jp morgan and bank of america getting more bullish.ank of america, merrill lynch are reinstating their coverage with a positive bynes. the recovery still has legs. are they late at all in the way they look at these stocks? >> i don't think you can call it late. i think this housing recovery is just getting started. what it comes from is jobs. you've got a labor market on the u.s. that begets household formation, young adults moving out of their parents' house with a job. getting married, moving on. and this going to continue for several years. you've got to realize this is pent-up demand that was built up for about five years starting at the great recession, it's going to continue for several years hence. >> they like toll as a buy, that's bank of america, merrill lynch. they like dr horton as a buy as well. those stocks aren't getting quite as much love at jp morgan. but they are in the conversation. >> toll doing a lot of other things, large quantity of homes within big communities. >> i like that side of their model. and the fact th

we should point out jp morgan is out with its estimate for august sales.n terms of an auto sales pace it says itten exams the sales rate to come in at 17.5 million vehicles. so again, strong sales expected for the month of august. we'll get the official number in a couple of hours, carl, back to you. >>> thanks so much, phil lebeau with auto sales. take a look at u.s. stocks, our selloff is accelerating after paring back losses from earlier. the dow down close to %. nasdaq down 1.5%. it was pointed out that volume is relatively unspectacular, should we make too much of that? >> i can tell you for a fact a good many traders who were not supposed to be in, came in for trading. and smartest money that i've worked with in 30 years, the only orders i had today were buy orders. so it is, it is we're trying to absorb, based on what we've been presented, the facts of the slowdown in china and the data we saw don't justify what's happening here today. there has to be something else or this is another huge overreaction. we're back to around the levels we were tuesda

because jp morgan took them off their list put on i think wendy's and fogo di cao.ou take it off when the stock is high and wait for it to break 700 before you get back in. >> coming up, john and joe are duking it out for first place in the halftime portfolio competition, today jon makes a big move into a hated stock. has he lost his mind? along with his hail and mote most of his pony tail. or could it be the big bet that pushes him to the top of the leaderboard? plus we head to the floor of the of the new york stock exchange. ] we know they're out there. you can't always see them. but it's our job to find them. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner, brighter future. at boeing, that's what building something better is all about. ♪ dad: he's our broker. he helps looks after all our money. kid: do you pay him? dad: of course. kid: how much? dad: i don't know exactly. kid: what if you're not happy? does he have to pay you back? dad: nope. kid: why not? dad: it doesn't work th

jp morgan is predicting a slump in home prices next year.ys residential prices may start to fall by as much as 10% annually. that is the economic slowdown starts weighing on prices. sales of retail property will also fall because of rising unemployment and luxury brand closing stores as we've seen already in hong kong. hong kong posted its weakest home sales in 17 months. hong kong's private-sector economy suffered its sharpest contraction since 2009 in august sending a warning sign to the economic health of asia's financial capitals. chartered may ask a quarter of its senior banking positions. the british lender plans to cut 250 of 1000 managing directors. is trying to reverse a two-year profit slide at the lender as it focuses on emerging markets. windows has been seeking to restore -- winters has been seeking to regain investor confidence. rishaad: why shares of one japanese companies surged nearly 5000% over the last three years. we will show you which one that is. later, why the aussie dollar seems to be keeping step with shanghai's mar

bank of america is certainly the most positively leveraged to slightly higher rates but jp morgan andwould benefit. there would be some impact on the bond portfolios but in terms of net interest income certainly having the fed funds rate higher would be a clear benefit. >> but david, it's not positive for those banks immediately, is it? i get that a rising rate environment over the medium term with growth and everything else that should come with it, i can see how that's positive, particularly for the retail part of their banks but for the short-term couldn't this cause volatility? wouldn't they be concerned about that? >> dpen, tagain, the benefit is than whatever impact there is in terms of portfolio volatility. >> it's clear that they would benefit from a rise in rates but they would certainly benefit from a rise and the other thing is the greatest benefit come with the first 1 or 2 rate hikes. >> you mentioned bank of america, the large banks that you think will benefit from a rate hike. what are your other preferences? particularly in the small players. are they set to benefit fr

here on worldwide exchange, banking stocks moving on the back of an indepth analysis report from jp morganuned as we hear from the author of that report. >> plus it's the 20th anniversary of squawk box and the celebration starts today. cooperman, gabelli and rieder kick things off with a special conversation about investing. watch squawk box for that. >> also coming up, warren buffet, he's in new york to sit down to lunch with the $2.3 million winning bidder of the annual ebay auction. before he puts in his orders he'll speak to becky quick to discuss the markets wild moves and the outlook for the economy. that's today, squawk alley, 11:30 a.m. eastern time. >>> weak trade data amid reports of more government intervention. >> but germany so far defying the china slow down with exports and imports hitting a record high. the dax outperformers amid a broader rally in europe. >> the british insurers bought by the japanese rival for $5.3 billion. >> and deutsche bank in the green after they're named as top picks. we speak to the analyst behind that call. >> we are seeing strength across the boa

the senior economist at jp morgan. our game plan looks like this.lass, a department store stock at the top of one firm shopping list now our experts do a price check of their own.

jp morgan says it could have ripple effects across the whole industry. ubs believes there's a high probability that the ceo will re-sign if the group is found to have acted improperly. the potential fines moved to $18 billion. there's added damage to the brand and could go bigger than that. if these guys were forced to cheat in order to get their maybe their technology isn't good enough. maybe in the future their cars won't be good enough as well. >> absolutely. did you know that 1 in 7 people in germany are employed in the auto sector whether it's at one of the big vw brands or auto supply sector. this could have huge repercussions for germany and that's something that the german institute for economic research warned about. big reputational damage in the u.s. but also globally and specifically it could impact jobs in germany. that's the big worry. >> and the moves in stock prices of other car makers, quite surprising. we did see bmw down yesterday. down a further percent today. none of these others have been implicated in anyway. he came out to try to

goldman points to jp morgan as the best defensive play and bank of america as the best self-help play saying it doesn't need a rate hike to improve earnings. karen, what do you think of this call? >> i like it. it had the banks move. i agree. bank of america is a different story than j.p. morgan but still not expensive relative to it self-over time. i like them both. >> do we have any -- >> and citi. >> and do we have a short of the yield curve. >> there is absolutely that risk. i don't think anybody can tell you where the yield curve will go. i don't think the fed knows where it is headed so how can we say. and goal man sacks to me is overdone. if you look at the trading volatility over this quarter alone, i think they're going to have another record quarter when they report. so the move from 215 down to 175 or so, i think the subsequent val raly will hold and it will trade back to $200. >> this is my fear. you could push us into an in verted yield curve, because you don't have the 350 basis point slap between short and long. so that is a problem. but another thing is when rates rise

by the way, jp morgan was off today, thought about retiring and said not least for another five years. he said that question comes up at every investor conference. not sure what that means and also the hotel chain ceo has left goldberg, giving a week forecast saying the revenue is down because of a weak hotel sector right now, that stock getting hammered, down about 15% on the day, guys >> all right, ashley webster pu very much >> sure. >> let's hope for better times on monday. melissa >> all right. for more, capital management president and fox news contributor also jack from barons and john of point view wealth management. thanks to all three of you for joining us. gary, let me start with you. what do you think of today's selloff? do you think this is a lack of confidence in the fed or do you think it's profit taken >> i think you guys said it best at the beginning of the show. the market no longer cares what the ed says. they've been teasing for too long. in the past every time they've stayed easy or said something easy, markets reacting to the upside and we're at the point in time

. >> ahead, jp morgan chase, have been subject to attacks. >> officials say the u.s. spent too much time trying to repair the damage and needs to go on the offense. >> a purely reactive defensive strategy is not ultimately, i think, going to change the dynamic where we are now. the dynamic now is not acceptable to anyone. >> they might target chinese hackers. but it's not an easy call. they are trying to protect the country and the economy in ways that don't require guns or bombs or jeopardize sensitive diplomatic relations. >> more than 30 judges and a hundred other judicial staff have been implicated in ghana. >> reporter: this all came about from a documentary. in this documentary which is due to be aired later this month, there is video footage of judges receiving money, receiving bribes to alter cases, alter the outcome of the justice system. people we have spoken to have been shocked by the extent of it, but not surprised. >> [indiscernible] >> you realize what is happening in court, people go to other means. >> i don't need to see it. i know people are corrupt.

and jamie dimon ran the nation's biggest bank, jp morgan chase, raking in $27 million.ut from wall street execs to silicon valley superstars, how much stock should we put in the ceo pay gap? some reports calculate that divide at 330 times the median american worker. others, more like 216 to 1. are any of these studies accurate? well, here's one problem. robert daines: the ceo salary is usually a relatively small part of their total take home pay. sam: robert daines, co-director of stanford's rock center on corporate governance, hits on a really important point. ceo salary isn't usually that high. the bureau of labor statistics says it's about $180,000 a year, which is roughly 5 times that of a typical worker. elon musk made $35,000 in salary in 2014. larry ellison made $1. robert: the vast majority of their pay is actually in stock options or stock that they get. sam: so, you can go by salary and stock awards, which most studies do. but it turns out that data isn't reliable either. brookings institution senior fellow robert pozen explained to us over facetime that stock

our guest on today's show, the jp morgan chief emerging markets strategist.atching bloomberg television. ♪ phil: i'm phil mattingly. donald trump's appearance with stephen colbert last night -- mr. trump: really smart, really great, they actually use the word genius. hillary, who has become very shrill, and i have better hair. do we agree i have better hair than he does? ♪ john: he has better hair than i do. on the show tonight, a pontiff, a poet, and a potpourri, but first, a poll.

i was talking to someone from jp morgan and they said it is serious. growth isnstrates how struggling for momentum. the economy is struggling to get interesteven after rate cuts since november. even after the central bank has taken a lot of steps to try and get lending going. they are funneling credit into infrastructure to try and get real activity on the ground. are someow that there mitigating factors, we know there are still big factory shutdowns on september 3. the authorities wanted clear skies to close down production, but that does not explain everything. the manufacturing sector, and the factory sector remains stuck in the mud. they are suffering from deflation, and falling exports. the real growth drivers of china's economy are struggling. the new engines, services and consumption, while they are doing well, and better than historically, it is still a not to fill the gap. normally good news -- yes. thank you so much for that. we take a look at some of the other stories we're watching for you. vw's widening scandal over cheating on u.s. pollut

su: household spending declined more in september than in august, and you know, jp morgan scipio jamieimon found that there was some austin -- optimistic comments. take a listen. jamie: consumers are in shea. their debt is now down to where it was in 1985. 10 million more americans are working and almost all of that in the private sector. su: and while u.s. consumer spending was indeed up, the latest data shows that income growth has slowed and that is something that a lot of investors are going to keep an i on. angie, back to you. angie: su keenan, a pleasure as always. so many more stories for you this morning. we may see more cuts this year. economists expect rates will be rajan by 3/7dia by of a percent. rajan maysay that awake the feds and this could make india less attractive. moreesia is investigating than 100 companies that may have contributed to forest fires covering part of southeast asia in smoke haze. only one the company issued a statement saying it was not responsible. has promptedrn off health alerts and school closures in malaysia and singapore. by sellingd a record 13

do i want cash, bonds, jp morgans? alix: came out with a note today. they are estimating another $100 billion of selling will take face and the next 1-3 weeks as this shakes out after the volatility we have seen. they are always problematic, whether they are replacing people in business or use of quantitative analysis. the problem will be, we will just have to get through it. it is an effect of the challenge faced in this type of markets environment where we have seen trends change radically and quickly. the markets will be able to digest it. alix: white knuckle it i guess. >> seatbelts fastened. just does not necessarily mean the plane is going to crash. don't sell. olivia: much more ahead here on the bloomberg "market day." we are going to be talking donald trump. don't go away. ♪ olivia: welcome back to the bloomberg "market day." i am olivia sterns here with alix steel. alix: going to matt miller with a look at the markets. is down, indirect. the dow jones down as well within the past 30-40 minutes. most of the major averages have come down signifi

some of the biggest losers include exxon chevron, ge, jp morgan and microsoft. art cashin joins us. volume picture and why it might matter today, if at all? >> the first day of a new month. ordinarily it's prejudice to the upside. new money for the new month coming in. so far, it hasn't had a shot. it will

jp morgan says it could have ripple effects across the auto industry. meanwhile, ubs thinks the ceo will re-sign if the group is found to have acted improperly. so many ramifications for this but in fact if this criminal investigation goes through there's always a chance that vp will see it's license revoked. that could spell a lot of trouble for the u.s. operations. it's tiny in terms of the global footprint but it's a very promising and very profitable market. >> right. we lost 20 billion in market cap yesterday. that number of 18 billion in fines was muted and it's down a little bit further today as well and the other factor is if they needed to cheat in the past in order for their vehicles to get past inspections what does that say about their long-term ability to innovate? so big, big questions for them to answer and why have the rest of the european sectors sold off? we got a couple off and 5% for reno. similar moves again today. 2 to 3% for the rest of the market so there's a lot of concern for investors. >> because we don't know how widespread t

this comes when they're both trading near the top of the stoxx 600 after jp morgan recommended both lenders were among the top picks. the analyst behind the call gave us the rational for that just a little bit earlier. >> our preference is deutsche bank is trading at 6 times earnings. .7 times tangible book value and hence we have seen it can rerate. we expect the new ceo to give more details on the cost cutting program which will elevate the stock further. that's our top pick. >> uber ceo speaking in beijing today says the ride sharing service will expand to 100 more cities over the next year. that's double the previous goal set just three months ago. it operates in 20 cities. it comes a day after uber china raised $1.2 billion. rival reportedly raised $3 billion itself. clearly a lot more competition for uber in china than elsewhere and it doesn't have that first move advantage but highlighted by their ability to raise money it has a strong foot in the door. >> you do have to wonder to the extent that the funding rounds are fuelling this price war. they are playing catch up in that market

jp morgan asset management.u were to predict a rate hike, one thing if it's for certain -- you will -- were not put out of your misery. we gauge the reaction on social media next. ♪ rishaad: you are back with a special bloomberg news program on the federal reserve. no change coming up here. #no change. #janet yellen. let's have a look at social media reaction to >> a lot of hashtags trending that the reaction has been muted from key policymakers around the world but we did get comments from economist, from people in the finance industry following this decision. financial services firm raymond james tweeting out, its chief economist scott brown saying, the key issue is not the precise timing of the initial rate hike, but the pace of timing beyond that first move. we also have the head of u.s. macro economics -- greg -- saying #federal reserve will likely raise in december. but this will require a much, much better communication on hike and path. another person commenting on the timing of the next fed decision is

the senior economist at jp morgan. our game plan looks like this.est in class, a department store stock at the top of one firm shopping list now our experts do a price check of their own. >> a decision that could change the investing landscape for months to come. stocks higher at this hour. yields creeping higher as well. swrosh brown, i throw it for you firs first. est ahead of what many say is the most important fed meeting in at least a half a decade. >> you go back three decades. we've had i think it's the concern rather than the actual event itself. however, we are in a down trend now for the first time in years. there's much higher potential. i don't think it's the worst idea on earth to be a little bit less exposed to the market and maybe a little bit more cash rich for future opportunities. >> so, steve liesman, are they going to do it or not it week? >>. >> you know exactly what i'm talking about. >> what are you talking about? >> you know exactly what i'm talking about. >> you need to raise rates. >> you just underscored the whole problem.

we've seen obviously valuations taken way in ever since this all began with the talk about espn, but jp morgan today argues that the tone coming out of some of the wreed conferences, some of the m&a happening means maybe we are getting some repair work done in these valuations and media. >> it was a very severe reaction over a few days to a relatively small change. >> as you said that day. >> a lot of people have been seeing for years building up, and everybody woke up, oh, my goodness, it's over. it is not over. it's a shift to digital. i think that it's peaking, and it will be slow, but tv is still incredibly powerful. we're seeing this amazing demand for great content now on many other different platforms, so for great programmers, it's only going to get better. >> pretty good ratings for cnn last night too. by the way, as they've been saying all this morning. finally, the sales force's dream force conference continues in san francisco today. our josh lipton is there now with some of the highlights, including swrosh. hey, josh. >> it's the biggest tech conference of the year here in san fra

when you look at citi, trading 49, you look at jp morgan trading underneath 60, goldman sachs trading 171 yesterday. you look at morgan stanley at $31 a share. these names have all been bludgeoned and are down where they were or lower in some cases, most cases, even lower. i think the fed does raise rates, which i believe they will before the end of the year. i think that's the place to be. financials will lead us out. >> coming up, carl icahn unplugged on the danger ahead video. the billionaire investor joins us in a first on cnbc interview. we discuss the markets, why he made that video in the first place, and whether he is endorsing donald trump. you're watching cnbc, first in business worldwide. this bale of hay cannot be controlled. when a wildfire raged through elkhorn ranch, the sudden loss of pasture became a serious problem for a family business. faced with horses that needed feeding and a texas drought that sent hay prices soaring, the owners had to act fast. thankfully, mary miller banks with chase for business. and with greater financial clarity and a relationship built fo

yet city group ceo received $13 million last year and jp morgan's ceo received $20 million.these banks get extensive federal support in the federal of barring through the federal reserve window and access to the insurance through the fdic. ms. richards, do you know if house republicans made any effort to strip the banks of their federal support that i just talked about? >> i'm awaunaware. >> well, i can tell you they did. johnson & johnson was fined $2 million for kickbacks to doctors and nursing homes yet the ceo still received $25 million last year. ms. richards, do you know about the house republicans conducted an investigation of this company or other drug companies that violated the law? do you? >> i do not. >> i can answer that for you, no, they didn't. and they never sought to deny federal funding through medicaid or to block their nih grants. let me go on. last month lockheed martin was fined millions of dollars for using tax payer funds to lobby congress, to maintain its hold on a multibillion dollar pentagon contract. lockheed ceo received a stunning $33 million la

just about two hours ago, jp morgan came out and upped their demand forecast for the rest of 2015.y of $2. we're going to continue to see these rallies when the market hearse news, we expect to expect a little to subside into tomorrow ahead of inventories, then it picks up again as inventories come out. >> jim urio, i introduced the $46 level as one to watch. are you watching the same levels? what's your thought on direction? the market is trading as you would expect. it's been consolidating. first i think you got to play that trend. if it settle above 46, it gives you 49. if it is it above 49, it gives you 55. i think the downward trend has been broken. i think the volatility is trying to find a bottom. >> more crude oil. we're talking to gina martin adams from wells fargo. experiencing deja vu in the market. you don't want to miss it. futures now c cnbc.com. >> the streaming warm is heating up. disney, verizon and the nfl announcing new or updated services. we're going to go around the desk for the trades coming up. and apple's big event less than 24 hours a way. shares down more

. >> joining us now is the global macro strategist at jp morgan asset management. right decision or wrong decision? >> right decision. i disagree with what you said. the domestic conditions are not in place to hike interest rates. they did mention the inflation condition in the statement for me the weakness of price pressures already in exist answer the plus another route in commodities plus the fee from headline into the core will make it unlikely that inflation is going to be where they want it to be and that was always the main reason not to hike. the dollar is high on a trade rated basis. a lot of income has sold off. it's simply the conditions to raise capital for businesses in america have worsened and also thirdly i'd say yes we made a lot of progress on the labor market but nobody knows what full employment is. i suspect it is well below 5%. i suspect that the committee is coming around to that view now and one of the most interesting things we saw is changes in the long-term projections for where they are. they continue to rachet down. we're getting to an

. >> and did you work in delaware for jp morgan chase? >> no. >> i thought it was absurd that i would have to lie during all of the interviews. >> completely fabricated resumes. >> this man shares a similar experience but said beta soft wasn't the first company to provide him with a fake resume. >> it is pretty common nowadays. companies all over the u.s. are using this practice now. >> it is easy to kind of convince entry level people that this is what you have to go through. >> lewis needed a job so he chanced it, moving from texas and paying a $500 depu-- deposid the company trained him and marketed this resume. >> i would say only about 10% of it is true. >> and how is that? >> i wouldn't know. i've never been there before. >> but after several failed interviews, he decided to speak out to warn other job seekers about the risks. >> making career suicide here. >> we found multiple online reviews about beta soft, the company received five star ratings and positive comments. in march a person wrote they were able to find a job utilizing

i think jp morgan chase and all of those move to the upside on this and it is a huge catalyst going forward and will spur job growth. i think there are all kinds of reasons why if the fed makes a move, the banks will move to the upside. >> that is sold to you. >> sold to anybody. >> can i get this straight. you don't like any of the banks. do you like facebook? >> no. >> do you like guy? >> you know what i do like, actually? >> you don't like anything. >> no, i don't like it. >> what does b.k. like? >> b.k. likes the energy sector. so take a look at oil. it traded sideways for about a month. this is despite bear issues in. you saw it up today. potentially on geopolitics and peel think there is a fall in protection. look at exxon-mobil, gone sideways. $72 forming that base. i generally don't like to trade counter trend but going into q4 you could get a pop out of here which would be a 15% rise which b.k. will take every day, buy it, twice on sundays. >> i agree. i think you get a leg into them now and it will take more time to flush out. this is more of a first quarter next year play as far

look at from the day that brian moynahan joined, you look at the dollar in each of bank of america, jp morgane other two have done far, far better. it is not remotely close. and i know he feels wha-wha, they give someone else my position. and i know warren buffett thinks that he should stay the ceo. he cut a great deal for him and shareholders but he signed a deal for a $5 million preferred pay 6% and they gave him 700 million warrants, ten-year warrants. that is so wildly valuable. if i signed up a deal that was worth probably $2 billion more more than the $5 billion i paid in, i would support brian moynahan as well. but i didn't get the chance to do that. the board, i don't know what you are thinking here. and if you look at iss and glass lewis, which are the best known and most followed proxy solicitors they are saying this is bad corporate governance. board, you have not done a good job. your shareholders have spoken and you don't like the answer and now you want to see something different. and i vote against it. and when you call me or send me stuff, i'm going to continue to vote all of

, and electrical infrastructure hasn't changed really very much since thomas edison wired up the jp morgan mansion in new york, but it is also old-school. it is based on an old model of thinking about electricity and how it should work, and that is optimized for those big centralized power plants that are way out in the pucker brush and it is centralized for fossil fuels. so developing our own communities, we are thinking about how a power grid might look like. we're looking at increasingly renewable power sources. there was a system that we had that was for most of its history virtually and literally a monopoly. at that does not mean that the utilities will go away. they are going to be more critical than ever. they're going to have to enable green power and they're going to have to get smarter and interface with what is now being called the internet of things, possibly with our electric cars, with their phones, with our appliances. they will have to get more sophisticated about pricing, and reward people for using less power. utilities are going to have to become a partner in increasing

jp morgan and other major banks pled guilty to manipulating currency markets and interest rates.they were find more than $5 billion for their actions. yet citi group ceo still received $13 million last year and jp morgan's ceo received $20 million. they get in the form of borrowing through the federal reserves discount window and access to the insurance through the fdic. ms. richards, do you know if house republicans made any effort to strip the banks of their federal support that i just talked about? >> unaware. >> well i can tell you, they didn't. johnson and johnson, another one wi was fined more than $2 million for paying kickback to doctors and nursing homes. yet the company's c rks o still received $25 million last year. ms. richards, do you know if the house republicans conducted an investigation of this company or other drug companies that violated the law? do you? >> i do not. >> i can answer that for you. no, they didn't. and they also never sought to deny their federal funding through medicaid or block their nih grants. last month lockheed martin was fined millions of

the wall street crash, nobody responsible for it in jp morgan, citigroup, merrill lynch, aig -- theynot prosecuted. it is to but eliot spitzer was no longer attorney general. he would have done that. but they were not prosecuted. they caught a few large traders, insider trading, that doesn't affect the crash of wall street, and employing 8 million people, shredding pensions, mutual funds. and they have the gall after they jump ship and take their own companies and wall street to go to washington where the former head of goldman sachs was the secretary of treasury and amending to get a bailout. citigroup got a huge multibillion dollar bailout on a weekend secretly talking with the officials in washington. this country is being corporatized into the ground. it's democracy is being driven into the ground. the rights of people -- that is why we are very heartened by laura cristian and the victims and the families of the victims because they are not going away. victims and families of products defects over the country should organize, network, and go after the members of congress. emika:

jp morgan analyst alexia quadrani says force friday has a potential to accelerate the consumer productsivision profit and growth. she estimates a 200% increase "star wars" global licensing and same store sales saying it could lead to $500 million in incremental revenue and $200 million of incremental operating profit in fiscal '16. not only great for disney, but hasbro, which has the majority of the toy licenses, as well as lego and toy retailers, including toys 'r' us, amazon and walmart. because of the unusual way that disney is rolling out these hundreds of products, starting three and a half months before the new film hits theaters, licensing expert marty bronstein says that the disney is expanding the total merchandise potential. >> figure four to six weeks maybe in front of the film is when the second wave of merchandise is going to appear. this way everybody gets a couple of different bites of the apple. >> bronstein is bullish, but he said the only risk is that disney potentially overdoes it, too early and stores overstocked merchandise, but at this point that doesn't seem too l

there was a cut from jp morgan on unit credit. that stock down 5%. of the other italian banks are are lower. don't make a mistake about the italian market. because it's much more domestically focused. is one of the best performing markets, not only in europe, but around the world. it's still up 12% for the year. whereas europe overall is not up as much. a good outperform 9% as they focus domestically and the raempls of their young prime minister. guys, back to you. >>> when we come back, kara swisher on what you don't know about yesterday's twitter board meeting, she'll join us live. and shares of disney down this morning, in correction territory as they say. but something that could turn it around, "star wars." we have our hands on one of the hottest "star wars" toys around, this is bb8. walking the nyse floor. a live demo coming up. the dow is down 239. two streetlights. the only difference: that little blue thingy. you see it? that's a sensor. using ge software, the light can react to its environment- getting brighter only when it's needed. in a n

financials down 3%, schwab, e-trade, citigroup, jp morgan and prudential are leading decliners.e want to get some color on the market sell-off. bring in steve grasso of stewart frankel. what is the number one thing you're watching? the sell-off doesn't feel as panicky as some of the ones we saw last week. >> probably one of the biggest problems from the sell-offs, we all get a little bit numb when you see the market off by a couple of hundred points or 20, 30, 40 handles in the s&p. we're all get a little hypnotize by the sell-offs, i believe we're technically challenged and i think we have to test the lower levels than we did last week this is around a bounce level if you're a day trader, you probably look to buy some names right now. >> thank you for the tip, steve grasso at the s&p declines 2%. from airlines to autos, big headlines in the transportation sector, dom chu with a look at the transport today. >> big focus. american airlines, delta upgraded to a buy. the firm cited attractive valuations and positive impact of lower energy prices on the profit line. if you stick wit

home depot and sony and jp morgan chase have had attacks with compromise of personal information of employeesrs alike. >> reporter: the u.s. spent too much time trying to repair the damage and needs to go on the offense. >> a purely reactive defensive strategy is not ultimately i think going to change the dynamic where we are now and the dynamic we find ourselves in now is not acceptable to anyone. >> reporter: u.s. officials say they might target chinese hackers for recent cyber breaches but it's not an easy call and trying to protect the country and economy in ways that do not require guns or bombs or jeopardize since sensitive diplomatic relations. >> reporter: head of burundi forces survived assassination attempts and seven others were killed in the attack in the capitol, four body guards and a police officer are among the dead. thousands of people in zimbabwe appear to have fallen victim to bogus land barrens and forced many from their homes as we report from there. >> reporter: these families thought buying land in zimbabwe at below the market price was a sure thing but the home they bo

several years, cyber attacks have become a common place in the united states, home depot, target, jp morganave been subject to major attacks. but these are just the breaches we hear in the news. there are many more both large and small occurring across the nation. the u.s. government is certainly not immune, pentagon, irs, joint staff and just this morning we learned the department of energy was successfully hacked 159 times. this high-profile assault in threat. i share the public's concern. i learned that the it uses to allow to protect critical infrastructure has not had a security audit since 2006. this raises many questions which many representatives believe should be at the heart of security. we will be requesting information regarding cyber security practices and procedures in the coming months. the government should not think to impose standards on private sector before it can maintain of its own security system. we must ensure that the government voled in the sharing process are absolutely cured specially if we allow private sector share with one government dhs. another breech is ex

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

in hindsight we say it was citigroup and jp morgan and goal man sacks. think it was fanny and freddie. >> home ownership. >> that's regulation. >> yeah. >> i think the other challenge here as well, it wasn't that long agatha the fed and yellen were talking about frothe in market shares. identified them. but there's less now. another issue with the fed foe cousin on markets is you go back and forth in a ping-pong match. so obviously a challenge to communicate. >> gentlemen, thank you both. >> that was -- they stayed at zero a year after she saw the froth. >> time to go. >> interesting thing is that fisher writes a lot of people are saying if they raise rates that's going to cause more income because people would just bank deposits and cds will have more income coming in. >> it's a crazy world. it's the liberals that don't want the fed to raise and it's causing income inequality and the liberals don't want to get off the income inequality. >> the fed has been a trickle down wealth inflation. >> when we come back, a big day for apple. an update on its opera

hong kong property prices have been soaring recently although the jp morgan advisers say they may be corrected. joining us on what is happening in asia. it is interesting to see the chinese button-down on rating. let's turn our attention back to europe. invoked the emergency measures that has allowed more than 12,000 people into the country and through to germany. the migration issue taking center stage over the weekend. policy makers struggling to deal with this ongoing crisis. let's give you a taste of this weekend's discussions. >> the time for games is open. it is time for making decisions and turning decisions into actions and doing it united. as europeans. >> it makes no sense to have a public debate about who gets how many billions for what. this will not reinforce but disturb the salivary -- the solidarity. >> we absolutely need to have a european response to this humanitarian crisis which is not acceptable. not thel nationalism is answer. the no phobia is not the answer. closing the borders is not the answer. >> we will continue our approach of taking them from the refugee c

banks is of jp morgan saying the u.s. has a more global perspective.quities is selling off. u.s. getting concerned. the s&p 500 worries about the global growth. european equities is showing it is going to be a lower start. the big move in u.s. treasuries, you're talking about it, two-year yields falling the most since we saw the start of qe, since 2009. the yield dropping dramatically. affect having enzymatic on borrowing costs -- that is having a dramatic effect on borrowing costs here in london. itnce, the 10 year down here the outlier, greece. 10 year debt, very liquid, but yields still rising amid concerns as we go into a weekend of the voting. neck will we see -- the with undecided voters. greece causing foreign costs to rise there. clearly there is nervousness. moving out of equities when it comes to europe. clearly it is going to be a down day. many trying to work out what the future is, in terms of the fed's hike. will we see one in december? guy: against the very same tweet last night. caroline, talking about what is happening with the german

yet city group ceo received $13 million last year and jp morgan's ceo received $20 million.these banks get extensive federal support in the federal of barring through the federal reserve window and access to the insurance through the fdic. ms. richards, do you know if house republicans made any effort to strip the banks of their federal support that i just talked about? >> i'm awaunaware. >> well, i can tell you they did. johnson & johnson was fined $2 million for kickbacks to doctors and nursing homes yet the ceo still received $25 million last year. ms. richards, do you know about the house republicans conducted an investigation of this company or other drug companies that violated the law? do you? >> i do not. >> i can answer that for you, no, they didn't. and they never sought to deny federal funding through medicaid or to block their nih grants. let me go on. last month lockheed martin was fined millions of dollars for using tax payer funds to lobby congress, to maintain its hold on a multibillion dollar pentagon contract. lockheed ceo received a stunning $33 million la

it should be the bank of america or jp morgan of europe. thanks manning from retail.that goldman sachs is now a retail department, and america, intel shoe how he was wrong. , in my view, the most intriguing is definitely probably overbank. that is because in deutsche bank, there is a significant cost-cutting organization. too many investment bankers and not enough focus on the bread and butter of his news. they have one of the world. their clients are the most successful, how can they make money off of that? it is a question of focus. with the jean i think that with deutsche bank, i worked with him his analyst. it was an experience. he is a momentous focus man and of the right man for the job at the current time. -- they are adjusting. there have been only 20 risk, not perceptible. regulators are increasing after four people. what would happen is that they are underestimating how much fixed income in certain parts of their own business and investment banking will be the bread and butter. i think that that will shift again. in the case of barclays, i think slightly pos