interesting trade there on wells fargo. guys, thank you very much. we are a long way from being done yet for everything "options action" check out our website. "options action" @cnbc.com see what we've got to tell you meantime, this is what's coming up next. >> announcer: with new covid cases expected to peak in the fall, you might think airlines could be in for more headwinds like most turbulence, the team's got a way around it. look at not one but two flight paths for your portfolio. >>> plus -- calling all "options action" fans reach into your pocket, grab your phone and tweet us your question @"options action. if it's night we'll answer it on-air when "options action" returns. "options action" is sponsored by -- we're carvana, the company who invented car vending machines and buying a car 100% online. now we've created a brand-new way for you to sell your car. whether it's a year old or a few years old. we wanna buy your car. so go to carvana and enter your license plate answer a few questions. and our techno wizardry calculates your car's value

wells fargo has turn around. it is strong relative performances to its sectors. we have seen this recent out performance here and recently they just raised their dividends, their well position potentially returning capitol b back investors who share buy backs. now i am going to use the trade sector similar to my trade sector to xbi, i am going to use the in the money debit spread. i am going out to october and i am buying the 52.5 call spread i am doing this because the stock is trading at relatively highs. we want to make sure we want to protect ourselves against potential pull back here, i am going to use in the money debit spread spending about $2.15 for the $5 debit spread. this is going to be conservative because the stock has moved about 2% higher in order for this strategy to be profitable and there is relatively small amount of decay verses an out of money debit spread in this case. >> mike, let's flip the script, comment on tony's trade. >> yeah, i like getting along wells fargo here it trades at a big discount to the group, probably about 1.2 times, rel

breaking news on wells fargo and a bloomberg scoop that wells fargo risked regulatory action over thee of restitution, compensating victims for scandals that occurred, or started five years ago to see the light. it has now cost bank $5 billion in that time, but it may cost more. joining me is the bloomberg reporter who broke the story, hannah levitz. what initially got regulators to start probing the banks? hannah: wells fargo's issues erupted in 2016, almost exactly five years ago, with the revelation that employees of the bank opened millions of bank accounts to meet sales goals. from there issues pops up and that led to regulatory action. there was a separate one on mortgage and auto. there has been a lot of this going on which has led to billions in fines and the resignations of two ceos and they had to bring someone from the outside. matt: so the bank signed consent orders with regulators years ago and were looking for more time to get things done. the regulators dissatisfied? hannah: that is what is reported. it is important to note the orders are from april 2018. ceo charlie sh

comment on tony's trade. >> yeah, i like getting long wells fargo here it's trades at a big discount to the group. a lot of that is justified after the basic controversy around the sales practices and bed restrictions on balance sheet size which could be lifted, that has hampered the company. we could see those restrictions lifted that would cause the stock to begin to catch up to the rest of its peers. i think a call spread is a good way to play it they will get that that the company needs to start catching up with the group. you probably are just going to want to be long on the stock i think this is the right structure. >> interesting raid there on wells fargo. thank you very much. we're long way from being done yet. for everything options action check out our website. we still got to tell you and while you're there, sign up for our newsletter here is what's coming up next. >>> with flu covid cases expected to peak in fall, you might think the airlines could be in for more head winds but like most turk lbulence there'sa around it. we'll look at not one but two flight paths for your

. >>> wells fargo is backing down on credit cancelations. the way it could affect your bank account. >>> want to cut in line in disneyland? it used to be free, but now it will cost you. the price you will have to pay to get on some rides. >>> we will continue to track smoke that could affect your day, and the traffic that could impact you as well. we'll be right back. california, did you know our homes share power? but when we try to stay cool in a heat wave our supply is pushed to the limit. but you have the power to keep us up and running! “i do?” yup, we all do! with flex alerts. they notify us when to shift our energy use if our power supply is stretched. so from pre-cooling our homes, to using less energy from 4-9pm, together, let's flex our power to save our power. sign up for flex alerts today. >>> good morning. 4:42 right now, as you are heading to work in the fremont area, we will expect 50s and 60s and then warming up in the 80s in fremont. your full forecast coming up in a few minutes. >>> check out a little slowing through richmo

we called wells fargo. within two weeks the bank sent lynn a $5,000 check, which is good.d what happened. in a statement it said due to customer privacy and confidentiality we are unable to comment on specks fraud claims. but they offered advice. never offer your pin or information. if it contacts you, it is not going to ask for your pin. keep a constant watch on your account. the longer you wait to report fraud the more you may be on the hook. if you alert your bank to a fraudulent withdrawal within two days, a regulation, regulation e, caps your liability as low as $50 and might even be zero, but only if you act fast. if you fall for a fraud or a scam tell your bank right away. if that call doesn't fix it, maybe we can help. go to nbcbayarea.com, click the responds option from the main menu. or give us a call. 888-996-tips. unfortunately, we have two more cases just like lynn's, and they are for more money. ? >> when you look at that, and they know all why information, that's scary. >> there's probably hacking in the background. >> once they get in there, you're in troub

wells fargo, boosting the s&p 500 estimates for 2021.trategists expect upward revisions to upset potential volatility, raising the year end target to 48.25 from a low target of 38.50. wells fargo was also introducing a 2022 price target for the s&p 500 of a 47.15. they see a little bit of drop next year because of the less accommodated monetary policy by the second half of 2022. a slightly down year in the year after this one. for more on markets, let's bring in the bloomberg cross assets reported. we are getting more headlines in terms of the two-year option right now. i gave you the major numbers, but we are also looking at indirect bidders. a lot of people are very close attention. the ratio is 265 versus 247 in the previous option. how do you rate this one? >> you definitely saw some strong demand here. the fact that the one issued yield came through below that told you this option entails, like you mentioned, indirect bidders. it is a very watched category now as we try to assess foreign demand. the fact that it was a little bit hig

we asked wells fargo for details. privacy and confidentiality we are unable to commence on fraud claims. wells fargo did offer advice, never share your financial information and pin over the phone unless you're the one who initiates the call and you are certain you called the right number. if you spot a scam or fall for a fraud tell your bank right away. if that call doesn't fix it go to nbcbayarea.com and click the responds option from the main menu or call us 888-996-tips. >> thanks, chris. >>> 5:26. next on "today in the bay," stop stories we're following including no signs of stopping. the dixie fire continues to be destructive in its path. the grim milestone it just reached. >>> the nation's top doctor, dr. anthony fauci, says we could be inching closer to a vaccine receiving full approval. i will break down the domino effect it could have on your everyday life. you're watching "today in the bay." [ sfx: ding ding ding ] [ phone buzzing ] [ sfx: bing bing bing ] [ sfx: bing bloop ding ding bloop bing ] the day ca

we asked wells fargo for details. here's what it said.customer privacy and confidentiality we are unable to comment on specific fraud claims. wells fargo did offer advice, never share your financial information and pin over the phone unless you're the one who initiates the call and you are certain you called the right number. if you spot a scam or fall for a fraud tell your bank right away. if that call doesn't fix it go to nbcbayarea.com and click the responds option from the main menu or call us 888-996-tips. >> thank you, chris. it's 6:26 right now. over the weekend some benefits for unemployed californians came to an end. the edd says the state no longer meets the federal threshold to offer the maximum federal benefits. the benefits lasted 20 weeks. now they won't be paid for more than 13 weeks. >>> new this morning, a live look at san francisco international airport where the number of travelers is well below pandemic levels. 2.2 million passengers flew through sfo in june. a year later, which they saw a 59% drop in travelers. oaklan

this is the line from wells fargo on the economic data. "economic data continues to be in the eye of the beholder." anna han joins us now, wells fargo equities security strategist. what does it mean for an equity investor, the incoming data at the moment? anna: it can be interpreted sort of how you want to see the picture. what i mean by that is that some people look at the second my data, and you can be really concerned. is growth slowing down? is the amplitude of future gdp growth slowing down? will that extend the cycle? is that a concern, why real yields are pulling back because people have a concern about whether full employment can be reached sooner? on the other hand, there are a lot of right spots still in that i can my data that support the reflation trade. i think it depends -- that economic data that support the reflation trade. i think it depends on which camp you are in. tom: i want to take it over to an even larger idea of magnitude. for the bulls out there in the equity market, what are the magnitudes that get you out to the

thank you so much for being with us this on this interview, welcome to fargo, hello fargo, welcome to. you had such an incredible welcome by people outside, why was that important to have this branch here in fargo? i know that you've had business here before and you are completing these last two lower states. >> we do mortgages and credit cards and middle market, et cetera, i've been waiting 20 years since i got to bank one to finish a nationwide expansion and this is the 48th state in the continental and my 50th state. we bring all of jp morgan, small business banking, mortgage lending, payment systems, commercial banking, investment banking, philanthropy and things like that. i'm thrilled to be here. it's been a long time. you saved the best for last. maria: i saw some signs, thank you, jamie. does the profit of a branch come into play or the stickiness in all the businesses? >> we look at profitability sometimes but, no, it is stickiness. unlike mcdonalds where you build and almost instantly profitable, it takes a couple of to build book of deposits and invest meants and loans and

sarah house of wells fargo, senior economist. of people on wall street looking to chairman powell. tom: your two-tone llama cowboy 10 gallon hat, you will be looking out across the deer and antelope and they are a couple of fires with smoke coming up with smoke signals. the indians in the old days did communication by smoke signals. that is all this has come down to his the smoke signals. jonathon: that was a pretty shallow description of american history. thank you. tom: smoke signals. lisa: i'm trying to imagine the two of you being camouflaged anywhere and i am finding it hilarious. there is no chance. jonathon: i have been shooting with matt miller before. never tom keene. i have a great patient with some shotguns. very matt miller. i don't know if it was very me, but it was very matt miller. tom: i am still getting over your realization of john denver lyrics. jonathon: i don't have the lyrics on the screen now so i cannot pretend. your equity market looks like this, we are unchanged this tuesday morning. 31.36 on 10. it is a

wells fargo was so horrible. you have to wonder why they have warren buffet stuck with it so long, selling near the bottom. these days, though, it's a turn around story i believe in the ceo charlie sharp, he's tough as nails, and done playing defense by fixing everything from the board of directors to direct reports. he's on offense, will buy back a mess of an amount of stock i expect wells fargo to return to the high 50s where it was when all hell broke loose. stay the course. i like the bull market and retail survivors, it's it too late to buy something like dick's sporting goods, up for the year now a special dividend, laying out a multiyear strategy, and based on that plan, the stock is cheap. still, i prefer best buy, which spent a fortune on digital, and has a membership club that will take care of your home office tech support needs, and also bed, bath and beyond, up 62% for the year this is a turn around story, and what i have seen from the looks of the flagship store in new york, you're going to want to

wells fargo may face even more sanctions now. we will get you the latest.. ♪ ♪ >> bloomberg has learned u.s. regulators are unhappy with wells fargo's progress in compensating victims and shoring up controls following a series of financial scandals. the bank already paid more than $5 billion in fines and legal settlements and may now face new sanctions. joining us now with the details is our bloomberg finance reporter, hannah levitt. if i was the ceo who came in and 2019 to clean up, i'd be pretty frustrated, because i feel like i am doing everything i can, what more can i do, perhaps? >> really interesting question. you have the scandal, you know, which really came into the open almost exactly five years ago. and it started with fake accounts and multiplied across business lines. it led to the departure of a ton of executives, including two ceos. that led them to bring in the current ceo, charlie sharp, almost two years ago. he had always outstanding orders from regulators to welcome him as a result of the problems. the orders outline a series of things th

blackrock, wells fargo have delayed their plans to october.oney manager said the delta variant raises concerns even for the vaccinated. joining us now for more is michelle cortez, how are health reporter in hong kong. -- our health reporter in hong kong. this really does feel like a step backwards, so why are companies extending the work from home rules? are they actually going to help prevent a spread in cases at this point? michelle: it is absolutely a step backwards, and that's because of the delta variant that we've all been talking about for the past several weeks, and the kind of impact it's having across the entire world. the bottom line is these work from home policies will slow down the growth of the pandemic, the growth of these outbreaks that we've been seeing, and give us a chance to get more people vaccinated. the point is when people are traveling, when you are in connection with other people, that's when the virus transmits from one person to another. and delta is so much more very will in than other -- virulent than other vacci

shannon seery, economist at wells fargo.of england warned that modest tightening will be needed with concerns that inflation will peak at around 4%, twice the 2% target. andrew bailey spoke with guy johnson in london. andrew: we are more confident about the recovery. our view has not changed since may. one reason for that is the impact of covid on economic activity has reduced as time has gone by so when we see the waves, we see the economic impacts have reduced over time and that gives us greater confidence about the path of the economy. there is still a lot of uncertainty in the world economy and the u.k. economy. guy: you talk today a great deal about how you want the process to be predictable. you used that word time and time again. how confident are you that you can start the process, complete the process of the unwind, without causing market turbulence, without causing an unwarranted tightening of financial conditions that such a temperament can cause? andrew: we emphasize that we plan to start with ceasing to reinvest

. ♪ >> david rubenstein peer-to-peer conversations is sponsored by wells fargo.e are helping our clients navigate the challenges of family wealth dynamics. ♪ ♪ david: for more than 40 years now, the m1 abrams has been the u.s. military's main battle tank. it is a 60-ton monster that can knock out to me tanks more than three miles away. the abrams tank was designed at a time when america was prepared to fight soviet forces in europe, but it passed its toughest test in iraq in 1991 when it destroyed a huge iraqi armored force. the u.s. army has 2000 abrams tanks in service, and they are all built by general dynamics. i got to see the abrams up close. sounds pretty solid to me. and watched it muscled through a course at speeds up to 43 miles an hour. soldiers complete a six-week training course to operate it. i meet the age requirement, but i think i will stick to the family car. let's go through the major divisions you have a general dynamics. one is the marine systems. before you became ceo, you were the head of marine systems, is that correct? there were 68 subma

. ♪ >> david rubenstein peer-to-peer conversations is sponsored by wells fargo, helping clients use thets for a purpose in the communities we serve. communities we serve. david: let's talk about your background. you grew up in a suburb of chicago. you were the youngest of six children. is that right? ms. rhimes: correct. david: i guess you get a lot of hand-me-down clothes as the youngest of six. do your parents pay attention by the youngest of six? are they gone by then? ms. rhimes: i didn't get a lot of hand-me-down clothes and my parents were very focused on us, which was delightful for me. my parents are educators so i think for them, they were very intensely focused on making sure that we had what we needed. my mother -- i always said if we were poor, i did not know it because my mother made all of our close and they were fantastic looking and there was a lot of focus on us. my mother stayed at home along time for us which is a big sacrifice for somebody with her intelligence and her interest in work. she made sure we were well-placed in the world and ready to go and be who we were

same for wells fargo. they're pushing the return to early next year. air b&b already says september 02022. there's a growing number of workers that have to get vaccinated before they come back in. this week microsoft said all workers and vendors need to be vaccinated before they enter the facility. walmart says corporate staff has until october. disney giving nonhourly staff 60 days to get vaccinated and all staff have until november to get their shots. they're incentivizing as well. some companies are paying out bonuses or giving time paid or paid time off. krogers giving it $100. tyson $200. paid time off for mcdonalds and american airlines. vanguard offering $1,000 for staff when they get vaccinated. when they do come back, it's a hybrid meaning a few days in, a few days out. >> neil: many companies are not poking around about it. it's led to some firings. this is a take no prisoner's approach to forcing the issue. >> you heard from microsoft. they side you're not coming in to any of our u.s. faciliies that you have a u.s. vaccination. so it's a dif

(vo) the new wells fargo active cash visa credit card. unlimited 2% cash back on purchases.real life ready. ♪ payday, payday♪ ♪ ♪ monday, payday♪ ♪ tuesday, payday♪ ♪ wednesday, payday♪ ♪ thursday, payday♪ ♪ friday, payday♪ ♪ saturday, payday♪ ♪ sunday, payday♪ ♪ ♪ payday, payday♪ ♪ ♪payday♪ >>> welcome back everybody a merger in the transport space has just been rejected >> a dramatic and highly publicized bidding war for a railway company. kansas city southern the u.s. transportation board has rejected a proposal put forth by kansas city southern and its proposed acquirer, canadian national, to put a voting rights in place so the merger would pass muster because of that rejection, shares of canadian national are surging, as you can see, by 8-some-percent they are the ones who won the bidding war. now it looks like they will not be able to pay the billions of dollars to buy the company meanwhile, kansas city southern shares bouncing a bit here and canadian pacific railway which was a canadian company in a bidding war, also dropping there as well. so, a lot of ripple effects

. >> by the way, fargo is a new hipster hot spots. say that business travel is never coming back come on. >> i'm saving so much money by cutting out business travel and entertainment expenses because you don't have to fly there any more you can do what we're doing right now. i'm not saying it is never coming back. but if people are thinking it is going back to what it was two years ago, no kans chance. i want to make sure my people don't want to get back on the arm. you have to spend two hours online filling out a form explaining to me why i'm going to get a 17% return. otherwise don't bother we make it hard for you to do that there are other people doing the same thing the airlines are in deep trouble and i'm short so i'm just disclosing, i shorted the entire jets etf those guys are absolutely -- balance sheets are upside down and we're not coming back. we don't need them. >> two hours on a form that is why they call you mr. wonderful. i guess we'll see you in fargo or not catch him on his prime time series, "money court", wednesdays

the fargo on bush not make some think, i think it's all gonna give it another image, but it was done. i thought the made me go on my name on me and i would do my thoughts on a move. now if i miss my food, i think i think it might be on bush wise. but let me double check on that. if i face the new doesn't a lady who has been along with a board in the modules within a cartoon as an estimate at any finish marched on the car and a new module that needed to be held up by the the the why the finance manager i was had about actually with them. i buy them in and out very me get them boys and i thought them, oh, nice. i like that, jody honest. all my lot bye make it that's all volleyball. you check. yeah. go as well. you know, then while i was saying and job done, i can both of them with i know what he's saying and by that it's all about what is really key. and so now i thought was really not a said that that's a good i don't know the me live with yeah, the news from about almost letter but a few muslim they don't do. they don't have them all your mission part of the snow the single barrel, th

wells fargo and blackrock among them pushing back to october now, october 1.hings back by varying degrees up to a month in some cases. then there's amazon, talking about january 3rd, 2022, before it even considers getting workers back. dan geltrude with on all this. what i found interesting, folks enjoy so much this virtual or hybrid nature that they would seriously look at a pay cut, even getting rid of their 401(k) to make it permanent. what do you think of that? >> well, that's a very strong message, neil, from these workers in saying, hey, we don't want to come back into the office environment. at least many of them not on a full-time basis. and why would that be? well, look at the time saved in terms of not having to commute. on top of that, the costs related to commuting. and then, of course, there is also childcare issues. so are people able the save that? and then you have the flexibility of when you get up or what hours you work. so i think the message is very, very strong here, and i think employers are going to have to listen if people willing to ta

you got the fargo on both of them. think i think the ball are going to give it another image there guys. but it was done, i thought of the same name. do i go on my name or maybe i would do my thoughts of on the bottom if they got my food, i think i think it might as well. but when i got back on that about what about phase amount of new doesn't a lady who would have been along with a board in the modules within a cartoon as an estimate at any finish on march on the 1st part of the phone and the new module that you needed to be held up by the the moon or the finance manager. i was sorry about that with them. can i buy them in and out? i buy the me get them, get them on. i should go buy that jody on it's all my lot bye. make it. that's all i thought about louise check. yeah . well, you know, then, well as well, if i name and job done, i both of them with i know well as well is saying in by the 5th all of all what is for lee key now i thought what? it's really not if it's that that's a good i don't know the me live with. y

jonathan: headline from yesterday, black-market and wells fargo pushing back on return to work. seen this increasingly by big american countries peered what does that mean for your calculation for this recovery? carl: what that means is we can consider a very light version of the kind of lockdown returning your you mentioned amazon and other large companies. i saw a headline that garth brooks contemplating whether he will have his concert. we are looking at a guard works phenomena -- a garth brooks phenomenon where people are afraid to fully reopen the economy. they may be going back to work and many kids are in school, but whether they are taking a cruise or going to the music park or sitting indoors in a restaurant or crowded theater, those will continue to be depressed. when we look at the mobility metrics and things like open table reservations and whatnot, we see things are starting to roll over and some of that garth brooks effect. i don't see it happening in today's report but could be a phenomenon we have to look at and continue to weigh on that. tom: i just threw out al

i guess joins us from wells fargo to give us her take on what is happening. equity strategist. we have seen yields pick up some of their lows, but nevertheless, these numbers kind of confirming the validity of that call. >> it is certainly one of the factors keeping yields lower than you would expect in such a inflationary and cyclical recovering economy. it was interesting to see the numbers. it gives us more of a hint, slowing down from last month. it is slowing down, not moving out of control. it gives us justification to the fed delay tapering. it is also weighing on yields today. alix: is that a green light to continue to buy growth in tech? anna: we don't preferred the growth in tech trade because we think there are concerns with it. and longer-term we don't want to jump in and jump out of a trade. that we don't find it a very good price. the valuation in the growth chain are still -- rather, providing that better protection profile against lower yields. at the same time, the valuation has been cheap. these sector sort of left behind in this big rally w

erik: it is a hard equation because you may know today, wells fargo and blackrock said they are pushingr rto plans. howard: i like your theory that we hope that it burnt itself out. erik: we have to get to the credit markets. you have spent your career, although you don't do it hands all the controls so much any longer, trying to generate double-digit returns. there was a beautiful view weeks in 2020 of panic selling but we are back to pre-pandemic lows. what is it like for you, oaktree, having to put money to work in high yield, leveraged loans with spreads of 420? howard: on the small matter, let me say, i don't think we have ever had a year in which credit losses consume the yield spread. i believe 300 on high yield is adequate to defray future credit losses. erik: that is enough ab premium? howard: i think we will come out way ahead of the treasury investor after the credit loss is settled. erik: the investor buying low-grade today will not regret it five years from now? howard: there may be days, but in the long run, they will learn much more income than they will give back in cred

wells fargo now says it will keep the credit lines available for those who actively use them or wantit will not offer the product to new customers. >>> the s.e.c. has charged three former netflix employees with insider trading. the former software engineers and two associated made over $3 million by shaving confidential information. it says the group allegedly made trades ahead of the earnings announcements between 2016 and 2019 >>> and disney unveiling a new app aimed at easing the pain of planning the trip to the u.s. theme parks. genie will allow visitors to schedule reservations and pay for food and see current and forecast wait times. like anything good in life, that will cost you. the paid version of the app which replaces the fast pass offering will charge between $15 and $20 a day for the feature. of course, brian, that is on top of the $100 plus ticket you are paying for entry it's not cheap to experience the magic kingdom. >> yeah. pictures with the princesses and giant turkey legs or whatever they are yeah, it's something bertha coombs, thank you very much pay up jump the

wells fargo staying place for a significant drop of as much as 2% in the coming weeks which could seerency hit a new here today low. a big move in an otherwise sleepy summer market. not calling for a 2013 style of evaluation. following strong earnings, the e-commerce group, we have a bunch of analysts from citi's alicia, who raised to the price target to $335 from three and a $20 as we see strong revenue and user metrics. we have gamer penetration very much a key factor here. we have of course a push coming through from sea group. shery: let's turn to a financial services startup raising $350 million in funding from softbank and tencent. that values the company at almost $2.5 billion. it plans to use the funds to double its workforce by next year and spur growth plans in mexico. let's discuss its business outlook with our guest. thank you so much for joining us today. really only after a few years of launching your startup, you caught the attention of many global players. not only asian giants but also george soros. what do you think they see intercompany and in the sector you operate

. >>> wells fargo senior economies lays out the report. >>> and manchin versus powell.ver the easing policies it is friday, august 6th, 2021 you are watching "worldwide exchange" here on cnbc >>> welcome back to the show happy friday i'm dominic chu in for brian sullivan here is how your money is looking shaping up through the 5:00 a.m. hour stock futures in the holding power. dow i mplied flat. nasdaq waiting in the holding pattern. all three indices closing ought record highs the s&p 5 notching the 43rd record close of the year nasdaq with the 27th record close of the year. the dow is half a percent away from the record high at or near record highs for the major u.s. indices >>> the yield on the benchmark 10-year treasury note is just a hair below 1.25% 2-year note 2.1% or 21 basis points >>> let's get to the top stories right nowit with bertha coombs. >> jpmorgan chase laid out a strategy to give clients access to crypto. sources tell cnbc as of yesterday, financial advisers were allowed to begin placing private banking clients into a new bitcoin fund created with cr

with us now, christopher harvey of wells fargo. we are sitting at the threshold of a major buy for cash and -- major bifurcation of scenarios. is it difficult for you to look forward? christopher: it's not difficult to look forward, but there is a lot of uncertainty. but what we think is you have to barbell a strategy. part of that is an anchor in low volatility. you want to put more risk aversion in the portfolio. you need to do that in a low volatility type fashion. tom: what is that, buying t-bills? [laughter] christopher: no, not buying t-bills. you can look at a number of different ways. there is some traditional low volatility sectors, staples, harm, or just look at less risky stocks. things like mickey d's and such. typically when you lower volatility in a portfolio, it does provide some type of protection. when the market goes down, these things typically outperform, and it is a good anchor for the portfolio. lisa: what would you say to people who push back and say there's so much cash in money market funds, people are not

(vo) the new wells fargo active cash visa credit card. unlimited 2% cash back on purchases.t's real life ready. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq >>> welcome back this is "fast money. check out shares of viacomcbs rallying on the back of a big upgrade. wells fargo is raising the weighting to overweight from equal weight prior the company is poised to benefit from industry consolidation. wells bullish on the upcoming slate from paramount plus streaming service. karen, is this very much now like disney was a year or two ago, a streaming story >> i think it is a streaming story but also as you mentioned, i think it's a potential consolidation story. dan and i pitched this together in a very rare duel fast pitch probably the stock was right around here so i like it i thought the piece was interesting. they talked about how you could maybe use a huluesque type number and get a number like 60. this used to be a show me

not just amazon, viacom, cbs, wells fargo, blackrock, u.s.reopening plans. now blackrock pointed to the delta variant and indoor mask-wearing guidelines as reasons for the delay. let me read the memo to employees. we know this raise concerns about returning to the office. even for those who are vaccinated and particularly for those of you when dependants at home who are currently ineligible for the vaccine and earlier this hour cnn also announced that it is delaying its official return until october. these delays, they do make a lot of sense because a lot of people are concerned right now about going into crowd offices, hopping on crowded subways. >> yeah. >> it also shows how worried business leaders are right now about the direction of the pandemic, and let's not forgot that this is going to deal a blow to all the local restaurants and bars, dry cleaners that had really been banking on the return of office workers this fall. >> i just saw that cnn email in my box. i hadn't finished reading it. what are these companies though trying to do to

wells fargo is seeking more time to fulfill its obligation.osted sellers for a second time this month. in china, tech oriented firms are offering as much as triple the wall street rate. this bidding war continues. why the two raises in less than a month? >> the bidding war for young talent is intensifying on wall street. this move by morgan stanley is designed to give that bank competitive with its peers. first year bankers will now get $110,000 a year which is higher than the 100,000 they announced a couple of weeks ago. this will bring them in line with their biggest rival, goldman sachs and keep them in the game as they try to attract young talent. >> as far as other banks, how much do we expect moves there? >> this move leaves them ahead of the rest of the pack. you have other big banks such as bank of america and j.p. morgan still at that 100,000 a year mark for first year bankers. you could see some of them move because talent is so scarce and they need to attract and hold onto these junior guys at a time when they are really scrambling

. >> next up, wells fargo. wells fargo to overweight.e stocks bullish in the space include viacom, cbs. jim, you own viacom. >> yeah. i think this is a very unrecognized gem within the media space and it comes down to the streaming numbers. right now, they have 42 million subscribers at paramount plus and that's going to be close to 50 million by the year end and if they get a carrier deal more. they have done some tie-ups that bodes well in that regard. they have another 52 million at pluto tv and the point i'm driving at here, this is serious throw weight in terms of the subscriber numbers when the stock shot to $100 a share, they raised $3 billion. so which their sitting on the cash with which to execute their strategy whether they execute it alone or get bought out, either way this is an undiscovered gem. >> there we go turning our attention to the salesforce the committee gets you ready ahead of the results - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the go

holding on well through august >> quickly say as well, keeping an eye on wells fargo. closed down 5% on reports regulators are considering more punishments as opposed to the story a few months ago, which was existing restrictions might be lifted. so a big swing there would you say the stock was already up on hopes that this story would ease and it's still up 51% year-to-date. keeping those in mind. >> that's going to do it for "closing bell. "fast money" begins right now. have a great night >> all right tonight on "fast money," break out your rally caps. tom lee is here and he's calling for a september surge and names the best opportunities for your money as we leap into fall and the stock rallying and we are all over the afterhours action in shares of crowdstrike and pvh. both stocks on the move. very different directions. one down, one up 7%. the latest from their quarter straight ahead all right, welcome, everybody, and good tuesday evening i'm brian in for melissa and your lineup, guy, tim, karen, and dan nathan so let us know kick off this big hour talking about w

wells fargo pushing back return to office on rising cases. we will see what happens with jp morgan. a bit of a hint yesterday. be we will see what happens with morgan stanley. but wall street certainly reviewing this story, and i think this comes back to this issue of what do we think the economy is going to look like, what kind of work are we going to be doing, where are we going to be doing it, and how do we set up the icturound all of that? alix: stay recovery. that is what we have been talking about. you are able to do stuff, things get better, but it is going to be very different maybe than what we thought. guy: does that mean you go back to pelotons, back to streaming a little bit more? does that pick back up again now as the delta starts to make itself felt anymore meaningful way? we are going to be talking about what is happening in the streaming story in just a moment. nickelodeon, comedy central, mtv. we will be talking to viacomcbs president and ceo bob bakish, coming up. this is bloomberg. ♪ ritika: this is "bloomberg markets." yo

with wells fargo, their chief investment officer.rancine, i know you haven't been doing this with us, but there is a pendulum out there. it is a pendulum of a perfect storm. ferro is doing the gilligan's island thing. he's in the pacific. where is he, tahiti, fiji? lisa: he's writing his book on meditation. tom: i think he's in fiji or something like that. lisa: the idea here of potential political risk, that is what he was talking about. the idea of a september to remove or, a perfect storm. he's got great catchphrases. honestly, you look out over the next couple of weeks, and given how bullish people have gotten, is there that fragility? tom: i know what francine is going to say. i've worked with her for years. here's francine. lisa, have an abril spritz -- have an aperol spritz. francine: you know what haven't talked about? china regulation. this has been over the last two weeks, basically china selling off, european stocks kind of getting their impetus from china and the asian markets, and then you buy the dip in the u.s.. i don'

the meme trade joining me now is mark smith, senior vice president and portfolio manager at wells fargo advisers and cnbc's bob pisani mark, i don't understand what a meme stock is nymore i thought it was like a depressed name that was heavily shorted and primed for a bounce but, like amd, there's real fundamentals behind that stock so if you own it, and it gets caught up in something like this, do you trim it, sell it, hold onto it what do you do in this market? >> yeah, my clients are asking questions like this all the time, jon. and what i respond to is momentum investing with no underlying fundamentals is inherently gambling. if you are okay with gambling with your hard-earned money, then, yeah, pick up some of these meme stocks that don't have any fundamentals or clients or sure way to profitability if you have a meme stock that has a competitor that's out there that can do exactly the same thing, then maybe you're in for the wrong reasons. so it really is important to know and stick to your guns about fundamentals and i think that's what memes are. basically momentum investing wit

first guys to get a look at lance was matthews, he was a free agent this off season and ended up in fargo, north dakota to catch balls. >> you will not have a destination wedding in north dakota. they just needed receivers to go and catch for trey. >> i saw a guy willing to listen, a guy that was asking questions. >> he has the talent. what kind of person is he? i think he is a stand up guy and everybody will be able to notice that throughout his career. >> obviously lance did not play last year in 2020 or did play the one game, struggled 2019, off to a good start. >>> coming it's time for the biggest sale of the year, on the new sleep number 360 smart bed. it helps keep you effortlessly comfortable by sensing your movements and automatically responding to both of you. and, it's temperature balancing to help you stay comfortable all night. it even tracks your circadian rhythm, so you know when you're at your best. in otwellness-boosting,st ui parent-powering, proven quality night's sleep we've ever made. don't miss our weekend special where all smart beds are on sale. save 50% on the new

tonight's lineup -- tonight on fast, the biggest bull on wall street says let the good times roll wells fargo's chris harvey sees another 8% upside for stocks by year end he'll tell us when we'll get there and when he see it the record rally running out of steam. plus, the rally surging. we'll break down how the traders are playing this move and we're all over the after hours action. shares of toll brothers and nordstrom. we'll dive into those quarters straight ahead but we start off with a massive rib in chinese tech. soaring more than 11%. it is now up more than 14% already this week. look at the gains today. in names like pinduoduo, jd.com. but are worries about china's regulatory crackdown behind us or is this just a giant head fake for the sector? is there an emerging market specialist in the house? yes, there is in tim what do you say? >> there's a few factors, but you had some macros, support economic policy with monetary policy a couple of interesting dynamics, the change has opened up a shares futures to western investors. so the ability to access the local markets through the futures

fargo, north dakota. would you welcome refugees to fargo?unil varghese i wouldn't -- caller: i wouldn't take them in. they are trying to change them to our ways over there. this is a christian country. i am not going to bow down to them and their ways. i'm sorry. that is my opinion. thank you. host: there is a small group of christian afghans. would you take in christian afghans? host: it is a small -- it is a small community, but several thousand strong. caller: i have heard with the bosnians -- their ways are just two different than ours. host: we had one caller saying that refugees should speak english before they can live here. would you want immigration based on a religious belief? would you only want christians to be able to immigrant to this -- emigrate to this country? caller: that is another thing could my girlfriend can speak five different language -- another thing, too. my girlfriend can speak five different languages. she is from bosnia. they come over here, give them food stamps, housing -- us people that are on housing, like m

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first guys to get a look at lance was matthews, he was a free agent this off season and ended up in fargo, north dakota to catch balls. >> you will not have a destination wedding in north dakota. ey just edreceivers to go and catch for trey. >> i saw a guy willing to listen, a guy that was asking questions. >> he has the talent. what kind of person is he? i think he is a stand up guy and everybody will be able to notice that throughout his career. >> obviously lance did not play last year in 2020 or did play the one game, struggled 2019, off to a good start. >>> coming ahhh. beautiful day in baltimore where most people probably know that geico could save them money on car insurance, right? you see the thing is geico, well, could help them save on boat insurance too. hey! okay...i'm ready to come in now. hello? i'm trying my best. seriously, i'm...i'm serious. request to come ashore. geico. saving people money on more than just car insurance. homelessness, housing,es,, homel crime, wildfires.s,, [sfx: bear roar] gavin, you've failed. we h immediately cut taxes twenty-five percent. fix hous

some of the best no-fee credit card offers are city double cash, the amex cash magnet, and the wells fargo active cash card. what are some things to watch out before signing up for a card? >> what's really important is to look at how much the annual fee is. >> reporter: be aware applying for new cards could affect your credit score and if you don't want a new credit card, call your current company to negotiate ask to have your annual fee or late fees waived, or for a lower interest rate on your debt. a recent lending tree survey found more than 80% of card holders were successful when they just asked for some help. lester >> all right, vicky, thanks >>> up next, two of america's greatest olympic superstars >>> some final inspiration now from two american women who have been at the top of their games for decades. >> let the celebration begin! >> reporter: sunday night's gold medal win against japan didn't just solidify the dynasty that is usa women's basketball, it made teammates sue bird and diana taurasi the most decorated, each earning a record fifth gold medal but these games were alway

wells fargo told its employees it is extending its work-from- home policy until october. google pushed back its return to work date to mid-october. the ride share company lyft pushed its schedule back to february and linkedin will allow its employees to work remotely permanently. >>> a prominent bay area activist is accused of sexual assault, how he's responding tonight. >>> growing chaos at airports nationwide, what spirit airlines' ceo is saying about more flight cancellations. >>> missing the message, one bay area county is falling far short when it comes to water conservation. >>> here's a look at what's coming up tonight on jimmy kimmel live with guest host anthony anderson. >> i'm anthony anderson, but you knew that already. >> i lost $10,000 that night, too. >> 10,000? >> yes. >> you know what i won? my wife. >>> a well known community activist in san francisco has been accused of sexual assault. john jacobo announced he's stepping down with his position with the san francisco building position following calls to resign from several city supervisors. allegations su

coming up, amazon, blackrock, and wills fargo all delay their return to office plans amid a surge inases. the delta variant makes itself felt globally. this is bloomberg. ♪ >> it has never been this unrewarding. 2, 3, four years ago, people were asking me if we are in a high-yield bond bubble. interest rates were low which means perspective yields were low. >> it is the feds job to take the punch bowl away just as the party gets going. would you be taken in the way? >> they had a hard time raising rates. they got a tantrum. they backed down. i think they missed the opportunity. i would not want to miss the opportunity this time to raise rates as the economy is very strong. they claim it is not strong enough on the job creation side. i don't say today, but i say, don't miss the opportunity. anna: speaking about corporate debt. let's get a update. >> starting salaries at the fastest pace in 24 years. firms are struggling to fill gaps in their workforce. workers prompting to seek more secure jobs. the fastest pace since 1997. the food and drug administration reading a strategy in covid

. >> this weekend there was a flood of locals in this area heading to wells fargo, to places where they could wire money to afghanistan, so they could get money to their families, so they could get to the stores before they closed. they hopefully got that money to their relatives. tonight they say their relatives don't feel safe leaving their own homes. >> tough situation all the way around. andria borba, thank you for that. >>> 20 years ago there was a different kind of worry in that same fremont neighborhood, right after the september 11th attacks. kpix 5 reporter len ramirez spoke to members of the afghan community at the my one market. at the time some told us they were afraid of palpable retaliation. >> it feels very vulnerable right now at this time. we don't know how american people will retaliate against afghans in here, but i want to clarify, afghan people do not have a part in this, nor do we support terrorism. we condemn terrorism. >> 20 years ago, several afghan american businesses in fremont were targeted by people making threats. >>> lawmakers like house speaker nancy pelo

in the russian making the same type of a, this gravity to so do i mean depth fargo botanic book, the proven while you go there flight engineer it up up, up to a point 1st, don't go up water at 1 o'clock. this will be a field for never to make them aware of this in just one hour, which i don't know if at all, another 55 up the top in deploy, with all the worth. 9 more joining them, ukraine or russia. i'm john joined by dozens of hundreds of thousands of personal as well as well and but seeing how work one day to hand out on the double flame steel region in the region. but would you say just one step closer? look at them. well, firefighters in the western united states say they are a long way from defeating a huge blaze that devastated large areas of california over the past 3 weeks. the dixie fine now covers more than 1700 square kilometers, making it the 3rd largest in the state history. mainly bind remote areas so far, but it has destroyed more than a 100 homes and it's threatening many more. so that's close to john 100 in the northern california in town of quincy. tell me what's ha