wells fargo will pay $37 million to settle suit. that is different from the financial picture elsewhere. you had other sediments like goldman sachs and bank of america settling from phone -- from some mortgage-backed securities. financials the second outperforming sector on the s&p. will farce well go participate -- far as well participate -- will wells fargo continue to the able to participate in that trade? they are off by one percentage point. the market it is worth mentioning individual stocks within the s&p, because that will tell you about the reflation trade. you have occidental, oil and gas, marathon, 6%, 7%. part of that is the energy crisis and part is reflation. pres. biden: delivering remarks and receiving a booster shot. like i did in my first and second covid-19 vaccination shot , i am about to get my booster shot and do it publicly. that is because the food and drug administration, center for disease control and prevention looked at all the data, completed their review and determined the boosters for the pfizer vaccin

wells fargo, there's been talk about wells fargo buying goldman and doing a mega deal and other banks come in and say, i'm going to put enough pressure on you where these sort of mergers of getting bigger just stop because i think she is theoretically opposed to banks becoming more powerful so i think that's kind of where she's going. it's a political thing, and it's also the thing about i don't want these things to get anymore powerful because she knows you can't breakup. lauren: charlie riddle me this and follow my logic. so senator cotton joe biden mansion is the most important man in washington right now, right? the democrats want that, the progressives want that $3.5 trillion spending package and manchin says no, 1.5 trillion. let's say the moderates win and say manchin wins and the way they win is they have to give the progressives something that they want. well you know what the progressives want, especially the squad on the house side. they don't want jay powell to be chairman of the federal reserve again. let's just say, that's what happens, and you have a more progressive fe

elizabeth warren would like to see wells fargo broken up. connection i would make between these two. draw the connection between facebook and wells fargo for me. michael: we believe both companies are significantly undervalued today. in the case of wells fargo, the stock trades at high single-digit multiples, and we think they have an opportunity to bring it more in line with their former self, other large banking peers. when you think about the risk reward of wells fargo, they have been through a tremendous amount over the last six years or so. when we think about the downside protection there, we believe at 130% of tangible book value, the stock is trading at a big gap appeared to where other money center banks are today. we don't believe their returns on common tangible equity will look for similar once they fix the expense base and get through the regulatory issues they are working through. the stock trades at a discount for somewhat obvious reasons, but we are confident, if you look out five years, the management team, which has clearly

why she wants to break up wells fargo and how the bank is responding tonight. >>> i am jeff ranieri, great news about this weekend. we are looking at northern california chances, i will have my timeline coming up in seven minutes. when it comes to flooring, i'm hard to please. so, i go to floor & decor where i find every imaginable tile, wood, laminate or stone without compromising my design. cause one aisle doesn't cut it. i need an entire store. explore floor & decor in person or online. >>> this is a voting center. this is the alum rock public library. it's in east san jose. one of many locations you can cast your votes until 8:00 tonight. eligible voters have to submit a ballot in santa clara county. you have just under 3 hours to vote if you have not already. we have gotten few calls about voting with sharpy pens, does it make your vote in valid. the answer is no. the myth was debunked last year. sharpie were one of the writing tools used to test the accuracy of the state's machine. marking is truly unreadable by the ballot machine and the ballot is manually reviewed. >>> a coup

joining me is mike mayo of wells fargo. what leads you to this conclusion?e give you the good part of the story. thank you tech. take should enable banks to become more efficient than they have ever been before in history. that is modernizing back offices. it's really a swath to bots from bankers. banks are increasingly software companies and i guess that makes people like me part-time tech analysts. this is a positive partnership between banks and technology. that really should take off post-pandemic. emily: do you see banks adding tech jobs or losing 100,000 additional jobs? mike: especially as you automate the back office, then will be the front office. there is an offsetting factor. more technologists who work in areas such as ai and a data, the cloud, jewel banking, electronic payments, they are getting added. also, anyone providing advice whether it's consumers, financial planning, institutions whether it's investment banking or bankers. that is a net number. we do expect 100,000 jobs to be eliminated from the banking industry. if you are working the b

. >> pay back time for a lot of wells fargo customers. the bank is paying back $37 million to resolve claims it defrauded commercial customers. the u.s. justice department filed a lawsuit claiming wells fargo overcharged 771 businesses on foreign exchange transactions from 2010 to 2017. the fourth largest bank said they were being charged certain fixed rates. but it then incentivized sales people to overcharge customers. most of the settlement is going as rest constitution to customers. a whistle-blower who kicked off the case will get $1.6 million. wells fargo has not yet commented on this settlement. >> up next, a house fuhr in the south bay now a crime scene. why investigators are calling the fire suspicious and what they've uncovered so far. >> and a san francisco diner faces closure as a new building is set to take its place. the why the lgbtq community is rallying to save the historic restaurant. >> i'm your chief meteorologist. it is september and we is snow over mt. shaft yachlt just a little bit. also rain over firt zones. i'm tr

wells fargo has been caught again cheating consumers.time cheating them by not following through on promises they made and agreements they signed to be able to reimburse consumers for the last time they cheated them. so my question is, if you're not going to break up wells fargo this time, tell me when you are, because wells fargo has had not one, not two, not four, not five, not seven, but eight major scandals in recent history that we know about, that have reached the public, and they have all been about cheating the american public. when you cheat the american public that much, it's time for the regulators to step in, it's time for the fed to step in and say, you no longer get to be a giant bank holding company that can not only cheat consumers, but affect our economy overall. you've got to be taken back to your component parts where you don't pose that kind of risk. >> cheating shouldn't result in winning. senator, thank you so much for joining me this morning. i appreciate it. >> thank you. >>> still ahead, some of the biggest gymna

last week, regulators fined wells fargo over its management of mortgage accounts.expect mobile jetline sales to bounce back from the pandemic later this decade. that is 5.9% larger than what boeing forecast last year. still, the company warned that the recovery could come in fits and starts. that is your latest business flash. guy: let's pick up and talk more about that. thank you very much, indeed. boeing's outlook, i still slightly struggle with how you could forecast something 20 years forward. we will talk about that in the next hour. let's talk about what is happening with boeing and a bit more detail right now. david wilson breaking down the numbers. over to you. dave: boeing is now talking about $9 trillion in terms of aerospace and defense in the next decade in the markets that it serves. that is up from $8.5 trillion a year ago, $8.7 trillion two years ago, pre-pandemic. and a roughly even split between planes, aircraft services, and defense in space. boeing getting more optimistic because in part, as they put it in a press release, the global market is re

wells fargo securities we'll see you soon don't worry, joe i see the look on your face. i'll get you next time, ago? camera don't lie, joe >> the sector soaring 75% in a year and it's not slowing down and famed commodity trader mark fisher joins us next on for his take on. joe will g ietn a question at least one, i promise least one, i promise we're back in two minutes. i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq esg is responsible investing. does this come in blue? who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudentia

here to help us break down the headlines today, ike, senior retail analyst at wells fargo.n here also we can't wait to dive into the topics consumer confidence has within beaten down, but if you ask over at wells fargo the consumer remains s remains strong but the supply chain can't keep up. ahead of the key holiday season. saying supply changes internationally and domestically were hot topics. ike, you guys could literally see a backlog of container ships from your conference location. carters, autup 4%. bearish on stitch fix. elaborate here i want to hear about the ships >> thanks, guys. it is really interesting so the consumer demand has never been as robust as it is and the companies at the conference for saying as much the issue is the supply chain. it continues to worsen,the visibility into holiday is getting tougher. companies are talking about potentially needing to cancel orders so air freighting goods, costing a lot of money, now we're worried about maybe leaving sales on the table you have a group which is an early cycle group and we're clearly not early cycle an

for its part, wells fargo says define shows the bank still has quote significant.s. microsoft says it's delaying plans to bring employees back to the office indefinitely, saying there's too much uncertainty surrounding covid-19. last month, microsoft re pushed its reopening date back from september 7th to october 4th well now, the company says it is not announcing a new date and plans to look to public health guidance on when it's safe to return. microsoft adds that once it's ready to welcome employees back. the company will give workers a month log transition period to prepare rebuilding ground zero in new york city coming up here on the four a look back at the 20 year job of bringing life back to the site of it tragedy is your family ready for an emergency? you can prepare by mapping out two ways to escape your home, creating a supply kit, and including your whole family in practice drills. for help creating an emergency plan, visit safetyactioncenter.pge.com for help creating an emergency plan, ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ and water, radio, fl

chairman powell: we are, of course, closely monitoring wells fargo's efforts to fix its widespread and pervasive problems. they represent a serious matter to us in the firm is required to remediate them. we will take appropriate supervisory action if the firm fails to meet our expectation. we continue to hold the firm accountable for its deficiencies with an unprecedented asset cap that will stay in place until the firm has comprehensively fixed its problems, and we are not going to remove that asset cap until that is done. but online, we will take strong supervisory action if a firm is engaging in unsafe and unsound practices or violating laws but i can't speak to our our confidential super supervisory assessment of any individual bank. reporter: thank you for taking my question. earlier in the press conference, you noted that you weren't aware of the trading activity of the boston and dallas fed bank presidents. all 12 regional fed bank presidents just went through the renomination process early this year, and governor brainard described it as a rigorous process. did anybody at the b

the regulatory overhang still too much gray area there wells fargo. >> brian kelly >> b.k.to put his money where his mouth is, and he's going to pile on with nadine in the ewj. stock exposure >> that does it for us on "fast money. do not go anywhere a jam-packed "options action" is up next. ♪ music playing. ♪ there's an america we build and one that's forever wild but freedom means you don't have to choose just one adventure ♪ ♪ you get both. introducing the all-new 3-row jeep grand cherokee l jeep. there's only one. >>> it is friday, so welcome to "options action. this morning's surprisingly disappointing jobs report putting macro forces into focus. could the best way to prepare be with a pair trade? carter worth and mike khouw guide you through that one how to construct a mechanical advantage. plus we're having a follow-up meeting about our recent zoom trade and taking your tweets it's time to risk less to make more in the board game monopoly, you usually buy real estate and sell utilities. but in real life, carter worth thinks you should do the exact oppo

there's lots of talk about wells fargo buying something.. banks want to get bigger through acquisitions. it's now many years after the financial crisis. they've gotten their balance sheets in order they would like to grow through acquisitions. she wants to put a stop to that and one way to do that is to throw out there the notion that these banks particularly wells, need to be broken up and that they're not going to get through , and putting regulators on not it's, but again, the breakup is not where i think this is going, neil. this is part political. again, beat up on banks, as the mid-terms come, and it's a good talking point for democrats, and number two, stop anymore of bank consolidation and growth, and you know, she's a powerful force she's on all the major economic committees in the senate. obviously, if the democrats lose the senate and the house, but particularly the senate, she's then in the minority she will have less say over this and that be wonderful if you're a bank executive, because she's actually not, you know, as much as

the analysts at wells fargo saying that's a record.'ll see more culling in the coming years than we ever have before and a lot of that is really from call centers. and bank branches. that's where they say the vast majority of these cuts will come from with all the investments these banks have been making in automation and technology. knows roles aren't as needed in the coming years. haidi: culling bank branches, branch bankers i should say and call center staff, whose star is rising when it comes to these beg institutions? >> yeah. it's just what sherri said, actually. the software developers and the technologists and computer engineers, these banks are investing heavily in these technologies. and they need the kind of staff that you might see at a google or an amazon to actually come and make these improvements and make these investment for them. so that's who you really see wells fargo seeing as the new king of the jungle in banking. and i think we're probably going to see a lot more hiring in those places. shery: the googles and ama

and look at wells fargo's read there always in trouble these days.roblems, congress breathing down their neck and he said no, look at their stocks over the past year. this is low hanging fruit and he basically said this, they have a great management team in the road by charlie sharp. used to be one of the right hand man. and he is in there and charlie, that the most charismatic guy in the world pretty do not going up the mountain with him. and john mack was like that when he ran morgan stanley. a lot of executives are charlie's of that these very low-key. extremely low-key but extremely confident. what they are saying the inside scoop is on him, he his getting the systems regulatory systems and checks and balances in order. very fast pace getting down cost and you know, higher interest rate environment problem that probably going to get higher. in the banks do better than that pretty charge more pretty they lend more money and it cost more in the have a huge planning aspect in the whole thing about breaking them up that they recently said because the

thanks a lot. 7.18 and for your money this morning, wells fargo is hit with another fine.and what is the most selective college in california. jane king is live at the nasdaq with those stories and more. hi, jane. good morning. well, stanford is the hardest college to get into it all just where the hardest colleges to get into an entire world. they have only a 5% acceptance rate. it's the same acceptance rate is harvard. now stanford has an enrollment of 7,000 students popular majors are computer science biology and engineering. what amazon will fully fund college tuition for over 750,000 of its frontline employees plans to spend about 1.2 billion in the next 4 years on. >> the employees. this includes college tuition english proficiency exams. somebody was to just take some some courses to learn. some skills. amazon will pay for that as well. now target and walmart also will help with employees college tuition and wells fargo was hit with a 250 million dollar fine from the banking regulator after a failed to properly execute a mortgage loss. mitigation program. now the of

a banking regulator says wells fargo did not meet the requirements of the 2000 and 18 order and mustpay $250 million. that order required the bank to identify those customers and reach out to them and pay them restitution. for its part, wells fargo says the fine shows the bank still has quote significant, longstanding deficient. sees. several volunteers in san jose or building tiny shelters for the homeless. and they hope they don't get caught. yes ktvu is an rubin explains. they're doing it in an undisclosed location without permits, hoping the benefits outweighs the cost. volunteers come each week to this secret location to work on a secret project. so these are whether shelters that's what we're building out here, whether shelters for the homeless and they're building them with practically no experience. but this group from nonprofit feed the block felt it was imperative to take housing for the homeless into their own hands. they say the city of san jose simply isn't doing enough. i feel like that is not just a feeling, but i feel like it is evident by, um many hundreds of house p

i've sold wells fargo and i took a look back and i bought it in february 21st of 2020. it's had a great move and this year it's had another great move and all of a sudden i've started to look and are they going to be able to grow, scott and there's a piece out todayto downgrade or just talking about it >> it was downgraded at morgan stanley. >> yep price target goes to 46. so zero move expected in the stock from here. >> right and i'm not here for zero moves and if i can get that added and obviously the dividend yield and selling calls against it and that's where it turns into a home run eventually, wonderful. that's what i'm looking for now. i sold that position and i went over to us bank. why did i do that? while everything is constricting around wells fargo and they've got all kind of different issues i look at us bank and all they do is continue to make acquisitions everywhere including in the last week or so where they bought a very nice piece, $8 billion to get themselves that much more into the west coast of the united states those are the kinds of moves i'm look

haidi: wells fargo investment institute, always great to have you with us. still ahead, opec-plus sticking to production hikes and a united decision. the outlook for iron ore and broader commodities. later on this week, an exclusive interview with a bank ceo. >> one of the jobs of the bank is to comply with complex laws. that complexity has increased, but we will navigate that, and we will continue to do so going forward. haidi: you can catch the full interview on the bloomberg terminal. lots more ahead. this is bloomberg. ♪ kathleen: we will check in on the commodities space, starting with iron ore after three days of losses, beijing steel production cuts are trying to cut ambitions, be more efficient. a small bounce back. 783, that is positive. anything about agriculture commodities is being affected by hurricane ida. corn and soybeans over again. 2%, 1%. new orleans is the number one export hub, two thirds of our cultural commodity exports go out of new orleans. as long as there are questions, that is why you see the prices falling. farmers can't sell wha

actually consider revoking a financial holding company's license and if the indiscretions at wells fargo, in your opinion, warrant with such an action. >> so we're, of course, very closely monitoring wells fargo's efforts to fix its widespread and pervasive problems. they represent a serious matter to us, and the firm is required to remediate them. and we will take appropriate supervisory action if the firm fails to meet our expectation. we continue with an unprecedented asset cap that will stay in place until the firm has comprehensively fixed its problems, and we're not going to remove that asset cap until that's done. so bottom line is we'll take strong supervisory action if the firm is engaging in unsafe practices or violating laws, but i can't speak to our confidential supervisory assessments of any individual bank. >> thank you. now we'll go to michael derby. >> thank you for taking my question. you noted earlier in the press conference that you weren't aware of the trading activity of the boston and dallas fed bank presidents. as you know, all 12 regional bank presidents just went

it's the third time wells fargo has pushback is return to the office date.di: here in australia, westpac will be hosting consumer confidence, as the lockdown continues for much of the country. united group slid after the executive director director was charged with insider trading related to disposal of shares back in 2019. saying he emphatically denies the allegations. lots more ahead on the trading day to come. this is bloomberg. ♪ shery: for only the second time in the state's history, californians will decide whether to out there governor in a recall election. it is a test for democrats before next year's congressional midterms. even the 2024 presidential campaign. president biden urged voters to send a message. >> in the eyes -- the eyes of the nation are california. the decision you are about to make will have a huge impact on california and reverberate around the nation. quite frankly, not a joke, around the world. shery: joining us is mike adorning. democrats seem to be framing this as a power grab by trump supporters. is it working? >> the polls sho

tom: sarah house with wells fargo will save us.ah, this is an exceptional statement and report for jerome powell. sarah: i think this is another report that does give a lot of credence to that transitory debate. we still see quite a bit of pressure coming through the pipeline. if you look at what is happening in terms of supply chain, what is happening with labor and wages. what we are seeing is the most eye-popping rate of inflation we saw this spring is coming off and i think that gives the fed a little bit time to await progress with labor markets. tom: i look at the labor market and it ties in. how does this inflation report tie-in to wage inflation? are they linked? sarah: where you are seeing some of the giveback in things like used car prices, that is somewhat -- even if we did see softening in the rate of food inflation, we are still seeing quite a bit of pressure in the restaurant sector, even in grocery stores. if you look at the run rate in terms of monthly print you are still seeing strong numbers. we are seeing some of

michael schumacher joins us now, wells fargo global head of microstrategy. blown away by the acuity of saying own stocks. do you have an enthusiasm for a bull market forward? mike: i think you've got to be enthusiastic at least for a month or two. the equity market focuses on tapering, like just about everybody else. the fed says we will probably taper pretty soon, but we are not quite there, so you get a reprieve. in the near term, it seems pretty positive. i think the nonsense about the dots is just that. who can see out to 2023 or 2024? jonathan: i can't see to january. i think that is the problem. i asked this question earlier. do you think this fed sounded a little bit like the old fed in yesterday's news conference? mike: i think that is a good point, in particular the discussion of rate hikes. powell sounded a little bit frustrated with that discussion. so i would say yes, it's under like the fed dialed back for five years. jonathan: they've told us they will tolerate higher inflation. if using about the long end of the yield curve, that is where the

most fargo pushback return to office plans two more weeks.he most employees any u.s. bank one out bring back staffers who have been working remotely starting october 18. apple has resolved a long-running dispute with a third party app developer agreed to allow links to external websites. many developers will no longer have to pay an app store commission of up to 30%. the change is part of the settlement with the japan trade commission. it will be implemented globally next year. anna: thank you very much. simone foxman there until hot. talking trash about the bond market. treasury yields are so low that the funds that by them belong in the "investment trashcan." he also said intermediate and long-term bond funds are in that same trash receptacle. let's talk to justina -- she was going to join us, she is not billable yet. -- available yet. long bonds and yields are so low, they can only go from here. i feel like we have had a few people saying that and even he has had this fee for a while now. tom: there seems to be a consensus that you are loo

would be an annual decline for wells fargo and chris harvey. that raises the question, tom, if the fed starts paring back accommodation, what does it mean for that market, despite these market gains? tom: while you were gone on your three week trip working on the galley for drawdown meditation, what we heard from people was a raging debate, all of this economic battle, jackson hole and the rest of it, into how to the markets respond? the markets are speaking. they are not working. jonathan: tom, i thought we had a moment, 3, 2, 1, om, and then lisa abramowicz. [laughter] lisa: the one thing i am looking for in the theme, frankly, of the day, and all the data that is coming out, as how much of the delta variant has dampened the economic momentum, and that, i think, is going to be the theme. it does not necessarily mean a decline, but it is the pace of deceleration. jonathan: here's your equity market. the price action looks like this. we advance .33 percent to kick off things in the month of september. a new camp in the bond market. we are campi

get her note through wells fargo.t is the single most concise bull market note i have seen this year. got an earnings juggernaut out to 238. you do it with multiple compression. you are the first publication i have seen under 20. can this market stay a bull market with a 19.8 pe? to me, that is massive multiple compression. anna: we think that multiple compression comes in in 2022. for this year, we still think multiples are probably around 21 or 22, and the reason why we have that compression for next year is because we think that the amount of growth we had coming out of this recovery has been accelerated. tom: i am going to cut you off there. this is so important. you are telling me the second derivative of earnings growth right now in profit, wherever on the income statement, is a positive function? anna: for this year, yes. and i still think we are going to see that earnings growth next year. but the pace at which that second derivative is a deceleration in the velocity here that we are talking about, the reason

, in your opinion, warrant such an action >> so, we're of course very closely monitoring wells fargo's efforts to fix its widespread and pervasive problems the firm is required to remediate them and we will take appropriate supervisory action if the firm fails to meet our expectation. we continue to hold firm accountable for its deficiencies with an unprecedented asset cap that will stay in place until the firm has comprehensively fixed its problems and we're not going to remove that asset cap until that's done so, bottom line is we'll take strong supervisory action if a firm is engaging in unsafe and unsound practices or violating laws but i can't speak to our confidential supervisory assessments of any individual bank >> thank you now we'll go to michael derby. >> thank you fortaking my question you noted earlier in the press conference that you weren't aware of the trading activity of the boston and dow's fed bank residence. all 12 bank regional presidents just went through the renominal process. did anybody at the board level know about the stock trading activity, and going forward

upstart, expensive at all getout, but that's the wells fargo.rley sharp has fired everyone and now, i guess, he has to fire himself. >> jim, look at that stock >> it was down yesterday >> there's wells fargo and great friend of elizabeth warren >> you're making a joke there, right? >> i'm kidding, yes. >> upstart 248 times earnings. but when you talk to dave, we are all going to be -- this is it the end of fico, since it was a ridiculous measure that give said you no insight whether you can pay back a loan. i think it's a joke, verses what he's got >> well, maybe ever grant should center done a few more fico scores possible default of the very large property company in china. take a listen. >> everyone's talking about evergrande as if it's a country. it's a company it's not a small company but it's not the largest thing happening in china it's only 2% of the real estate debt market in china, only 1% of the china/u.s. dollar bond market and less than half a percent of the china local bond mark is it a leman brothers no >> the whole le, hman thing

wells fargo is delaying its return by another two weeks. the u.s. as it is evaluating the impact of president biden's vaccine plan announced last week, which will require large private employers to mandate shots or testing. this is the third time wells fargo has pushed back its office return plans. that is the bloomberg business flash. anna: coming, europe's energy. governments get ready to step in as prices keep breaking new records. ♪ >> this is going faster than we thought, to the point where we will have pre-covid-19 levels before the end of the year, 2021. we anticipated it would be early 2022 at best. anna: christine lagarde there. more from that conversation throughout the day. europe is in the midst of an energy supply crunch as prices spiked to record highs. low fossil fuel inventories and weak winds have pushed gas prices to unprecedented levels. incredible charts around the gas market. italy, france, and spain are all considering ways to ease the impact on consumers' electricity bills. for more, bloomberg's energy reporter. good to have y

wells fargo says we may be already past inflation fears. brian jacobson is still with us.his chart on the bloomberg showing us how u.s. and european inflation prices have outpaced other parts of the world, especially the u.s. with that line in whites. when can we expect prices to ease? guest: hopefully we get an indicator of that this upcoming week. really, the inflation surprises and that is what we are focused on, because that moves prices. if things are already embedded in expectations, this is about -- are the rises going to be to the upside or downside? when we look at some of the activity as far -- as far as the breakevens, it looks like investors maybe are beyond peak inflation fears. sadly that has coincided with a. of time in which we might be passed peak growth optimism. you have those two things working against each other a little bit causing volatility that we saw this past week with the u.s. equity markets. this upcoming week we are expecting to see inflation, that pays throttle back a little bit. it will not be a smooth path but we expect that maybe next year

william hall, young joe la ps, i see what their time you see young fargo. so i've been thinking about what's going on my personal financial as a lawyer, child knows the price, they might have to pay the national security law, criminalizes, secession version, terrorism for collusion with foreign forces. those found guilty could face a life sentence. that was our aim. so i to add one party to pay to ship. so the worst thing is that they, we use that and say that this is a source of organization and all the new issue is committing the office working the country on the morning of june, the 4th child was arrested early on social media. she had urged people to commemorate the crack down wherever they were. police say she broken the law that is on the fence under the public or the ordinance. if anyone take part in or if it's well publicized in an authorized assembly, the maximum penalty is 5 years in prison. a little past mid day when june the please shut down large sections of victoria park. awfully, whatever measure in order to maintain the public and public saf

wells fargo delaying its return to offices. now to november 1st. the delta variant to blame here.ls fargo initially have been targeting a return date of september 6 customers have been flocking back to the warehouse clubs in recent months. that levels even surpassing prepandemic and costco is leading the way. the foot traffic analytics firm plaster, iran. the data and it shows costco leads the way with 55% of wholesale customers walking through stores in august and we did get the new iphone 13. so well did go ahead. choose to call the 13. there's some question about that. does have more storage cinematic mode as well. we saw some changes to the ipad mini and a new apple watch series 7 o apple says the 13 battery well, last 2 and a half hours, more than the 12 it starts at $799 and does have a one terabyte of storage option live from the nasdaq market site. i'm jane king. back to daryn. that's a lot of storage. so between that and the batter is. all right. thank you, james. starting today if you attend an event at the chase center. you're going to have to show proof of vaccination.

that is a story that's been plaguing wells fargo for a couple of years, stock is down more than 11%. and one of the stay-at-home favorites, zoom communications, is the biggest drag on the nasdaq after it said is revenue would be flat for the second half of the year as people go back to the office and school following a year and a half of working and learning at home. you might want to call that zoom fatigue, and the stock looks pretty fatigued, down more than 12%. >>> all right, witherspoon jump -- reese witherspoon jumping on the crypto band band. should you be joining "the morning show" star? we're going to talk about it. coming up next, the ceo of the social network that cuts through the noise of the market to help traders decipher real buy signs from the hype. we're going to talk to the commonstock ceo, that's coming up next. and once again as we go to break, that big board is there, and we've got pressure on the dow again. another day for the dow in the red, down 28. "claman countdown" going to be right back. ♪ ♪ that's a nice truck. yeah, it's the chevy silverado. check out thi

charles: and of course, if elizabeth warren gets her way, if you buy wells fargo you'll end up with two companies for the price of one! alan, at what point will these higher yields change the way you're investing right now? >> great question. i mean, i also like the banks. i like the regional banks as well as the mega cap banks. you talk about jpmorgan. made a lot of really good powerful portfolio with businesses inside of jpmorgan, i like citizen financial, but you know, rates are going higher. i don't think they are going meaningfully higher. like i predict in the next year, you'll probably see a 10 year around 175 like that's not enough to really turn us away from anything, so i think rates will go higher, it'll be a grind higher. charles: that's like predicting the knicks just missed the playoffs so i'm with you, let's move on to gold because i've got to bring this up. we talked about in-flows so guess what? $37 million went into gold. it doesn't sound like a lot but that's the most in five weeks. i have to get back to you scott. for a long time you've been telling us you have to be

. >> yeah, i do, sully, i have a few of the names wells fargo, baepg of america. but i like to double up where in bank of america as a matter of fact i've got multiple different long calls positions on that stock, looking for a pretty sharp move hopefully in the relative near term that's something as well i do that often times as wells fargo as well. but morgan stanley has been a monster for us and that on the call side. everybody already covered all the different reasons why the banks are exciting right now but let's also consider that those investment banks, i think when you look at trading volume -- he i brought that up on tuesday, the volumes are extreme. they're absolutely growing each and every day each and every week each and every year. and that's something i think that has to be held account because that is something huge for many of the various quote unquote banks or investment banks really and i think that's something, sully often times is overlooked. but that's part of what they're doing. that is a part what we're seeing one of the reasons i think we a

got a fantastic show for you, tonight he's an oscar and golden globe-winning actor, you know from "fargoand "sling blade. he stars in the fourth and final season of "goliath" on amazon prime video. billy bob thornton is here and she is an actress you know from the "harry potter" films and "call the midwife. she has a memoir it just came out it is red hot. miriam margolyes will be here. but before we get to all that, rudy giuliani has reportedly been banned from fox news, as both rudy and the network face defamation lawsuits from the election technology company, dominion, over the big lie, spread in large part by giuliani a lie that was disproven, yet again, by a gop-funded audit in arizona that blew up in their faces. for more on this, it's time for "a closer look." ♪ >> seth: before we get into the state of our politics here at home, we're going to do something a little different tonight and talk about the results of yesterday's election in germany now, stay with me here, because this is a little complicated the center left social democrats, or spd, led by olaf scholz, the vice chancell

. >>> federal regulators just hit san francisco base wells fargo with a quarter of a billion dollar fine. the bank is not moving fast enough to dole out the $1 billion in restitution it promised customers after admitting to opening millions of fake accounts, charging fees and other abuses. the bank's mortgage business has been restricted for now. >>> new at 11:00. one famous san francisco restaurant is trying to make itself the go to place for foodi oh s looking to change it up. tonight -- foodies looking to change it up. a pop up space. betty yu has more on how lord stanley is changing it up. >> reporter: the famed restaurant lord stanley does not look any different from the outside but on the inside a new operation underway. >> reporter: it is the same space, same staff, same owners. but brand-new cuisine. turn table has debuted at lord stanley featuring well known and up and coming guest chefs from around the world. the wines will reflect a particular region. first up. her food reflects her jewish heritage and time spent in australia and asia. >> because of the pandemic as well for us

a pediatrician who joined the board in fargo last year to welcome fanfare.'s a pediatrician at sanford health, one of the largest health systems in the united states. and the public health officer in fargo. thank you so much for being with us. jonathan lamire with the associated press has a question. jonathan? >> dr. newman, thank you for being here. walk us through this recall effort, if you will. what are parents saying to you? what are residents saying to you? what objections are they voicing to this face mask mandate when it certainly seemed like for a time when you were on the school board that people were glad to have you there. they were glad to have your expertise be a presence. what changed? >> thank you for having me this morning. it's a pleasure to be here. i think that's a tricky question. i think that yeah, initially the community was very excited for me to step up and serve in this role, and i was happy to do it. last year there was a lot of dialogue around bringing children back to schools safely and trying to return to in-person learning. and

it is handy. gotten any about and checked in fargo. if any, anybody's seen him there or anything like that. oh no, that's a good idea. i think it was just i don't know what they were doing. i mean the other than waiting for a phone call, i guess i don't understand what you're doing. this went on for i say, weeks and not the trash news today. folks in the andrew static case, the young man we've all been searching for since he went missing on may 1st. and now warrant has been issued for andrew's arrest. static is wanted on drug charges details, and these charges are still emerging. but andrew was allegedly caught selling marijuana on 2 occasions on april, 4th, and april 9th, 2013. 1 sale was for 20 bucks. the other was for $60.00. i was like, are you kidding me? all of this for $80.00 worth of part. my fun is missing for $80.00 for it's a part i was wild wild show me a campus where you cannot find $80.00 worth of time. me. i remember waking up the news that he had been charged. i'll say what? because this was this. even the thing they ca