i'm joe kernen along with becky quick and andrew ross sorkin. democratic congressman harold ford, now a morgan stanley managing director and joe watkins who served as a white house aide to former president xli, h.w. bush. >> and not a managing director. >> no. you're still doing god's work. you haven't cashed in yet. i'm kidding. i'm kidding. >> no more cheesesteaks for you, young man. >> exactly. u.s. equity futures at this hour are down, wow, it was down 20, now it's down 50, you know why? because of hewlett-packard. >> this is a massive drop for hewlett-packard, only the third, it's the third lightest stock in terms of the weightings in the dow components, makes up for 0.8%, but that is a drop. >> it's trading at a ten-year low. >> 88 left. >> could have brought that back in 2002. >> it was a $40 stock not that long ago. >> we don't even go back that far, unbelievable. let's talk about exactly the details here. hewlett-packard reporting fourth quarter earnings of $1.16 a share, a two-cent beat, current quarter earnings guidance short of street

i'm joe kernen along with becky quick and andrew ross sorkin. millions of individuals still without power. people stranded all over the country. but is there any progress being made on the fronts? jackie deangelis has some of the stats with us. >> that's right, joe. president obama met with new jersey governor chris christie yesterday. the president touring some of the worst hard hit areas of the jersey shore saying 2,000 fema personnel are on the gloupd rou affected states. at least 74 people have died in the u.s. as a result of sandy. most of them from new york and new jersey. still 5.6 million customers in the dark. and it may be ten days before the hardest hit areas sea power restored. more than 19,000 flights were canceled because of sandy, but stranded passengers have something to be thankful for. newark and jfk airports were back in business yesterday and delta and american airlines are scheduled to resume a limited number of flights out of laguardia in about 30 minutes. the mta is also getting back to business with new york city subways

i'm joe kernen. days after thanksgiving, i wish they would stop with the christmas music. >> i love it. >> becky quick is here, andrew ross sorkin. and markets rallied on friday on hopes it will be a very merry holiday season for retailers. but there are issues on the fiscal cliff looming. scott bower, trading market advantage. normally they posture, but they finally do the right thing. but both sides have certain elements that would like to go over the fiscal cliff just to get something done that we can't seem to agree on. where are you now? s&p said 15%. other people have said 30%. do you think we get a resolution? >> i think that we get some sort of extension. we'll get them to say we're on the same path, we're making progress, but we need another six months, so we're going to extend everything that's in place another six months, but we're working together. i mean, it's really odd, joe. you think about it, and i will tell you that the feeling on the floor and the feeling in my community is that th

i'm becky quick along with joe kernen and andrew ross sorkin. if you're wondering whether all the talk about the fiscal cliff really matters, just take a look at the chart of the dow or the s&p. stocks have been falling pretty rapidly as investor anxiety rises about what's going on in washington. joe mentioned the major averages. traditionally that's a sign that more selling could be ahead and sure enough, take a look at the futures this morning. not looking to rebound today. they are below fair value once again. among our newsmakers ready to talk, we have ralph schlosstein and also cloutiee says uncertainty is keeping businesses from asking him for loans. and at #:00, we'll turn to two former governor, judd gregg and ed rendell both understand the dire consequences of doing nothing to overt the fiscal cliff and what would happen if we went over that fiscal cliff. first before we get to all of that, andrew has this morning's top stories. >>> good morning. we have a big day ahead of us. and the fiscal cliff conversation begins today. president ob

i'm joe kernen along with becky quick and andrew ross sorkin. top story, fiscal fears weighing heavily on investors minds. joining us is dave joy and jeff kilber. david, the recent, i don't know, mini correction we've seen, buying opportunity or start of something more serious? >> i think it may be a buying opportunity ultimately, but i think it's too early to conclude that. in other words, i think it's an opportune time to be cautious. i would still take risk off the table. precisely because of the political uncertainty and most specifically fiscal cliff. there's a lot that could know wrong there still. but down road, if we get a framework for larger budgetary deal down the road, could be a catalyst for a better market. >> and i think there are bullish indicators here. despite the fact folks in washington continually drop the ball, there's a lot of pressure on them that you make it across the goal line. the treasury pits behind us we actually see like the low point of the range, the 159 we put out on friday. so right now there's no real rush to

i'm joe kernen along with becky quick and andrew ross sorkin. our top story this morning is obviously the markets. i don't remember a three handle for quite a handle. the dow closed below 13,000 -- >> biggest point drop and personal drop this year. >> for the first time below 13,000 since august. the s&p broke below 1400. all the main sectors ended firmly in the red. the worst performers were centeri energy and financials and i bet you coal didn't do any well. hmos big down. >> you know what did do well, guns. >> hospitals did well. the so-called fear gauge, and that is known as the vix, the cboe volatility index jumped. u.s. equity futures should be interesting to look at temperature basically on hold. not sure what to do after yesterday. we'll talk more about the economy in a minute with david rosenburg. it was pretty clear yesterday that depending on how you wanted to spin it, could you say how do you do for another four years. i don't remember any euro news in the last six months no matter how bad it was, we didn't get it free handle. so the

joe kernen is over there. beck request quick is right there.e futures wchl dough have some green arrows, so the market looks like it's setting up nicely. 67 up if we open on the dow now. as does the nasdaq. >>> here are the headlines. they're accusing the awe it firms of missing many red flags. in addition to deloitte and kpmg, hp's directors, officers, and former directors are also named in the suit. hp took an $8 million write-down on autonomy on what they're calling improper accounting. >>> and wells fargo will not be facing any s.e.c. action. they say it's been told that no enforcement action has been recommended. >>> and i didn't win powerball and becky didn't win powerball and frankly you probably didn't either. two won powerball in arizona. we have to congratulate them. 58 winners of $1 million prizes came including 12 in new york and new jersey, in the tri-state area here. >> don't throw your tickets out just yet. >> a million bucks is not something to sniff at. the people who won, the big winners, how much did they actually get? >> i d

i'm becky quick along with joe kernen and andrew ross sorkin and the polls are opening in various parts of the east coast as we speak. some 30 million americans have already voted, including the folks in the tiny village of dixville notch. this follows tradition, they voted just after midnight and with the lowest turnout in almost 50 years, this time around it was a tie. five votes for president obama, five for governor romney. back in 2008, president obama defeated john mccain 16-5. let's take a look at the map. 270 electoral votes are needed to win. nbc news now shows president obama with 237 likely. romney 206. and 95 in the toss-up column, so it is going to be a very long evening, andrew. >> i think we'll be staying up pretty late and then we'll be back at it tomorrow morning. but cnbc's team of reporters has the country covered this morning. stationed in battleground states, campaign headquarters and here at election central. among our guests this morning, house majority leader eric cantor, and then private equity pioneer and obama supporter alan patricof, outspoken republican ken

begins right now. >>> welcome back to "squawk box" here on cnbc, first in business worldwide, i'm joe kernenbecky quick and andrew ross sorkin. our guest host is joe taft and former executive of morgan stanley, a senior fellow and a nice fellow. good to be both, more from him in a minute. first though, becky has your morning headlines. >> that's right, joe, in corporate news, microsoft's head of its windows unit has left the company barely two weeks after launching windows 8. steven sinofsky's exit is the latest and most prominent in the line of high profile xart tour as steve ballmer looks to tighten his grip on the company. in earnings news this morning, dow component home depot came in with 74 cents a share for the third quarter, that was four cents better than the street had been expecting. home depot raised earnings forecast for the year on what it says is a lot of signs out there that the housing market is actually starting to recover, some good news for the overall economy and good news for home depot, too, up about 2.3% in the premarket. let's look at the overall markets this morning

i'm andrew ross sorkin along with joe kernen and becky quick.a look at future this is morning. we have some red arrows after a tough week last week, dow looks like it would be off about 25 points, s&p 500 and nasdaq would be off as well. let's get you through some of your morning headlines. ralph lauren, chairman and ceo of ralph lauren announcing a $2 million gift of hurricane relief efforts. as part of the gift the ralph and ricky lauren family foundation is donating $1 million to the mayor's fund to advance new york city to help address immediate needs of new yorkers as well as long-term relief efforts and the polo ralph lauren foundation is donating the other $1 million to relief efforts dividing the money between the robinhood relief fund and the american cross and local organizations for relief in new jersey, connecticut, new york and long island. >> lauren. >> a little lauren/lauren. >> because you were practicing before and you got two of them right and then -- >> hard to break old habits. >> thank you. also this morning, time warner cab

i'm andrew ross sorkin along with joe kernen and becky quick.ake a look at futures ahead of the jobs number this morning, pretty much virtually across the board, dow would open five points off, nasdaq up five points and the s&p 500 virtually nil but this is likely to change. it is jobs friday. the government plans to release the october data coming up at 8:30 a.m. eastern time. economists estimate the economy gaining 125,000 jobs and the unemployment rate remains just below 8% at 7.9%. the ipad minnie and newest version of the ipad go on sale today. several apple stores in new york will remain closed due to superstorm sandy, soho, 14th street and grand central station. in asia, we were talking about in the last hour they're not selling those things as fast as they thought. aig swinging to a third quarter profit, beating forecasts after posting a nearly $4 billion net loss a year ago. the company saw improvements across all of its insurance businesses. the ceo telling maria bartiromo it's too early to estimate the financial impact of the storm. >

i'm becky quick along with joe kernen and andrew ross sorkin.hares are higher on news that they agreed to steps to make the country's debt sustainable including an extension of loans maturities and interest rate cut. we have other headlines for you right now as well. dallas fed president richard fisher says the central bank should consider defining the employment target and inflation goal and setting a limit on assets that it is willing to buy. a long-term inflation hawk says unemployment is a real concern and that monetary policy would not be enough to create jobs. also, online sales we saw big jump on cyber-monday. that was yesterday. ibm tracks transactions data for more than 500 retailers. it says sales were up about 28%. and sales are projected to reach $1.5 billion. we'll get their numbers tomorrow morning. we have breaking news that's coming through just now. >> we have takeover tuesday. conagra buying ralcorp. 28.2% premium. worth noting this has been in the works for a long time. kayla tausche reported in 2011 that conagra was intereste

i'm becky quick along with joe kernen and andrew ross sorkin. it is day before thanksgiving. it means we are giving thanks. it also means millions of americans are getting ready to travel trains, planes and automobiles. about 3.1 million holiday travelers planning to fly to their holiday destinations. aaa is projecting that more than 43 million americans will take to the roads and airways during this holiday. >> that's up a little less than 1% over last year, but it is the fourth consecutive year of increase since we saw a steep decline in 2008. >> the markets here are open for a full day of trading today. they're closed tomorrow and friday will be a shortened session. we have both the stock and the bond markets closing at 1:00 p.m. eastern on friday. take a look at the u.s. equity futures. the dow is down by about 3 points. the s&p 500 is off by four. the nasdaq down by about 12. because of tomorrow's holiday, you do have the labor department coming out, releasing its weekly jobless claims numbers today. we get them a day early instead of a day late. also today we'll be gett

i'm becky quick along with joe kernen and steve liesman sitting in for andrew ross sorkin. we'll start with the fiscal cliff as optimism dwindles. lawmakers admit they have made no real progress. republicans are rejecting president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >> thousand is the time fnow is republicans to move past the happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> today president obama is taking his pitch on the road. he will be visiting the philadelphia suburbs employing campaign style tactics in hopes of mobilizing the public to his side. he'll be speaking

i'm andrew ross sorkin along with becky quick and joe kernen. look at futures this morning.en arrows, dow would open up about 82 points higher, s&p 500 and the nasdaq look like they will open up higher as well. things may change as the show progresses but that's where things stand now. let's get you through some of the morning headlines. even while he makes his first ever presidential visit to myanmar president obama continues to work on the fiscal cliff issue. jamie dimon and warren buffett were on the receiving end of phone calls over the weekend from the president. he also spoke with apple's tim cook and boeing jim mcnierney. cisco's new cloud networking cloud group will buy meraki for $1.it billion. >>> and lowe's revenue and same-store sales beating consensus today. >>> a senior official close to prime minister benjamin netanyahu says israel is ready for a ground invasion but the country prefers a diplomatic solution. the tension in the middle east has oil moving higher, up over $1 and nbc's eamon mohyeldin is in israel. >> reporter: good morning. over the past 24 hours

i'm becky quick along with joe kernen and andrew ross sorkin and stocks are on a losing streak.ng off three straight declining

i'm not joe kernen. he's out today. but we have a great show for you.ht now. >>> welcome to quack box. i'm

i'm becky quick along with joe kernen and andrew ross sorkin and we've been watching the u.s.tures sharply weaker. dow down by about 61

i'm becky quick along with joe kernen and andrew ross sorkin. israel continuing to hit targets across

i'm becky quick along with joe kernen and

i'm becky quick along with joe kernen and andrew ross sorkin. a winner. >> i am looking forward the reaching out and working with leaders of both parties to meet the challenges we can only solve together, reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil. we've got more work to do. >> we'll have reaction and your money covered all morning long as the markets get ready to digest the results. in studio with is us is tony fratto and he is now managing director at hamilton place strategies. also jared bernstein. coming up at 6:30 eastern, we'll add a little bit of international flare with goldman sachs asset manager jim o'neill. at 7:00 eastern, we have david walker on the election results and the fiscal cliff. and at 7:30 eastern, we have business legend, author, and cnbc author larry bossety on what businesses large and small will need to know as a result of the presidential election. >> we're going to get straight to chicago right now where phil lebeau is standing by. he's at president

i'm becky quick along with joe kernen and andrew ross sorkin.ng the future, dow futures up by about 4.5 points, s&p futures up frox fractionally, the nasdaq futures down fractionally. the russell 2000 is down about 7% since the election. to your morning headlines it's more than just the fiscal cliff impacting stock prices. dell's quarterly profits dropped in the latest quarter and improvement does not appear to be around the corner. it's one cent below what the street was expecting. dell says a challenging macro economic environment is continuing into the current quarter. >>> schiff nutrition is the subject of a bidding war between two players, it had previously agreed to be bought by bayer. >>> hostess is expected to announce if it's going to go ahead with plans to liquidate, this is something it's been threatening to do if striking workers didn't return. hostess is operating under bankruptcy protection and we've been watching that closely. on a global report, there are reports out of israel, two hamas rockets have hit southern tel aviv, landed

i'm joe kernen along with becky quick and andrew ross sorkin. our top story is an economic ticking time bomb. what am i talking about? the fiscal cliff. about a dozen ceos are scheduled to meet with president obama today, including ge's jeff immelt. et another friend of the show, andrew liverus. i don't know how many pins will show up there. the dude from procter & gamble. we'll see whether they make any headway today. although in the last administration, i don't think they really got -- i think they got -- they were listened to a little bit. and when they left, i don't think much of what they said made its way. >> both sides have talked about making a renewed -- >> they're always nice. the whole council he set up for himself didn't meet anymore. you saw the final findings. none of them were adopted. >> hopeful that they will find some ways to make an agreement. >> does everything have to be tactful? does everything have to be nice? >> no, i'm hopeful, though. i'm not even pushing that. i'm hopeful that they will listen and both sides will liste

the professor is here sitting in for joe kernen. our guest host, dana telsey. there is one top story this morning and that is retail and that is why she is here to talk all about that with us. and we appreciate it. the nation might be at risk of going straight off the fiscal cliff, but don't tell that to the millions of americans that hit the stores and malls today, actually beginning last night. courtney reagan is standing by in dayton, ohio. good morning to you. >> good morning. that's right, it's today, tomorrow, yesterday, it's really all one big huge event. this mall we're at opened up at midnight. 80% of the stories opened with it and so far the store managers that we've spoken to said that they're pleased with the traffic. there are certainly folks that camped out around the country all knit and a lot of the retailers are trying to control the chaos. some just letting in 20 folks at a time. an analyst is underwell himmed by what he's seen .but the shoppers i've spoken to are telling me a totally different story. they're very happy with what's going on on

i'm joe kernen along with becky with three names.ross sn making s, president obama is going to meet this ceos of companies including home depot, goldman sachs, merck, coke, macy's, yahoo! caterpillar, comcast, marriott, and at&t. among the leaders calling for leaders to rise above is morgan stanley's ceo james gorman. in a memo to employers, gorman writes in part, in his words, i would ask that you communicate with your senators and congress people to urge them to work together on a bipartisan compromise that averts any immediate fiscal cliff impact and puts the u.s. on a sustainable path towards long-term economic growth and deficit reduction. hard to believe he could get through all of that and not use the term "rise above." he's deliberately leaving that out. he goes on to say the economic consequences of not rising above, he could have said, but he said of inaction, by our government could have been terrible. severe negative impact on every taxpayer and a painful return to recession. the e-mail includes a link to help employees find their representatives in washington and send an e-m