that is jp morgan. we're seeing it move slightly lower in the after hours session. this notion of the buy back isn't as big as some had expected. how big of a disappointment if it is one to you. >> well, yeah, jp morgan has a lower buy back is disappointing. i don't think it's the end of the world but i was coming in thinking their capital levels are building so quickly we could get upside as opposed to a downside. so the market is probably hoping for more as opposed to less. so it's a negative but they're still buying back $6.4 billion. it's not that big a deal but a negative. >> yeah, the 4% interest in dividend is nice. so that makes up a lot of the difference between last year and this year but city bank buying back 5% that's a fair amount of stock for city bank. >> and that to me is the clear winner today. it's been my top pick for the year. there's a lot more to come but not only did they pass which was important but the buy backs higher than most expected. they actually have upside to their buy back and i was expecting management to be concerned with the requ

joining us is the global equity strategist on jp morgan. so you upgraded europe in november. which worked out well for you. are you maintaining that call at the moment? >> yes, this is the main call we have for this year. the regional rotation and the big story is really that u.s. market is getting tired. >> and is that as strong as ever? back in november of course it was european equities -- they rallied strongly this year. are you still as confident as in november. >> back in november it was a little bit of consensus. now i can say people are making the call. we think you should stay with it because in our view the positioning is yet to change in a big size and also we think there's going to be a second leg up in the market momentum. mpis are going to move up more. it's extremely high. the differential is at 40 year peak and we think this is going to be diversing for a few years now. >> how does quantitative easing fit into all of that? we haven't seen much reaction on the upside from the equity markets and some are are worried that we've seen all the effects before it actu

so, for jp morgan, goldman sachs, morgan stanley yes, they had the market down.le to return a substantial amount of capital to their investors. eric: from the head -- that perspective, there's a balance being struck here. according to officials i heard from on this conference call, they expect about 60% of the net income that these banks will generate over a five quarter. to be paid out in the form of capital distributions, which means that 40% will continue to be retained earnings, and other words, the banks are still as a group -- were not just talking about jp morgan, goldman sachs -- the ones most active in capital markets, but all as a group are continuing to build capital from a perspective that the rule making the american banking system safer and sound because there is deeper cushion. alix: will there be some kind of fallout from the shareholder perspective? you make a case on how banks wind up allocating their net income. do you think we will see this reflected? >> because the stress test have become for many banks what you manage from a capital perspect

jp morgan auto loans are a big deal.got done talking about our ownership in gannett. bank of america is the biggest proxy in terms of demand for cars and homes and that stuff. it's kind of polarized that between what we find attractive in the banking world. you take like a city group where they're getting 70% of their revenues abroad. asia is a much bigger story for them. our biggest is trouble is do we have enough leverage and exposure to what's going on domestically and we think that's a question more investors should be asking is that economic cyclicality present in a major way especially for groups in london and europe trying to get after what's been going on in the united states. >> what happens when rates go up, cole? >> that's funny you mention that. it all depends on which ones you're talking about. for example, we consider a company like caterpillar which we don't own a cyclical stock. they go through boom and bust cycles. the problem is a company like that does 27% of their revenues in the u.s. they have little

an interview with the jp morgan chase international chairman.e experts in monetary policy. we asked him what he thinks and when he thinks the fed will raise rates. we will see whether he sees any real distortion and yields here in europe. there is distortion because of qe, does that mean the markets are mispricing overall? that is the question for jacob frenkel. we have a great exclusive with the ceo of seefiat-chrysler, is the company looking for a merger? you can follow us on twitter. i am @flacqua. the twitter question of the day should leaders tweet more or should they tweet less? we have been talking about the spat between the germans and the greeks. mr. varoufakis often taking to twitter to defend himself and his country's policy. should he tweet more or less. a couple responses already. continue tweeting us. i am @flacqua. a lot of people saying leaders should get on with their job and not tweet it off. ♪ tom: markets churn. japanese stocks had a central high. we discussed the shades of passive investing. cate blanchett has never been mor

regulators are looking into jp morgan's asset management unit. opposed associates and subpoenaed thousands of internal documents. investors want to know whether jp morgan investigators steered clients into investments for the banks gain. a big transaction in cable tv. try to commit negations has agreed to buy a majority stake of bright house network. the price is $10.4 billion. bright house is controlled by psi new house junior. the deal is contingent on several new things. here is another example of march madness. the resale market for final four tickets wins fans who want to see kentucky finish an undefeated season. average resell price for a ticket to the game saturday and monday in indianapolis is almost $1900. that is a record and 25% more than the previous record that was set last year. those are your top stories. olivia: how much do players make? matt: very good point. in 10 minutes, more on charters big deal. the cable company buys bright house network. plus it is jay-z versus spotify and his friends plan to conquer the music streaming. l

you had jp morgan getting close after being down 15% at one point on the early, in early february. he be able to buy $6.5 billion worth of stock. everything sounds fantastic, right? don't forget these guys had poor results. they gave murky guidance. it's a company not growing sales or earnings in 2015. evaluation is cheap. here's the thing, okay. everyone is focused on higher rates here. we don't know what is going to happen. is the fed going to remove them or not? i think that's already in the markets. the rates have moved up here. i think it's in the market. so you have this enthusiasm. i know it's considered the one you have to go after. and that is what some tech anythings, not what carter called the death cross here. two weeks ago on the program, remember we highlighted microsoft doing the same thing. it went from 44 to 41 in a strait line. we have a meeting well telegraphed. april expectations going to catch their earnings report on april 14th. i have two events between now and mid-april. and the stock was 60.55. i bought the april spread. i paid $1.20 for that. that is the m

over one billion dollars that allowed us to go back to the underwriter with that kind of demand to jp morgan i mentioned vanguard one of the largest mature bond funds in the country they were at the presentation with steve and i put in one hundred and $29 million of orders very, very effective outreach so again, it was a successful effort and we're pleased with the results if you have any questions, i'll be happy to answer them. >> wonderful. >> i'd like to say that you know to have the bond rating we do is just dprierld and for us to go back b there in the drought and convince them the water bonds are where they should be is a great feat. >> thank you obviously we're not toy trying to undermine the drought but a lot of investors worse case scenario and the tabloid headline news steve objective did a interpretation job in awe on the same page their concerns and we're managing the drought and he mentioned we're in a better shape than other agencies so kudos to steve. >> yes. >> is there a pocket if the drought continues in the coming years it will effect our credit rating. >> absolutely absol

what you saw was actually goldman sachs, jp morgan and morgan stanley actually with their capital plans come in below the fed's minimal level and the fed said take a week after last week's results came out, take a week resubmit your capital plan and in many cases, they came back with a less aggressive buyback or dividend and they were able to clear the bar. >> kayla tausche, appreciate it. >>> resurgence goes past the stress test. several business units are really clicking again. gerard cassidy joins us now to tell us if investors can invest on citi. he's with capital markets. good to have you with us. bottom line me here. is citi stock a buy in your universe? >> yes, it is. we believe citi is a very attractive investment for all type of investors because of its valuations but more importantly, the company has real momentum in its recovery and tonight's see car test is another piece of that recovery. >> what are the risks that are perhaps still inherent in citi or are they now taken care of given it did pass this test with flying colors? >> i think there's risks in all banks. you never

the best performers here in a relative sense might be jp morgan goldman sachs, and morgan stanley becausest they possibly could for their shareholders by asking for more and having to resubmit. what we learned from the fed yesterday from senior fed officials is the fed is fine with that. betty: it is interesting because shares of all three of those banks are up today 2% or 3%. they delivered for their shareholders. bypassed wall street, the new jordan belford. ♪ betty: we all know jordan belford and the fortune he made in penny stocks. turns out there is a new wolf of wall street in town though he never worked on wall street. josh is 27 years old and invested $200 million in penny stocks himself go. a great article from zeke in bloomberg this week. when we know about this 27-year-old millionaire who was six years ago living with his parents on long island? >> he was in a band hoping to be a rock star when he learned this one weird legal trick that lets you make huge returns on penny stocks which are usually a horrible investment. the way it works is instead of buying the stock, he loans c

as you can see jp morgan is also in the red. here you go. remember we do get the results of the second round of fed stress test later today. that could change the story when looking at the banks. got to point out the underperformance of energy. weighing on the s&p 500 with some traders calling for oil prices to head even lower. some of the big losers include chess pie energy and south western energy. two stocks to watch. >> absolutely. energy is one of the big reasons the ftse 100 was the biggest lager in all of europe yesterday. and u.s. futures also pointing to a positive open and a bounce back in the u.s. we'll have to see if that holds when markets open. now univision is the biggest spanish language broadcaster in the u.s. and the company's private he equity owners have been looking to cash out for years and now they may have found a way. let's get more from landon standing by. >> hey, wilfred, good morning to you. univision reportedly hired goldman sachs, morgan stanley to lead an ipo. the company is looking to raise more than $1 billio

and the government stepped in and provided about $29 in risk sharing funds provided by the fed to jp morgan chase, a very large bank that bought bear sterns and saved and rescued their shareholders who got pay out of $10 a share. okay. this was a really unusual thing because the government had never before actually stepped in with cash and rescued an institution that was not an insured bank. so by then the market thought well we have a policy by the government. they were not going to allow any of the large financial institutions to fail and then we came to leiman brothers and were 50 percent larger and everyone expected the government would save them but it didn't. it allowed them to fail. that was a huge mistake. i think it was a mistake to rescue bear sterns because that created moral hazard. that is people assume it knows what the government is going to do and the government protects them for different decisions. they then allowed the brothers to fail. shocking everyone in the market. people didn't know who was going to fail, who wasn't people started withdrawing from banks and other ins

the top companies are looking to hire 1,000 people across delaware barclays and capital one and jp morgan chase met with students from wilmington and they are developing the skills for high tech jobs and they could eventually fill the bank's open positions. >>> in philadelphia city council hearings began today on mayor michael nutter's budget proposal he wants to raise property taxes to bring in $1.5 million for the city's struggling schools. they have to agree on the support for the district and they will spend the next to months debating the budget. >>> something we hope you'll love as much as we do. the iconic piece of the skyline, the action cam is giving you a live look as crews inflate, yes the 6 abc zoo balloon as we speak. this is a replacement after the original one suffered significant weather damage last year. once again it will take zoo visitors 400 feet over the animals, giving them spectacular views of fairmount park and center city. it's being inflated and that means spring is on the way. >> lets get in that thing this spring. >> lets do it together. >> it's a date. >> and

reversal for the sec that rejected nearly identical proposals at bank of america, citi group and jp morgan. let's have a look. it's down about .3%. >> still to come on the show as netanyahu attempts to form a new israeli government how will he impact u.s. nuclear talks with iran? we cross live to find out after this break. stick with us. shopping online is as easy as it gets. ♪ wouldn't it be great if hiring plumbers carpenters and even piano tuners were just as simple? thanks to angie's list, now it is. we've made hiring anyone from a handyman to a dog walker as simple as a few clicks. buy their services directly at angiealist.com. no more calling around. no more hassles. and you don't even have to be a member to start shopping today! angie's list is revolutionizing local service again. visit angieslist.com today. >>> benjamin netanyahu celebrated his win with a visit to the wailing wall in jerusalem. but he's met with international criticism. the disapproval of him abandoning his commitment to a palestinian state. u.s. secretary of state john kerry is continuing talks with his iranian co

it is, this jp morgan piece that came back you know i like bank leadership. all that said the funk of this quarter tends to indicate that at a certain point during the day, we will give up some and you get a better level to be able to buy things. it's been such a bummer quarter, frankly. it really has. last week was a terrible week. you see a lot of companies whose stocks look like they're rolling over. because these deals matter. >> year to date, u.s. m&a is 33 billion. health care 88. health care has four of the top ten of the year so far. >> i just think that health care is where there's just way too many companies. and i think that the inversion -- the inversion thing has really put many companies at a disadvantage in our country. and i'm not here to talk about tax policy. i do think activist is what's happened in terms of where big money wants to go. >> well, we've made this point. in some auctions that have taken place, the only buyers were those that were already inverted. inverted. for example, salix. they were all inverted. in pharma in particular, y

investment banks are necessary for global trade and at the moment the big players are either america, jp morgan or germany deutsche. are there going to be other players in the market in five years time? that is a big issue for all businesses that work on a global stage. >> we will keep it across when the rbs statement comes out. where is the best place in the world to live? it's vienna in austria takes the top spot once again offering the best quality of life in the world according to the latest survey. following that new zealand and munich. second, third and fourth places. the quality of living survey is based by global [ inaudible ] cities within cuba followed by pakistan and iraq. i asked how you make a survey like this? >> when we are putting together this research we look at 39 different factors across ten different categories of all of the things that make an appealing place to live. is it clean? does it have good electricity supply? what is public transport like? are there schools and hospitals where people are able to send families if they need to. we look at all of that when we are ass

jp morgan chase, $3 billion settle independent madoff case, was never charged with a crime.violated the rules. the law says second degree felon but perhaps the bank shifts be on there. the problem is how do you get a picture of the bank and they've never been charged with a crime. who do you know pays $3 billion and hunt -- hasn't done something wrong. >> we'll wait until they crash the economy again and then we'll deal them. >>> a map accused of gunning down a mother of four in las vegas appeared in court today. police say they first thought this was a indication of road rage but there is much more to the story. they said, oh a road rage incident in case somebody got killed. there's a whole new story now. that and powdered alcohol coming up. ght, so this tylenol arthritis lasts 8 hours but aleve can last 12 hours. and aleve is proven to work better on pain than tylenol arthritis. so why am i still thinking about this? how are ya? good. aleve. proven better on pain. introducing preferred rewards from bank of america the new banking rewards program that rewards our customers,

jp morgan says the dollar will not be mentioned explicitly by janet yellen but they're expecting a discussion around the foreign exchange developments. what are your thoughts there? >> they do have to discuss it. i don't think they'll show concern with the dollar. i think it is overplayed. it's true that multinational corporations have to factor into their, you know their expectations, where the dollar is and the rise has been fairly large recently but they're fairly good at hedging. they can deal with this and we haven't seen big impacts in the past from these kinds of movements from the dollar. they have been associated with pretty good economic decisions in the united states. the members of the committee are going to see it that way. it does have big implications for what happens on cross border movements. you know where capital is moving from emerging markets. it clearly has an impact on emerging markets and has an impact on their businesses and the way they're settling their accounts but i am less worried about it. we spent a lot of time looking at it and we think firms will be okay with

jp morgan had a threat.red they need to be protected and have the people to understand the technology in order to fight back. >> exactly. that's why almost every company is looking to hire people with a skill set like this. >> is this a higher paying job when you know how to code? are you getting higher salaries? >> absolutely. we give everyone the ability to raise their salary learning to program. every industry will pay you more. >> how many users now? >> more than 25 million around the world have taken courses of code academy. >> that is fantastic. >> thank you. >> we'll be watching. co founder and ceo. >>> let's look at what's coming up with howie. >> hi maria. ted cruz said the media are portraying him as crazy. we have the reporting of the bowe bergdahl case. john stewart says fox was right about something. he manages to make fun of megan kelly and many. i'm going to have a response. >> we want to see that response. thank you. >>> a frame work nuclear deal with iran could be less than 72 hours away. wi

michael feroli from jp morgan.. >>> starbucks making a change to its race together campaign. howard schultz telling employees that as previously planned, as of yesterday, they're no longer being encouraged or required to write "race together" on cups. but schultz says the company's effort to promote discussions of racial issues is "far from over." the campaign last week set off a wave of criticism on social media and everywhere. here's howard schultz responding last week to our own jim cramer. >> there's no part of this on any level that's about marketing or pr or trying to get more business. i don't think it's going to hurt business. we certainly have not seen that in the last 24 hours. this is going to have a long tail to it. i think people trust the brand. i have faith that they won't put any customer in the situation where they're being handed something they don't want to carry. >> it was a weird annual meeting, because they had a two for one stock split, and yet everyone was talking about this race campaign. >

some banks like jp morgan has returned 100% of their earnings back on both buybacks and dividends. "b" of "a" is probably not there yet but they're heading in that direction. >> zion's bank corp named 2012/'13 great story. 2014 was trying and got off to a bad start this year. that looks like a stock that might have leverage here. what do you think about z-i-o-n? >> this is preliminary because we get the data as soon as you are. they came out weaker than anybody else but failed last year. at least they didn't fail this year. they have a little more complicated balance sheet. they've been on the sidelines a little bit with reference to lending. they don't want to really grow in this environment. so we're still on the sidelines here. it might be, you know, when you really think about it, five years down the road, they might be taking the best position, not lending in this environment. but right now, we're on the sidelines on zions because they'regrowing. >> underperformer versus its peers, paul. is this the catch-up trade once it clears the 11th? >> i think so. there's a lot of confus

stepped in and rescued it by providing about $29 billion in risk-sharing funds provided by the fed to jp morgan chase, very large bank that bought bear stearns and shaved it. the shareholders got $10 a share. this was unusual because the government had never before actually stepped in with cash and rescued an institution that was not an insured bank. so, right then the market thought, well we now have a policy by the government. they're not going to let any of these financial institutions fail. and then we come to lehman brothers. everyone thought the government would save them. it didn't. they allowed lehman brothers to fail. it was huge mistake. i was a mistake to rescue bear stearns but a that create ate a lot of moral hard, in other words people assume they know what the government is going to do and the government is going to protect them so they make different decisions as result of that. but having created all this moral hazard, they then allowed lehman brothers to fail, shocking everyone in the market. people did not know who was going to fail, who was not going to fail, people began to

we know jp morgan.st of the marquis companies of wall street knew in the later stages, at least, of this bubble, that things had turned seriously south and they stepped over the line. that's what the sec has said. jose: and that led to the great instability and the financial crisis that exists today. jeffrey: we need the justice department to come in and take a real look at who broke the law, who didn't break the law, where there's responsibility, where were the boards of these companies? where is some accountability to get this right? glass-steagall, the banks, you couldn't have an investment bank and the regular checks and savings banks operating in the same business. jeffrey: serious and necessary regulation, including re-enacting the glass-steagall act, which forced the separation of the commercial banking from the casino. lillian: you wonder... how long will we accept this wildness, this--this... what do you call, living it up, at the expense of the 99%. narrator: over the last 30 years corporation

representatives from citigroup, jp morgan, gold maunman sachs and bank of america met to discuss ways to urge democrats to soften their party's tone toward wall street. i guess the banks didn't like this kind of talk. >> there's a lot of talk lately about how dodd/frank isn't perfect. there's a lot of talk coming from citigroup about how dodd/frank isn't perfect. so let me say this to anyone who is listening at citi. i agree with you, dodd/frank isn't perfect. it should have broken you into pieces. >> they want to ensure that wall street megabanks will never again monopolize our nation's wealth or gamble away the american dream. >> you cannot regulate wall street. wall street is regulating the congress. time to break up large wall street banks. >> these lawmakers are not letting wall street run wild. but they've got a tough fight ahead of them. u.s. banks are adding lobbyists to target the watchdog agency that protects regular folks. the consumer financial protection bureau. the banks are also pouring money into efforts to roll back dodd/frank financial reform. and the new house repub

will have the biggest waiting with a 7.1% share making it the first bank to hold the top spot since jp morganthey have a stronger w eighting. olivia: i am not sure how relevant the dow is anymore of the american economy. betty: it isn't. matt: i wouldn't say that. you can say -- i heard scarlet saying only 33 billion in index funds are invested in the dow where it is 2 trillion in -- and i get that. the average person in america still looks to the doubt for a direction of the market. if that is not relevant i guess you can save the opinion of the majority of americans is not. betty: and is not representative of the economy but it is still relevant to the american people because they have grown up with the dow. it is truly the s&p that we should be focused on. if you open up a usa today on any given day, they talk about the dow. matt: everyone knows that, but it is weird that goldman sachs is worth 110 but apple is more heavily weighted. betty: oil resumed its long -- it's slump. futures sell fell after stopping a six-day losing streak. all those that said the slump in oil will continue can da

facebook that i'm so proud of my daughter is going to college would you take that data and to say to my jp morganare you helping this woman big you're out how to pay for school? clara: that's right. assuming you are connected to your advisor and we cochair advisor on how to do this, we use a combination of natural language processing and machine learning to pick out social signals from what these clients are sharing. based on the signals we pick up on, we predict to the advisor when they should reach out and what they should say. in example you gave, that is the content of the conversation. how do you start planning for college and paying for it? stephanie: if i argue that that creeps me out a little. if i post on facebook my daughter is going to college, do i want someone to take that data and sell me a product? clara: billions of consumers are on social media and mobile devices. they have voted and said that people actually want to trade information if they are getting something of value in return. joe: how our financial advisors connected to their clients? people in finance are restricted in w

just raking, jp morgan is fighting the right to handle $45 billion in home loan from off when financialr with transaction. that are like that to performing debts by any made. expect to -- to complete the transaction by mid-may. pursuing a technology assets areas the asset may be valued at more than hundred million dollars. bill gross versus pimco. this time pimco win. the total return fund cut the exposure to short-term debt laden -- betting on a short-term that in june. it is paying off for pimco. 2.6 return -- 2.6% from september through march. joining me to discuss the strategy is a co-manager. also the cio of global credit of pimco. thank you for joining me. when bill gross with that pimco did you and the other managers disagree a lot cap >? >> i do not think we disagree that much. we have been incorporating the insights of the incredible team at pimco. we noticed basically around the time phil left that there were growing divergence economically as well as future monetary policy that caused us to think the economy with picking up. we wanted to get the interest rate it measured down

when i was 23 years old i does not need jp morgan or citigroup to make funny or insulting cartoons forbank to get that is what i did. >> when i got out of college the early 1990's, i am guessing you were about a decade later. >> right there i -- you got me. they call this the slackers and everything. people do not change from generation to generation. when you look at the millenial, the oldest graduated college around the time when things like enron were happening. you look disgusted with that. there is a built-in skepticism or cynicism among them as far as what the reports show towards wall street and investment. federated investment they are the ones that came up with the $30 trillion inheritance number they manage retirement savings obviously. >> that is the federated website right there. i need to do business because they have this totally cool cartoon. >> goldman sachs has a similar thing out. >> that's always a millenial over? >> -- that will when a millenial over? their website has a really sexy cartoon. i just don't get it. . the interesting thing about it is millenial describe

you decided to set yourself off from jp morgan, who say the dollar run is over.s all priced in, yet what did you make of what she said? is it really that dovish? peter: i think the initial reaction was the market was thinking they announced some paradigm shift, but the day before people were saying they forecast was unbelievable. now they move the forecast back down to where the market was 24 hours earlier. it's much more believable prospect for interest rates. you need to consider they acted in a stronger dollar in the forecast, yet they are still forecasting to rate hikes later this year. for us, the monetary policy dynamic is well priced, but it has another like to go. we are still looking for rate hikes later this year. we think the boj will announce more stimulus at the next april meeting. other central banks are looking to ease policy, particularly around europe. the ecb has announced a large amount of stimulus that has just kicked off. the yield dynamics in europe is going to become more negative overtime. it's really the trends are still going to broaden

for example, jp morgan engaged in massive fraud.ne might want to call up the board of directors except that one finds the chair of the board of directors is the very person who is the ceo. then you say, well, i would like to have those two jobs split. in the company spends millions of dollars fighting that proposal. at bank of america, there is a 51-page legal opinion, that i'm sure cost more than i'm sure at least my hourly salary to produce, to try to prevent this resolution from appearing on the ballot, and it was authored by people who not too long ago, worked at the sec, in the same division that then ruled on this proposal. matt: the sec blocked this proposal last year. this year, you got it through. whose side are they on? the side of owners or management boards? barnett: too often, the sec under chair white misunderstands their mandate to be on the side of shareholders, in my view. it was expressed by mike capuano . lisa: a lot of people would agree with you, especially after the 2008 financial crisis. some banks clearly see

goldman sachs, jp morgan, and morgan stanley seeing gains after submitting revised proposals they got the fed's ok. all three will raise their dividends and repurchase stock. bank of america pass conditionally and will have to resubmit its plan. it also authorized a $4 billion stock buyback. citigroup won approval to raise its dividends and buyback $7.8 billion in stock. shares of cloud storage startup box are down 15% today. box came up short in its first earnings report as a public opening. sales beat analyst estimates but box lost more money than some analysts had forecasted. shares of intel are down this morning. it has cut its outlook for the first quarter revenue. intel says the demand for business of desktop computers is weaker than expected. plus there is lower-than-expected inventory across the supply chain. other companies look to pcs -- linked to pcs are also down including hewlett-packard and microsoft. shoppers are keeping money in their wallets. retail sales unexpectedly fell in february for the third month in a row. bad weather get some of the blame. so does stagnant wa

jp morgan's global chief investment officer for fixed income has been busy. tell me about liquidity in the markets. everybody is throwing around this work, what does liquidity mean? bob: there is so much money being printed by the central banks, even though the fed and it qe -- ended qe between the ecb and the bank of japan you have about $130 billion hitting the market every month. it is money that did not exist before, it cleans us out of bonds. it forces us to redeploy capital somewhere. tom: is your world destabilized or distorted? it is not a normal bob michele world. bob: it is wonderfully stabilized. it is common to see negative yields across europe where the acceptance of low interest rates is widespread and most holders of european government debt or japanese government debt sell it to their central bank and then redeployed elsewhere in higher-yielding assets. brendan: something jumped out at me, poland is not a member of the eurozone. it had been financing its debt in dollars, it decided to take out a loan in euros. what is happening in the eurozone

. >> last week jp morgan said it specifically on auto stock but the thing is for u.s.tor what is are they supposed to do given that their own markets don't deliver great returns right now. if you do invest in european stocks though you have to have that hedge pause if you don't hedge it that means with the falling euro your returns, they are going to be decimated quite a bit. >> you have to look at the etfs that provide the hedging mechanism but the reason we have been seeing jurors mean markets out perform is the bet of a recovery. when do we see quantitative easing feed through not only to the financial markets but the real economy. deflation is still a big concern. >> only 0.1%. >> that having to do with germany because of cpi there and better than expected yesterday. >> still living in this deflation nary world. look at what's happening in the u.s. 0%. >> but it depends on oil prices. let's see where oil prices are headed and based on that we'll see maybe inflation back in the green. >> yeah, exactly. >> all right. let's give you a look at the run down of what to w

other idea to look for nontraditional banks where we have an overweighted jp morgan which can benefitnding costs because they're not a depository institution. in general i think it's the go for quality where you're playing for policy but the downside risk, of course npl continue to rise within the economy. >> yeah but josh part of the reason investors have been buying chinese stocks and banks in particular because they're paying good dividend. if they're cutting back on dividends now, why would you want to hold them? >> sure that's a good point. if you look at dividend yields obviously the 5 and a half to 6% dividend yield applies some cut to dividends. it was surprising this quarter we saw full year dividends cut. some financials cut their dividend to zero because they're raising capital. i think it's part and parcel of the global arms race in terms of building capital. i think chinese banks on the whole are well capitalized. when you look at ratios 10 or 11%. i think this is part of the global trying to build capital ratios and china hasn't been able to escape that unfortunately. >>

jp morgan also cutting their gdp. adding their name to many others.you feel that considering the fed is repeating that it is data dependent, that this changes the equation for when we're going to see that first rate hike and it does it matter to guys like yourself, mark, in the grand scheme of things? >> well i'll have to admit, mandy, we've looked wider and farther than we ever have in terms of looking at more international securities. in fact, i bet inside our firm we've had more overseas picks than domestically. yomg as americans we should be happy with minuscule gdp growth rate. as far as the fed it kind of reminds me of the old doctors that used to bleed you, you know, for whatever problem you had. i question whether that policy is really working. you know we've got a low labor force participation rate, and, you know i just think we've got to figure out a way to grow what we're doing is not working. >> good to speak to you. thank you for your time. let's go to power lunch.cnbc.com for the names that mark is betting on in the global markets. power

but i just am not going to blast twitter here because this jp morgan report tells all. >> what have wethis is the beginning of our 10th anniversary. i've got leonard schleifer. indra nooyi, unbelievable products. and howard schultz may be our greatest ambassador to the world. be prepared to be shocked at this best list. because our staff is just -- our staff is unbelievable okay? this is it. they are booking people. >> i'll be watching every minute. tenth anniversary. >> we have a team. >> he's just beginning to keep talking. but we have to go to break. we're counting down, by the way, to san francisco. so he can measure every bodily function that he has. with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. i have a cold with terrible chest congestion. i better take something. theraflu severe cold doesn't treat chest congesti

i remember when jp morgan was in the front seat for apple pay. what the heck? i thought they would be against it, and then i see visa -- >> they all -- this is a biography that's -- the record companies, they are, like hey, are you kidding me? all i spoke with is apple. good luck. >> visa and master card on board. i have to say, you know listen good luck. >> that's roll tide right? >> right. >> roll tide. >> he will crush you. that is so true. >> the butte where i of appear to me is the idea that you hit on a moment ago, and that is once you're in with a toe, you're all in. you end up tsh. >> ecosystem. >> you go in to buy this and you come out with that and that. eventually ewe all in. >> that is an excellent point because a wearable is something. before you buy a wirable, you probably want to touch it, feel it, try it on right? >> how about a -- >> maybe it will get people into the store and while they're in the store touching feeling, playing with the apple watch, they'll buy other products. sfla is he watching and he will do exactly what i'm going to say. y

jp morgan runs a phenomenal set of businesses.22 billion and above a year. that's going to be rising and that's low nine multiple on those numbers, and, by the way, only four companies in the united states, i think, make more money than jpmorgan to give you the size of the franchise and the profitability in a time when there's no interest rates and no real loan growth. i do think that's on the upswing. rates move up. there's a beneficiary, and they are growing. >> okay. glen, thank you. last question dan, bank of america, i mentioned the only one down today in the financial sector, let's forget about one day. do you believe bank of america will raise its dividends sooner than later? >> it -- obviously, they have to pass the approval for -- with the fed, so i think they will be able to raise their dividend later this year and i, you know clearly, they have been through this process before and they, obviously, know what to do to get their deficiencies rectified, so, yes i think they'll raise dividends later. >> a pleasure guys thank

you log on to jp morgan and you see the dollars you have in there.in account inthrop. >> i could log on to my wells fargoio have $14 in your savings account why would i want to use bit coin instead of the dollar? >> for the first time in human history and sense money has been invented. i can send you money without a trusted third party. so when you go back to the ancient banking of mesoputamia you had to find a money changer and exchange it because i dent know the dollar bill you're sending me is counterfeit or not. somebody would sit in the middle of that whole transaction and guarantee that the dollar i'm getting is actually a legitimate dollar. the banking system does that now. we transfer it back and forth. with bit coin what you can do is i don't need a banking system. i remove the middle man. that's the first time in financial history we've done that. >> is the appeal of this is it -- you can transfer money without being detected is that basically? >> you know it's interesting, is the appeal is you can transfer money or value without a middle m

jp morgan is the leader of the bunch. let me put it in context.insuitful analysis. we're not seeing that manifest in charts. if we look at what the nine major sectors -- great representation with the overall market is doing. that xlf, financial etf, is actually in the bottom one-third. compare that to, like discretionaries and health care up 5% and 4% respectively. they're down about a half a percent. this is a case of a strong fundamental story that needs to show us. a stock that could lead us out. i'm a technician. i trade what i see, not what i think. it's somewhere p morgan. if you take a look at the first chart, this guy has been sideways, range bound for over a year. >> just the healthy technical correction could break it up. only then could i get long. >> okay. watching for that break-out. thank you very much to both of you for joining us. for more trading nation head to the website. trading nation.cnbc.com. ty. >> hey mandy. thank you. >> coming up we will bring you the latest on the germanwings crash and the investigation. could lufthansa

stock three, jp morgan begins coverage overweight a at a $5 3 target, the stock is a beast.. >> there has been a lot of positive analyst buzz in the last month or so. deutsche bank higher all positive notes here. we note pipeline includes treatments for stress related disorders so there's a lot of drugs coming out in the near future. next up, we talked about this with meg. there's a lot of bullishness in the data release tomorrow on the alzheimer's drug and yet even though every single day the stock hits new highs, credit squeeze comes out to raise the price target to $500 a share from $400 which it already passed implying a 17 % upside from yesterday's close. it is, by the way, a new high today. >> it is. i want to keep something in mind for people owning it the average target of analyst is 427, about $10 below, nine bucks below the current price, just something to watch out for. all the analysts together have a consensus target lower than why they are right now. all right. our last stock, ticker azpn the soft ware company had a buy at isi, target is 45 about 18% upside. an