of earnings coming out from the big banks in the us. the list is long. citigroup, jp morgan, bank of americak of america, morgan stanley, wells fargo, goldman sachs among those reporting earnings. i will see you soon. we will have our news briefing in a moment. the most polluting log burner and open fire fuels will be banned as part of an ambitious new clean air strategy to be published by the government today. the proposal also outlines plans to reduce ammonia emissions from farming and minimise pollution from the use of fertilisers. environmental campaigners say the ideas lack detail. our environment analyst roger harrabin reports. in britain's big cities, the air people previous off on top six. this hazeis people previous off on top six. this haze is caused by tiny airborne particles. it is bad news for people with lung problems. you can taste diesel fumes, particularly you can feel this taste in your mouth. i have even had my son say this, when have even had my son say this, when have been out cycling. and itjust makes you very, very tired. when you are out of a polluted area, you have a

jp morgan. bank of america? >> we don't think the bogeyman is coming for any of the largest banks. put a blind fold on and buy the largest banks like citigroup, bank of america, jpmorgan, morgan stanley and some others out there. they are coming back you'll see that credit quality is fine. the bond market says things are fine this time it's taking a false start. credit quality is good the bank stocks are fine the weakness is a weak top line. fixed income trading was awful at citigroup >> we lowered our numbers. >> you serve a $235 price target you need to change that? >> no. the stocks below ten for book value there. there are issues >> major issues. >> we went on your show and said we need the new ceo to come out and talk he's talking on the wednesday call they are having the ceo on the earnings call. we'll ask him all sorts of questions or one twor two that e ghet there how is he changing the course of the firm but below tangible book value, whether it's goldman or citigroup seems like a no brainer for us >> the kind of economic environment we appear to be in it's not like things

bank of america, 7% dragged the whole sector higher. also morgan stanley due to report tomorrow morning, already moving higher. jperformer of the big banks it was the best performer last week also bear in mind some of the moves have been based on valuations jp morgan already had the previous valuation, partly why it's underperformed. bank of america, goldman sachs very solid results the sectors, financials by far the best performing sector given that only really the one secter that has significant gains over 2%, real estate doing all right, as well as material. there is a bit of red on the bottom half of the screen. what does this mean for the four major indices? the dow is the biggest performer of the four indices because of goldman sachs. >> since earning season has really started we're up. we were having these fears of recession. we had fears of china. fears of government shutdown it's been replaced in the last couple of days as earnings started by, i'm going to call it, fear of missing out. fomo they seem worried about getting behind they underperformed last year. they can't underperform in january. the marke

it arranged billions of dollars in financing to keep operating as it goes through bankruptcy proceedings. pg&e said it will receive $5.5 million from jp morgan chase, bank of america barclays in citigroup and what is being called debtor-in-possession financing. next week pg&e is expected to file for chapter 11 bankruptcy in the process will ocwhich joi lawmakers block pg&e for filing a from bankruptcy. they held a rally at the state capital. leavitt legal experts say thousands of wildfire victims would be at the end of the list of people who could get money from the utility if pg&e filed for bankruptcy. >>> pacific gas and electric once again, doesn't want to be held accountable, were paid for the damages that caused. >> terrorist method that pg&e could face $30 billion in liability if it is found responsible for several deadly wildfires in california over the last two years. utility is more tn the damages. >>> let that take a live look at the big board of the new york stock exchange with the dow industrial is up slightly. the nasdaq is down a little bit. so is the s&p 500. yesterday we had the biggest down day in three weeks. stocks are making a comeback, but not

live interviews with some of the biggest names in business, including the ceos of jp morgan, goldman sachs, bank of americam, uber, chevron, cisco, dell, marriott, and dozens more. our coverage starts tuesday at 6:00 a.m. eastern time >> squawk super bowl >> right now as we head to a break, let's take a look at the biggest premarket winners and losers in the dow. looks like leading the way today, you've got dow dupont up .8%. sfx: [phone ringing] you still have service? call the insurance company it's them, calling us. it's going to be a week before they can get through on these roads shhh, sorry, i didn't catch that. i said ask how soon they can be here not you. right now? what's now? he says they're surveying our property now they're probably at the wrong house i don't see any hovering his name is hovering? look up? by using machine learning and analytics to automate claims, cognizant is helping insurance companies advance how they serve even the hardest-to-reach customers. cool ♪ what's a gig of data? well, it's a whole day's worth of love songs. [ baby crying ] or, 300 minutes of baby videos. a gig goe

>> it's just a different mix wells fargo, bank of america, big community banks on steroids. jp morganl the banks out this week, right goldman sachs, jp morgan, you name it it's out. >> uh-huh. >> is there one that will be more of a tell than others, more important than the others? >> we're looking at goldman. last week was hinted on cnbc, there's no easy money out there in investment banking. goldman is behind j.p. they're behind some other larger banks. they're getting hammered the fact that they had to reach for something like one mdb and get into that kind of mess. >> by the way, quickly malaysian official said over the weekend he thinks goldman should pay 7.5 billion. >> they want total proceeds plus fees. >> do you think that's possible? the market is discounting 1 to 2 billion if they pay anything. >> that's right. you have a sovereign entity hammering on your bank you have to settle i worry about dave sulman. he hasn't had a chance to run that bank. he may have to fall on his sword. >> you think so? >> he was the head of the investment bank. this guy was one of his direct repor

>>> pg&e says there is billions of dollars in financing to keep operating as a ghost the proceedings. pg&e will receive $5.5 billion from jp morgan chase, bank of america entity group in what is called debtor in possession financing. xp trafficking is executive file for chapter 11 bank of the at the process will likely take about two years. >>> and to advocate aaron brockovich joined wildfire victims and demanding state lawmakers should block pg&e for filing for pregnancy. they held a rally yesterday at the state capital. legal experts say thousands of wildfire victims would be at the end of the list of people who could get money from pg&e if they file for bankruptcy. >> pacific gas and electric, once again, doesn't wanted to be held accountable, or paid for the damages they have caused. suck pg&e could face a $30 billion in liability if it is found responsible for several death the wildfires in california. pg&e said it is more than insurance would cover and that does not have the affect to pass the rest of the damages. struck some companies that rely on the online site glass door for reviews are being accused of manipulating ratings according to the w

raising interest rates or quantitative tightening, it's the over-regulation of jp morgan, of wells fargo, of bank of americahy we've had an anemic recovery up until recently. maria: because the regulation rollback really didn't affect the large banks, right? it was more the smaller banks that really got the relief. >> right, right. the large banks got very heavy regulator presence in the bank. wells fargo is a special case because of the problems they had. they're still operating under tight fed cub fed supervision. looks like jp morgan was affected by volatility. it's clear that that in terms of market volatility impact on firms was a meaningful event but you also sound optimistic it was a temporary event that things are leveling out. as you look at markets so far at the start of the year, are you feeling that's an event we're going to work through or are you seeing more trouble ahead for markets and banks? >> the problem with a lot of these trading departments in that you'd like to see in these types of volatility the big banks being able to profit. however, almost everybody is inherently long. so when yo

all of the names really in the index are rising, citigroup up more than 3%, bank of america, jp morganfargo is up one .8%. and it's really a five-point trend we're looking at right now . the index rallying for five straight days. about 6.5% during that time. the best performance over five days since 2017 with some analysts today out with some bullish tags after the lousy year that they had. jason goldberg for example is saying that outperforming the s&p 500 this year, as earnings grow and book values grow, lisa, he's really bullish on the group, saying they might even be a defensive sector this year. right, michael, you go bullish, i'll go bearish. the fed is watching closely the gap between rates on t-bills. six quarters, the futures of the t-bill rates have been reported for the first time in more than a decade. when you start hearing more than a decade you think since the financial crisis and the federal reserve may be cutting interest rates as soon as that can be raised. taking a look at another bearish signal in the market, you can see the yield curve, the gap between the two year

upgrades today, one for bank of america, one for morgan stanley bank of america upgrade comes along the theme of good entry point, not too full valuation compared to the likes of jpthe morgan stanley upgrade comes along the lines of the valuation, again, for this they do think earnings coming up will be very tough for morgan stanley, given a tough quarter of capital markets interesting, morgan stanley down 23%. goldman sachs is down more, but not that much more 30%. >> a lot of suffering in that space. i'm watching nike today. the retail got a rare downgrade from neutral to outperform let's get to the analyst that made that call jonathan joins us from baird what is your best guess, that their -- >> the stock is one of the better performing top ideas in 2018 and top rating the last four years prospects from a product in digital perspective is as strong, perhaps, as we've ever seen that said there's always an appropriate price to pay for any stock. we think, given our sector view, that could come under further pressure in 2019 we think 70% current premium under nike trades could come under pressure and hence, we are stepping to the sideline. >> where else in your c

pristine growth at jp morgan, the fabulous loan growth at bank of america i think it's kind of a mixed>> it does appear -- that's what a lot of people expect them to do at least this month and in march. let's get to the opening bell. the big board, it's canadian gold mining company at the nasdaq, bravo, the exterior design series premiers tonight. >> we have kirkland on tonight because i am a gold bug right now. i think gold's going higher. i think that the chaos, whether it be brexit, the wall, the chinese huawei cahaos, germany slowing down kirkland's got a very good growth profile these guys are getting together, these gold companies. >> yeah. it's considered the late stage consolidation. >> right about time, though. >> you need to pick your dance partner to try to compete. >> is this something that people talk about gold companies are getting together because it's finally rationalizing. >> how many deals are left to be done now that you have two big guys having made their choices >> i'm going to talk to kirkland about what they see. i just feel like what's happened is their grade o

per share are expected to jump 20% from a year ago, jp morgan chase, wells fargo will release numbers tomorrow, we'll get earnings from bank of america, goldman sachs wednesday. morgan stanley on thursday. overall, trading revenue for the big banks expected to be strong but fees from investment banking could fall from last year at this time. we shall see. >> gerri: embattled utility company replaced its ceo as it considers filing for bankruptcy over california's deadly. dagen:wildfires this year. tracee: they say the ceo has stepped down and according to reuters the company is in discussions with investment banks for a financing package to help it through possible bankruptcy proceedings, a sign that a chapter 11 bankruptcy filing could happen very soon in the wake of potential liabilities from the deadly california wildfires. p g & e could be responsible for tens of billions of dollars for its role in california's devastating camp fire last year. a bankruptcy filing would be a last respor resort for the compf it's unable to get government relief. pg & e is trading lower in the premarcmarket. >> gerri: one media company could make a p

jp morgan miss often. >> it feels like we're at a point in the cycle in terms of the bank trading cycle where it doesn't matter what they say last year banks posted decent earnings bah bank of americay quarter it reported last year and the stock was down last year for jp morgan, there are things to pick apart. citi it was lower quality. jp morgan there were misses all around and the stocks are trading higher it tells you perhaps the banks should never have been where they were in the december lows. >> it's like if donald trump got elected again the stocks would take off you had a recommendation on so many of these names and goldman is down 32%, citi is down and bank of america is down 15%. >> i agree that the stocks should never have been there c iti bank was down 24% but still 26% from the high of this time last year what it tells you is that the bank stocks trading pattern has come unstuck from reality. in my view, the reality is pretty darn good for the most part the numbers are stable you know, the trading miss shouldn't have surprised anyone. in early december, december 4th, brian said he thought trading was going to be up 4 or 5% december 20th he said it's going to be down a

that rewards costs grew an average of 15% in the third quarter from a year earlier at bank of america, citigroup, jp morganks don't plan to end the rewards but they want to shift them in ways that encourage more card usage and scale back the upfront bonuses that you often get. and this, would you eat airline food at home? united airlines is filling a cook book with 40 recipes inspired by business and first class dining experience. they collaborated with the trotter project, a nonprofit that offers culinary arts education programs associated with many famous chefs around the world. the cost $29.99. you can buy it from united's online shop. we'll show you a chart of the company, up 21% last year, so not bad. so if you want to cook at home, would you cook airline food? ah, no, in short. you guys -- dagen: but you're cooking it. lauren: cheryl flies united a lot, dagen. apparently she flies first and business class a lot. dagen: i don't want my dogs to die so i don't fly united. >> they don't do that anymore. dagen: that's so reassuring. what about the airlines, though, not any prediction from you but we were

people see a top line miss by jp morgan but they realize it's a sound franchise. bank of americah the roof. i think it's going to be a market of stocks. i think people looked at the netflix number, they saw one number they didn't like, they got nervous. i think when they look beyond the news and noise, they'll see that is a growing franchise and because they may miss on one measure of subscriber revenue, they shouldn't abandon good names and good news. maria: that's a good point you make. thanks so much. netflix, the earnings were a market mover. revenue missed expectations, it's not all bad news, dagen mcdowell, what's your take. dagen: good morning, maria bartiromo. premarket, the shares are down. let's take a look at how they're performing right now. netflix shares in premarket trading down 2%. it was that revenue miss. revenue grew at 27% in the most recent quarter for netflix to $4.19 billion. but that was a miss, analysts expecting $4.21 billion. the company also forecast revenue growth in the current quarter that came up short of the pace from last quarter, 21% revenue gro

bank of america. there has been sluggish loan growth and fixed income results. that's p proven true at jp morgan the same is expected at goldman sachs. we bring in britney domingas to unpack what we've heard and what we expect to hear. what do you make of the earnings we've seen thus far? what's the bottom line to you, the message that's been received? >> yeah, we're seeing the exact opposite we did last earnings season right now, where companies are not necessarily beating their earnings estimates. both citi and jp morgan came out lower than we expected them. yet they continued to trade higher. what we're really seeing is investors and analysts aren't necessarily looking at last quarter, which is said and done. we knew the last quarter wasn't going to be good. we're looking ahead to the year of 2019 and seeing what does optimism levels look l like and what are the companies forecasting which so far has been positive. that's why we're seeing these things trade higher despite the fact they're not getting the earnings we would be anticipating. lauren: higher interest rates are also pretty good for

jp morgan lifts up its numbers. we also hear from wells fargo. a big day. nejra: it is. and on wednesday, bank of america reports.rsday, we get morgan stanley which has seen rare upgrades in a session of pessimism. to discuss all of this, joining us for more is elisa. great to have you with us. what were the highlights from citigroup yesterday and talk a sue the share price reaction as well. >> on the trading side it was a nasty surprise. trading was coming down. fixed income in particular. saw was some asian fund losses. market conditions are normalizing. more broadly, the comments were reassuring. the cfo said there is strong growth. and even in asian markets, the slightly lower numbers were due not to the lack of the van but to them being more prudent on where they are lending. the economy looking stronger than perhaps people were fearing. manus: how do we read this across into jp morgan? isa: looking closely at the trading figures. and whether fixed income held up . the guidance was to expect more or less a flat quarter. whiche equity business has been growing, there will be a focus on that to see how much fu

. >> well think of it you have you had wells fargo and jp moore begun and morgan stanley like you said all to do with trading but you have bank of americaat just shattered earningses, they made over 7 billion dollars profits this quarter which was had triple what they made last quarter. they're firing on all cylinders i know people look at bank of america being a very boring slow moving bank. but they really showed that they could perform. i think with the banks epg there's going to be the have and have notes. i think what you're going to see with banks is you're going to see the positive impact of lower, lowered corporate taxes are going to help banks dramatically. you're going to see regulatory rsms are going to begin to help them share buybacks ab they're going to begin to make money to me in a market like this that's where with you find -- >> forgive me charles it was cover me bare herb that earnings are hurting. because that's an a indication of a recession. that doesn't seem like there's a e recession coming to bank profits are come hg in pretty strong right are? >> it doesn't seem like there's a recession but this has been such a

jp morgan chase. it's going to be followed by other names like wells fargo, united health, and delta airlines that's just today. you got goldman tomorrow, bank of americaan stanley on thursday. netflix. by the way, there's a brexit vote let's bring in larry mcdonald, head of global macrostrategy, acg analytics, editor of the bear trap report, cnbc contributor. okay, larry. here's the question of the day what's going to be more important for our equity markets? the brexit vote today or the way earnings start to roll in today? >> it's definitely earnings. i mean, the brexit vote has been priced in -- we've had so much brexit noise at the end of the day they're going to kick the can again. that's -- more importantly, the -- you have to understand, jeff, give him a shout out doing a great job on this last week getting out there, but there's two t 2 trillion of debt in the corporate bond market that's coming due in the next three years. $2 trillion. ten years ago that number was -- if you looked out over the next three years, ten years ago, that number was $800 billion. the question is has the economy grown enough to sustain that debt level and to pay off t

jp morgan should have nice loan growth, particularly in the commercial and industrial lines of business, and i think cost control would continue to be a theme echoed from some of the other banks. bank of americad coming up tomorrow i think there will be some continued commentary on cost control and particularly with revenue drivers ahead in 19, cost controls will come into sharper focus. >> now, as -- >> to help with earnings >> there really were no signs of u.s. recession coming on any time soon. when might we start to see delinquencies start to tick up is it still a long way away, or is that something you are monitoring throughout this results season >> so it's a good question we are actively monitoring that. i think right now we're standing at historically low level forces losses citi's guiding stable credit cost for the rest of 19 in its credit card business, and we saw stability across its results yesterday. i think we will invariably see delinquencies begin to tick up perhaps towards -- as we go through the course of the year right now tear at historically low levelled and pour tend wealth for continued asset stability. >> finally, john, i want to ask you about their capital perspective