i'd keep an eye on jpmorgan right now. if you're looking for the place to be, you want to find it, something that's going to give you a bang for your buck, jpmorgan's moving much faster right now than goldman sachs. >> i have to ask you guy about jefferies, a name you've been positive on for quite some time. it was also among the camp that finished the day higher. >> go figure. >> do you think this is a fundamental move based on its business outlook or is this partly a short squeeze as timmy had brought up? >> i think a lot of people -- listen, people have been short this stock, they've been wrong. i think they have been squeezed they continue to get squeezed. fundamentally, i happen to think the stock is headed higher in the very long term. the valuations, though, right now given what i think is going to happen in the market don't make a lost sense. so if you're buying jefferies right now for a long trade i think you're in the late stages p the easy money's been made. it doesn't mean it won't continue to go higher but it'

moment by moment the history of jpmorgan. and how a boom in urban populations could boost your bottom line. >> the cher song. >> not even a little bit. it's so funny. >> don't want to offend mrs. grasso by saying anything about that. >> moving sharply higher in the after-hours session. right now at the highs of the session. this of course on news that it's reached a deal with walmart to sell its meals in the world's largest retailer. >> big audience for them. you've got to like it. >> rim shot. sorry. big. >> time now to take your position. unofficial start to earnings season kicks off this week with alcoa reporting on wednesday. 72% of s&p companies beat on earnings last quarter. only about half beat on revenues as we had mentioned. will we begin to see some bottom line growth, top line growth as well? joining us dr. j, co-founder optionmonster.com, also brother of pete. tell us, what are you expecting out of alcoa? >> out of alcoa i expect exactly what they told us last time, which caused the stock, by the way, to go up dou

he's been with jpmorgan for a while. but the guy i hear internally, there's his little street -- >> 52 years old. former head of -- >> he's as old an jamie. that's weird right off the bat. the guy i hear internally they're laying odds, and jamie has really smart guys around him. he's got charlie sharp and the cfo. i've known these guys for a long time, they're very smart. but the guy internally they think will get it is jay mandelbaum. this guy has had a lot of jobs, private client. he's worked at mackenzie a few years. i think the biggest at tri butte -- and he's young, 46. god, this guy is 46. man. he's younger than me, i can't believe it. >> makes you feel unsuccessful, doesn't it? we've got about 20 seconds. >> the real reason why he's likely to get it, i think, is he's best friends with jamie dimon. one of the reins jamie got fired is because he failed it to support his daughter to a position at the company and instead wanted jay mandelbaum. they've been joined at the hip ever since. this is a guy internally, everyb

but you know, jpmorgan and j & j's estimates are pretty darn low. they could surprise on the upside pretty big. which would be very positive. >> but matt, we're still talking about a decline from a year ago. if you look at the thompson reuters numbers, or s&p, we're still talking about declines in terms of profitability. >> and revenue, maria. that's what everyone's talking about. goldman sachs pointed out the second-quarter revenues was the worst we've seen since 1970. if you take a look at this quarter, things are supposed to improve to only a 15% decline. so even if we come in 25% better than expected, we're still looking at revenues to be down from what was a nightmare of a period a year ago, by about 10%. >> so harry, as an investor, and needing to put capital to work in this market, what do you need to see in the next couple of weeks in order to feel confident that you think the market goes higher? >> well, i think we're still seeing cost cutting. i think cutting. i think we'll see some revenue growth on the top line. has to come. i think the

i want to talk about jpmorgan putting them with an overweight. a few 0.1%. leap wireless, deal with target, they also were downgraded to neutral at jpmorgan, down 4.4%. scott, back to you. >> all right, brian. thanks so much, bob. as well, so we've opened lower across the board on wall street. let's get back to the fed chairman right now. >> -- and pay careful attention to interlinkages and interdependencies among firms and markets that could threaten the financial system in a crisis. for example, the failure of one firm may lead to run of wholesale funders of other firms as similarly is it chew waited where they have exposures to the failing firm. these efforts are reflected, for example, in the expansion of horizontal reviews and quantitative sure veil lns program i discussed earlier. another critical element of systemic risk ace "american idol" jend da is a new regime that would allow the orderly resolution of failing systematically important financial firms. in most cases the federal bankruptcy laws provide inappropriate framework for the resolution of n

there's been a jpmorgan management shake-up. in europe, we have the uk's five biggest banks agreeing to bonus curbs. what's your sense of the future of the banking industry? should we see this as a sign that these mega banks are no longer going to be, you know, remain as status quo? >> i think we certainly see that there is a lot of work to do and it's good to see that there are signs of activity. i was very frustrated earlier on in the year when there didn't seem to be much impact at all from the crisis that we just had and everything seemed to continue just as was. so seeing a bit of change, seeing a bit of activity and also in the broader before he press reading a lot about the problems that are still unsolved is a good sign, to my mind. >> so what kind of regulation do you expect to see? and how do you think that will affect the banks in these financial stocks functionality and their earnings? >> well, what i expect is a mix of sort of populist -- more populist movement around banker bonuses and i'm hoping to also see some m

when i talk to people inside jpmorgan, they say this is the guy to watch if dimond should go.amie dimond is 42 -- a huge if. the one thing that kind of makes me might go at some point and take a job in government is he's done so much. he's done a great job with this company. i guess it's a tossup between him and larry fink over who is the king of wall street. he's done an amazing job. a lot of people think this was a sort of move to set that up. my guess -- >> a government job for jamie dimond? >> why not? he's worth hundreds of millions of dollars. >> but this is a guy who said he was done doing business with the government. >> i love jamie, but he's also a limousine liberal. i know in his -- what was dunkin' donuts? >> that was a mistake. >> he likes the coffee at dunkin' donuts. i think there's some part of him that wants to give back, and so who knows. i'm not saying he's leaving, but i'm saying this mandelbaum guy is the guy to watch internally. something else that's really interesting. everybody knows i write about this in my book, dimond was fired by sandy wile over som

it's between bank of america, jpmorgan and caterpillar. yeah.ne of the worst performers here in the industrial spaces nighting its way back. almost 3% higher. morgan stanley raising the price target to 44, even though they're cautious, even though their 2010 estimate is below consensus and even though they have bumped back their cycle repurchasing estimate for 2011 to 2012. so caterpillar very strong here today. manotowac, up 14%. here today rebounding sharply. mentioned retail games. nordstroms with a big move and big up great. limited brand very strong. one of the top five performers in the s&p 500. price target to 22 from 17. they keep a positive. lastly, whole foods and unique position of being the best of the worse, the best performing stock in the worse performing sector. back to you. >> thank you. >>> walmart one of the most searched stocks on cnbc.com, only seeing slight gains since the march low. selling off 5% for one month. but with most consumers continuing to like the idea of saving money in this economy. what lit mean for walmart?

he is the chairman and ceo of jpmorgan chase. you should, because in this crisis, he may be the person who is, indeed, the last man standing. that's the question that award-winning journalist, duff mcdonald, gives in his new book, "the last man standing, the assent of jamie dimon." it's good for you to join us. >> thanks for manager me. >> understand what he did. he's been called no less than the man o saved capitalism in the financial crisis. he jumped in 48 hours. bought bear stearns. and many people think prevented a run on the banks that would have been 1929? >> pretty much. and basically, what you had here is one of the only guys who is running a bank the way it was supposed to be run, which meant paying attention to the risks, you know, intrinsic in the business. and when the roof caved in, most of his contemporaries were scrambling to save their own firms. when the government needed someone to throw a lifeline to bear stearns, he was one of the only people, if not the only, that could do it. >> warren buffett said, when th

one stock leading the dow was jpmorgan chase. posted a profit of more than $3.5 billion last quarter easily beating expectations. jpmorgan is still uncertain about the near term outlook however but still the numbers are enough to make people feel better, richelle. >> thank you steph. >>> after all, the curiosity, what jaycee dugard looks like today is no long air mystery. here's her -- some of the last images of her before her kidnapping 18 years ago. see what she looks like now at the age of 29. >>> look at that, the dow jones industrial average closed above 10,000 today for the first time since october 3rd of last year. part of the reason some great earnings reports from jpmorgan chase from intel that all pushed the markets higher. so we've passed that psychological mark. the big deal of 10,000. briefly earlier, backed off and then came roaring back to finish up 144 points at 10,015. and, boy, will we take it. >>> all right, i got some new developments in the anna nicole smith death investigation. in the court hearing today her

jpmorgan chase, that slid 5%. boeing down nearly 4%. weighing down the tech heavy nasdaq, microsoft dropped 3% after one analyst downgraded its stock all because of speculation it will miss its mark for end of year sales. >>> finally, a sign of the times in italy. that's where the prize at one supermarket giveaway. it's not a free turkey or a bag full of groceries but something a little more practical for folks there. a job. unemployment is on the rise. one grocery store owner decided to lure in customers with a drawing. the winner will be awarded a job at his store for one year. if the winner has a job, he can pass on his good fortune to an unemployed relative. not groceries for a year but a job. >> the twins play catch up. the sooners against miami. plus, it's postseason ball for the rockies as they lock up a spot in the playoffs. your early morning sports headlines are straight ahead. >>> storms are heading east. and out west, still warm but not as hot. your regional forecast is coming up. you're watching "early today." >>> good morn

. >> jpmorgan and jamie dimon are essentially back to where they were pre-lemen. bank of america half of the price. >> that is pretty amazing. >> thanks very much, charlie. >>> dow jones industrial average just off the highs here, the weak dollar as well as strong financials helping out. nasdaq just off the highs. >>> what are banks doing. apparently we're looking at industrial loans outstanding, down for the 12th week in a row. we'll talk about that. technology, cisco about to go on a spending spree. >>> let's get you a check on where we are now, 25 minutes before the closing bell sounds on wall street. the highs of the afternoon, 112 on the dow. back above 9600 on the blue chip average, largely due to the financials. citigroup up 3%. goldman sachs up 4%. jpmorgan up 4.5%. wells fargo up better than 7%. goldman sachs upgraded the entire group. and there is money following that call. nasdaq up 1%. 20 points higher. the s&p 500 holding on to a move of that, 1.5%. >> the tech sector the hot sector so far this year. nasdaq up 60% since the march lows. some on wall st

we at jpmorgan have liked asia x japan, and i would think that we would expect that although that market has done astoundingly well. there will be further gains over the next 12 months. >> all right, gentlemen. great conversation. we so appreciate your time today. >> always i pleasure. >> we'll see you soon. up next on the "wall street journal report," and they're saying that if you don't hold teachers, schools, school districts, accountable for the student performance, forget about it. . this is my small-business specialist, tara. i know landscaping, but i didn't know how wireless could help my business. i just don't know how wireless can help my business. tara showed me how i could keep track of my employees in the field and get more jobs done faster. i was blown away. i'm blown away. only verizon wireless has small-business specialists in every store to help you do business better. we should get you a hat. now buy any blackberry, like the new tour, at our lowest prices ever, and get one free. >>> joel klein was a former justice department prosecutor and business executive seven years

the chief investment strategist over at oppenheimer, and jpmorgan private wealth management. good to see you both. people want to say despite the lousy jobs number on friday, limited, asia's doing pretty well this morning these dips are going to get bought and this is one of the first examples. do you agree? >> we do very much so. got back from a week in europe last week and european investors are still enamored with u.s. stocks. their markets are not doing as well. but they still see value in the u.s. marketplace and still think that rising tide will proceed. our issue with respect to the u.s. markets is i've said this before i'll say it again. this is the most reluctant bull market i've seen in my 20-year career. people don't want to believe it. that being said, i think we've had this big move off in april. i'm sorry march and april, a lot of constitutional investors we talked to did not participate in that move and they've been trying to scale back in. we think there's still a lot of up side with respect to the constitutional community getting involved. and that being said

jpmorgan, probably the most important conference calls because they are so smart and bank of america. that's friday's business. maybe they will announce a successor there. i think both of them will blow away the numbers, including bank of america. i figure the media, that doesn't like letting the facts get in the way, will bring on noted bears. meredith whitney. she'll trash the whole darn group, no matter how great the quarters are. she does that for a living. wait for her before you do anything. the third is a special situation. it's c, citigroup. people are looking for a loss here. i think you might get a gain. this is a referendum not on citi's, but on me. if the number is good, the stock will inch higher and higher. don't forget my theme, 12 in 12. 12 to our price target for 2012. another terrible trust name, goldman sachs reports thursday. used to be gillette safety, you know that. can't really beat that. goldman sachs reports thursday. if they don't say they had the best quarter ever, honestly, they have to say it, the stock could get completely hammered. that's the opportunity

jpmorgan chase, the bank in this story, they confirmed that they doubled minimum payments for a millionholders and the bank said, hey, we want to make sure we get our money paid back in a reasonable period of time is their side of it. so it's still very hard for a lot of people to -- that they didn't miss a payment and to suddenly see the monthly payment go up to something that may not be affordable. tough. >> yeah. >> all right. if you've been saving into a 401(k) it's hard enough to do that and then came last year, right? ooh. your money took a beating. you know that one. stocks plunged. a new study is putting it in dollar terms. you can really see it. last year the average 401(k) saver lost $20,000 of your hard-earned money. that can be depressing knocking the balance down to $45,000. look, here is the good news. that was for 2008. since 2009 the stock market has rebounded so you recouped quite a lot of that plus if it keeps going up, if, if, you could end up buying low, right? >> well, yeah. you're getting more for your money that's going into it. and if your employer matches, i mea

credit card losses, which look like they're peaking at capital one, american express, discover, and jpmorgan, would indeed have still one more leg down. thankfully, the fed isn't oblivious. >> they know nothing! >> they know something. so it keeps rates low and says it will continue to do so. partially to help the housing market with cheap mortgages and partially to help banks reliquefy the system. that worked in 1991 at end of the s & l crisis. that time frame, by the way, produced the best banking stock environment in history. so loan losses might be bad, but earnings will be good. i mean, here we go again. ipo market. then aone comes along reminds us how much we can make. takeovers non-existent pen in the last few weeks kraft-cadbury, abbott solvay, xerox-affiliated. the m&a market may have a pulse. if a company sells in asia, like most of the techs, hewlett-packard, intel, all the semis, then it's all aboard. >> all aboard! >> but if it's totally domestic, forget about it. same with the industrials. china exposure? fantastic. domestic exposure, awful. strength in asia along with the mobi

yesterday's strange earnings from intel and jpmorgan chase helped push the market to close at 10,015, highest close in a year. so we'll keep you posted on that throughout the day. >>> we have been telling you about reasons to get a flu shot this year. but what if not getting vaccinated could cost you your job? hear what a court had to say about the fight over state mandated flu shots. >>> the state of florida may take a 13-year-old boy away from his mother. this is why. josiah lewis weighs 400 pounds, and the department of child health services was contacted because he has missed appointments. his mother says he won't take his medicine and won't stop eating so much. but she says she is doing the best she can with him. >> because of his weight he has gained diabetes and he has a high blood pressure. >> these people are going to come in my house and take my child and sign me over as unfit. >> state officials say they are trying to help the family, but they have to cooperate. authorities in south carolina recently placed a 555-point 14-year-old boy in foster care, despite his parents' cl

and jpmorgan, names that we've liked on the desk but you have to have the protection when it is dirt cheap. the rest of the stocks were pounded today. volatility's are going up. protection is kicking in very nicely right now so you're able to sleep at night. but in the case of jeffrey's, now if you still want to hold onto it, if this thing's got more upside, why not own the puts? you look at the downside put right now, it's trading pennies for the 25 put. stock's trading $27. these things are trading -- the 25 puts are trading 40 cents. that's your insurance policy right now for jeffrey's. you are don't have to sell the stock. you own those puts, you can sleep at night and still participate to the upside. >> and just quickly, any buyers at goldman sachs on this desk with goldman breaching $180 a share? starting to look interestinterer no. >> we've talked about the reversal in goldman the other day. goldman reversed as well. we talked about it, and personally i own it but i think it probably trades in the $160s, especially if the tape does what i think it is going do. i think that we'

very quickly, jpmorgan, all the big financial names rallied off the bottom.n all the big materials names, the commodity stocks rallysed a well. the important story is the market is holding their levels that they have seen just a couple days ago. down about 5%. finally, i just want to note for all the people interested in brazil. we did see a very brief move up in brazil in the brazilian etf, but they actually sold into that, steve, very interestingly. that stock is near a 52-week high. >>> finally talk about next week. the important thing going on, retail sales. that, if it's positive, steve, will definitely quiet some of the bears. tradertalk.cnbc.com. mike huckman, still on the downside a little on the nasdaq but also briefly went positive earlier in the day. >> we're still on kind of a roller coaster ride at the nasdaq although it looks like we're on that flat portion of the track. but considering the negative jobs report as well as the 3% hit that the nasdaq took yesterday, it could be worse. especially if there weren't a handful of analysts' upgrades of

this is all led by jpmorgan, chase, dupont, bank of america. they led declines in 28 of the 30 stocks in the dow. and we're saying this is a gage of manufacturing, really unexpectedly falling. also about rather 17,000 first-time jobless claims, which was more than what they had expected this last week. so, david, that's the status right now. >> a lot of anticipation about another series of jobs reports due out tomorrow, and some fears that the economic indicators tomorrow will be worse than expected. so that may have been bleeding into the market late this afternoon as well. >> yep. >>> alex, the latest now on those two major disasters halfway around the world. the death toll from the powerful earthquake that hit western indonesia yesterday is now nearly 800. the magnitude 7.6 quake flattened hundreds of buildings in the island of sumatra and it was followed by another 6.6 quake today that caused more damage. it's believed thousands of people may have been trapped in the rubble. rescuers have been able to reach some survivors from the debris. a

sachs downgraded to neutral from overweight at jpmorgan.all wondered how christmas will go and what inventories will be like. their target is seven. >> no way saks can have as much inventory this year as last year. >> disney in light of comcast, comcast's long battle to build confidence, here is disney. the target rates at morgan stanley. they think eps can grow. given the investment in parks, cruise lines and securing some additional sports rights to help espn. >> espn is doing great, stock is doing great. >> target raised to 35, they were at 30. they are overweight. finally -- >> tigers have done a great job. >> apple, the target increased. shares rated outperformed. going from 185 to 210 on apple. we're all worried about the consumer. >> they have a great product. >> when you have a great product they will buy it. cut out other stuff. >> we'll see apple 210. >> oppe. >> oppenheimer. >> when we come back, breaking economic news, jobless claims. girs, big reaction to ken lewis legacy, we'll talk to sonnenfeld, andrew ross sorkin of the "ne

earnings from intel and jpmorgan chase, which are better than expected.el's a big chip maker, offers big clues into the pc market. it posted big profits and sales and expects sales to top analysts projections. jpmorgan chase says it made more than $3.5 million last quarter. that's just three months. that was better than estimated. it cautioned that consumer credit issues have not yet been revolved. investors hope the strong results are many from the nation's big banks and we'll hear from a bun f of them this week. >>> let's talk about autos. not sales, but colors. it is so quirk ki. big cities like new york, l.a. and chicago are the top markets for black cars. in the desert of phoenix, they like white. that's understandable. cincinnati is the top market for red cars and as a buckeye, you would know why red is so popular. >> for ohio state colors. >> and the cincinnati reds. >> oh i didn't think of that. >> and the most popular color nationwide for cars can you guess? >> silver. >> yes. very good. 20% of cars in the country are silver. they hide dirt. >> t

jpmorgan chase, alcoa, caterpillar, our parent company, general electric among the biggest winners at this hour in the dow. >> i'm sue herera. bank of america also among the dow winners today. it's new president of global wealth and investment management is a household name on wall street. sallie krawcheck joins us live for her first television interview. >> and i'm michelle caruso-cabrera, shares of las vegas casino operators have been on fire in the past three months. this comes at the same time that the companies are scaling back their expansion plans. vegas casino stocks, still a good bet? we'll find out what to two analysts think. >> i'm dennis kneale. new revelations surface regarding the david letterman scandal. is cbs handling this and how can it stop advertisers from jumping ship? we'll discuss that all with a manage the guru it says here. >> indeed, we are. >> we have much to get to. joining us we're very pleased to welcome first on cnbc the new president of global wealth and investment management at bank of america the one and only sallie krawcheck. >> thank you. >> thanks

jpmorgan is of note, higher by 1% after a sharp sell-off in yesterday's session. goldman sachs higher by 0.6%. nice turn around here. >>> meantime, a year ago this week when congress voted to lift the ban on u.s. offshore drilling. now interior secretary is delaying a new five-year plan for oil and gas, drilling along the atlantic and pacific coast indefinitely. why the delay and what does this mean for the goal of u.s. energy dependence? weighing in, matt cohan, director of analysis with the environmental defense fund. gentlemen, great do have you with us. >> thank you. >> john, at first glance you might think that this would prolong the time frame for u.s. energy independence. at the same time, the administration is putting money into alternative fuels which would theoretically put us on track towards energy independence. how do you assess the overall situation here? >> well, we're concerned about the delay so far in this administration. but i think it's important to note that no matter what sean their you you look at we're going to continue to use a lot of oil

wall street will hear from six of the dow 30 stocks, bank of america, johnson & johnson, intel, jpmorganor news on tap for today. why? it's columbus day. the bond market is closed. "the new york times" says the stock market is closed, too, but they're wrong. >>> finally, the most popular halloween costume. can you guess, robin, what this is? >> since you're doing the story, i'm going to guess it's bernie madoff. >> it sure is. they are flying off the shelves. my suggestion here is to wear the mask and then to wear an orange prison jump suit because he's serving a 150 year sentence. >> then people will surely know who he is. >> exactly. >>> did you see one real estate listing in chicago? you've got to have 1.5 million bucks in the bank just to go there. so what makes this house so special? >>> let's check on the markets right now because we're that close to getting at the 10,000 mark, which the dow has not been at since october of last year. we'll put that in the corner of the screen. >>> idaho police are trying to figure out why a bus carrying a high school band veered off of a highway.

it alleged that the sons as well as well as other corporate defendants which included pmg and jpmorganhase and the bank of new york, were aware of some of the shenana gans that were going on. >> okay. >> but when i spoke with the lawyer, he cut to the chase with me and he said i know what people are going to be talking about. they're going to be talking about the strippers. they're going to be talking about the cocaine. >> and you're right that's what we're talking about. you had an affair with bernie madoff, did you know anything about drug use on his part? >> caller: the only thing they dwu about drug use and it's not firsthand knowledge and i write it with me in my book is he shared with me that his wife smoked marijuana and that she got it from one of the employees at the office. >> so you never saw him snorting coke? >> caller: no, no and i don't know what decade that this supposedly took place but i have not read the 200-page document. >> and then again you never saw him ripping people off and he ripped people off for billions of dollars. it doesn't mean if you didn't see, it did

jpmorgan chase, which is just the bank in this instance, they said, yeah, they doubled minimum payments for a million card holders. they said they wanted to make sure they got the money paid back in a reasonable amount of time and that's just one bank so millions of people are being affected by this. >>> richard, you made a promise, we're going to look at the markets. there's the dow. little bit more than 100. so, look, we're coming away from that 9,500 and we had to dip down to 9,500 and what happened is earning season is coming. basically it wraps up september 30th and usually takes most companies around two weeks to get their books together. that's when the sort of full blast of earning season is upon you and there's some hope that maybe it won't be so bad that, you know, things won't be so bad and then we had a hint out of australia about the economy there and sparked a global rally. it's continuing into the united states. >> jen kind of laid back. >> i didn't realize you could see my knee in the shot. >> we can expect to see a lot of this stuff. jen is a pro. thank you very much, j

results from a number of big banks are due, including bank of america and jpmorgan chase citigroup andaid, brooke, it is a busy one for earnings seasons. >> stephanie, thank you. >>> let's talk about a low budget fright fest scaring up record numbers at the box office. "paranormal activity" is generating massive buzz. it focuses on audience reaction along with the traditional film clips and it worked. over the weekend, the film earned $7 million, even though it was just playing at 160 theaters. more than 1 million people have signed detigss to release it in more cities. take a look. >> "paranormal activity" is a scarey film. it will make your skin crawl. it's about a couple who wound up engaging in mortal combat with some evil entity. what are your thoughts on this film? >> if you want a good scare, it freaked me out. >> you just wanted to leave? >> yeah. >> so it had you on edge the whole time? >> pretty much. >> would you say this classifies as a scary movie? >> it's beyond scary actually. >> if you're looking for something really scary to see this weekend, go check out "paranormal a