look at pe jp morgan for example, the premiere jp morgan to me is trading cheap to the market which banks always do but also very, very cheap to itself that's really important, right they still make money. all right. the companies still make money that's why i want to own them. i think they continue to make money. the economy is not falling off a cliff. they will continue to make money. the last thing i like, dan hates them right. so dan has been right given that guy too also been right. you're obviously not positive on the banks. >> but the xlf from the election -- the xlf up 90% now up 50% when you say they priced in bad news they are still pricing in a little bit more rosiness we have got now divided government so the that's where you started off saying there might be a little bit of regulation going the opposite way i don't see growth going the right way. you have the inversion. >> okay. >> 3s, 5s maybe 2s 10s. >> you say there is no price at which you would own banks. >> no they're still up 50% since the election a lot of stuff. >> what -- forget that. >> i can't. >> i just look at t

up more than the market or down in principle. >> mike, you mentioned the higher quality name of jp morgan that's usually a go-to at this point with the bounce we have seen this we can where would you reach? bank of america or jp morgan. >> i still think you probably want to look at something like bank of america. i mean, where most of the damage gets done is in the names that are less favored and that's why if you are getting sort of a v shaped bottom and a significant rebound that's the place you probably want to go to get most of the action if we call it that. this is the name of the show "options action," after all. that's the other reason i think we see people making the plays making relatively short-dated 8:30 call options this is relatively cheap stock and the options cheap her if you look for convexity this is the place. >> check out the website pgs ohs action.cnbc.com. check out the news letter it's chl b.k.'s favorite thing to read over the weekend. here is what you are waiting for up next. >> i'm going to disney world. >> disney shares held up amid the market chaos and the chart

in our own analysis at jp morgan, we feel the cut needs to be one to1.3 jp morgan, we feel the cut needsion barrels per day and in addition to that, russia adding more. we feel those are the levels of cuts required to balance the market at this point. however, if 0pec the market at this point. however, if opec was to recommend those level of cuts, we would perhaps see prices recovering at least by $5 or $10 in oui’ recovering at least by $5 or $10 in ouropec recovering at least by $5 or $10 in our opec scenario, which could possibly get a reaction from the united states if opec was to go down that route and that could become a sticking point. i am guessing, going on past behaviour, that they will get a quick tweet from president trump, depending on what they decide to do. let's talk about the politics of this. because we have a very vocal us president saying what he thinks. he wants the tabs open, he wa nts thinks. he wants the tabs open, he wants lots of oil in the markets right now. and then you have got obviously russia involved with opec here, so that seems to be leaning towards more

and jp morgan did a study. most small businesses had 27 days of cash bumper. and other than that, if the customer doesn't pay, they could run out of money. and when it run out of money, things are over. so one of the things that we want to make sure is that they have access to a line of credit. that's the kind of thing that the bipartisan task force was talking about. host: have you make that easier? guest: turns out, there's a moment right now in finance where technology may change the game for small business lending. on this been working and writing on this since i left government and came to harvard business school. and the reason is that technology is going to make small businesses much more understandable to a lender. up until now, small business owners that wanted a loan had to do a pilot paper work, walked down mr. he, talk to the bank, wait three months for an answer, and maybe it's a no, and then they go to the next bank. now people are online. you can fill out an application in half an hour. and you got an answer the same day. in the money can be in

jp morgan says he doesn't necessarily view a recession as a bad thing. let's get back to wilfred frost. >> as we were saying earlier all of the ceos are positive but even a recession could be good for jp morgan's share price. here is their chairman and ceo >> i don't look at a recession as the bad thing it is bad for america and for people unemployed. i don't say earnings will be douchblt i say what are we going to do to do even more. >> there are two things. the first is quite reassuring. bank stocks would perform better in the same circumstances this time around. the second thing less reassuring it means that it is one of the biggest banks with one of the most diversified refr knvenue streams. they could make money elsewhere and saver trading for example. even if share prices fall they can benefit in the long term by acquiring one of the smaller rivals as they did ten years ago. with that in mind if we look at what the regional bank index an since the october 3rd high j.p. mar go morgan outperformed. again, the main take away is they don't expect the s

jp morgan analyst grading g.e. to neutral from underweight but keeping the $6 price target the same. upgrade is significant. since the analyst was the first to call g.e. into question. downgrading the name n may of 2016 when it was still a $30 stock. since then predictions proved largely right much to the chagrin of longtime shareholders. according to the analyst the key to the story in our view is the outcome of the knowns unkno in near term which are better understood and around which debate is more balanced. as opposed to to being overlooked by most bulls in the past. still, he does believe the beleaguers manufacturer may have to sell new shares to raise cash. even though new ceoarry kulp says last month that wouldn't be necessary given plans to sellf up to $20 billion in azbleets as jood won wooden be saidamsz basketball coach be quick but don't hurry. i think that's the minds have. we look at health care for example, a tremendous franchise. we talked in june about an ipo where we take of19.9he proceeds as cash

the same jp morgan analyst upgraded norfolk southern to overweight from neutral. seeing 60 oh million in potential gains. target is $20 shares up slightly to 148.36. >>> still ahead, the sector that's outperforming the broader market for the first time since 2015. >>> fedex is cutting its earnings forecast f next year yieting weakness in europe and signs that global trade is softening. the they earned $3.04 a shares above expectations. revenue up from las year and slightly better nan estimates. but it was the outlook that ocinvestorsed on, sending the stock initially lower in after hours trading. eric chemi has more on the fedex quarter. >> the big take away from fedex today was the fact that the company lowered earningsce r.idor the rest of the 2019 fiscal y u.s. mpany said while the economy remains solid its b internationalusiness weakened during the ecquarter, esplly in europe. as a result the company are are will be cost cutting initiatives to mitigate the softness. so the ct cutting includes a buyout for employees. cutting back on variable compensation and li

ramping up pill pack and new venture with jp morgan and berkshire ahathway. apple rolling out more health features on the iphone and watch lik the new heart rhythm and monitor beth positioning to be central health care players. >> apple engineers has bee publicly reported are working on trying to figure out if they can use the watch to measure blood pressure. if that were to occur or ifhe an mobile technology provider could do that, that would be revolutionary. >> cvsealtherged with aetna wants to ruchlgize consumer health care with things like digital health records that make care easier to access at pharmacies and providing doctors and nurses on demandvailable online. >> we're excited tosz the new pralgt models come out to help drive better costs afford ability within the health care economy. but a lot of focus on drug pricing. >> the verdict is out on how quickly the new options can deliver on lowering costs for consumerers. but washington will be a b factor in drug pricing in 2019. the tru administration's first proposals to lower medicare drug costs are

. >>> jp morgan agreedo pay as the 135 milliono settle claims that it improperly handled transactions involving foreign company shares. any say the transactions occurred bween 2011 and 2015. for its part jp morgan says it's pleased to have resolved the matter related to industry practice the companyry volun ended a few years ago. jpga mshares rose 1% today to $97.04. >>> in the meantime communications products maker plan plan tron s paying to settle foreign bribery allegations vog it's polycome unit. the alleged violations occurred prior to acquisition of polycome earlier this year and before a transaction that took polycom two years ago. plan tronel iks to 32 p process 3 process. visa buying is earth port for $250 million. earth port specializes in inteational transactions f banks and businesses. visa was up me than a percent to close at 132.01. ciand bostontific has exercised its option to purchase the remaining shares of hearty surgevice maker. boston scientific had originally taken a $$90 million stake in january with an option to buy the remaining shares for $$325 million. shares

let's now bring in alex drieden, global market strategist at jp morgan asset management. it's 5:03 in the morning on this side of the pond i hate to have those kind of stats. it's not the way anybody wants to start their day as jp morgan, are you guys even surprise surprised by how weak this market has been the last couple of weeks. >> i think the volatility we have been seeing creeping into the financial markets came in really around the beginning of october, has really been triggered by the fact that the tina trade has died, stands for there is no alternative. the investors had nowhere to go but stocks now what we have seen is that the risk adjusted returns in the bum market are starting to look better, and investors are beginning to rotate. there is now an alternative, and the investors are looking to take that. move out of equities, reallocate to bonds, we are late in the cycle. investors are putting bubble wrap into their portfolios as a protection in case we hit a bump in the road down the line in 2019. >> i guess there is an alternative to tina, which is to your po

and once again, while the promise of this is big and we've seen the likes of jp morgan look to followheir costs in. >> it's interesting, too, i know that they've made, maybe we can get him back on and ask him about it they've hired a cfo last month there's expectations that eventually they would go public, compar comparisons. 3% on checking and savings sounds very attractive to people beyond millennials that being said let's ask baiju about that in terms of plans for robin hood in the future you brought on a cfo i believe last month are you looking to go public any time soon? >> it's something that's in the plans long-term. we have no firm timeline on it yet. but we're excited to continue to grow the business. excited to have jason wernig join us cfo, business is doing very well. >> i wonder -- is participation in the 3% checking, you think it's related to any weakness we see in equity prices or sort of like the corollary we see with cds, when stocks are weak people go to steady yield in. >> there's no correlation with that it's something that we have seen in the markets, the markets

so the problem you are seeing especially because a lot of like jp morgan paying higher corporate taxesey get to pay lower ones. what is the catalyst for them to go up next year? charles: david? >> they are responding to market movements. one thing we didn't imagine this year is flattening of the yield curve. ten year yields are coming down. only 18 basis points between the two-year and the ten-year. there goes the bank's margin. that's why they are having trouble. charles: you became more cautious in the last couple of months. do you feel better? we've got a couple dark clouds that seem to be pushed back if not completely out of the way? >> i think ever since cyber monday, we had that pop last week, we've definitely felt more confident. again, it's been one positive news after another. we haven't seen investors react too strongly towards negative news. the issue in france just hit the french markets, didn't expand into the europe. that's a good sign that people are able to evaluate what each event is going to effect. charles: the next major day of selling i guess will be a big test. th

this time from ecb chief mario draghi how should investors take the news >>> the call of the day, jp morgan steven tusa saying the bottom is in on general electric the halftime report starts right now. >>> good to have you with us on this thursday, here to debate and trade the biggest stories of the day. megan shue is with us, the senior investment strategist at wilmington investment trust and steve liesman will begin with the markets. s&p fighting to stay out of correction territory big question now, if global growth continues to slow, can u.s. stocks break out of their own malaise. >> well look i'm going to make it simple. i think this comes down to signs of not even just signs, there needs to be a concrete deal with china for things to move higher. the problem with what i'm saying is that's clearly not going to happen in the next few weeks i think the slaanta claus rally south the window preannouncements in the second half of the month that were positive can you get a little oomph to the market but the fears of slowing growth are real. >> risks moving to the downside says draghi. data we

we have learned that they are working with jp morgan and credit suisse.he banks have pitched valuations that range from $18 billion to $30 billion. of canadianalue marijuana company has been cut in half since the beginning of the week. short-sellers are doubling down on allegations saying he expects the stock to go to zero. says the allegations are false. we talked to the short seller yesterday about these allegations. the way the transactions happened and whether there was value in those deals. i talked today to one of the companies at the center of this. the company that sold these companies to a free at. look at that is a series of transactions that occurred where assets were acquired with the aim of those assets being rolled into a public vehicle. it is not clear whether this was going to go to other places in the market. money to doit costs these transactions. that was one of the biggest issues i had with this report. you read it as if we got these assets were free and held them inflicted. that was not the case. part of have the second hindenburg and

just today it's the first time we have seen in a decade jp morgan said better to be in cash than stocks. bank of america said maybe we're seeing a slowdown and bull margaret is finally winding down and pointing to three specific things. the trade truce the president talked so much about, the odd thing is is the trade truce unraveling or maybe it never existed. he talked such a big gain this weekend and you saw the market shoot up in part because there wasn't bad news and the president blinked. but we heard almost nothing out of china. it was jp morgan in a trading note this morning that said the trump administration is contorting themselves into pretzels trying to find a way to back up the president's tweets and what he said about china's commitment. there is no commitment. jpmorgan's ceo said it would be great in 90 days if there was some progress but given the nature of how complex trade negotiations are, nothing is going to be done in 90 days so you have to think about the trade truce that wasn't in one corner, we're obviously watching interest rates, and then the third is is there a

. >>> wwwe wasgraded to overweight from neutral at jp morgan. the firm cites t valuation after a 26% move lower from its peak. the provides target is $87. shares rose more than 2.5% to $73.96. starbucks price target wased rao $76 from $66 at jefferiys. the analyst cites the business in china. the firm maintai the buy rating. shares fell a fraction to finish at 66.72. >>> still ahead, after that massive data breech a marriott which industries are protected from a hack which remain most vulnerable? >>> microsoft is the largestic pu traded company after battling with apple for the top spot all week, todaylo itd ahead of the smartphone giant an it stands microsoft has a market cap of v 851 billion.s apple's $847 billion. >> marriott disclosed what could be pun one of the largest data hacks in history. the world's largest hotel said fw 500 million guests may ase had information accesse part of a breech into the various starwood properti. and that sent the stock down about 5.5% in today's trade. a adidi roy has details for us tonight. >> reporter: the

one market strategist from jp morgan says the s&p 500 lost almost 10% of the value due to trade uncertainty alone. that's a bold call but maybe not far from the truth. look at what happened today. house economic adviser larry kudlow appeared on c nabz nbc after the marke opened at 9:30 a.m. eastern opheim saying president trump would stent the infiniti-day gress is made p on the talks. the kwo jumped more than 100 points the next few minutes backup but then peter navarro appeared on cnnulaying they move forward with tariffs if the talks weren't resolved in 90ys stocks already off the highs fell promptly and kept dropping. industrialik namese caterpillar and boeing dropped about 3 or 4%.am tech dragged down. apple woipd out all of its gains for the year. for nightly business report, bob new york stoc exchange. >>> the fed also took investors for a ride today after a central bank official put his foot down and argued against an interest rate hiken whe the fed meets next. our steve liesman has more. >> a strong downdraft in stock pricbined with new worries about the economy for next year mass

activision blird was upgraded to overweight from neutral at jp morgan citing opportunity in the stock. price target is $66 smars rose to 415. stillead, the rise in stock market volatility is not opping car buyers from borrowing record amounts for a new ride. >>> a number of reports today gave investors some new insight into the economy well start with trade. the deficit hit a 150er high in october. this as soybean exports fell ans impo of consumer goods rose. factory orders recorded the biggest drop in aear in okay. that report showed softness in business spending and also decline in demand for a range of goods. >>> andro private payrollh slowed in november. according to adp, the economy added 179,000 privater sec jobs, which was below expectations. economists say, hover, a slowing is not out of the ordinary given the tightness of the labor market. >>> in washington, tech ives visited the white house to discuss emerging technologies. among those in attendance waps oracle and microsoft and google pichai.nd the meeting focused on the industries of the future like 5 g, robotics and artif

and so, again, if you don't believe there is a recession, the 20% pullback in jp morgan is a wonderful opportunity at a try attractive valuation of under times earnings. >> and we finish up with apple. the stock has been hit quite and it's in bear market territory. but you think it's also kind of a best in class st,k. >> yeah absolutely. it's one of the greatest brands ever created. and look, apple's stock price has a history of these kinds of significant corrections with o, be markets as you corrected pointed out both in 12 and 13 and then again in 15, '16. so it's had a major run up, big pullback, probably overdone. but for new money coming in you're buying one of the great brands at abe w-market multiple. and again a company with prodigious amounts of cash to buyback stk and increase dichds. >> on that note, thanks. hank smith with haverford investments. >>> a denn paysk. you b that's where with he begin the mechanic focus. pfizer hiked about 6% pruchg a $10 billion-dollar share buyback program in adiagnosis to the $5 billion remaining under the company's current pla the stock, thou

according to jp morgan chase, latinos are starting new businesses faster than any other group.atino-owned businesses currently generate more than $600 billion a year for the u.s. economy. despite those numbers, a new report from the federal reserve bank of new york found that latino business owners are also facing some big challenges -- including access to capital. elizabeth velez knows the struggle latino entrepreneurs face. she is a second-generation latino business owner, joining the construction company her dad started in new york city back in it is so nice to have you. elizabeth: nice to be here. soledad: was your dad supportive of you going into the business, to run the business? elizabeth: i think he was, and he wasn't he was concerned about me coming in being a female in a male dominated industry. yet he didn't have many other options if he wanted to see his business succeed. i have six sisters, so we're seven girls in our family. soledad: it was going to be a woman. elizabeth: it was going to be a woman. he had no choice. soledad: construction is not an industry where

. >>> and joining us to talk more about the wealth effect is anthony chan chief economist at jp morgan chase. good to see you. thanks for joining us. >> great to be here. >> robertentionedhousing. you are watching housing closely for this wealth effect. >> certainly when youook at lot of studies. and of course robert chiller who won a nobel prize and others have done studiesd that f the housing wealth effect is twice as strong as the wealth effect from stocks. and we no that housing prices are up. on a year over year basis case shows the way to measure hsing price are up 5%. the snpd fiefd is down 10% process. but if the wealth effect is stronger for housing these things wash out. let's mot lose sight of the fact that energy prices are down quite significantly and in fact allhe around world will add almost $650well e ofra purchasing power to consumers around the world. to the extent that the u.s. consumers -- the.s. 25% of world gdp, that meansto u $$160 billion with the extra purchasing power on consumers. all of this should offset and even mark zandy has done studies that actually fi

of jp morgan chase. >> glor: okay, jill, so this is the fourth worst daily point loss. by percentage, it's not even the top 50. we should put that in context. that said, 800 is quite a bit. jamie dimon using the word "recession." what do we make of that? >> well, i mean, look, this is an expansion that has gone on for almost 10 years, and recessions are part of the normal business cycle, and that's something we all know. but the reality is that right now, most economists believe that while growth is good today, we're going to slow down in 2019. we're probably going to go from 3%-ish for 2018 down to 2.5%, 2.7%. maybe by the end of next year, we go negative. that would lead to a recession potentially in 2020. >> glor: okay, jill schlesinger, thank you very much. we should mention the stock markets are closed tomorrow, and there is no mail service, in observance of a national day of mourning for president george h.w. bush. today, americans lined up to pay their respects, pausing in silence at his casket. mr. bush is the 11th president to lie in state in the capitol rotund

how optimistic is jp morgan about 2019 and 2020 for the us?wth will slow and perhaps quite materially, so this year, growth has been supported by fiscal stimulus, the tax cuts, adding about 1% probably onto growth. in the first half of next year, still a little bit of a kicker to come from the child tax credits, but after that, us growth should stop to this —— should start to slow. 2020, the risks for the economy starts to build. to what degree? many are saying the us could be in recession in 2020 which sitting here now with growth around 4%, it feels quite ha rd to growth around 4%, it feels quite hard to believe on some levels? your thoughts? next year us growth will come in lower than most people expect, slowing to below 2% growth rate. 0nce expect, slowing to below 2% growth rate. once we head into 2020, the risks of a recession certainly start to rise. and a president that wants to rise. and a president that wants to be elected in that year, what will it mean? -- re-elected. prior to the mittens, you would have got more tax cuts. but now

. >> and we are watching ber shire hathway, jp morgan and amazon getting to. who knows wt that bring. do doctor thank you so much. >> thank you for having sme. >> canial media be trustwood your data? that question came up time andi time ahis year as the social media industry came under fire from congress and regulators pretty much around the world. julia boorstin has the details. >> reporter: concerns about the dangerous of social media platforms spl exploded inlaarch with reons that cambridge analytica accessed the the private information of facebook users, ultimately attacking 87 million userer. sheryl sandbergti adm to the mistakes in an interview on cnbc. >> we have the responsibilityilo great products. we have the responsibility to treat people's data carefully. t have responsibility to disclose to people when problems occurred. >> sandberg's apology didn't tave off congressional scrutiny. facebook ceo mark zuckerberg wat called toestify on capitol hill in aprilid where he regulation is inevitable. >> i'm not the type of person mo thinks that all regulati

goldman sachs down 37% jp morgan, still an ugly year. it is down 11% year to date. >> the dow is only down 59 points >> remarkable recovery in the last 45 minutes. >> still have a half an hour to go >> anything can happen >> it is the high down 59 points >>> morgan has this for us >> here is what's happening. iraqi lawmakers demanding leave the country in the wake of president trump's surprise visit. they denounced a a violation of iraqi sovereignty. he has no plans to withdraw the 5,200 troops in iraq >>> five monks assaulted police found the monks tied up, one with head injuries nearly three hours after the assault. police ruling out a terrorist attack >>> a tsunami hit over the weekend. 430 people were killed with more than 1,400 injured thousands were left homeless heavy rains and high seas have hindered the search and rescue effort >>> the federal trade kpligs is warning netflix about a new e-mail scam. they are asking recipients to confirm payment details. they say log onto your account from the netflix web site. that's the cnbc ne

steven at jp morgan downgraded the stock in may of 2016 when it was still a $30 a share stock on cash flow and other concerns around the company his calls have largely been right. for the analysts to call a potential bottom here. investors are taking notice. his reason, key to the story is the outcome of the knowns and unknowns they are better understood and around which the debate is more balanced it is w40holly owned. it would get a new board of directors. ge is going to sell a majority stake in the service software business that news is adding for clarity to the digital assets which had been a big bet under previous ceo. shares are up about 7% right now. it is only about a 50% increase. they are still down about 60% year to date >> it doesn't get you that far back in time in terms of where ge traded before in the last month or so it was traded up. it is interesting the analysts saying the challenges i have been talking about seem like they are in the market they might be in the price of these levels >> sure. >>> joining our closing bell exclang tode exchange today we have our own r

jp morgan chase down 3.9%. one of your favorites, apple down 3.7%. they have a lot of sales in china as well. continuing to watch this here. a little bit of improvement as we come to the close. the sell-off not accelerating here, shep. >> shepard: gerri willis live at the stock exchange. the big story today, a deadline in the russia investigation which could tell all of us how president trump's former national security adviser has been helping prosecutors since he flipped. and it could offer new clues about possible indictments that might be coming. the special counsel, robert mueller's office, is set to release memos on michael flynn about his cooperation for his sentencing. the retired army lieutenant general served on the trump campaign, served in the trump transition team and served in the trump administration. he was the president's national security adviser for a few weeks when he admitted that he lied to president pence about his contacts with russia. he was the first high-ranking trump official to agree to cooperate in the special counsel's r

ride-hailing service competing with uber completed documents for the ipo, working with credit suisse and jp morganon to $30 billion. the filing is confidential. what do we know? >> very little. companies have been able to do these confidential filings for 1.5 years. sec gets early looks at the numbers. they can go back with feedback. we do not get to see anything and investors don't yet. this tells us thatlyft wants us to know that it has done this. it is almost like firing the start, kicking off the regulatory process, filing the real numbers, saying it is getting ready to go. announcements.l generalush attorney william barr, and heather now it moving to the united nations -- heather nauert moving to the united nations. >> william barr will replace jeff sessions at the justice department. barr has written favorably, from trump's perspective, on significant issues. he will be tested in the senate. they will demand to know that he will protect robert mueller from any move to remove him. ♪ ♪ abigail: this is "bloomberg best," i'm abigail doolittle. this week, america mourned the passing of one of it

lyft is working with credit suisse and jp morgan.ging from $18 billion to $30 billion. of course, the filing is confidential. what do we know? >> very little. companies have been able to do these confidential filings. they give the data to the sec and they get early looks at the numbers. it can go back with feedback. we do not get to see anything and investors don't yet. what this does tell us is that lyft wants us to know that it has done this. it did not have to put up a statement saying it had filed confidentially. it kicks off that regulator -- regulatory process, filing the real numbers everyone will look at, and it is saying it is getting ready to go. vonnie: big personnel announcements. in the trump administration today, we had the ex-bush attorney general william barr, and heather nauert moving to the united nations. >> it looks like the president is getting people into position at the department of justice and u.n., who he likes, and william barr will replace jeff sessions at the justice department. barr has written favorabl

jp morgan chase, bank of america. even capital one trading lower as well. the semiconductor index. the stuff that goes into smart phones. technology of all sorts. chip, intel trading lower here. we're all seeing apple down dramatically. that's just not because of what's going on with china. it's because of conversations about how well apple is doing. one analyst on wall street downgrading that stock today saying they think handset sales may have popped out. there are lots of concerns today. much of it around the idea of, are we gonna get a trade agreement with china or will we not? virtually every sector in the s&p getting hit today. we're seeing lots of pain. dana, i just want to say because in my old life i used to talk to people about their individual investments. this is not day to be trading. better to wait it out, see what happens when the dust settles. dana? >> dana: that's why everybody should listen to your pod cast. let me ask you one other question. is the daylight between the administration so stark that we would have this reaction or is it just about dates and timing?

jp morgan, 3,000 bmo, 2950 opinion. and the leet bull sish goldman expecting the s&p to close at 2850 but even that is a 6% gain from today. 2019 is a bit more problematic you remember michael wilson, the morgan stanley chief strategist he made waves by calling for the s&p 500 to end 2019 at 2750, just barely above where where o we close today. >> bob thanks so much. bob pisani new york stock exchange because there is a discrepancy on what people think earnings are going to be. >> right its consensus is about up 7% for sout there's been people dialing it back you have to. and the relatively basis is here is also to what extent is guidance changed dramatically from when the 7% was set >> our next guest has ha 2018 year end target of 9112950 10% away from that level now now he says the santa rally is dead on arrival. let's bring in chris harvey. >> dead santa. >> at wells fargo. >> thanks for being here. >> i wouldn't say it's dead and arrival. but earlier today is looked like christmas was cancelled and santa was caught

that includes the bank of america, jp morgan, morgan stanley, wells fargo, the lot of them. see were they are. business security, these are assets that can be liquidated quite quickly, which includes treasury holdings, assets like that. look at this, 2007, we were back then here. look at how much they have increased with liquidity and the holdings of securities over time. about $2.3 trillion. if you are worried about liquidity, here is something to help you sleep better tonight. fantastic. you can check that out on g tv . view andsound point of very on the news. we like it. let's check out --. bloomberg intelligence. >> thanks very much. let's talk a little media here. media stocks in the s&p 500 down about 15% here today. down over 20% from their recent high. bear market territory here. what is going on in the media sector, clearly, the craziness in the markets overall is definitely impacting the media sector. there is more than that. media investors are concerned about the underlying business model supporting all of the media ecosystem. that risk can be summed up in tw

. >> phillip of jp morgan. guy, a labor market read, we get that on friday conveniently. >> and it's interesting tomorrowly obviously the markets- dsh it's an interesting week there is no denying. the president at a talks about it all the time. the strongest economy in the history of the republic. and the job market is at record highs tp does that correlate to the market that can continue higher maybe it's the opposite. listen, it's -- i've been so wrong for so long it's confusing. imeye taking a pause but what's going on in europe, the yield turf o curve it's never different in my opinion. that's what steve is saying as well. >> what are you saying >> to reason to buy equities right now. equities have a long drop ahead. >> what is that. >> below 2532 for starters let's talk about. >> february lows >> let's talk about another 170 handles. >> would you be short the market >> i have wanted to sell the market you sit on your positions you say it's coming become coming back. this is a buy the dip opportunity. this

just today it's the first time we have seen in a decade jp morgan said better to be in cash than stocks of america said maybe we're seeing a slowdown and bull margaret is finally winding down and pointing to three specific things. the trade truce the president talked so much about, the odd thing is is

boeing and apple are doing better it is truly epic banks doing nothing with jp morgan the bottom line here is total confusion about what the fed might say and how the market might react. that's really the main problem right now. back to you. >> just to be clear, if the outcome in that the fed raises interest rates and then paints a picture what are we talking to >> they would say that's what we want the market will really we are looking for good news we are going to rally. the other half says you don't understand that. that's already priced into the market we anticipate that already the market should not move on that kind of news. there's the crowd that said the fed shouldn't do anything. if that happens does the market go up? maybe. some say that's the bad news we are not going to go up. you see the confusion level? >> they said the fed is listening to the president and compromising independence here >> irrelevant of what the factors are at the moment we have given it up despite being down >> this is what i said no one is being rewarded for buying stupidly oversold stocks. they are d

we'll be back at the brt all day and joining us at 1:30, jamie dimon, the chairman and ceo of jp morgan. >> becky, thank you. becky quick down in washington >>> wool talk about boeing in a minute i want to note a couple things about the market as you see we're off of the lowest levels all the way across the board in fact amazon and alphabet have now gone positive. you heard lee cooperman talking about the virtues of the of alphabet and the valuation which smaking that stock at least to him attractive, continues to hold it. it's been one of his largest positions for a long time. i want to get a thought from you, doc as we go back and wrap this cooperman thing up. do you as he does, that we're making mountains, if you will, out of a bunch of molehills that are out there and getting too excited in a negative way about the economy, about the dispute with china and about everything else that seems to be wreaking havoc on the market? >> i think we're getting too excited about the market move. because the numbers are so large right here, judge. we all know, 200-day moving average breaking inve

>> so disney, fed ex, cvs, chevron, i have jp morgan and goldman sachs, i mean these are companies with solid balance sheets maybe it will be somewhere between 5 and 7% next year i don't think that's awful if you told me i could have my 7% i could kiss the ground right now and sign off >> you gave us 7 out of 10 right now. it is much more than a taste >> i hope people will subscribe on the web site. that was a tease >> i know but you revealed too much >> i apologize >> talk about what you'll be hunting for. >> i start with two bargains it is down about 50% for the year this is the second largest in the world. it is strong in the united states earnings should be just fine it is enough to justify a price higher stock number two is down 50% is warehouser it is a company which sounds boring >> sounds like it is tied to housing. >> to some extent it is tied to housing. >> it has been a little bit suspect. the other side is the stuff is used for packages. packaging is a growth business think about it here is the stock down 50% with a dividend that is down 6% >> happy new year. >> they will be

and jp morgan did a study. most small businesses had 27 days of cash bumper. other than that, if the customer doesn't pay, they could run out of money. and when it run out of money, things are over. so one of the things that we want to make sure is that they have access to a line of credit. that's the kind of thing that the bipartisan task force was talking about. host: have you make that easier? guest: turns out, there's a moment right now in finance where technology may change the game for small business lending. on this been working and writing on this since i left government and came to harvard business school. and the reason is that technology is going to make small businesses much more understandable to a lender. up until now, small business owners that wanted a loan had to do a pilot paper work, walked down mr. he, talk to the bank, wait three months for an answer, and maybe it's a no, and then they go to the next bank. now people are online. you can fill out an application in half an hour. and you got an answer the same day. in the money can be in your

bring you numbers and instant analysis later on the closing bell >>> some of the big lose herb, jp morganited health got a news alert on disney >> that's right. disney announcing the studio surpassed $7 billion in global box office for the calendar year this is only the second time any studio has topped that 7 billion number this is after ralph breaks the internet and disney has at big move i ha movie coming out, mary poppins returns. >>> we have details when closing bell returns [beep] you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence. don't get mad. get e*trade and start trading today. don't get mad. ♪ there's no place likargh!e ♪ i'm trying... ♪ yippiekiyay. ♪ mom. ♪ >>> welcome back dow trying to come in after a big 500 plus point upside reversal earlier today we have movement outside the courthouse in vancouverer whe we the hearing is being held.

recently he initiated a big new position in one of your competitors in jp morgan i think in dollar termsis big ger than wells fargo. are those updates with him still amicable, still going well >> sure. we have very good dialogue there's so much to learn from warren buffett and so i really enjoy our discussions. one of the reasons why his ownership of wells fargo from a dollar terms is declining a bit is because we're buying back so much of our stock because we've increased our -- >> you like the idea of a buy back >> we didn't talk about the mix. he allows and wants us to run the business the way we see fit. that's my job. he always wants more return, as any of our shareholders do but we have got to make sure that he appreciates that we're continuing to buy back our stock at a pretty rapid pace in addition to raising the dividend because he wants to stay under that 10% cap. >> tim always a pleasure to speak to you thank you for joining us today tim sloan, ceo of wells fargo. back to you. >> wilf, we'll see you again keep it here this morning on cnbc we'll take you back to the goldman sac

jp morgan put out a note saying the price drop was overdone and nor a long-term, perhaps by the stockd does the math the exposure to the talc wi will-- and 40 billion they lost on friday, and not putting a dog in the fight. if you look at $40 billion market cap even if j & j is sued more they're not going to pay it. neil: more than the others itself. >> friday it dropped like a stone. neil: thank you, debra on all of that. a shutdown could be coming on all of that. a shutdown could be coming on both parties are lining up to say don't blame us, after this. he's already married. livin' large? livin' with his mama. entrepreneur? unemployed. oh! and here we see the artist making an attempt to bare his soul. it's just a gray dot. yeah, you can get a mortgage that avoids pmi, but there's no way to avoid mip on an fha. hey! now the ... this'll help. rocket mortgage by quicken loans makes the complex simple. right? understand the details and get approved in as few as 8 minutes by america's largest mortgage lender. >> clearly there's a lot of dissatisfaction in france. there's a lot of dissati

. >> it is good to have you back rick santelli in chicago as jp morgan says this morning, it has beenuced and dow is awfully close to 26-k. up 390 back in a minute >>> dow is at 350 on this first trading day of the month coming out of the g20 summit. some of the top-performing names on the s&p include wynn, amd and devon. we'll be back with stop trading in just a moment don't go away. ♪ ignition sequence starts. 10... 9... guidance is internal. 6... 5... 4... 3... 2... 1... ♪ >>> good morning for faang components up across the board check out amazon with a 4% gang. >> they do know business in china. >>> nike is what i want to talk about because there's a good piece by j.p. morgan saying field work says there's momentum this is a classic thing. if you feel like all things are great with china and we're going to keep making good deals, nike is a great stock to buy. even up here even up here they'll continue to try to fade apple and get it down so those who like apple, buy it at the bell, not now. >> you mean closing bell >> yeah. i can't to say this, shorts are building an endless posit

. >> i think we like jp morgan i mean, you know it depends on what you think about the sector. we're going to move to quality and try to ride that out while we weather the storm >> all right come back soon we'll see if indeed we are seeing the bottom. robert albertson and rj grant. >> shares of fischer getting back somewhere some today but sharply lower for the week as the data privacy concerns latest on the fallout next. ♪ what would you like the power to do? ♪ listening to people answer that question, is how we find out what matters most to them. for a business, it's the power to grow. for an entrepreneur, it's the power to innovate. and for a family, it's the power to own a home. we stand with the ones who day in and day out put in the hard work to make things happen. for themselves, for their communities, and for the world we all share. we want to fuel their drive. and celebrate their accomplishments. that is what we're here for. and above all else, it's really what people want from us. the power to make a difference. ♪ i am brian moynihan. and i work for bank of america. ♪

electronic orders that are coming in and indication of goldman and there are other under writer of jp morganhis and you have the floor makers, there is a few guests as well from tencent that are there they are shouting of buying interests to the designated markers here he's now talking to the crowd giving some indication of where people are making bids and offers essentially this is a real dynamic process it is some what high-tech bulloubu but low tech and people are shouting out >> it is meant to find the right price and minimize volatility as we open it >> how long will this take i know you are always willing to give us an indication? >> it is hard to say i would say the average amount of time that these deals tend to take is probably in the hour range but it really depends how quickly the interest comes in and how much price variance there is in the process. we'll keep an eye on it. >> we'll come back in the next half hour or so and give you an update on what's going on. >> we are at post five >>> let's get to the bond pit as well rick santelli is at the cme group in chicago >> good morni

investment banks being a little bit more bearish when it comes to their outlets for 2019 when you have jp morgancendo here. >> it's interesting, going into this week, last week, i thought that, again, president trump would come out of this weekend with a framework for a deal. we're great friends. a lot of that actually did happen and monday you saw the rally never in my wildest dreams did i think he would submarine this rally with the tariff man tweet. it's very hard to handicap so it goes back to this. what are the real headwinds the market is facing i think it's definitely tariffs. you're trying to deal with something in 90 days with the chinese that's taken 20 years to framework out. i don't know how that gets done. >> back to the stock market, it has a maga problem despite the fact -- >> that's caught it. >> i guess. >> it's the only major equity index, maga is up. these are three of the biggest companies in the world if you think about as wehead into 2019 -- now those companies don't have a huge tariff issue, but it corporate spending, we obviously know advertising is cyclical apple has the