jp morgan down 2%.ells fargo and citi slightly higher and investors clinging to every word now the ceos had to say on conference calls it's time for the new segment called word on the street where the traders tell you the most important things they heard from the ceo that you might have missed >> it's a game show. >> did you see that. >> a slow scroll. >> very bob barkerish or joke are joker. >> and a triple. >> a wink martin dale. >> you wanted to point out what jamie dimon said about higher rates and the economy. >> i would also point out just about probabilities that rates can go high are. people should be prepared and not surprised. i'm surprised when people are surprised. asset and the why is more important. the kpee is strong preponderates are going up most of us consider it a healthy normalization. and going back to a more of a froh market when it comes to asset pricing and interest rates, et cetera we need that so to me overall is it's a good thing. >> all right karen. >> yes. >> the big take aw

today jp morgan, citi and wells fargo started us off. sl le picker has our result tonight. >> amid the market volatility this week investors today were focussed on the third quarter earnings from the three large banks for clues about what their results say about the economy, intest rates and lending as a whole. jp morgan beat analywh estimates e citi and wells fargo posted mixednumbers. on a call with analyst jp morgan ceo jamie dimon spoke optimistically about the firm and the economy. and jp morgan's results seem to support that as one analyst wrote, always tough to call the end of the cycle, but there is no evidence in the end in jp morgan's results. dimen was brushin off concerns saying investors need to look at the reasons why rates are rising and not just the fact that they are rising. >> the why is more important. the economy is strong. rates are goingup. most of us consider it a healthy normalization and going back to more of a free market when tt come asset pricing and interest rates. to me, overall it g is ad thing particularly

jp morgan to add somewhere but it's a question mark into oregons tomorrow that will obviously read through to the other money center banks as well as goldman sachs and morgan stanley knows are the kind of things that are on my list. and then there is some retail stuff that's getting attractive. i mean macies -- there is stuff to do if you can separate the emotions >> what's awesome to me is lennar has been catching a diana olick had a great interview with the chairman of len you see in gaining momentum to the upside. maybe this is the laggard in a terrible tape where it corraly. >> coming up it's the showdown of the century president trump calling the federal reserve crazy and out of control. and blaming it for the market selloff. while the fed chair, does he fight back details. >> plus judgment day for the banks hours away make or break moments for the markets? we tell you why this could be the most important earnings season ever. later high flying techs getting crushed. but guy says there is a name that's a screaming buy he gives us his fast pitch ci, choryomes square, new rk tymu me "fa

you look at jp morgan for instance would you like that chart. >> no, they're all slumping. investment bank and brokers in particular goldman sachs, morgan stanley even big ones like blackrock, t rowe all tlufrpd. they have issues and fb obviously the market says whether the cycle changed or whether -- they are not benefitting from rates. >> all right for everything "options action" check out the website. "options action" while there sign four the news letter. cart he is says it's the best thing since christed bread what are you waiting for here is what's coming up. >> announcer: advanced micro, taking investors on a wild roller coaster ride plunging 20% from the high three weeks waig and mike co says a big are drop could be ahead he will lay out the trade. >>> plus, calling all "options action" fans, reach into your polk, grab your phone and tweet us your question at "options action." if it's nice, we'll swaner it on air. air. when sfls option attention action sfls option attention action sponsored by think or swim b td ameritrade's trade desk. they can help gut check your s

let's take jp morgan if a trader thinks jp morgan makes a turn around will you see and hear this saintly angel, harps it's green meaning buy the stock is going to bank heaven if the trader thinks no sachgt the name you see and hear this. look at the red devil. the stock doomed to burn in the hell fires of bank inferno let's start off with the example. pete on your shoulders jp morguen >> total heaven. first of all you start off with a company kept one the s&p nobody else has. and you can -- over the last week it's held in there, dom showed the mart. jamie dimon as good as it gets it had record profits last quarter. and look at earnings and revenue growth is strong this is the greatest i own the stock. i think it's in heaven. >> are you worried about mortgage origin nations coming down one month, three month spreads >> there are other aspects of the business doing so well that can balance out. credit cards being one. >> are you worried it's one of the best performing bank stocks in the market downturn that's the first where investors take profits. >> i don't know that they would. take pro

. >> the next guest says the october selloff is over done phil jp morgan asset management strategist great to have you here. >> thank you. >> why has it gotten extreme to the downside. >> well at the end of the day there is one thing that we're watching we see a very low probability of two things two consecutive quarters of negative gdp growth in the next three or four quarters and we see a low probability of inflation running out of control. if those things are in place you got a the 10% off sale in the stock market but here is what's catching our attention in the month the lack of a v is because guess what you get paid more on cash right now. so cash isn't trash anymore. it's not zero. it's not the most greatest asset class. but i think cash as an alternative it's not a high opportunity cost anymore to be out of the market. the second thing is for a decade we have gone long the equity market because we knew that if we were wrong about growth we would get protected with say fixed income ten-year treasury rates and 5 basis points higher than this month. putting those things in motion

the ceo of jp morgan and a number of others pulling out from a saudi conference. >> sears is filing forankruptcy, what's next for the company's restructuring efforts. >> stocks are posing their worst week since march earlier on "squawk on the street," david gersttenhaber says he believes the boll k ulke good games i think we have the bulk of the good games >> you feel at this point we have paid it forward and all these good things that happens have reflected in the stock price market >> i think that's right. it is not so exciting and relative to treasury and free returns this year and with volatility as well >> a lot is going to depend on easte earnings and guidance. >> david made a really good point. he's offialways entertaining. what we heard from charlie evans and jay powell, look, we got to over shoot when we raise rates the end of the cycle, he took to raise a lot of cash. unless you think the feds blink, they realize they got it wrong, they have blink periodically otherwise, david's view is in play i look at the retail sales number today it is a second one in a row, it is disappoi

and jp morgan is a buy, citi is a hold as well and the profile of citi group is very different than jpd bank of america. it's more of a global play they have much more exposure to the emerging markets, mexico, southeast asia for consumer and commercial lending generally what we like to see is a large percentage coming out of the u.s. footprint, 50%, which is jp morgan or bank of america, and europe 0 so with citi you're always playing that risk related to the emerging markets they're doing a pretty good job, but jp morgan and bank of america are expanding strategically with new financial centers and bank branches. hard to believe, but it's true. >> ken, just zeroing in on bank of america, how concerning to you is the loan growth number? i mean, it was declined in balances across the board when you look at home equity, credit, u.s. commercial, direct and i direct consumer. what are they doing wrong? are they losing share to another bank or is loan growth overall for the sector in jeopardy >> yeah, the key drivers are definitely consumer loans as well as credit cards which generate loans

jp morgan chief executive jamie dimon will not attend an investment conference in riyadh amid growing tensions between the us and saudi arabia. he is the latest high—profile figure to pull out of the event dubbed "davos in the desert" following the disappearance of saudi journalist jamal khashoggi. the saudis deny killing mr khashoggi. as we've been hearing, sears, the us retailer that that once dominated america's shopping malls, has filed for bankruptcy.

ceo will not be there but iam sure jp morgan ceo will not be there but i am sure some of their colleaguess a great place to network. that business will continue, it is sad but the reality is there is too much vested in saudi arabia for this to come to a halt. do think there could be an impact on the saudi economy? no, honestlyl really do think so. the americans need oil and the saudis by their weapons not just from america need oil and the saudis by their weapons notjust from america but so many other western countries, long—term book sides want to do is find a quick and acceptable solution as fast as possible to move on. richard branson was one of the first executives to pull out of the saudi conference and has revealed that he is stepping down as the chairman of version hyper loop one and the plans to build a supersonic transport system in the united arab emirates needs a more actively involved leaders. saudi arabia terminated a deal with the company after he cancelled talks over the jamal khashoggi affair but that was not mentioned in the company's statement on monday. the $20 billion

jp morgan is kicking things off with a solid report.th futures looking better than good, up almost 1%. treasury market is stable, the yield is up, and the dollar is stronger than the euro.

nvidia upgraded to overgraegt from neutral at jp morgan. citing the recent underperformance and sees stronger longtime growth ahead. the price shares rose to 203 even today. >>> and also with jp morgan shares of jet blue upgraded to overweight from neutral. the analyst sites the values calling it the cheapest of the domesticth airlines. price target is 20. jet blue shares soared% to 17.08. that same analyst downgraded southwest to underweight from neral. the analyst says the stock prices stalled out. the price target is $52. shares rose 2% to 49.15. >>> coming up, the one concern that many republicans, democrats ead independents share as they get to cast votes in next week's midterm election. >> former federal reserve jail janet yellen made comments on the enomy speaking at the schwab impact conference. she said she is concerned the economy couoverheat and that a couple of more interest rates increasesssre ney. she also said that the market volatility reflects the uncertainty surrounding the groebl outlook right now. >>> the home ownership

the stock fell 1%roo 32.06 >>box was added to the focus list at jp morgan with the for st sees the potential 30 to 50% outperformance in the stock. price tart is now $35 and shares rose a fracture nun? the otherwise down day to $292.7837 kimberly clark, color ox and church and dwight all downgraded to sell from hold at deutsche bank today. the analyst the cited near term challenges like currency and emergeening market volatility and the firm also noted long-term headwinds like creased competition andretail pressures. as a result the shares of the three consumer products were lower today. >>> coming up, monstrous michael one of the most pouchl storms on record slams into the florida panandle. clothesing businesses, me disrupting comrce and the local economy. >>> as expected, hurrica michael made landfall this afternoon in the florida pan handle. and this storm is punishing and fast moving. while it's w too early to say what the total cost will be. wells fargo said it could hit tens of billions of dollars. courtney reagan is in panama, city, florida for us tight. >> reporter: hurricane michael

and jp morgan cut the target on abercrombie &ch. citing margin pressure as a result of tariffsnd wages. the rating underweight. finishes down more than 5% to 17.99. >>> still ahead, tipping point? nmoney had b flowing into passive investments like etfs and mutual funds. but is that starting to shift? >>> a group of senators are not pleased with google. today they sent a letter to the company criticizing it for failing to disclose the data vulnerability that affected hundreds of thousands of google plus users. senator thune said he was disappointed that google's chief privacy officer testified before the comme committee a few weeks ago and failed to provide information on that breach. google disclosed the breach after it was reported byeehe "wall sjournal." >>> and as we have been reporting, of course, the nasdaq as been sharp. the index is off more than 9% from the most recent highs i august. and of course it is loaded with some very popular technology stocks, which begs the will this group that led the market higher now lead it low

the chief economist at jp morgan welcome back >> thank yo >> i guess this is what a tight labor market do does, wages star to go up, don't they. >> exactly. and i think we -- i think amazon's mov rather than big direct effect on the economy is more reflective of e annomy starting to operate at full d full ent -- at or bey employment. i think the fact that we have the unemployment rate below 4% generated helpe to contribute amazon's move. it has been a factor in large ta ers also announced a big move. >> what about the fact that you know senator sanders whoas featured in courtney's piece is calling on marilyn erreta to raise wages? today alone we had thousds of employees and mcdonald's in detroit rallying asking for $15 an hour. at what point does that start to trickle down if at all to the economy? >> right. so you know you can't totally discount that there may be some pr benefit some social responsibility aspect here. but it'er iting that all the announcements come at a time kewhen the labor m is tight and not five years ago. i think- it isu know it's reflective the fact that like i a

if you take a look at jp morgan for instance, you like that chart. >> the invest backed brokers, theyad issues and obviously, what they're saying, they're not going to get it back. >> for everything options action check out our website options action.cnbc.com. what are you waiting for here's what's coming up next. >> taking investors on a wild roller coaster ride. plunging near 20% from its high three weeks ago and mike says a bigger drop could be ahead he'll layout the trade plus calling all options actions plans. reach into your pocket grab your phone, and tweet us your question at options action. if it's nice, we'll answer it on air, when options action returns. i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress le

you will see apple and jp morgan currently buying during their blackout period. you can buy around that period we are strong today of 338 points up in the dow back to you. >> bob pisani, we'll see you in a bit watching the 10-yr at 315. let's get to rick santelli good morning >> good morning carl, i know it is fascinating we have seen yields moved down a little bit but not commencing it with the signal of the stock market putting forth over the last several days and not including today. maybe the pressure market is smarter, we'll have to see the final few pages of the trade go foreign stocks look at the one week of two-yr drifting down. we are up one across the curve yesterday. twos are down three and 30s are down sevens and all those downs on the week are how far they are down from the high yield historic closes. last friday represents the high closing yields of the year if you look at two-days of tens, pay attention to the lows. i am a closing, closing is the most important price yesterday we touched briefly 312. why is that so important everybody talks about h

wells fargo, jp morgan and citigroup are all expected to report their earnings before us markets openshow that profits at the bank increased by 20% compared to a year ago. it's been helped primarily by president donald trump's tax cuts, as well as rising interest rates. the question is whether or not this will allay investor concerns about corporate profitability going forward. investors have been selling shares in a range of american companies over concerns that inflation, rising rates and tariffs could drag on corporate profits. joining us is russ mould who's the investment director at aj bell. thank you forjoining us. we have been hearing from the imf and david lipton who is the number two. the bbc was talking to him about what is going on in emerging markets and if we have another crisis. i'm wondering whether or not the rates coming down a little in the us and and corporate earnings might cause a boost. it is good to know they have finally woken up! you have brazil, india, indonesia, turkey and argentina, five of the well‘s biggest economies and their currency is at record lows a

is grace peters, european equities strategist at jp morgan international bank . the word sluggish. it's very early, you cannot draw too many conclusions, but it seems as if we have had some disappointments. today a few more beats maybe. what's your assessment so far? grace: i don't think it's going to be smooth sailing at this time. investors are concerned about peak data coming out of the u.s., which has been the market keeping the economy ticking quite nicely. it is that outlook statement that you referred to a few moments ago that the people will be scrutinizing to give us an indication. matt: earnings growth has really been strong. i look at the ea chart. you have it up there for the s&p , 22% earnings growth. the surprises have been strong as well. if i click on this surprise panel here we can see 4.3% on earnings, 0.5% on sales. when you say peak does that mean this is as good as it gets? grace: i am talking about peak data brought the, whether it be macro -- broadly, whether it be macro data, from companies or consumers. it does translate into peak earning

to addto say, you need jp morgan to that list, because i came straight out of undergrad to work on jp morgan in wall street and it was the best training i've ever received. it helps me with my career going forward. tonight, i am attending a black female funders dinner that j.p. morgan is hosting. mr. dimon if i was in a ready doing here come i would've done it. those are great, you really learn a lot. >> thank you for doing that. we are 10 years out of the financial crisis and i wanted to get your feedback on that. more importantly, we are in a place where more hedge funds are owning our traditional corporations. i wanted to hear your thoughts on the hedge fund industry eyeing more traditional corporations and what that means for the worker? mr. kaine: the things that are going on in corporate government -- i believe in corporate governance, transparency, we have a thousand public companies -- 4000 public companies. people study this come about her know exactly why, capricious and arbitrary litigation, being in the public by means constantly being attacked by various entities and stuf

carol: you talk about the resistance and how it is led by a former jp morgan come it john burton.l us about him. on barackhe worked obama's campaign in the opposition research department. as a young, college graduate in the 2008 campaign. he worked briefly in the treasury but he left and went banking.reer of he was not planning to politics. but like a lot of democrats, his life was turned upside down by the trump election. he decided to start a resistance group. we have seen these groups at marches, doorknocking or fundraising. many resistance people run for office. what he recognized though is that this kind of volunteer energy we have seen crop up all across the country could at least in theory be harnessed to do what he used to do which is investigate the background of a lot of republicans. he said up this group to try to marshal this army of amateur investigators to look through everything from republicans' social media posts, old newspaper clippings, to arrest records and property records to try to unearth negative information that could be weaponize against these candidates.

what will be really important today is that we get earnings reports from citigroup and also from jp morganout strong it will instil a bit more confidence. also, the federal reserve, they are not really going to hike interest rates and sent borrowing cost is much higher. i think it is going to be a slow and gradual pace. i think this market scare will definitely add to their reasoning in doing that. really interesting. thank you for that context. let's go to the indonesia island of bali now, where the world bank and international monetary fund are holding their annual meetings. 0ur asia business correspondent karishma vaswani is there. she's been speaking to david lipton, deputy managing director at the imf, which has just had to arrange a bailout loan for argentina. like many emerging markets, including turkey, it has seen its currency slump as foreign investors pull their money out. so is this the start of a bigger global crisis? that is one of the bigger questions we have been asking ourselves, whether this is the beginning of a bigger crisis or whether it will be a set of em countries.

has been a whole host of people overnight to have basically said they are not going to turn up, jp morgan are not going to go, blackstone are not going to go, aol, goober, a whole number of names. —— uber. they are saying that until saudi arabia clarifies what might have happened in turkey, and that is very much a developing story as we speak, a sense that the saudi government has moved in the past four or five hours to say, something might have happened in our embassy, and we are going to maybe talk about that over the coming day or so. then they are not going to go to this conference. it is a big low for the reforming it zeal of the young crown prince mohammad bin salman, who has been trying to attract investment into saudi arabia. at the moment the international community and a lot of international community and a lot of international business is saying, until you sort this out we are not going to come and attend your conference. 50 what going to come and attend your conference. so what we know is happening is that mike nonpayers is imminently arriving in riyadh to discuss with the cro

has been a whole host of people overnight to have basically said they are not going to turn up, jp morganng to go, aol, goober, a whole number of names. —— uber. they are saying that until saudi arabia clarifies what might have happened in turkey, and that is very much a developing story as we speak, a sense that the saudi government has moved in the past four or five hours to say, something might have happened in our embassy, and we are going to maybe talk about that over the coming day or so. then they are not going to go to this conference. it is a big low for the reforming it zeal of the young crown prince mohammad bin salman, who has been trying to attract investment into saudi arabia. at the moment

jp morgan shares are up 1 1/4%.ay christopher giancarlo will join me, to weigh in on the u.k.'s exit from the european union in less than 10 minutes. stay with us. kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. ♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest. maria: welcome back. pope francis accepting the resignation of the archbishop of washington. cheryl casone has the details. cheryl: pope francis accepted the resignation from the washington cardinal, donald worl, after he wasen contain wan a sexual abuse and coverup scandal. he was accused of helping to protect some child molesting priests. this comes after his predecessor was forced to resign as cardinal over allegations he sexually abused at least two minors and adults. tencent music hit the pause button of going to public. they were

jp morgan cut the estimate at ford by 36%. look, there's a host of issues at ford.es, it has slowing global production. europe is slowing. south america and here is north america. north america is the lone bright spot for this company. they are struggling elsewhere. there is the question what's the restructuring plan when you take a look at shares of ford keep in mind it was a company that was supposed to tell wall street here is what we are planning to do as far as our drive towards mobility in the future unclear when they will tell wall street what the plan is for the future if you take a look at shares of ford and we go back to the beginning of the tenure take a look at the performance under the last four ceos this is not good jim down 22% mark fields the stock was down 35%. it was up 178% remember, back in 2001 to 2006 bill ford who was chairmanof the company was ceo as well. the stock lost half the value before then. the bottom line is this. this stock is down 67% over the last 20 years. it has been worse than dead money if you have held onto it since then they

jp morgan reports tomorrow. delta if it can maintain its game.nd micron, it is some sort of imaginary line. nvidia hangs in the balance. amd and nvidia in the balance. >> amazon still up 47% for this year. 160 billion in lost market value. remember when it was a trillion very briefly in a matter of a few weeks. >> is that like $250,000 it weighs 37 pounds, by the way. >> do you have a 20 in your pocket he has like 250,000. >> look at that. >> percentage wise it is going down a little bit. maybe it is 225,000 now. >> i'm looking for a bounce because of what -- those who are wise enough to buy, they are flatly selling. down 72. i don't know. why not wait a little and see what happens. sellers will come out of the woodwork. don't be in such a hurry. you want to buy something small go buy. go buy something. you know that guy is a seller. he is not a buyer. he is a seller. >> the warning out of ppg earlier in the week, the revenue warning on the floor today, you do not see as a pattern. >> they talked about five regions which is an issue for supply ch

everybody was saying jp morgan could set the tone for the entire market.exactly happen >> the good news is we are coming into this at a more depressed level. we have the underlying s&p stocks we have had this massivish selloff. second after all we want to see what the trils are -- industrials are going to do. it is still growing. it is driving that and i'm not crazy about. and then lastly the consumer i think consumer discretion flairs, it is in great shape net asset value or total asset value is 40 trillion higher than it was before 2 peak in 2007 the debt service levels are super low. i think it's important to recognize the consumer is in great shape. >> thank you very much >>> all right. time now for cnbc news update with sue herrera >> hello leaders of the world bank are urging the u.s. and china to call of their trade dispute saying it is effecting the growth of the world economy. >> current trade tensions could reduce global gdp by 1% over the next two years clearly we need to deescalate these disputes >> here at home the death toll from hurricane mi

jp morgan downgraded the stock to underweight saying pressure is mounting ahead of the holiday season. gap shares down 5% our call of the day. comes from matt boss retail loimt carries some heft. when matt boss speaks, people listen >> it's been a stock in decline since concept of 2014 when it was 46 i believe it bottomed in 2016. i think it's trying to recover think the wage story and discounting story is significant. old navy continues to be a bright spot. i would focus on nordstrom, kohl's and tjx. >> the stock is down a fair amount before the one-day decline. in what has been a pretty good retail environment this stock was let's say other names, tjx, 45% to the plus side year to date macy's 28. we all know what amazon has done american eagle. >>> 13.5 what's going on with gap >> they had a huge run and got themselves up, like $34 a share and then all of a sudden it started to cascade as you have gotten through this year and i think part of the problem is a lot of their sourcing by the way is coming from china they talked about something like 22%, matt did in his article so that's

the ones you are seeing on screen jp morgan jamie dimon, ford executive.ck rock, hsbc. only the faces that could fit on this screen right now. many more have pulled out of this event. there are some big names that are still attending. you have the imf christine lagard who going in. u.s. treasury secretary steve mnuchin who did say that the relations with saudi arabia are good and that they are a good partner to the united states. however, had you senator republican of arizona jeff flake comments on this and he tweeted out and i quote: secretary mnuchin should not be going to riyadh. many people weighing in whether people should be attending or not. the saudis today according to the final times have retaliated against one company decided not to go company operated by richard branson. richard branson runs the hyper loop company. this is virgin hyper loop one they have said the saudi arabias said they are pulling the deal on hold. originally going to invest $1 billion into research in hyper loop. they have now said that they are pulling out of that deal at th

finally the dow movers here, no help of the earnings picture of jp morgan. being sold and another weak day for energy stocks as we saw i.a. making comments for oil demand and apple is holding up well and industrial is just a tough week guys, back to you. >>> two of washington's heavy hitters making comments on the market mnuchin saying the u.s. fundamentals are strong and the markets are just correcting. larry kudlow agrees saying the stock market will get back on track. this is a normal bull market correction let's bring in lindsey bell, investment strategist and omar aguilar with charles schwab. lindsey, we'll start with you. is there enough expectations there and can the market sustain this momentum giving the upcoming season? >> it is a good third quarter. the fourth quarter estimates are over 18% but, as you know the market trades off of the outlook of what's to come we have gotten some preannouncements from some industrial companies warning about higher cost inflation and oil prices and cost for logistics and china and trade where this is the first qua

i'll tell if you jp morgan tells that you loan growth is slowing and all you have to do is look around as other parts of the market, look at autos, look at housing other consumer sort of stuff, i would take their word for it it may be. >> whose word. >> jp morguen. >> now you want to take his word for it because it's bearish. but the interesting thing is when you look at valuation. >> no the price action in the rest of the group ex-jp morguen. >> there are names moving starting to move it's the beginning of that of something. and part of that is it's tough to find great valuation if the market is priced to perfection which a lot of people would say that lee cooperman was sawing about that but that doesn't mean there aren't areas that can't perform. make the time for banks. when you look across the earnings numbers they were strong because ever are that that's a reason to say you know, as many cases you talk about 10 times pe and you look at some numbers they're not bad. because of that with the dividend yields and with the buybacks all of that combined maybe it's time for the banks to

. >>> jp morgan chase has pulled out of the investment conference in riyadh, so has the chairman of fordnd william coors, former chairman of adolph coors brewing company has died at the aim of 82. coors grandson of the company's founder died saturday at his golden, colorado, home. he was chairman from 19592000 which coors grew from a regional brewery to one of the world's largest. under his watch, he revolutionized the beer industry with the recyclable beer can. >>> and the comic book movie venom drew the top spot at the box office its second week out. >> we can do whatever we want. do we have a deal? >> despite poor reviews, venom added an additional $35 million in ticket sales. last week's number two film "a star is born" remained where it was and the neil armstrong space epic "first man" debuted in third place. anne-marie. >> thanks a lot, laura. >>> still ahead, portraits of a royal family. the official photos from princess eugenia's wedding are released. princess uain princess eugena's wedding are released. for a smile that's 4 shades visibly whiter! so eat what you like! just make

well, the financial stocks that we own right now are the larger stocks, the bank of america, and jp morgan and in the regional spates we own key. any will all beef biaries of higher rates. you know, rates move up, that's great for bank earnings. and because we believe the economy will stay strong as the ic reports of the last couple of days have said, credit quity should be good. so bank earnings should be good. we're just not looking for the rg seculare in financial stocks at this point in the cycle. >> all right. let me push back a little bit on that thinking. causehe banks did have something of a lost decade they haven't enjoy the rise in rates to this point. >> correct. >> i mean,anking 101 says when rates go up banks make more money off the spread between what they lend and what they borrow. why wouldn't they be a longer term investment if we are heading into a long-term trend of rising rates. >> really what impacted banks was the decade -- we'll call it free money, where the fed had interest rates at zero. banks, you know, they hit the floor on in re cost for deposits. and we all saw

that would include jp morgan goldman sachs and berkshire hagertiway among source. >>ouesterday we told amundsonen surprised everybody by raising the minimum wage it pacers woro $15 an hour. last night ceo jeff bezos explained why. >> thinkg about inrying to decide do we want to change? we realized we made a decision, well you can offer compensation or you can decide to lead. and as soon as we framedt that way, we're like, let's decide to ad. >> that'great. >> i think people will follow. >> mr. bezos made t comments ter receiving the spirit of service award organized by the partnership for public service honoring people making a difference through work. >> general motors and honda team up to build a new car. but not just any car. itself driving and sold around the world. the reaction was med. shares of gm rose. while honda's stock fell. phil lebeau tells us why the auto giants do it together instead of on their own. >> reporter: general motorshe world's second largest auto maker is joining force was honda. technically honda i investing just under $3 billion and taki

. >> jp morgan declaring in a reern report rising u.s. yields with with are symptom of u.s. strength and not should not be feared. the trouble for stock investors is that until now they've been able to have the cake and eat it too. that is better growth and higher earnings while interest rates stayednusually low. in fact the treasury markets almost ignored the fed nnlzs in now.-rates pl it's not just fed policy. it's a generally strong consumer confidence process that we see at this point of time. the economy has looked strong for years. and especiallyince trump took presidency, and i think we're just in an excube rant time. people find the rate increases as normal given the economic conditions. >> the list of what's pushing up rates is long. there's better growth and lower unemployment. core inflation, excluding food and energy, is steadily above 2%. the fed is pushing up rates. sometime nexyear other central banks may increase rates. there is tariffs. and gross growing tefz which means higher interest rates. the higher rates could crimpgr th hurting sectors like housing an

jp morgan is saying in the next two years we'll see a recession, high probability, 60% that we'll see do you see any of that on the horizon? this tax cut 2.0, is it required to head off a recession or what? what about the next two years and these predictions of growth really slowing down? >> i think it's hard to predict. i've been in business now 50 years. i'm in the car business. i'm a car dealer. we see a tremendous amount of growth. we see people buying cars. we see people with a positive attitude. i don't know. the only problem i have as far as slowing down would be the raising interest rates. i go back to 20%. we're seeing interest rates go up right now and that i think could slow the economy down. i wish the fed would slow down. i visited with the fed folks, robert kaplan, a friend of mine, the dallas fed. i hate to see the interest rates continue to rise. it raises the cost of goods sold. it's a lot of money when you raise the interest rates. i'd like to see them slow it down a little bit and keep the economy going. i think we could have a large growth period but i think when y

i think the price action in jp morgan that's what you want to focuses on the fact it couldn't rally todaythink you probably see more weakness in the banks. but at some point if you think wells fargo is going back to 50 and it's a 52.15 right now you need to roll it out a little bit. keep this one on a short leash what i would do is early next week if this thing goes unchanged from the 80 cent purchase price that's where you blow it out and you think about rolling the view out. >> let's move on to what mike and carter said last week that tech's rally was coming to la screeching halt. >> what we know is we have bounced beautifully offer this channel, off this channel, off had this channel again and again and again. at a minimum i think we come back down to the channel that implies another 5%. and then what if i think ultimately that's it we break i want to be short xlk take profits if you are long. >> i was looking to november you could guy the 75.70 put spread spend sg 1 the.65 for the 75 puts selling the 70s against it for 60 cents. >> they were right the xlk down 5% since the time of the

jp morgan's chief executive jamie dimon has cancelled plans to attend an investment conference in riyadhween the us and saudi arabia. he is the latest high—profile figure to pull out of a conference dubbed "davos in the desert" after the disappearance of saudi journalist jamal khashoggi. shares of china's internet giant tencent have been hit by beijing's freeze on approvals for new titles that could last until next year. china is the world's largest gaming market. tencent has lost $200bn in market capitalisation this year, largely as a result of stagnant growth in games sales, which make up most of its revenues. we're asking you if we should do more to help retailers on the high street, on the business page we have serious filing for bankruptcy, also super dry has had to issue a profits warning after the heatwave hits its sales. super dry as well, talking about £18 million hit because late spells of hot weather hurt sales of winter clothes. it's a story we are hearing a lot with retailers grappling with changing times. much more online. let's return to one of the top stories, about brexi

hp downgraded to neutral from owe over-the-yaegt at jp morgan siting limited near teerm cattle despite despite the excellent execution. the price target is $29 falling about 4% to 25.34. millin downgraded to neutral from buy at. the analyst sees a less favorable regulatory environment that could impact margins. the price target is 37. the stock fell 2% to 35.29. >> pepsi downgraded to neutral from outperform at the analyst siting higher input costs and rising freight costs which could impact profitability. price target in our $107. that's down a fraction so 16.49. ealey lilly upgraded at bmo capital markets. the analyst cited the long-term growth prospect. price target raised to $130. that stock rose more than 1.5% today to 115.02. >> stale ahead, the jobs of future. >>> i'm kate rogers in queens, new york a on nightly business report tonight we tell you about the importance of aviation technicians and why the industry needs hundreds of thousands in the decades to come. >>> we've been telling you about the ongoing shortage of skilled workers facing both large and small businesses. the

jp morgan chief executive jamie dimon will not attend an investment conference in riyadh amid growingll out of the event dubbed "davos in the desert" following the disappearance of saudi journalist jamal khashoggi. the saudis deny killing mr khashoggi. as we've been hearing, sears, the us retailer that that once dominated america's shopping malls, has filed for bankruptcy. sears holdings, which also owns kmart, filed for chapter 11 bankruptcy protection on monday. the company has suffered, along with many other traditional retailers, from rising online competition from firms such as amazon and has been closing stores and selling properties as it grapples with debts of more than £45 billion. the firm employs nearly 90,000 people in the us, although that is down from 246,000 five years ago, and in its heyday it had more than 3,000 stores. it became america's largest retailer before being overtaken by walmart in the 1980s. superdry shares have fallen more than 20% after the retailer warned of a £10 million hit to profits because the recent heatwave hurt sales of winter clothes. the compa

jp morgan chief executive jamie dimon said yesterday, he would not attend.. paul allen, who co—founded microsoft, has died at the age of 65. he had cancer. he revealed the disease's return only two weeks ago, after previously being treated for it in 2009. in a statement, microsoft co—founder bill gates says he is "heartbroken by the passing of one of my oldest and dearest friends... personal computing would not have existed without him." tesco, sainsbury‘s and asda all saw their share of the grocery market fall in the three months to october according to the latest figures from ka ntar world panel. aldi and lidl both notched up gains. aldi rose from 6.8% to 7.6% and lidl rose from 5.2% to 5.6%. paddy power betfair has been fined £2.2m for failing to stop stolen money being gambled through its website and for failing to protect customers showing signs of problem gambling. the regulator says this is "simply not acceptable". the firm has now apologised. european stock markets mostly rose tuesday but london dropped as oil prices pulled back from a recent surge.

very very active that's where a lot of volume went jp morgan reporting tomorrow this drifted lower and then after that we hit the lows for the day. technology stocks okay semi conductors were generally on the upside until we hit that. still better than the rest i want to know what was going on with energy stocks they didn't help us. the worst performer of the day consumer staples and another sign that people were saying okay maybe this whole let's sell tech and go out and buy consumer staples was over we don't know for sure bottom line is consumer staples were the worst performers on the day. >> thanks. >>> the nasdaq dipping into correction territories we are at the nasdaq market site with oo look >> it looked so promising. up 1% ton day only to close down sort of a mirror image of where they started the day as far as the nasdaq we saw a 228 point swing ton theday. the big tech names were negative we saw some chip names also. a little bit of bargain hunting and held up at the end of the day. apple, which had been in and out of positive territory at the end ocht day proved to be a drag

they recently put up a strong nvidia of .7%, jp morgan to overweight the firm to say a car business couldrive those results. months, west two have weakness the chip sector. speaking of strange money, let's take a look at the athletic sector. beat. a massive that could be a short squeeze of 21% as bears rush if a turnaround is in play. it is giving a tyner sector helping to explain for the major averages. vonnie: thank you for that. wells fargo welcome investment institute, tracie mcmillion. she comes to us from, i would guess -- let's have a guess. i would say charlotte north carolina. tracy, talk about the upside for stocks over the next 12 months. it sounds optimistic. tracie: it is optimistic. thank you for having me. the 19% upside we see in markets to the next 12 months is a reversal of this correction and earnings grow continuing its 2019. this year's earnings growth 20% but we see 7-8% growth earnings as well. the president agrees. we have a tweet he tweeted out earlier talking about the fed backing off and starting to talk more dovish. i think if we are going back to our 2800 rang

i was on the call with jp morgan and they are still expecting a 6% or 7% loan growth for the year.ionals get hit harder. pnc struggling with noninterest expenses. are the highest since the fourth quarter of 2017. when you dig into that and figure out what is driving that, they're having increases on the personal front. is off the declines of their making in marketing expenses and other things. while it is a good thing to be , some of that noninterest expense is putting pressure on them. kevin: let me pick up a point about regional banks. why are they doing the worst? >> they are underperforming the large caps. there are underperforming the regionals, like the u.s. bank. they are more sensitive to interest rates. higher rateshink are a good thing for banks. a can stifle loan demand and it does increase costs for deposing. -- for deposit is. they're less diversified from big banks, they are more sensitive. out,eard jpmorgan come saying we like the steeper yield curve. we want those 4% to 5%. the regionals are slower to adjust. shery: taylor riggs, thank you so much. next, after an ea

dana used to be the cio at jp morgan chase bank where he led 43,000 people and prevented one of the biggest banks in the world from being robbed in cyberspace. not an easy feat. as we know, those hackers are relentless, almost as relentless as they are against us. now he's our chief information officer and we're benefiting enormously from his deep experience with cyber security and artificial intelligence, and having the knowledge and experience operating at massive scale against committed adversaries. it's really fun to watch him perform. how are we doing? are we on track for 20 minutes? yeah. how about space? think we should cover space? there we go. all right. space has been in the news lately, so i thought it would be useful to offer my perspective. over the last year i worked with secretary wilson, general goldstein, dr. heighten, general raymond, generals thompson east coast and west coast, and so many others with tremendous talent and expertise, together we're working to create a space force which, as you might imagine, is a complicated process. while there's plenty of debate about t