j. p. morgan stock? nicole: stock is to the downside with j. p. ff went the rest of the banks are higher on a credit suisse upgrade. j. p. morgan is feeling this down 4.8% and it is about bear stearns and jamie dimon got side swept and wasn't expecting to see this today. stuart: thank you very much. bring everybody up to date because we are down. we are off 15 points right at 13-5. our next guest says the wind industry is one of the most favored industries in the united states. get government subsidies and breaks for compliance with environmental laws and despite that loss 10,000 jobs in the last few years. joining us is robert bryce with the manhattan institute and author of power hungry. he is our guy at "varney and company". welcome to the program. point by point. what subsidies does the wind industry get? >> at the federal law will one that is at issue is production tax credit two.two cents per kilowatt hour of electricity produced. it is a lot because in some markets now that subsidy seeks the market price of the electricity being produced by

j. p. morgan and wells fargo and people will be interested to see what -- if anything we need help from the financials and j. p. morgan and wells fargo are two king names people are watching. i like the bank and the bank will do better i should hope. nicole: any last thoughts you want to add to what you're seeing right here right now? >> investors are on hold and waiting for a thursday when we have the debate thursday. will be entertainment and thursday, friday. nicole: thank you so much for joining us. cheryl: cu in ten minutes for the close of trading and give earnings season is expected to be dismal phil orlando says the glass is half full and investors should be prepared for a surprises. he is back with picks to get us to the earnings season. biggest sector you like? >> the issue is the concern in third quarter earnings are terrible but those concerns are overblown. the ratio of negative to positive -- hasn't been that bad. the expectation is earnings are down 3% or 4% for the first time in th

j. p. morgan on friday, what do you think? >> well, j. p. morgan is important, but the way i would view this is a mosaic that's being created every day, and what you want to see, more important than the earnings, is what companies say about the going forward outlook. do they see the world growing in 2013? what is their outlook for fourth quarter for the holiday season? and i think the market is going to react to the incoming data and it going to be very hard to forecast. but i think at the end of it, it's going to be good enough to prevent a collapse had the market, but not good enough to prevent a, to create a major gain. so i wouldn't be surprised at the end of the year to see the averages where they are today, but go a little bit lower between now and then, and then rally afterwards. and of course you have the presidential election sitting right there in the middle there. and what you hope is that it's tight enough so that who ever is elected does have to govern from the center, you don't have obama if he's elected moving to the left or ro

j. p. morganews today. nicole: the banking index trying to push into the green. most banks stocks have done well earlier on credit suisse's call that they like u.s. banks that j. p. morgan has been under scrutiny because the deal jamie dimon made to acquire bear stearns in 2008 coming back to bite them today in the attorney general here in new york is filing a lawsuit against j. p. morgan. it is all about bear stearns and fraud dating back to 2006-2007 on mortgage-backed securities. the first lawsuit of gets kind against the big banks as part of a mortgage working group formed by president obama last year. the first of its kind against a big bank and you can see stock to the downside down 1/3%. how are we doing on the major market averages? tech savvy nasdaq composite fractionally in the green. might be in our read in a moment. the s&p and the doubt to the downside antaeus and be down two points. dennis: j. p. morgan story no good deed goes unpublished. they rescued bear stearns and now they're su

j. p. morgan, wells fargo also reporting tomorrow, a lot of anticipation what has happened with j. p. morgan. wells fargo not so much. liz: holes seeing another big jump continuing their run. let's look at the exchange, the components in this one, consul energy, peabody energy but of $0.92. we see a gain under 4%. dave: natural gas continues to go up 4%. a little more than 4%. we have a guest coming up from swift energy with oil and natural gas and specifically one trade in natural gas you might not have thought of. liz: along this move for the past couple months. bells ring, action really begins. she has her first success in business at age 16 and went on to revolutionize the telecom industry and launch her own private equity firm. now lynn forrester rothschild is on a mission to rehabilitate capitalism. you know capitalism lives here at fox business. she is joining us in a fox business exclusive straight ahead. dave: rome investors that some investors are fleeing but one manager says now is the best time to get into europe. there's a lot of opportunity. liz: we will tell you what dro

j. p. morgananagers for the $27 operating an you see $33.53. the broader market average. the nasdaq composite is up 0.2% and there's a look at the dow and also the s&p with up arrows as well. we are seeing the bank stocks with an up arrow and the dollar pulling back. cheryl: we will see you at the top of the hour on markets. european markets jumping as spain gets a downgrade. what is behind this? makes a lot of sense. you have the insight. ashley: markets of europe up 1%. we have heard spanish death being downgraded by s&p but just one notch above junk status and moody's will release its latest review at the end of the month and could well be in junk status but will get these numbers. pretty good. partly because of good jobless claims numbers out of the u.s. whether they are real or not but also because christine legarde saying she believes that the debt-ridden countries should be given more time by greece and spain and italy, cutting too they bent too far and doing more harm than good and that he

the letter was signed by 87 heavy hitters including goldman sachs' lloyd blankfein, and j-p morgan's jamie dimon. it asks to follow the 2010 deficit reduction plan. the statement does not endorse a presidential candidate's economic plan. ford is having more car trouble overseas. due to stalling sales--the u.s. automaker now plans to close 2 plants in england, on top of the belgium plant closure announced earlier. cutting a total of fs 57-hundred jobs. ford anticipates european losses will exceed $1.5 billion this year. and next. next week gm is expected to detail the re-structuring of its opel unit which has been losing money. the drag in the u-s economy slapped the cme group with a 30 percent drop in third quarter profit. it wasn't all due to regulatory changes, according to cme chair terry duffy. he admitted regulatory issues had a role in the profit slowdown.... but the slowing economy and flat interest rates dealt most of the blows to the bottom line. pro- gay marriage supporters protested outside restaurants after chick fil president dan caathy said he supported the biblical def

the solver if you work at wal-mart there's an interdependent between the worker and the state i j p morgan because you can't work at wal-mart without relying on food stamps right free enterprise system has left the building and you only know basically slave model going on and you have corporatist model and you have a fascist model free market capitalism however no you don't have that model well speaking of that you know one of the i.m.f. poster children for what europeans should do is ireland i.f.s.c. lobby group powerful in shaping policy max this is the international financial services center in dublin and they have but managed to implement a total of twenty one changes to the finance act to accommodate these people now the article here says a clearing house group was formed and they say a clearing house group is an unusual concept in the world of politics and public life the government at its highest official level and all the main players in a particular sector form a body with the a sensible aim of expanding and developing the sector so max this is the government of ireland and the wh

j. p. morgan and wells fargo in focus. nicole: i want to focus on j. p. morgan -- jpmorgan. we heard a lot from jamie dimon on a conference call and that is why we see a down arrow. a cautionary tone going forward. jpmorgan had a great quarter. both companies, wells fargo missed on the numbers but when you are looking at the two of them both have one thing in common and that is as you see recovery in housing j.p. -- jpmorgan said their mortgage lending has been higher. lower interest rates helped that a long and wells fargo is the largest home lender and talked about banking jumped as well. that is moving along but you see down arrows on both of these. connell: it was fun to watch last night, vice president joe biden and congressman paul ryan. our favorite topic is the economy and the question of is it possible to get unemployment under 6%. >> we can and we will get it under 6%. let's take a look at the facts. let's look where we were when we came to office. economy was in free fall. we had the great recession hit. nine million people lost their jobs. 1.7 -- 1$.6 trillion of

j. p. morgan and some names that played on the dow going into the close.there are some all-time highs. consolation brands, we will talk to the ceo coming up so some stocks had good days. >> the dow hit the highest level in five years so constellation brand you think of corona and raven line an all-time high. walmart. you need your alcohol. you need your tobacco. dave: and wholefoods. may be inconsistent to smoke a cigarette when eating whole foods that doing pretty well. zynga a big movers today. >> they cut their outlook again. you see the dramatic fall off and a lot of favorites stay below. avalanche facebook and linkedin. dave: another sort of bumper is green mountain coffee. we are used to that and it lost 5%. >> we were watching green mountain. starbucks says th

j. p. morgan -- jpmorgan a similar story. mortgage lending increased by 36%. jamie dimon thinks the housing market has turned the corner and even a comment like that don't have many homebuilders showing green arrows. melissa: we will break down earnings with a lot of good information. melissa: oil on track for its first weekly gain in a month. tension in the middle east offset concerns about global demand. jeff flock live with the latest news. phil: i want to get the latest on that because that is something a lot of people are watching. oil with its first gain in months. where do you see it headed? >> oil will be tracked in this range. the reason for the game is the rising geopolitical risk. a lot of uncertainty with regard to syria and turkey. prices could start to accelerate a little higher offer of 95-96. jeff: is a driven by the weather? >> we have some weather forecasts, the next 16 of 20 days will be unseasonably cooler as well as the inventory data. we are starting to see -- last week it was below expectations. they were expecting 72 and we only got 80.

j. p. morgan up 2%. bank of america up 3% but all of the banking stocks doing very well. you have financials in the market. when the bell rings the argument begins that the regulation with -- about to go down in flames with revelations from a man at the helm. one of the nation's biggest banks during the heart of the meltdown. john ellison is here to focus the blame back where it belongs. you don't want to miss this debate. cleveland is open for business. liz claman in the heart of the city. what makes their city the place to be? liz: you should be here. this is a rock and roll hall of fame at huge tourist attraction. look what i got you. and he was two years old. and this was the best. and kevin magee founded in the gift shop. and jimmy hendrix which you saw him singing the national anthem. and we can hear all day long, the business of ohio and cleveland, and come from this town that hired more than a thousand people and the horse shoe casino and the big constitution, bring the business to cleveland and the general manager and how well this business does and is doing well

j. p. morgan. the most buzz, and of the day. one of the most noted economists calling today's jobs report a, quote, statistical fluke. the man behind that, dean baker of economic policy research will be joining us coming up and heading to cleveland where liz claman joins us with the top business leaders. who do you have? liz: mark clark of first energy. they are in six states including new york and new jersey and ohio. they are a huge energy concern. they do electricity and natural gas and coal-fired generation and nuclear. what is the landscape for energy? the electrical utilities. back to you. dave: before that we tell you what drove the markets with the data download. some jobs euphoria did fade with all three major indices losing ground. the dow is the only index that managed to eke out modest gains. stocks posting of a first weekly gain. closing weaken the green but financials technology was the biggest lagger. the economy added 14,000 jobs in september narrowly beating the economist estimates. the unemployment rate went th

j. p. morgan on friday. it is a huge week for earnings.g too booed about it. >> a new survey shows for those lucky people who do have jobs, they are looking for new ones. >> they did i anew survey and found that three out of four amercans are looking for work whether they are employed or not. 41% of people would have jobs say they are overqualified for their jobs. that just shows you we are taking anything we can get to get a paycheck. and about 2/3 of people said jobs have become very difficult to find over the past year so they are not even optimistic that a new job is indeed out there for them to get. as we look at the latest national employment numbers with the september jobs report whether you make day good one or a bad one with that 7.8% unemployment rate, it is important to point out that not all the job are really satisfying americans these days. >> that's true. a lot of people are in it r the paycheck and continue to look. there is a lot of that going on. but still, reminding themself i think that it is good to have a job right no

j. p.6ññ morgan and thomas edisond that crowd when they granted a a monopoly for the use of concrete which today because it was in public domain and they sold -- to the3& elevated sidewalks with rails that you see in sacramento and so forth. where the children would play and where the bicycles would be ridden. bicyclists in the street is a sense and i don't think wer now. also there are important details of law that are being violated÷v generally by the bicycle community. is a blockade. blockade is an actsd of war and therefore not protected by the institution. it's not a peaceable demonstrationation. costing lives. we have one of the highest )jjip &c @&c"p% painting the pavement is not an act ofx it's not an act of engineering. and any time you allow people riefs. the corridor you are talking what for us in san francisco is in effect a highway. of themselves on bicycles out on the highway. if you must allow this crazy plan use hayes and page. >> chairman nolan: thank you. next w;çz speaker. >> dave snyder, tim mclof lon, peter)ue:Ñ louderburn >> good afternoon, mr. snyder. >>f%=e good aft

j. p. morgan and wells fargo. that with jpmorgan. we see under pressure after we heard jamie dimon on the conference call getting a bit of a look at the profit margin the next several quarters and traders on wall street are impressed by what we see. >> what was the other stock. and the thing about both of these companies is in those cases, better housing situation and in this case wells fargo. and under pressure as well the revenue fell short of analyst estimates. stuart: changing the subject completely, more hot air from the wind industry. a large scale wind power development in the mid-atlantic region could create 70,000 new jobs. the entire wind industry employs 70,000 people. could one project double the number of workers in the wind industry. joining us is robert bryce at the manhattan institute. in the eastern seaboard, when fires in the ocean to employ 70,000 people is that realistic number? >> i don't know where numbers come from but if you look at what the assumptions are in the report we are assuming 7,000 megawatts of offs

j. p. morgan among leaders on the dow jones industrials and caterpillar and cisco.nd many names many of our viewers own that are hitting 52 week highs and that feels good along the market with names like ibm, general electric, merck and verizon and exxon just to name a few. we will follow hewlett-packard after their outlook has been noted as a challenging one by meg whitman and analysts are jumping on board cutting it even further. connell: to another big story coming out of california. the cost of a gallon of gasoline skyrocketing in california. continue refinery disruption and low inventory, wholesale prices through the roof. the price of regular gas known $4.48 off of $0.17 from yesterday. there it is on your screen. national average -- by that much just in one day $4.48 a gallon. almost getting buried by politics and unemployment and everything else. that state has been hit hard. dagen: we are still watching for the president and waiting for him to come out. a live look at somewhat lengthy introduction of president obama at that rally in fairfax, va. but he will

j. p. morgan. cheryl: see you at the top of the hour. and it is time for your west coast minute.ar to be gaining ground in their fight over california's controversial prop. 7 requiring labels for genetically modified foods. craft, coca-cola and other companies have spent $40 million in ads to convince voters to vote no. 67% supported the measure but only 48% say they will vote yes. california colleges getting ready to raise tuition and cut jobs if proposition thirties' defeated. the measure which governor brown is backing would raise $6 billion in taxes approved but if defeated but will will trigger a $5 billion cut from university budgets. google employees are traversing the grand canyon in an effort to add landmark to street you application. hy business camera strapped to their backs taking 360 degree photos of bright angel trail and a big portion of the south rim. google's goal is to photograph every corner of the world. that is your west coast minute. dennis: he likes cold but is mitt romney the best candidate for the coal industry? we will ask one clean coal ceo. cheryl: lif

j. p. morgan. melissa: that is a crazy number? >> he has been there for five years and four years ago this was considered a zombie bank on the verge of going out of business and is a healthy thriving international lender with strong capital ratios. i don't think he was underpaid. lori: he earned $65 million which raised a lot of eyebrows. let me ask about the board. the new board took over, michael o'neill sitting in as chief. what role did they play? was there any shareholder pressure? >> there was a lot of pressure from the board from shareholders and analysts. and many saw him as being too professorial. and time to go with banker. and they are tired of being in crisis mode. they want to move forward with growth and continuation of capitol building. also they want to shrink the balance sheet. citigroup's balance sheet is $2 trillion. how about shrinking it more and cutting off the peripheral business and returning capital to shareholders. they pay a penny per quarter. maybe this spring we will have better news on the dividend fr

j. p. morgan -- [talking over each other] charlie: on the regulators.: i think the banks didn't want -- [talking over each other] charlie: the regulators, wrote -- create a market. melissa: where jpmorgan and goldman sachs do their trading. charlie: they don't tell them that. a tell them everything. they tell them everything. tell them how to operate a market. there are rules how markets operate. if they are not telling them to have a backup plan now why do we need an sec? [talking over each other] ashley: we have to leave it right there. charlie gasparino. melissa: sandy causing a lot of destruction but the refinery is unharmed. that doesn't mean there is no impact on the wall or the ability to get fuel especially in the northeast. more on that after the break. [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busser to waiter to chef before opening a restaurant specializing in fish and me from the great northwest. h

j. p. morgan, jamie dimon saying they're dealing with the war room to deal with this?harlie: dodd-frank is over the fiscal cliff. lori: there are all these things hanging out. charlie: broadly yes. if you are at an important bank which citigroup is, second biggest, third biggest second, bank of america, by market cap, huge financial institutions. you need someone you think is going to deal with these issues and they probably thought the new guy is better than vikram pandit based on the decisions and things that vikram pandit has done. it is sort of baffling why they kept smith barney acquisition so high on the books. doesn't make sense. they are a highly regulated institution. it is baffling you say you press the stress test when they did. these are things you don't expect out of a ceo. what is the worst thing jamie dimon did? jamie dimon made a misstatement about the london whale. he thought was a tempest in a teapot but the company makes a lot of money. in the context of their earnings they are the tempest in the teapot. vikram pandit made too many mistakes. to be ho

j. p. morgan would have to bring in someone somewhere even if we were trading electronically and just for keeping people lot of harm's way is what he meant when he talked about it being irresponsible to open any earlier than today. the pricing and trading done well but you need some human electronic trading which is why they made this monumental decision. dagen: thank you. connell: continuing coverage of the recovery from hurricane sandy. the markets are open for business. dagen: neil cavuto is always on the job. never leave the place. we are here and 2:00 and didn't go anywhere. he is standing by to talk about the recovery and the election. >> 20 minutes past the hour your fox news minute. the death toll have sandy has climbed to 65. to the east coast folks of trying to get into a daily routine but nothing near normal. coastal homes and beach boardwalk are in splinters and hundreds of thousands in new york city area are without power. president obama is traveling to the garden state to meet with

j. p. morgan and heavily involved, $950,000 a year in base salary and bonus of 500%. he will get $19 million restricted stock options. lori: speaking of management changes why did vikram pandit leave citigroup so abruptly? the fcc wants to know when charlie gasparino broke the news, he has breaking details on the story just ahead. check the dollar here, head of the fed, stronger, weaker, stronger, a bit of a stronger dollar here as we expect more accommodation or steady as she goes, nefarious monetary policy leading to dollar weakness of weight, $129.48. we are back after this. >> 22 minutes past the hour your fox news minute. fox news has exclusively obtain state department females declaring the responsibility for the attack on the consulate in benghazi, libya. this e-mails were sent as he was received by 400 security officials including those manning the white house situation room. julian assange's health is declining and asked britain to guarantee the wiki leaks founder saves passage to a hospital if he needs medical treatment. julian assange has been holed up in a