breaking news coming out for jp morgan. josh lipton is monitoring the intel call and kay lor is on jp morgan. meantime, be here for us for the hour. and later on is a bombshell about to be dropped on biotech tonight at the first democratic presidential debate. the sector got creamed. we'll head out to the stip and hear from john harwood. and normally jp morgan would be the lead but we'll start off with the story that just broke, san disk is exploring a potential sale and has seen interest from mike ron and western digital. shares are all higher in the after hours session. seema has the details at headquarters. >> that is right. san disk may be looking for a buyer. they are working with bankers to explore a sale and maybe drawing interest from mcron tech and others. this year free scale and nxp and avaggo and the $15 billion bill for altera. shares are higher -- well they were higher in after hours day. that might be the -- there you go. after hours, up 11.5%. >> thank you, seema. >>> it is interesting that western digital i

johnson & johnson, jp morgan and intel. the consumer products and pharmaceutical giants is forecast to earn $1.46 a share on revenue under $17.5 billion. both are down from results hurt by lower sales of medical devices and sales to consumers. they have beat earnings forecasts the past 18 quarters. analysts say with $15 billion in cash the company could be saving up for a big acquisition. stock has underperformed this year down 8% while the s&p 500 is down 2%. jp morgan reports third quarter results after the closing bell. the bank is forecast to earn $1.37 a share. roughly flat from a year ago on revenue of $23.7 billion versus 25 billion a year ago. last month the ceo said trading revenue would be similar to other banks with an expected decline due to the market turmoil. investors will be listening for information on any new major fines. shares are down about 8% in the past three months. intel also reports third quarter numbers after the close today. the chip maker is forecast to earn 59 cents a share on revenue of about

let's have a quick look at jp morgan shares down by 2.1%. now speaking after the results, ceo jamie dimon explained the bank must be there for its clients through the good times and the bad. >> that's what we're here for is to lend to clients in tough times but you can't be a bank that every time something goes wrong you run away from your client. >> i think the company that he was talking about was glencore and other commodity firms. speaking about the commodity space and energy firms there's been so much concern about bad loans stemming from the energy sector and what jp morgan said is we want to be as forward leaning as possible. well, even if the banks want to do that, how much visibility have they got because we don't know whether this was the energy sector or not. >> i think just generally it's been tough to be a bank because how do you make money is usually off net interest margins, especially if you're a retail/invest lt bank like jpm is and their net interest markets have been narrowing because we're looking at a flattening yield cu

in contrast to jp morgan, and somewhere p morgan missed and bank america beat, and buyers of jp morganon't see a bank america a plan b. they achieved the saving from their project called new bac. what's next for bank of america? they have a new cfo. he is getting comfortable in the position, but if revenue stays weaker for longer, if rates stay lower for longer, what is bank america's next step? >> their valuation is better than jpm, so maybe i should just buy bank of america based on their playing a little bit of defense. they're trying to get the offense going again. they got the valuation going for it. they're improving. >> well, somewhere p morgan's return equity is much higher, and you get what you pay for. >> mike, how much should we be placing an emphasis on this quarter's results for any of these banks? fully one-half of the quarter staink. from mid august through september 30th, did volatility -- this certainly will put off any new issuance. it would make trading harder, and then whether you believe the rate hike was coming or not, the probability of that went down through the

jp morgan was down, the afterhours. jp morgan kicked off be followed by bank of america, wells fargo, today we will watch for citigroup. >> cheryl: intel said third quarter profits fell more than 6% from the same quarter just a year ago. intel did get some benefit from higher chip prices and demand for larger computers. intel exceed analysts forecast, 64 cents a share, that's down two cents from a year ago. expected profit at 59 cents a share. expect to open lower today. stock was down 2-3% in afterhours trading results. >> nicole: delta airlines scheduled to result revenue so far this year. delta has been flat, but over the past 52 weeks the stock is up nearly 49%. how about netflix, it will release third quarter results after close today, analysts decline in earnings per share but increase in revenue for the most recent quarter. netflix to report earnings of 8 cents of share on revenue 1.75 billion for the quarter. >> cheryl: apple could be facing $862 million in damages. after the iphone maker lost patent lawsuit. ap

he is the vice chairman of jp morgan chase.down with him yesterday to ask him a little bit about this friction and how jp morgan uniquely is facing this on. here's what he told me. >> what magically we do at jp morgan is have the conversation 234 a very fair way, and really honest way with our customers that are incumbents about what's going on around the corner much disruption and with disruptors and how to make bluechip built to last companies for the next 100 to 200 years and really fundamental. >> the client facing business, they don't work for any given sunday, but we can did ask whether jp morgan's balance sheet helps them get some business. we asked them about the confidence in the boardroom and what the ipo market means, and we'll have more from that conversation up later on "squawk alley." guys, back to you. >> sounds good, kayla. a lot more from her later in the hour. check in on the markets. dow has erased an 82 point loss, although we've settled into the red just slightly by seven points. monitoring a speech from ye

now looking at jp morgan chase. we're putting a four bagger on this, one of the stronger of the quarters for two reasons. one, kind of looking in the rearview mirror of what happened in the quarter, we are the least below consensus in jp morgan. i think they'll have better expenses and it will lead to better results than some of the other guys post. but when you look at the quarter, you have to look out of the front window to see what is coming ahead of you. i think capital markets will be a good thing going forward and jp morgan has growth in bank operations which aren't independent. so the combination of two of those things makes me think they'll do well tomorrow. >> next up, goldman sachs reporting thursday morning and you upgraded the stock but slashed third quarter earnings today. so how many money bags would you give the earnings quality? >> okay. so we put, just to be creative, 2 2.5 on money bags on goldman sachs. the quarter is going to be tough. i think the key here is the secret is out. everybody knows ca

he spent 34 years at jp morgan. he was seen as a likely successor to the ceo but in 2013 he left for hedge fund blue mountain capital run by post mortemer jp morgan executives. he was a similar age to jamie dimon thinking he wouldn't get the spot. >> this is the second time barclays has approached je jes staley. the first was back in 2012 when barclays decided his contract was too expensive. in the end the british bank went for a change in direction and opted for a retail banker. we all know him. but this choice was an intentional switch from previous investment banker bob dimon. after three years at the helm mr. jenkins was ousted after disapproval of his leadership among those at the top. specifically one man, the chairman. >> earlier this year kelly evans spoke to him on u.s. closing bell where he made it clear he is in favor of big banking models. >> large banks provide the oxygen for large corporations. so i would -- >> so if they're so great, why don't you go work at one? >> the other phenomenon is that the bu

jp morgan sending the message that's not over. morgan stanley has the most leverage to equities so when i'm thinking about read throughs and what i want to load up on this morning it's probably more fwan stanley. >> who would you sell this morning? >> well, the market is going to sell jp morgan. the group will be put for sale broadly so if you're asking about how you pair up or what have you, you can almost take your pick and jp morgan is where you have the less basis risk because it's already out of the bag. >> central bank officials sound off. many calling for a move sooner rather than later. but now another top fed head is coming out in favor of a watch and wait approach. we'll kick off that debate, next. first as we head to a break, here's a look back at this date in history. ♪ hi watson. annabelle, your birthday is tomorrow. i'm turning seven. what did you ask for? a princess. and a pony. you like things that begin with p. i like pink frosting too. will you have a cake? yeah. i was too sick to have one last year. the data your

let's dig deeper into the jp morgan numbers. a disappointing third quarter and revenues missing forecasts. profits were lower in three of the key businesses. total income rose 22% but this is thanks to one of tax benefit. jamie dimon said they faced a promising global environment. now other financials set to report today, bank of america, black rock and wells fargo, they're out before the bell and citigroup and goldman will release their third quarter scorecards tomorrow. >> let's check in on jp morgan shares and they're trading lower today in frankfurt, echoing the after hours session and we were pricing this in as going to be a tough quarter for the big banks in this low interest rate environment meaning that net interest margins are narrow but this is just a roll out and just a start of what we're going to see from the other big banks in a tough environment. >> you might be right. especially in the volatility we've seen over the course of the third quarter. to some extent volatility is good because it drives higher equity tra

what was behind the disappointing results from jp morgan? that will have a lot of effect on the whole global banking sector. >> exactly. the banks are wrestling with market volatility and low interest rates. remember that global markets were really volatile in the third quarter. low rates effect currency markets as well as usually pushes down the dollar. take a look at the current levels. greenback is lower against the yen. weak global economic indicators are prompting to play safe. euro is still moving near a three-week high against the dollar. today china's cpi will come out. there will be a lot of focus on that, as well. that's it for me. >> big focus. reporting for us live umt ffrom tokyo stock exchange. >> people who run lodgings in japanese cities know there can be a down side. they have been struggling to accommodate a surge in visitors. as analyst estimate some businesses are finding enterprising ways to adapt. nhk world takes a look. >> reporter: japan's ancient capital of kyoto is one of the country's top tourist destinations but t

. >> i'll go to jp morgan. here's my quick question.he cost cutting, that's one of the things, right? you just mentioned the other thing is you said looking for a break. have we already not gotten that break out of jp morgan? it was a $70 stock. not that long ago. now we're trading under $60 just a couple of days ago. is the opportunity now? >> i don't think you get hurt by buying it now. i think that these things are all cheap enough to own, and i think you buy half position sxushgs buy more if they don't give you something great. >> anton, if i could ask you more of a general question, leaving the political side of it, leaving the political arguments out of this, are the big banks too big to manage? are they too big to grow or earn? >> yeah. i mean, there's a lot of sides to this argument. clearly they're being punished from a regulatory perspective. they have to carry a lot of capital. the swiss banks are all crying foul. they're still not carrying what the u.s. banks are carrying, and i think it's tough for them to create returns. h

jp morgan and intel. hyman at the markets desk, thank you.f wealth from -- away from the closing bell and jp morgan results. tomorrow citigroup and goldman sachs. thursday. morgan family next monday. michael moore joins us with a preview. jp morgan usually sets the tone for the rank of earnings. what are we looking for, trading revenue? been the victim? going into the quarter. a lot of volatility august and september. waiting to see how the banks handle that. we have some indication that trading overall would be down at the end of august. some banks forecast about a we do not know how september ended up. that is one big read through. another is how banks will deal with interest rate environment being lower longer. will they have another round of expense cuts? what can they do to generate revenue if interest rates stay low. betty: we going to get a sense of how banks did in this really chopper -- choppy summer, right ? right. most of the bank had a good first half and equities. of for volume being that. the fixed income business was a little m

third quarter earning season, we are well under way, banks are set to release quarterly results, jp morganchase, wells fargo coming in wednesday, city group and earnings forecast for financial companies declined quote substantially in that quarter. a lot of numbers to watch this week. >> nicole: indeed, a huge week for earnings. twitter may announce lay usa this -- layoffs. twitter has been hit from instagram, and stock has been in steady decline. twitter stock opened at $26 a share, it rose to 69 bucks but the stock has been trading most of the year between 35-$30. >> ouch. coming up the splashy big budget film at the box office. >> sometimes to truly understand how things end you must understand how they end. >> welcome to neverland. >> it cost $150 million to make and brought only 15 million. we are going to tell you who the box office winners were. in sports, dodgers, gets hit for a two-year suspension. as we go to break we will check stock for you. pretty flat look to monday morning and it's columbus day. you're watching fbn:am, first look at markets and breaking news. ♪ ♪ ♪ the idea

. >> former jp morgan banker. >> actually you know jes staley.e's been on the show. >> i remember how you started. you went to the new york times. they didn't have a big m&a business there in terms of reporting, you called all of those people and said just give me a chance once in awhile. >> this is true. >> that's how you did it. i know your past. i know your story. you worked your way up. clawing tooth and nail. is this one of the guys probably? >> i don't know, actually. >> why did they say yes in the first place? how did you get them -- >> he's presenting and making a market. >> i had a good business card. >> and then they say fine i'll give you the next scoop. >> the next big scoop. >> i tried. >> susan li is in london saying i don't have anything better to do. just take your time. she's covering this story in london for us. sorry, susan. >> that's okay. you take your time, joe, any time. barclays is reportedly set to name jes staley as it's new ceo. so let's take a look back then at his career. he spent about 34 years at jpm and he lead the

he is not short of banking experience having spent 30 years at jp morgan.seen as a possible successor to jamie dimon but he moved to hedge fund blue mountain capital in 2014 which was founded by former jp morgan colleagues. joining us on the phone is mark garnier. he's a member of the treasury committee. good morning to you. thank you for joining us. this appointed like barclays are moving back to investment banking focus. what do you make of labels like that? do you think that is the case and is it a welcome one in your eyes? >> it will be difficult for barclays. clearly we still have very much an atmosphere in the u.k. that the banks are responsible for bringing down the financial system. he came out labeling investment banks as casino banks. they are a brand which is still very damaged at the moment. anthony jenkins was very much seen in parliament and in the community of being somebody that's going to reverse that damage and i think that what will be perceived by this appointment is a move back to the old style. the bob dimon type of style and he'll hav

jp morgan chase slightly lower. intel is down 10% this year. it rallied big over the past one month. j.p. morgan is down more than 1%. josh lipton covering intel. take it away. >> mandy, here's what to watch when intel reports. so, one, what is the state for pc demand? and here investors not expecting much. after all, idc reports that pc shipments dropped 11% in q-3. alex gowna says the chipmaker can't post a number that's a lot worse than the industry. he thinks sales in intel's client computing group which includes chips for pcs fell 12% in the quarter to $8.1 billion. but investors don't expect much for the pc business, they do want to see strength in the company's other big business. chips for data centers. doug friedman says this business needs to keep the momentum going to help offset declines in the pc market. he thinks it will with sales in that business jumping 16% year over year to $4.3 billion. intel stock as you mentioned down 10% so far this year. but up about 30% from its 52-week low. both say they need to see that data center busi

jp morgan's latest round of cost cuts is going after blackberry.ording to the "wall street journal", the company may eliminate support for blackberry devices next year and mandate some employees pay for their own devices. blackberry's clients still include some of the largest banks in the world along with many top government agencies, but it continues to see concede ground to apple. it's unclear what percentage blackberry work force still has a blackberry. in this byod world, many have shifted. it is still interesting that for a company that touts its enterprise client base, that this is a cost cut that's even on the table. >> blackberry -- >> stronger with ios. having a client base among those. you know, a lot of the banks have shifted to iphones away from blackberries and now john chen and blackberry has an opportunity with good technology. >> plus, we'll gate closer look at somewhere p morgan's costs overall at earnings after the bell this morning. they already axed some employees' voice fail mail lines earlier this year. we'll see exactly what

jp morgan very little changed ahead of the earnings.u take a look at the , youcial select spider etf can see it is a little bit lower today as well. .4%.by about we have been looking at different measures to gain the sentiment. one of them is short interest. we have short interest almost double one year average. yes it was higher about a year ago. rising once again going into the earnings report. that is one way you can measure, people betting on the stocks to fall. another way is the put/call ratio on the financial etf. higher a year ago. thane buying more puts calls. that's that a stock will fall versus bets that a stock will rise. we see this now at the highest level since march. another indication of somewhat heiress sentiment. another bearish note, michael hartnett, chief investment americant at anglo merrill lynch. reiterating he likes regional banks over brokers going to the earnings season. he called it main street over wall street. we have a chart of how the groups have performed here today. he said you should favor main street

you look at something like jp morgan. 63.5. you look at prudential and a lot of these different financials across the board. we've already heard from them. >> look at microsoft ahead with the big surge in earnings, and look at lamb research and kclm. this side is running up to the up side from the lower left to the upper right. the real thing pulling us down and pulling the bioteches and health care down was valeant, and you had it wall to wall yesterday, scott, as far as betwe between. >> i think they're trying to break out. >> there was some individual names that look outstanding or are making big post-earnings moves. i love to see that. >> you mentioned valeant. that stock is getting hammered. can you pull it up on your screen and take a look. bmo has downgraded the stock to neutral. >> the lowest behind the call today, he joins us on the phone. alex, thank you so much for coming on today. >> you've had an outperform by valeant. why change it today. >> sure. we've been big valeat gold. it was the top pick in december of 2014

all eyes looking at jp morgan tomorrow and all the banks later on. some of the banks and financial weak today. you have to be careful, it is columbus day, market very quiet, volumes are low. don't read too much into it. that being said i'm getting the sense by recent market action that the market is taking all this in stride and not getting nearly as worked up as they have been every time we talk about a weakening china or concern over china. it's going to be interesting to see how it plays out this week. >> david, reminded every passing day about how weak global export activity is. how unusual it is for global trade to take a dive not because of the u.s. financial crisis but just because of a weak global economy. what does that mean for us back home? >> i think it could be a little bit oversold as an idea here because we have seen much better growth in services around the economy. what we're seeing is two trends here, manufacturing is suffering, exports are suffering, but services are doing better. and the other thing is commodity prices have been p

and normally jp morgan wou b

♪ scarlet: don't miss this, jp morgan's earnings are out tomorrow. as we look inside the terminal, underperforming the broader market. a lot of weakness heading into this earnings around. a lot of banks, including j.p. morgan, have talked about a 5% drop year-over-year. alix: over the -- after the bell, we will hear from john: don't forget, there's one big wildcard. ♪ welcome to las vegas, site of tomorrow night's democratic presidential debate. first, obama. in an interview with 60 minutes and aired sunday, the president was asked about hillary clinton's unusual e-mail practices. he offered a few words of defense

and on tuesday we'll be hearing from jp morgan chase reporting 3rd quarter results. intel will also be reporting results as well and we'll get more numbers out of wall street on wednesday. the banks roll in, the bank of america for one, wells fargo and black rock and netflix numbers. bank results continue and roll on into thursday. we get numbers out of goldman sachs and citigroup. also expected to release united health and we round out the week with general electric, ge and honey well on friday as well. >> now the fed's decision to hold off on hiking rates last month was not a close call as some members have suggested. minutes from the september meeting show that the fomc was hesitant to pull the trigger on worries about global risk. most thought it was a good idea to wait but they still expect strong economic data to make a clear case for a lift off this year. >> not everyone agrees on the fed's decision to sit by and wait. he thinks the central bank should have raised rates in march of this year. he is speaking at an nyu business school event and the fed kept rate

if you are missing like net flick or jp morgan or you pick your favorite name, ibm, this morning, you are going down 5% or 10%. people are getting crammed into the -- the smaller and smaller subset of names. >> i think you're going to sew massive wave have consolidation coming as you get towards the end of the year. >> are you more event-driven than looking right now just getting where we are. >> it's very hard to find stuff that you are going to feel great about on a fund mental basis, and making a valuation argument, i think, you know, it's not very smart if you are in a secularly challenged space. >> right. >> i got to run. thank you for calling in. we will talk to you soon. dan with us today. >> real quick on ibm, the fact that warren buffett buys ibm down is one of the problems right now with ibm, and i think there's many people out there that use that as an excuse and lose their sell discipline on it because warren buffett is in it, does not mean you have to be in it. remember that. >> all right. coming up after a rough few months, one of our traders sarat is feeling better over

after jp morgan's miss on the financial sector for more guidance. still with us is ted peters. ted, in this current environment do you want exposure to investment banks or retail banks? >> well, we like retail banks, actually, specifically blue stone likes community banks because we feel that community banks are going to out perform the market for the next 7 to 10 years for a couple of reasons. large merger and acquisition in the retail space and rising tied is going to lift off ships and rising interest rates. we know they're coming. but rising interest rates are going to help the bank space immensely and help the community bank space because of the really strong core relationship deposit. we're bullish on the bank space in general and bullish on the community bank space. >> at what point are you going to be concerned about credit quality though? >> well, right now credit quality is really good and they're very good but nonperforming loans continue to go down but you're always worried that things could get risky. bankers sometimes have short memories. i was a bank ceo. they ha

jp morgan raising the price target to 900. nomura also raising the price target and so was rbc. >> surprising share buy back but this is also financial engineering to make earnings per share look bigger on the balance sheet when they report in their next report card but alphabet, yeah, the knock on them was can they monetize on mobile? can they boost up mobile search revenue and can they cut down on costs? so they're doing pretty well. let's talk about softy and microsoft shares are popping after the tech company soared past projections with adjusted earnings because you have to look at adjusted here. 67 cents a share on $21.6 billion in revenue. the companies cloud unit is seeing an 8% gains in sales last quarter compared to the same period last year. however they announced more job cuts. a thousand of them in addition to 6700 already announced in late july. shares were up some 8% in after hours trade and we're talking about a 15 year high there for new york trade when they open up at these levels. meantime in frankfurt yeah

faculty students and jp morgan chase can use it to work on joint research projects.t's collaboration the university and company started it's collaboration the university and company started back in 2009. i have type 2 diabetes. i started with pills. and now i take a long-acting insulin at night. i take mine in the morning. i was trying to eat right, stay active. but i wasn't reaching my a1c goal anymore. man: my doctor says diabetes changes over time. it gets harder to control blood sugar spikes after i eat and get to goal. my doctor added novolog® at mealtime for additional control. now i know. novolog® is a fast-acting, injectable insulin and it works together with my long-acting insulin. proven effective. the mealtime insulin doctors prescribe most. available in flexpen®. vo: novolog® is used to control high blood sugar in adults and children with diabetes. take novolog® as directed. eat a meal within 5 to 10 minutes after injection. check your blood sugar levels. do not take novolog® if your blood sugar is too low or you're allergic to any of its ingredients. tel

that could be a big windfall for the likes of jp morgan, goldman saks accident or morgan stanley. >>ook at the bullish call by pete on emc. >> if you regularity the yield, and it's the weight that the management needs to have done -- it's a big winner. >>. >> emc and dell. >> right. >> talking about this. >> right. >> and potential for a very big deal. >> you saw jim cramer earlier today talking about, hey, look, this deal is going to be a deal. i mean, it's not just chatter. that was just yet. if you were lucky enough to be in there, i was not, i think you would want to take profits off the table. i don't think you would want to pile in. if you want to be involved, though, up side calls would be the only way that you would want to be in this name because if there isn't a deal, we're going to see this name sift right back down towards 25. >> you own it now? >> i do. i have a four, and i'm not lucky enough to be in there right now. >> they're implications for vm wear, other stocks around this. >> thought on this one? >> emc was named the last couple of wreerz. could be diversification

at ubs -- >> like, for instance, in the u.s., jp morgan having to set aside legal charges. >> that was two or three years ago. ubs did this overall three years ago. credit suisse was a little bit behind the curve but they're going to unveil a big strategy at the end of october. litigation is a big problem. we don't know what's going to be hitting the banks next but they are a little bit behind the curve when it comes to turning around their business but back to the point wilf that you made before, credit suisse put this in the note this morning. they say it could be interpreted as a sign of management willingness to move on with the proposal and be more forth right about future management actions. that's a positive too. >> i'll bring in one other point made by jp morgan's bank analyst that comes on the show a fair amount. he's saying the underlying performance, if you take away the write downs the underlying performance is probably better than expected. he says this write down is the first brush stroke of john cryan's strategy which is to focus on capital build and a clean up of the ba

look at what jp morgan reported. look what wells fargo reported.e investment banks and you look at the investment bank side of somebody like a goldman sachs. outstanding report. in a zero interest rate environment, i think that the up side is far more important right now than any down now, where we looked at the xlf, we've had a huge surge from 22 towards that 24 number. i think the finals on any kind of news, it's upside far more interesting than the down side. >> here's why i don't think you're right, pete. >> all right. >> number one, no guts fed. janet yellen and the fomc absolutely no guts. they've missed the window. now they're seeing gdp numbers going down. they're seeing all the other problems, employment and rest. i don't think they can increase the interest rates that you're hoping for. not in december? >> i think december -- i think she's kind of eluded the idea that december is happening. >> she's been eluding to this since march. but she's going to move up at any given meeting. and steve liesman knows all too well. take a look at the e

we will be hearing from bank of america, jp morgan, chase, wels fargo and citi. >>> monday is columbus day. anchors away on tuesday the u.s. navy celebrates its 240th anniversary. on wednesday the beige book is released, a survey of economic activity across the country. also on wednesday getting retail sales and that is always closely watched because consumers are such a big part of the u.s. economy. >>> proud mary, bad moon rising, have you ever seen the rain, a few monster hits. and the memoir credence cofounder sdroibz the lessons learned from signing a bad deal that cost millions to selling songs that sell millions. >> i've loved your songs for years. i didn't realize the story behind it until the book came out. i knew music record labels could be bad guys but you may have met the worst one on the planet. >> another a lot of people were victims, i guess you would say. certainly, this story could be a poster child for what can go wrong. >> what happened in the situation? when we were looking at the rights we can't play your music that we all know so well because you are not the owne

protester jesse andre sassine spoke out. >> jp morgan connection is that they are the number two investorin fossil fuels, outdated energy. they are a bad player as far as green energy is concerned. and their mode of, just day-to-day business for them, because they don't only suck the life out of our planet, but they suck the life out of our community. enoughven't done nearly to modify the mortgages that were predatory lending in the first place in my community. amy: a newly released government documents have provided an unprecedented window into the secret u.s. drone assassination program across the globe. in the drone papers, the website the intercept reveals drone strikes have resulted from unreliable intelligence stemming in large part from electronic communications data or signals intelligence that officials acknowledge is insufficient should -- insufficient. it also says the drone strikes have been precise -- it also says at least 219 other people were killed. this is jeremy scahill of the intercept which just published an eight part series on the leaked arguments. >> the fact this i

a number of big banks like citi, jp morgan and bank of america have tested technology that'll use biometrics to let you access your cash. scanning your eye, a read of your fingerprint, or voice recognition. it'll be interesting times ahead. at least it won't matter if you forget that debit card at home, have a great day. >> i've already seen them beat those methods in a lot of movies. >> absolutely. >> so we have to see what comes after that. sue, thanks. >> i love it, i always forget my pass code, and i think a lot of people are worried about the pass cod being hacked. >> can't hack a retinal scan. >> well -- >> all right. >> right there. >> one more thing to worry about. there you go. >>> little cloudy today. >> yeah. rain is coming though. >> it is. how soon, how soon? >> tomorrow morning. enjoy. know know it'll be als me tomorrow, we need the rain around here. we have a drought going on. so this is a good happy weather story to get the rain and at least it's not on the weekend, 54 degrees outside right now, bestill have sunshine hanging around, but clouds as well. let's look at your lunc

next week, we will get all of the big financials, the bank of america, jp morgan, citigroup, goldmanachs, wells fargo reporting earnings, and then we will get a bit of a better idea of how strong earnings season might be. >> thank you very much. opposition is building up across europe against the transatlantic trade investment partnership. there is a large demonstration scheduled tomorrow in berlin, an organizer sake millions of people have signed a petition against the agreement. the free trade agreement between the eu and usa is highly controversial. opponents don't trust it because it is being negotiated behind closed doors. it would allow the companies to circumvent the law. supporters say it would remove trade barriers and help both europe and the united states to prosper. here is more. >> opponents in berlin last week resorted to singing to get their message across to german economic ministers. gabriele does not see any chance of an agreement being reached install trade talks, but he also says dropping the entire project is not the answer either. >> my urgent advice to those wh

, 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. they are thinking about a grid that includes these small, local, and powersingly-renewable sources, instead of a system that we had that was for most of its history virtually and literally a monopoly. but that doesn't 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 consumers will be rewarded more for using less power

the lead underwriters are jp morgan and merrill lynch among others.atch, mhch following for ipo under $100 million. >> interesting time to go public. >> this is not even a name we've heard a valuation on. i think it is a interactive, we've had roll-ups when they are not fashionable things and they think it's time. i suspect it's probably -- >> not a match made in heaven. this is not a hot ipo season. i don't think i would have any interest in this at all. wouldn't be surprised if this doesn't do well. >> earnings season get into full swing next week. so far we've had 58 s&p 500 companies reports and 19% below. one man is keeping score is dom chu back with the names that could see big moves next week. >> well, if you thought we had a lot of scores to keep track of last week, wait until next week. you've got morgan stanley on monday, chipotle on tuesday, boeing on wednesday, mcdonald's on thursday and procter & gamble on friday. you know where there could be lots of action, that's large cap technology. these three giants in particular, you're talking ab

>> so this is a big turn for them. >> when we come back, jp morgan launching a new fund today.t's focus is companies that improve the lives of people 50 and over. we'll talk about that but first take a look at what's happening in european markets this morning. you'll see there are green arrows if you're checking out the ftse. ftse is up by 1%. and here in the united states we're seeing stronger futures as well. the dow is up triple digits this morning. stick around, squawk box will be right back. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. >>> welcome back to squawk box everybody. take a look. if you're just waking up the fourth quarter getting off to a good start. a much better start than we saw for the overall quarter we just finished. take a look at the futures. futures up about 90 points of fair value and s&p futures up by 9 and the nasdaq up by 27. >> it's the buying pow

this morning we have earnings from jp morgan and bond traders are back at 2.04% this morning.tiromo, mornings with maria starts now. good morning, maria. >> maria: happy tuesday, i'm maria bartiromo, it is tuesday october 13. with me this morning dagen mcdowell. breaking news 104 billion-dollar deal in the beer industry. miller and b sudbusch to merge. combined company is a huge one. it would be responsible for one and three beers sold wide. first democratic debate tonight in las vegas. highlight in exchange with front runner hillary clinton and bernie sanders who has been gaining on the secretary of state for months. florida senator marco rubio told fox news last night, this is squarely a race to the far left. >> i think it's a race to the left, all candidates are going to see which one with outliberal the other. one guy is leading in the polls is bernie sanders, and you see hillary clinton move to the left . >> maria: also on stage governor malley and jim webb and lincoln chafee. oil dropped in trading yesterday. right now we are looking at a decline. 46.95 on crude oil. sto

i'm maria bartiromo and it is monday october 19th, with me this hour jp morgan anastasia.ake a look at the markets. reports for the third quarter earnings before the bell this morning. ibm coming tonight after the close. in china over night, growth of 6.9%. that's pretty much in line with expectations but lowest reading since 2009 in china. in europe this morning stocks were trading mostly higher. take a look at the numbers here. overnight in asia, in tokyo, throughout european markets this morning mixed performance. the dax index tennesseeing to recover with a gain of 1%. cybersecurity firm, still at it, attempting to hack into structure. two of the incidents took place last month. barack obama and chinese said they had agreed an understanding not to use economic crieber space. ahead of the big testimony this thursday. >> i think it's pretty clear that whatever they might have thought they were doing they ended up becoming a partisan arm of the republican national committee with an overwhelming focus on trying to as they admitted drive down my poll numbers. >> the chairma

and bloomberg news reports the jp morgan will pick up one third of the settlement in the swaps case.used of trying to limit competition in the federal swap market. that is a look at the top stories in this top hour. matt: vladimir putin may be trying to assert himself in the military in syria. betty: but why is he losing ground at home on the economic front? we will take a look at that when we return after the break. ♪ betty: this is the "bloomberg market day." i am betty liu. matt: and i matt miller. -- i am matt miller. russian president vladimir putin is flexing his muscles. betty: he is in paris right now as you can see, meeting with world leaders and hoping to get an easing on the sanctions that have been imposed by the u.s. and the eu, which is hurting the russian economy. we bring in michael from the brookings institution. michael, we know that the russian economy has been hurting for quite some time, we see it with the ruble and with their be numbers, but will this enough to rein in their military ambitions? michael: that is a great question because as we know, there is a fal

technology to allow consumers to pay retailers using smart phones instead of credit card and stores, jp morgan already won endorsement of major group of merchants, companies that can take a per can he be thage of -- per can he be thage of purchase price. >> cheryl: latest move from wal-mart plans to go head-to-head with amazon. now tfaa expected to finalize regulations within the next 12 months faster than previously plan. >> nicole: let's turn it to broadway. new subscription service called broadway hd where you will be able to watch on demand or where there's internet connection. $169 per year and can play one specific show. now the producers of broadway hd say that this is how business is evolving and they say they are confident that this will not drop business sales. >> cheryl: i think it's a great idea. other candidates take shots at the donald. >> you don't produce jobs through bomb bas or anything like that. >> cheryl: latest from campaign trail. the head of the irs has the capitol hill, expected to be grilled on the improper scrutiny as tea party groups seeking tax exempt status. we ar

. -- earnings season jp morgan kicks it off tomorrow. we take a closer look at norway's massive sovereign wealth fund. the very unusual danish mortgage market. scarlet: we began at home with the u.s. stock market. it was closed for columbus day. a low volume in stocks, down 30% from the 10 day average.

. >> maria: concerns about weak earnings, jp morgan and intel reporting 1.32 in earnings. bank of america and wells fargo are expect today report shortly, we will have the numbers shortly. intel third quarter profit fell more than 6%. better than expectations of 59 cents. expecting the markets to open like this. we do have some weakness this morning. fractional loss dow, to break down 7 points. nasdaq and s&p fraction weakness this morning. take a look at european trading. it's also weaker this morning. the dax in germany all down about 1% in average. snow is coming, no, ways of cool air through midwest could bring the first snowfall this weekend. >> you got him. a strikeout. the cubs win. the chicago cubs are heading to the national league championship. >> maria: and then there's this, the chicago cubs close playoff series for a win in their own ballpark beating rivals 6-4. new york mets not so lucky. they go back to game five in series. blake with the recap. good morning, blake. >> blake: good morning to you. it was not be, hillary clinton emerged largely unscaifed -- un

alix: jp morgan has the definitive risk parity that comes out. said that because they have seen this correlation increase in august, you can see a 20% reduction in equity exposure. anywhere from $50 billion-$100 billion. that correlation is quite significant. scarlet: that is massive. alix: i finally have my chart up. look at the aussie dollar and what happens overnight. check of this decline against the dollar. that was because you had one of the largest local banks raising its variable home loan interest rates. the expectation is a central bank may have to cut rates to offset any kind of tightening we are seeing in the economy. the probability is about 50% for a cut next month. ,> the odds of a fed fund hike if you go into my terminal and look at the work function, which is based on fed funds futures, less than 30% chance of a move this year. you can see that right here -- sorry that's so ugly. 20% by the end of september. now people don't even see the odds of a move by march. 52.9% chance we don't get the first move on until april. all this ta

. >> the bank of america quarter, in this quarter that jp morgan did, your wells fargo, the amount ofabsurd, turning back capital. it really is app amazing time for the banks in terms of the regulatory, the environment, and bank of america added more regulatory guys, more lawyers just for internal. now, they were able to get rid of the justice department, but they are about regulation first and making money second. i'm not kidding. >> what's that mean? >> they are all penalized for what dick was saying, a series of bad actors, and you could argue that, wait a second, jp morgan, the whale, everyone was so-called in on it, but i'm just saying that you don't have -- you have a huge capital cushion this time, and i know that it's fashionable, the democrats are still arguing glaing what higth clinton is saying, but i'm confident in the banks saying it's ramped up to the point where they don't make nearly as much money as they used to because of the capital. >> do you think that has any knockoff effect on the economy as well? >> well, lending was good, 10-15% numbers in lending, very positi

here to break it down is jp morgan as pet management. great to see you. page of the journal saying large cap corporations are going to see revenue and profits fall for the first time in in bull market. what do we take away from that? >> well, as investors, we look at that. went a sign that the economy's doing better, but we see increased leverage. it's not going to impact the fed's decision. it's based on data seen since september. the data has not delivered. >> but the way we think about the relation between earnings and the fixed income market or earnings and what the fed will do, we see companies pay very close attention to expenses, maximizing profit margins, laying people off or not hiring. why should we expect the economic data to be blow out? >> i don't think we expect it to be a blow out. it's slow. we saw slowing industrial production. we've seen payroll slow. wages are flat. look at those numbers, it does not tell you to expect blowout number, and, in fact, we're seeing there's a slow down coming around the world, slow down in the emerging marke