halliburton said. you will see other places in the u.s. before permian.x: this time it may really be different. we will see. the first big oil company to report, tina has the takeaway. what was the big one? tina: the mantra used to be drill, baby, drill. this time, the mantra is discipline, baby, discipline. both ecuador and conoco reported today. ecuador reported cap x for the year. conoco said they will be disciplined. they said they weren't looking to increase activity in the lower 48. alix: fairpoint. the ceo of equinor had this to say. >> we continue to take good care of our cash. we give full priority to projects. we have a strong project in front of us. we would also like to see strengthening of our balance sheet. that's also a priority. we've indicated that share buyback is emerging. that would have to be included among the other considerations as well. alix: will we hear that from the likes of chevron and exxon next week? tina: chevron has been hesitant on buybacks. but this will be a quarter where you will see substantially better results than a

halliburton said. inyou will see other places the u.s. first before you see permian.x: this time it may really be different. we will see. equinor is the first big oil company to report, tina has the takeaway. tina, what was the big one for you on this? tina: the mantra used to be drill, baby, drill. this time, the mantra is discipline, baby, discipline. both equinor and conoco reported this morning. equinor cut its capex for the year. a big move to signal it will not go crazy when oil prices go a little bit higher. conoco kept it basically flat and said repeatedly they would be disciplined and they weren't looking to increase activity in the lower 48. alix: well, fair point. the ceo of equinor had this to to say on that. >> we continue to take good care of our cash. we give a sort of priority to value passing projects. we have a very strong project portfolio in front of us. we would also like to see strengthening of our balance sheet. that's also a priority. then we have indicated that share buyback, the scope of that is emerging. that would have to be included among

if you look at the halliburton number, it is interesting.ut customer budget exhausti exhaustion that was an interesting term they are right near at 52-week lows kimberly-clark is an example of what fen companies are facing now. >> and selling prices were higher they made a point about that this is all good news here we had the common on foreign exchange are hurting their growth by 1% then the common by input cost being higher they did affirm their full year earnings and above consensus we have this stew, good organic sales growth and higher prices offset by foreign exchange issues and higher input cost that's your theme. how much erosions are we going to see at this point that's what's hard to figure out at this point. it is not bad but it is ebb crea increasing in some cases it is being offset by higher prices the reserve news avenues are go. full-ti finally they were attacking peak earnings growth and now we are talking about peak revenue growth in the article journal today, i am not worried about it right now. we have this outlier of 9% a

maniac for giving babies bone cancer jews are of there for the devil all i said was that peace of halliburton was good enough for jehovah blasphemous statements like peace could come at a high cost literally up to twenty five thousand euros to be precise michael nugent head of atheist island is complaining that dublin shopping zone he's informing irish voters about a long standing law that could soon be history if you say anything that is grossly abusive or insulting in relation to matters held sacred by only religion and cause by doing so then that's a criminal offense the native dublin there has been fighting the paragraph and islands constitution for years. he thinks it should have been removed a long time ago. it's a mediæval crime it's been added into our constitution in nineteen thirty seven when i was a very catholic country. and it was programmed into our laws just ten years ago so it's a mess for any number of reasons and the sooner that we got rid of it the better. but since the law was implemented no one has ever been convicted of blasphemy even the catholic church called the law o

halliburton down caterpillar 52-week low.>> wow, watching the cat trackers as jim calls them >>> many investors have been suggesting the recent retreat in big technology names is the start of a rotation into value but there are risks. cnbc's senior market commentator mark santoli joins us. lay out those risks if you would. >>> one of the big risks it's not necessarily the right time in the psych to have that kind of shift happen, at least not as an element handoff where the overall market stays relatively calm and we somehow get value stocks which, by the way, are not a particularly large percentage of the overall market driving fourth quarter rally that's the scenario i think is hard to take another thing just look under the surface of what we mean when we say value and if you look at the statistically cheap stocks in the market you have all of autos. you have lots of housing in there. you have old media you have 25% in financials and almost no tech looking statistically cheap. you have to define your terms here in terms goi

let's kick it off with halliburton. the company calls for the bottom again in oil services.id, they have done it before. is it real this time? david: good question. i think what is different this time is you can actually look out into the future and know the pipelines will open up by a certain point late next year. so there is actually this feeling that you know when activity will return as opposed to when you hit bottom and you are not sure when oil prices will actually rise again and when activity will return again. so this does feel a little different this time. alix: it gave some point as to why the emts are going to start areng back in --e emp's going to start coming back in and permian issues will get resolved. drill down into which is the most likely timeframe. david: the most likely would come more in eagle ford and balkan. they are two of the biggest shale places. permian not until later on. marcellus may see a rise sooner. you will see other places in the u.s. before you see permian. alix: this time it may really be different. we will see. equinor is the first big

shares of halliburton fell 3% to $36.40. >>> american rail car is selling itself to a unit of the ite rail fund. the deal is valued at $1.75 billion. they're backed by billionairein stor carl icahn and icahn enter prizes. that soared to $70 >>> polaris industries reported solid third quarter results despite trade concerns. the maker of atvs and snowmobiles saw double digit increases in sales and profit thanks in pt to the newly acquired boat business. the company expects full year les to grow between 11 and 12% and the stock rose more than 2% today to $92.74. >>> the fda delayed the approval deadline for one of bristol-myers squibb's cancer treatments. they expect the regulator to rule by next may on its experimental treatment of drunks cancer.t lung this does not reduce the delay of an eventual greenightut the stock fell 6% to $50.88. kimberly-clark reported better than normal earnings. michael suh will take over next year. the change comes ad a company restructuriur restructg. like other package goods makers they're facing rising commodity and transportation costs. d the stockpped m

a quiet monday but a big earnings week with halliburton and ameritrade kicking things off monday.eaders survey, industrial production, the nahb survey on housing, plus on earnings, jetblue, mcdonald's, verizon, lockheed martin, caterpillar reporting quarterly numbers. caterpillar will be important. that is typically a market mover. watch that for indications of the health of the economy. on wednesday, the fhsa services, pmi, the purchasing managers index and more housing data with new home sales out. in earnings, at&t, ford, siriusxm radio, visa, ups reporting quarterly numbers, one of the most important dow components reports, that's boeing. that will be a market mover. microsoft reporting after the close kick off big tech as well. on thursday, durable goods orders are out, initial jobless claims and the beige book and pending home sales are out. more big earnings news then. alphabet, amazon will report earnings, they will likely move the economy and move markets. so watch those. american airlines, southwest, dunkin' donuts, chipotle, merck, comcast and snap reporting quarterly e

maniac for giving babies bone cancer jews are of there for the devil all i said was that peace of halliburton was good enough for jehovah blasphemous statements like peace could come at a high cost literally up to twenty five thousand euros to be precise micronutrient head of atheist alent is complaining in dublin shopping zone he's informing irish voters about a longstanding law that could soon be history if you say anything that is grossly abusive or insulting in relation to matters held sacred by only religion and cause over age by doing so that's a criminal offense the native dubliner has been fighting the paragraph and islands constitution for years. he thinks it should have been removed a long time ago. it's a mediæval crime it's been added into our constitution in nineteen thirty seven when i was a very catholic country. and it was programmed into our laws just ten years ago so it's a mess for any number of reasons and the sooner that we get rid of it the better. but since the law was implemented no one has ever been convicted of blasphemy even the catholic church it called the law or

all of these companies the estimates but halliburton's fourth quarter guidance was light. their ceo is stepping down, investors may not like that. down 4%. investors not liking the guide not boosted. investors wanting more. a little bit on edge. vonnie: thank you. we will check back with you in a little bit. let's get more on the markets. already a dramatic reversal in today's trading. a bloomberg macro strategist joins us. if you're a market participant, what do you focus on? everywhere from volatility to saudi unknowable's do tech earnings and also faltering earnings in the top line. there are a lot of moving parts. on the micro basis the earnings will be the most important factor for the next does go to three days. -- for the next two to three days. think the volatility environment is still the foundation of what you are seeing on the screen. we have moved from a low volatility and environment to a higher volatility environment and that means you will get bigger swings for each marginal case of news. when i went to bed, s&p futures were down 12, when i woke up they were

hasbro and halliburton reporting quarterly earnings, we break down those numbers. the premarket. back in a moment. ♪ there's got to be something more. ♪ got to be more than this. ♪ i need a little less hard time. ♪ i need a little more bliss. ♪ i'm going to take my chances. ♪ taking a chance i might. ♪ find what i'm looking for. ♪ there's got to be something more. - [narrator] at athene, we think it's time for the financial world to stop acting the same old way. in today's complex world, you need a partner that is driven to provide you with better solutions for these challenging times, one that is willing to disrupt the industry, and break free from conventional thinking. (thudding) we are a different kind of financial company. we are athene, and we are driven to do more. hey guys. today we're here to talk about trucks. i love trucks. what the heck is that?! whoa! what truck brand comes from the family of the most dependable, longest-lasting full-size pickups on the road? i think it's the chevy. ford. is it ford? nope, it's not ford. i think it's ram. is it ram? no

national monument were redrawn to benefit a state lawmaker and kf conversations between zinc and halliburton ongoing project. they, as in the justice department, haven't talked to me. it will be the same thing as all the other investigations. i follow all rules, procedures, regulations and most importantly the law. this is another politically driven investigation that has no merit. that is what interior secretary zinke is telling cnn. interior and inspector general's office said it will not comment on justice-related issues but president trump's cabinet secretaries have faced scrutinies over their use of government resources, as we've been reporting for months and that includes former health and human services secretary tom price and housing and urban development secretary ben carson. >> is zinke the only cabinet member being looked into? >> reporter: we learned that

companies like southwest airlines, halliburton have that kind of revenue. this is about delivering services. , aelieve in smart government government that delivers for services efficiently and effectively, so i think you should be hiring somebody that has actually hire people and set strategy and led and sent division and got the legislature working in the right direction. these are all things we have had our whole career in the private sector. that is what we think we are the best one to lead. at the end of today, this is about delivering services. won the republican nomination, it is amazing -- when you win the republican nomination, how many people are returning my phone calls now. it is crazy. mr. casteel: [laughs] mr. stitt: but i got a call from the governor of tennessee. he is a business guy as well. he was very encouraging to me. he said kevin, you can move the needle a lot in your state. you can actually make a huge difference, because you have not been in the political world. you know how to hire people, you know how to set the vision and the stra

to give you an idea, it is a top 150 fortune 500 company, companies like southwest airlines or halliburton. they have that type of revenue. this is about delivering services. i believe in smart government. a government that delivers core services efficiently and effectively. i think you should be hiring somebody who has hired people and has set strategy and lead and said and got the legislator moving in the right direction. these are all things that we have had to do in the private sector. that is why we think we are the best ones to lead. once i won the republican nomination, it is amazing how many people return my phone calls now. i got a phone call from the governor in tennessee. he is a business guy as well. he was very encouraging. he said you can move the needle a lot in your state. you can make a huge difference because you have not been in the political world. you know how to hire people and get people moving towards a common vision and goal. he said he could have been bolder and should have done more. the state has turned around. they are one of the top business states. i get real

recovery in the services sector which are primarily halliburton, patterson drilling, and several of thosehave already seen activity triple in the last two years and now they are getting ready to hit the reap mode after sowing a lot of capital and building up capacity >> so ed, in the last three months, the price of oil looking at wti, the u.s. benchmark, is down 3%. if you look at the s&p energy sector, it is down 12% so why are energy stocks taking it harder than the underlying commodity? >> i think that there is definitely some fears around how energy may play longer term. there is a lot of talk about alternative energies creeping in to the sector. i think that the bigger issue for oilfield services is is that we really haven't seen a lot of pricing power yet. and that is compounded by the fact that we now have a slowdown in the u.s. frac market. ultimately i think we will see a reversal in that when pipeline capacity comes into the permian. although admittedly we have fears long term about north america in terms of a bit more constrained growth potential so we've actually recommended t

we're going to warn afghanistan so dick cheney can get rich off a halliburton pipeline.to become more prevalent. >> there was a poll once that 61% of democrats believed that george bush had prior knowledge about the attacks on 9/11. that kind of thing. yes, it has been -- >> now he's america's sweetheart, by the way. >> yes, that's true. and as he says, you know, in a few more decades, he'll be a hero. look, there is a difference, though, between those kinds of things circulating at the extremes and on the -- in the fever swamps. and being taken mainstream by the president. i worry a lot about president trump giving credence to things like, well, scalia -- there might have been a pillow over his face. when he does that, he diminishes the value of truth itself. >> he has been enabled by members of not just the republican national committee but members of congress. members of congress pouted these conspiracy theories. the republican national committee right now, i'm sure they're going to attack me after this, but they are literally -- the funnel through which these -- the

>>there's a development in white fish called 95caro which involves the chairman of halliburton, a major services firm, potentially fected by interior decisions as well as a local developer, and the zinckies because the land they both donated to the town as well aadjacent property they own could be affected byev the opment doctor zinke, who stepped down as president from the foundation and handed to reins to his wife, has been involved in discussions and a meeting with david lazar, his son and this developer while in washington and that is now a subject of an inspector general probe. >> stepping back from the questions, can you remind us about the impact zinke has had on the interior department, what kind of policies he's has been enactings. >> he has been an active proponent of energy development fland and onshore. he reversed several siglenificat that were put in place by barack obama and has bekien ng more energy devopment available for private interests on public lands and public waters. we've seng him chae out draft recommendations which have shrunk national monuments, protected are

halliburton has hit a seven-year high. abandon its call for a flattening of the yield curve. italy is tested. italian debt could be seen as too risky. ♪ manus: welcome to "bloomberg daybreak: europe." cash bond traders are back at their desk. this is how the bond market looks. 250e waiting for over billion dollars worth of supply. worste looking one of the routes in the bond market since 1976. the merrill lynch index. this is ramping and boring throughout the bond market -- rampant throughout the bond market. will the u.s. go for a currency manipulator on china? you see the strongest running streak since july. anna: good morning. they have just had their lunch break over in the shanghai markets. a little stronger after the lunch break. what a change from yesterday, where we saw a lot of selling by foreign investors in particular. lot k to focus here on -- of focus here on the offshore yuan. we understand treasury secretary mnuchin is under a body of pressure.- lot of 3.5% was breached by the italian 10 year yesterday. that as it to watch opens up today. we will hear from the

now, brent is above, it's at $80 and change but it's putting major pressure on oil companies like halliburton, which warned that fourth quarter earnings could be hurt by a slowdown in north american demand. schlumberger is down. anadarko on the losing end of the game at this hour. 55 minutes left before the bell. of course, while questions concerning the killing of the saudi columnist jamal khashoggi continue to swirl around at this hour, we now have this thrown into the mix. saudi arabia's energy minister rejecting suggestions that it would restrict global oil supply in response to international pressure over the death of khashoggi, saying quote, there is no intention of instigating a repetition of the 1973 oil embargo, oil shock, when saudi arabia and its allies cut off all oil supplies to the united states and oil prices spiked. yet, just eight days ago, the total opposite message from the general manager of state-owned saudi newschannel al arabia who warned the u.s. would quote, stab its own economy to death and oil prices would soar to $200 a barrel if washington imposes sanctions over t

people on the left wing are looking at corporations, halliburton, etc.. so the belief in conspiracies, in other words, right wing, left wing, democrat, republican, they all have a secret room where they are meeting to do things we don't like. but the membership list and the name cards on the seats in the secret room are completely different. right? george soros versus dick cheney. you have very different people depending on what side, right? those higher on the index are less likely to vote or give money, which is not surprising. more likely to be gen xers then millennials. my generation born in the late 1960's, 1970's, are more likely to believe in conspiracies than millenials that are born later. that may change, who knows. slightly more inclined to violence. this is a big question that people who believe in conspiracies are more inclined to violence. slightly. they answered the question, violence is sometimes an acceptable way to show disapproval of the government. 16% of people on the high end said yes. 11% of medium, 6% of low. so if you believe in c

halliburton reported 50 cents per share.es by a penny halliburton saying it expects a rebound in north american profits which were temporarily impacted by capacity constraints and complaints recreational vehicle maker polaris seeing shares rise in premarket trading. earned $1.86 per quarter beating estimate of $1.57. they also maintained their forecast and jacobs engineering has $3.3 billion they want to focus on higher growth businesses. >>> when "squawk box" returns, rick rieder is going to join us for the hour coming up. ♪ daddy, mommy's on the phone! hi! how are you guys? ♪ >>> the market's wild ride we're going to find out if a busy stretch for earnings will spark another week for volatility >>> china stocks soaring overnight. closing higher by 4% we'll talk about the country's slower growth. >>> plus intel trading higher this morning we'll talk to the analyst who upgradesed the stock straight ahead as the final hour of "squawk box" begins right now. ♪ >>> live from the most powerful city in the world, new york, this is

to look at halliburton. better profits down nearly 3%.t fails whether a toymaker and it's down 5%. kimberly-clark makes all kinds of paper products from kleenex to paper towels. they have reasonably good numbers down 3%. it's a down market overall and no matter what your financial performance you tend to get hit in a down market. the migrant caribbean now reporting 7000 people marching through mexico towards the u.s. border. they should be here by election day. up next, talk to the head of the national border patrol council. he supports putting our military on the border but not for the reasons you may think. tomorrow, national space council will meet to discuss creation of the space force. coming up we'll talk to the head guy at nasa, jim bridenstine. i want to know why it is know why this nasa wanted space force? we are sprinting to the midterms. more tax-cut, we'll see about that. what about legal parts? we're on the story. third hour of "varney" just getting started. ♪ state of the art technology, makes it brilliant. the visionary lex

i'm looking at halliburton.etter 2019 when it comes from all the issues they have been having this year. a key area to watch. , talking about execution of shale in the u.s. is actually getting worse in some capacity. so we are overestimating how much shale oil can produce in the u.s.. david: is this drilling new wells? alix: a bunch of things. one is a parent-child well. that is actually causing execution issues. david: i have seen that on your graphics. hasbro, fornow, that will bring in brooke sutherland. >> they are our their earnings reporting and missed big. the stock down and the culprit is the fallout from toys "r" us. this is a bit of a surprise because analysts expected the impact from this to be waning and that we would stop hearing so much about toys "r" us being a negative for hasbro and mattel sales. but this quarter they saw a big drop in u.s. and canada. they say they are making a lot of process that progress. they admit they are behind the ball when it comes to international sales. a 24% drop. eu

individual names check these out because they do span a pretty wide range of the oil and gas industry halliburtonservices side, valero energy on the refining side of things and new field exploration for exploration and production all down more for the market and more as a sector as well, contessa all this stuff and the underperformance is going to be something to watch with oil prices in play sanctions for iran kicking in november 4th back over to you >> thank you for that. how do you play the energy slide? joining us is mike kelly, senior analyst at seaport global securities how closely are you watching what happens with the iran sanctions and tension with saudi arabia >> yeah. it's something you've got to be cognizant of that's one of the major kind of bull arguments, that it's going to keep oil at this 65-plus level. >> what's your prediction for the rest of the year, mike >> well, it seems like we can't win in the e.p. space. the stocks didn't work with oil going up to 75 they sure as heck had some down side to them when oil's dropped here less $10. if you look to the rest of the year we hope

this first was telegraphed when we had weakness coming out of ibm with revenues, halliburton and hasbro following suit. that worries some folks. down the road there is limits to earnings gains, seeing a slowdown in revenue gains. we don't want to extrapolate too much. part of latest concerns. we're keeping eye on it. we're not forgetting that here. but again, it is rare, right now, that we focus on revenues to the degree we have. but when 35% of the companies reporting thus far are now coming and missing those revenue estimates are flip on consensus view that it is earnings. we'll let you digest that. down about session lows. down 145 points. following this caravan rapidly making its way through southern mexico. a lot of folks are concerned when it gets here, oh, about election time, this could be explosive. we have give jenkins in mcallen, texas. with the very latest. what are you seeing, buddy? reporter: neil, here is the thing be border patrol officials are paying really close attention to the caravan because it has been described as army of migrants. growing as many as 7,000. they a

these stocks act terribly in the last few weeks energy's been weak halliburton had good earnings but the stock's near a 52-week low. industrials, caterpillar 52-week low. other big names, rockwell collins, united reynolds 52-week low. sealed air also down 52-week dow du pont. 52-week lows these are largely on margin pressures and to extent on tariff issues. when are we going to get some kind of bounce here? just short term there's a couple things to look for first off is lighter volume. we started seeing that toward the end of last week a pickup in short-term indicators like ten-day moving average only a quarter of the market is above its ten-day moving average that's a little better than the middle of last week. still kind of on the weak side less volatility in general vix curve flattening the vix still hovering around 20 needs to get down to 18, 17. that'll go toward a more normal vix curve where the cash contract is a lower price than the futures contracts that are a few months out that's still not happening yet although it has been a little flatter. guys, back to you. >> robert,

from oil price rises, vers vers oil services company, you would think those would work out, but no halliburtons down 15%. schlumberger is the same way you will see weakness in the oil services sector. you would think with many of these, it would get lifted up with people drilling more. one more place i would look is in the industrial side of things you can see a real divergence happening with two competitors this is a big one. airlines united continental up 29 prts just so far year-to-date a large competitor of theirs, american airlines, down 25%. as we talk about the winning trades out there, we say active stock pickers are not doing well, passive index managers are beating them, but if you looked at some places where these divergences are happening, it could tell you more of the story about whether or not there are reasons to want to be a stock picker, especially if the market seems like it's at a record level where it can only go higher as things maybe pull back a bit, because we know they do, then those active stock pickers get back into the fold and outperform a bit >> we have to talk abo

i like oil services buying halliburton here. >> so audience knows there was a report late yesterday that this journalist a strong critic of muhammad -- [inaudible conversations] might have been murdered lord to turkey to saudi consulate there. may have been murdered may have captured that murder on his ieg phone watch. the turkey says they have it and they will release it. if that is indeed true it sengdz our diplomatic position with a saudi it puts them in a tail spin turmoil there. i'm not sure what's going to happen this is a dark cloud over geopolitics and the markets. speaking of the markets, we've got news for you this from cigarette maker which is in talk with cannabis producer, alfira this company, of course, it was seem like a natural fit, right? >> it is a canadian company afria pot is legal in canada all next week by the way. and more and more different townships of companies consumer companies in this case cigarette maker team up as best they can with pot stock. so into that, into that market, i talk to one analyst who says he thinks this is going to be a 35 billion dollar in