problem. >>> several communities are hoping to land amazons second headquarters but did not make the cut. the list was narrowed to 20 and there are no bay area communities on the list. some cities making the cut include new york, pittsburgh, austin, atlanta and miami, los angeles is the only city on the west coast. the bay area bids included san francisco oakland fremont concord and richmond. amazon will spend $5 billion in the city where it bends -- builds the second headquarters. >>> the san mateo county da office is investigating the death of a daly city man who was tased tuesday night. the family of warren ragudo called police when he ran frantically around the house. his mother says he is addicted to methamphetamines and over the past few years the family c

wells fargo also giving us guidance.t is good news for investors, but to some extent that has been expected. abigail: still ahead as we review the week, what is driving global growth from sergio ermotti. plus, autonomous cars may be on the markets sooner than you think. >> i would say 2021, 2022. abigail: coming up, more of the week's top business headlines. a bitcoin champion unveils a plan to build the goldman sachs of cryptocurrency. >> as far as his crypto net worth is concerned, he is all in. abigail: this is bloomberg. ♪ ♪ abigail: this is "bloomberg best." i'm abigail doolittle. let's continue our global tour of the week's top business stories in asia, where north and south korea held their first formal talks in more than two years. >> north korea said it will send athletes and a high-level delegation to the winter olympics in south korea next month and wants to resolve issues through dialogue and negotiations. delegates said south korea wants both nations to march together at the games. the two sides are holding

tomorrow jp morgan is a buy, wells fargo is a hold. our top pick which we think they have all cylinders on fire is bank of america. they report next tuesday we have a strong buy >> all right ken, thanks for joining us >> ken leon. and wilfred frost, the base erosion -- >> i thought you pushed me on that, the base erosion anti-abuse tax. >> eiganti-abuse tax. >> how companies can push money around into different international entities that's been removed. we don't yet know how big of an effect it has on banks that's one of the factors. clearly in the past banks paidless than the corporate tax rate it's it co it's come down to 21%. clearly, net/net, tax reform is good for them. >> thanks, frost. >> thank you. >> i know, my apologies to ken i was just in the -- leon, that's a cool name. >> it is >> we have a busy day, wilf, thank you. >>> beyond the banks what are investors expecting for the rest of earnings season we turn to bob pisani for that. >> hello, kelly. earnings season is upon us there's a lot at stake in this one. here's the go