jpmorgan came without making a significant mistake. it's extraordinary they were able to manage it that way and i didn't need bailout funds. so they made a mistake. we all make mistakes, and one of the advantages of size, scale, and capital, is that you can make a mistake and manage to write through it which they have done in a nice way. this was unfortunate, but we make mistakes. you don't want a company that can't make mistakes. you don't your employees feeling like you can't make a mistake. this was a manageable mistake it seems to me. >> how is jamie dimon doing from your standpoint? >> he is doing a great job. i have been retired for six years. one of the things after spending 30 years at a firm, and you look back, show the firm i left doing? i could not be more proud of what firm has accomplished and the leadership positions they have and the leadership that jamie is providing. i feel great about that. that's not necessarily the case always. >> and you have this populous out thereto that points fingers to the sector. occupy wall

it gives me some encouragement in my own belief that these attacks on jpmorgan chase and bank of america website or not is done by hackers, but the iranian regime was behind this. it is more of a theory in response to the u.s. sanctions against iranian financial institutions. it reminds us of our vulnerability. that is why they're doing it. it is a warning that if we take action against their nuclear development programs, that they have the capacity to strike back. we can not be fearful. once the u.s. begins to get fearful of counteracts, if we take action to protect our security than we are on the road to a much less safe america. >> are these individuals being talked about in the government? >> they are not passers-by on the street. i do not want to put it forward as the intelligence community. there is more than just theory. there's some basis for believing that this was an iranian sponsored attack. >> you've tried to do legislation on cyber security to protect u.s. critical infrastructure. it failed to advance. now the white house is considering during an executive order. -- now the

with us from jpmorgan's private bar bank. the market has questions. today he has answers. >>> we talk about groupon? let's start with this chart. since the ipo in november of 2011, it is down 70%. obviously not good if you hold the stock. today, however, we have a gain of 9% in groupon as the ceo starts talking about his company's future. julia boorstin will speak with him live. >>> but first julia has more on his plan for his ailing stock and the company. julia? >> reporter: sue, some news from groupon today. it's taking on the big guys. square, american express, paypal, google, launching its own mobile payment system. groupon's advantage is the fact that the service is part of its existing merchant apps and it has lower fees. groupon payments will charge 15 cents per credit card swipe, plus fees of 1.8% for mastercard, vee ka and discover. and 3% for american express. this compares to square's flat 2.75% flat, per swipe fee. this sent groupon's shares soaring, the stock higher on anticipation that groupon will benefit from transaction fees but, perh

move on to jpmorgan chase. i mean, they had a very tough summer, michael, to say the least.here are some on the street calling this more of a value stock right now given the way the street took the stock down. do you agree or not? >> well, i think that you try to hit them where they ain't a little bit and buy when others are fearful and you're, of course, fearful when others are greedy but this is a time, i think jpmorgan is beaten up certainly and in many ways deservedly over the trading loss. many of the banks, sue, to address your question i think a lot of banks right now look a little bit more like value stocks. this is a difficult operating environment for them with these sort of low interest rates but over the next four years and i love this time horizon, by the way, this is what we use. i think you return to sort of a more normalized rate environment and start to tick up and the banks can begin to see fundamentals improve. >> okay. >> unemployment is better. housing is better. jpmorgan at one time book is cheap. >> that is cheap. cognizant family solutions and family

tim holland, thomas lee of jpmorgan along with our own bri brian shackman and rick santelli. tom, you came out with a report today. i know you had a call with investors. talk to us about what you envision for this market. >> well, you know, what we're talking about is a phenomena that's really happened in each of the last three years, such as 2009, 2010, 2011. we get in towards the final quarter of the year, active managers, which is mostly mutual funds, are trailing their benchmark. in order to close that performance gap, which is the biggest since 1995, they have to buy stocks that will outperform the market, which is what we call high beta stocks. stocks that if the market's up one, they move 1.5 or 2. this has happened the last couple years. we think the phenomena will be bigger this year because, one, mutual funds are trailing by more than any other time in history. second corporate buy backs are substantial, and we're expecting them to be bigger this year because corporates don't really have an incentive to increase dividends because of unknown policy next year. also, b

. >>> jpmorgan today, basically saying there is going to be a melt up between now and the election. and they have some pretty lofty numbers. why? find out. >>> and we're going to talk wliv with one very influential member of congress who wants to put a cap on your capital gains taxes -- forever. a lot of people think that that's a good idea. we'll talk about that in a minute. >>> first down to simon at the nyse. he's my partner for the next couple of days. >> in just a short while members of congress will start a hearing on whether major mesh corporations are skipping out on their taxes. >> reporter: the hearing gets under way in just about an hour. we're already seen the report from senator carl levin. a democrat. head of the senate permanent subcommittee on investigations. senator levin said that he found significant abuses inside many american companies. >> multi-nationals have avoided billions of dollars in taxes using these offshore gimmicks. they have benefited greatly. but these loopholes and abuses exact a tremendous cost. >> reporter: there are two companies in the crosshai

jpmorgan report says apple could single handedly help our nation's economy grow by half a percent.ing how bad our economy is doing. how do you figure? >> well, it's pretty frightening. thank the almighty for apple, cheryl. the new products are the atlases holding the economy up. it's a little fried frightening, however, how one economy can have such a dominant impact because there is no reason we couldn't have a dozen apples, two dozen apples. there is an unlimited amount of wealth in this country could be producing. i fear it's a better business environment, it's better economic climate that we need to get folks producing and make more miracles like apple does. >> cheryl: tracy, do you agree with jonathan or disagree? >> i think it's more about how anemic the numbers are, cheryl. they're so bad these days, that even if you go out and buy one phone, you're going to move gdp because people are sitting on their hands notle to do anything. look, what happened the other day with ben bernanke and him pumping more money into this economy is a sign that he thinks capitalism doesn't work.

jpmorgan has the best dividend. >> how about august 3rd? august 3rd is when you started to buy the financials. you can still buy them. but if you misd that first run, scott, you have a much more difficult decision. do you still buy the financials. take a look at bank of america, up 20%. do you still want to own it? i would say yes. but you don't jump in with both feet. >> judge, i think to peter's point about the volumes and where it's gone, we're 40% above average today on the new york stock exchange and the nasdaq. i don't take a look at the dark pools. but i know they're screaming as with el. when you look at the volume surge and the options that pete just addressed at top of the show, the reason you're seeing those volumes surge they're looking for alpha. we said it a mog ago that people were buying puts just under where the markets were. to get that alpha. to get that outperformance. >> scott, the biggest thing here is that there's no coindense that you're see bonds move up. you're starting to see the reallocation tree that we got a pr

jpmorgan chase, according to the sources, with a no customer accounts have been breached by the jpmorgan chase still is experiencing some problems from the cyberattacks, which were initiated yesterday. the day before that it was bank of america, and the new york stock exchange as well. the denial of service attack this week. a group claiming to be affiliated with terrorists, claiming responsibility but it has never been confirmed. liz: okay. david: let me ask you a follow-up question. is there any evidence that these are or other than threats? that there has been a attempt to break through the barriers? >> order mark the sources telling us that fox business said that no customer accounts have been breached. david: we don't know exactly how far they have been able to get. let me go back to you now, hank smith, asking your broader question about the economy. we had this issue with the federal express. they really know what they're talking about. you wonder whether you can leave these numbers coming out of china. but when you talk to that asked that has big facilities in china, they know ex

joining me is the chief global strategist with jpmorgan funds. thank you for joining us. >> glad to be here. >> we had the quiet coming out europe. things seemed to be stabilizing and now the markets are worried. we are seeing anti-austerity demonstrations. the pictures in spain were horrible with so many protesters pushing against the austerity programs. how concerned should we be about this? >> i think the europeans should be very concerned about this because they are not fixing their economic problem. you can't fix a problem of deep recession and deficits by more austerity when the economy is this weak. i think europe has a big problem. but for u.s. toward we should take it with a grain of salt. europe is slow, but we don't export that much to europe. our financial system looks very strong. i think u.s. consumer confidence at this stage is somewhat resilient to the stories. it is a bigger story for the europe than the united states. >> in the united states we have a different set of worries we are seeing warnings from big american companies ab

jpmorgan upgrading it.writing this upgrade is not meant to call the bottom in the stock but rather to mark an improved risk/reward scenario to other stocks under coverage. tesla getting a nice pop, up better than 4%. carl? >> thank you so much, seema. >>> when we come back, occupy wall street is one year old today and they're celebrating by staging protests around the country. we'll have the latest on what they're doing right outside the stock exchange when we come back. americans believe they should be in charge of their own future. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ >>> as you probably know, protesters have set up camp outside the new york stock exchange here on the one-year anni

we prefer jpmorgan and citigroup.er ahead in dealing with their issues stemming from the housing crisis. >> david, i know you've been very positive on financials, certainly they've had a very nice move this year. i would assume that's helped you. but their business model is still to a certain extent shifting dramatic. return on equity is never going to look like many would say what it once did. not nearly as levered as institutions. compensation has to keep coming down. aren't there a lot of challenges out there to give you pause? >> tremendous amount of challenges but you want to look at that relative to their valuation. let's take a morgan stanley, for example. morgan stanley has a $26, $27 book value. there used to be 20%. we're looking for it to come down to the 10%, 12% on a normalized basis. even though they have a much impaired business model, the stock should be 50% to 100% higher over the next three to five years. >> david, what about the fact that they rallied as they did last week? what are we timing to her

he is the co-coo of jpmorgan chase.e is credited turning around the bank's mortgage business, restoring it to profitability and increasing market share by almost 30%. when jamie dimon has a problem he calls frank. we thought we would ask him to fix housing problem or unemployment or fix the lukoil thing. what would you tell that guy to do by the way just for fun. >> in nye neighborhood i pass by there. melissa: give him advice. i don't know how quickly he will resolve that. let's work on jobs. unemployment picture in this country is bleak. there are a lot of engineering jobs wide open. what would you do to fix the jobs crisis? >> we need engineers. if you look across graduates this year we graduated 60,000 engineers. 70,000 engineers, 30 years ago. that gives you a picture of type of industrial country we had and what we were growing and what we need to grow today. i think we need to grow engineers. melissa: do we have the natural aptitude? set up special schools? loan incentives for higher education? >> i think the fir

jpmorgan came up with the numbers by estimating that apple will sell 8 million iphone 5s in the next three months at the price of $600. leave it to apple. my goodness. and the thing is, people can't wait to get their hands on the $600 gadget. >> i'm not in that group. >> me neither. >> i'm going to keep my phone until it's dead. >> i can't even figure mine out yet. >>> you'll save a pretty penny by paying with cash at one vermont sporting goods store. >> that's because the store is doing away with pennies. power play sports now rounds its change to the nearest nickel in customers' favor. it says it wants to show the government that it should stop production of the one cent pieces which cost nearly 2 1/2 times more to produce than they're worth. the idea has sparked a debate in that community. >> the vast majority of what we do is electronic transactions. so you can still have electronic transactions to the penny. >> we survive on the nickels and dimes and pennies. >> hmm. well, you still have to pay full price at the store if you pay with a check or a credit card, though. >> that's a

i think jpmorgan piece is correct directionally, it will be a boost. i'm not so sure it will be as large as jpmorgan supgted in part because it's likely that people who buy the iphone will spend less on something else. they only have so much cash and if they're using it on the iphone, it's not inexpensive, so they won't be out buying other things. so net/net will probably be better, but not quite as good as i think jpmorgan is expecting. >> well, we'll see just how many of those devices are sold. the boost by the way not just in the u.s., we've been discussing how people all over the world will be affected. mark, stay with us. just want to bring you this latest news. this morning lots of attention in yemen where protesters have stormed the u.s. embassy. potential lay copy cat attack. sources have told cnbc that they have not penetrating the embassy, they are surrounding the embassy. there have been warning shots fired into the crowd. >> it follows the dead of the u.s. ambassador to libya. we also now understand that police and protesters are clashing o

on a very strong market day, jpmorgan chase up on the day.mazon getting set for a key product launch. we'll have it for you live coming up. plus we're analyzing the analysts. in the mix today, snacks, banks and wolves? yes, we are talking snyders-lance, suntrust banks and wolverine. big thursday movers with bank of america up, jpmorgan up 4%. cisco up 3% on the trading session. one is for a clean, wedomestic energy future that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commi

i would stick with jpmorgan. i've seen nothing but upside. bank of america as well.pecting to see these banks continue this run. the run has been going on for a month and i think it will continue. >> are you still in jpmorgan? >> no, i am not. but i am in aig which is nonbank financial and they keep buying back the stock, shrink the market cap by half and fundamental business is doing very well. >>> we know he's a basketball ledging but is patrick ewing a legend when it comes to investing? we will had be back in two. >>> welcome back. watching kohl's stock's trading high. cliffs natural resources and alpha natural resources. this is coming on the back of chi china's move to invest in infrastructure. that's going to be on roads and railways and for those that don't know, they need steel. that's why the stocks are higher. ecb move yesterday not hurting either, scott. >> thanks so much. weiss, are you buying off of this? >> i'm not. a lot of put chi in on the drawing boards number one. number two, only thing to make me, you know, somewhat i'd say optimistic is that chin

jpmorgan and ge.d say for disclosure stake, i'm a stakeholder in this very fine network. >> just because they were tweeted does not mean they were your best bet. howard, you're going to talk about some names, they may soar, they may crash, but either way, my friend you are adorable. >> how do you run a show -- mandy is adorable, you are tolerable. how do you run a show and know what's going on like this, you're amazeing. the names that are the most tweeted, are those the ones that are most likely to move? >> it's a signal. twitter is quickly becoming much like volume from the largest mutual funds, right? it's become a machine driven, obviously very human at the core. you have to be very careful about most tweeted. and you have to really do your work behind the scenes. it makes sense that people are going to talk the most about ge and bank of america. they have the most news in general. as an investor, you want to peel back and see page ten or what's moving toward page one. i think what's happening in

we've had jpmorgan for quite some time as well. as we see a continuation of the housing rebound, that can't be bad for bank of america. the valuation here is still compelling despite this run-up they've had. we did some nine, ten, one by twos. you can do it for very, very little money where you get called away from your stock at 11, which i think is an interesting trade to do. if you're long stock done a one by two, gives you more upside in the nine to 11 range. i still like it here. that doesn't seem frothy. seemed like it was way overdone to the downside before here. jpmorgan as well, just recovering, not even fully, from the london incident. >> all right. you can catch more options action friday, 5:00. follow the show on its new facebook page as well. >>> all right. amazon takes aim at apple with a wave of new products, including a new kindle. you had a lot to say about the gadgets in today's facebook poll. 23% of you plan to buy a new amazon tablet or e-reader. 44% are sticking to your ipads. 33% are waiting to hear about the i

similar complaints flooding jpmorgan's handle.e information says chase's outage was caused by traffic and only affected the home page and that the fire wall at least for chase was never compromised. a chase spokesperson would only say the company apologizes for the inconvenience and a customer can always call in or go to a branch in order to complete transactions. the fbi on monday issued a warning not for customers, but for employees of these banks noting a new trend where cyber criminals would, quote, compromise financial institution networks and obtain employee login credentials. those stolen credentials were used to initiate unauthorized wire transfers overseas. those wire transfer amounts have varied between $400,000 and $900,000. and in at least one case, the criminal raised the wire transfer limit on the account to allow for a larger transfer. now, the fbi said the bulk of these cyber attacks have occurred at small and medium-size banks and credit unions. though some large banks were affected. in addition to bank of america

jpmorgan said it made a mistake in the paperwork and has corrected the problem. >>> demonstrators inisco joined those in other parts of nation and world to protest the practice of fracking for oil and natural gas. scores of protesters met this morning at crissy field. fracking includes forcing chemicals and water into the earth to frack rock and release fossil rules. experts say that the risk is too grat. >> as soon as the well breaks and eventually it will break, that contamination will happen. so california already has polluted groundwater. it makes no sense and it's wrong. >> fracking is going on in southern california and parts of central valley. the oil industry says it is safe and it is a good way to get oil and natural gas. >>> the legal fight over a controversial portion of arizona's new immigration law is now in the hands of a federal appeals court in san francisco. opponents of the law want the 9th circuit court of court appeals, the high court already decided on the matter. the provision went into effect on tuesday. >>> today governor brown made it easier for women to get

and he's got apple, amazon, aig, nike, jpmorgan.s got a lot of my -- thanks for helping out the little guy. you're quite welcome. let's take a look at this. jp morgan, one of the largest banks. amazon is a retailer. aig, this insurance company, this is technology, apple. and obviously that's sporting goods, shoes. all right. i am going to say that you can't own both jpmorgan and aig. that is not diversified. i think that this gentleman needs a health care company, and therefore i am going to add -- we just praised pfizer. let's give him pfizer, a little more balance there. and i would prefer to sell jpmorgan to aig. let's go to andrew in texas. andrew? >> caller: boo-yah, jim. >> boo-yah, andrew. >> caller: all right. i've got apple, aapl, bristol-myers, bmy, gld, aig, and wells fargo, wfc. >> let me take a look at this. oh, boy, a lot of controversy here. aig and wells are both financials. we can't own two financials, even though one is insurance and one is a bank. what a tough call. i'm going to say sell the wells and keep the aig

. >>> bank of america, jpmorgan chase not shedding a lot of light on this week's website problems. but intelligence experts are starting to talk and they're pointing the finger at iran. frank salufo heads the homeland security policy institute under president george w. bush. he also served as a special assistant there to the president on homeland security and he also testified on capitol hill yesterday that the iranian cyber terror threat was quickly growing. welcome to "power lunch," frank. nice to have you here. tell me your thoughts on this. do you believe that iran was behind the problems that jpmorgan chase had earlier this week, as well as bank of america is it. >> i don't have any direct inside knowledge on the recent attacks, but would i be surprised? absolutely not. iran has been aggressively discussing its cyber warfare capabilities. they've been -- the good news is if you were to rack and stack the threat environment, they're not up there with russia or china. bad news, however, is what they lack in capability they more than make up for in intent. and they've basically b

you saw jpmorgan with big trades.n a note this week, even a midweek capital markets activity baseen on european weakness, jpmorgan would be a clear winner. goldman would also be a clear winner from that capital market share. you see the goldman shares up better than 3% today but they rose 25% this year. if slow and steady wins the race, financials could be the biggest winner this year. >> thank you, we're getting an intriguing story out of washington about a moment at the white house that failed and the consequences turned out to be very dire. pa hampton pearson joins us. >> the price of politics, due out next week, as the famed washington postauthor and editor taking on the congressional republicans over fiscal policy. according to the washington post, would they zero in on fiscal collations by the president and ideas from both parties. he says in the early stages, john boehner told the president lawmakers were working on a bill and would not negotiate with him. according to the post, he says the president is overcon

is that bullish or bearish. >> and after the bell, the man behind the merger from jpmorgan chase.l harrison will join me right after the bell. >>> but first, before we go to break, the dividend. which stock is outperforming this year. ann inc., 1-800-flowers.com, or gnc holdering? today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. [ male announcer ] now's the perfect time to buy an adjustable version of the most highly recommended bed in america. the tempur-pedic ergo system. treat yourself to the ultimate sleep experience and save up to $400 during the tempur ergo savings event. plus visit tempurpedic.com for full details on our 0% apr financing with up to five years to pay. don't wait. the tempur ergo savings event ends october 14th. and five-year special financing ends september 5th. visit tempurpedic.com now. tempur-pedic. the most highly recomme

that is all they're saying from a spokesperson at jpmorgan chase.site is intermittently unavailable. not sure what that is about we'll bring you that snippet of news. tracy: we'll give you more when we get more. charles payne is here. he is following up on the 3d printing wave. when will i make my own shoes? >> soon. very, very soon. let me tell you something, everyone is using. boeing says they could eventually make a 737. hit a button and print out a plane. ashley: i'm not flying it. >> that making two of us unless there's a discount. let me tell you something this is the sexiest, hottest most fun story out in technology. people don't talk about it a lot. these are two stocks i talked about the stratat this sis and 3-d. i think this is good opportunity to get into this. last night we talked about making airplanes and wallets. i want to introduce you guys to beauty. i'm going to put beauty on the screen. beauty is a bald eagle. look at the, before. this was shot completely off. someone shot the bald eagle, found in a dump in alaska. they got the be

bank of america, citigroup and jpmorgan-chase have also been hit. reports say us bancorp and pnc financial services could be next. according to the l.a. times, senator joe lieberman, who chairs the senate homeland security committe, says iran is targeting the u.s. financial system in response to sanctions on the country because of its nuclear program. a top iranian official denies it. facebook claims nearly a billion active user accounts. twitter, about half that. in our cover story - with so many people using social networks to connect, find jobs and get the word out about products and events, how do you stand out in the crowd? everyone's competing for your attention. even at a seminar during social media week on how to use twitter more effectively, people were tweeting. so how do you get people's attention? "it's about being conversational, being fun and true to your brand voice." "more than anything else, build a following through 90% of talking about things connected to your brand. then, the 10% starts winning." what about job hunting? it's not

you're using to talk about taxpayer risk again, jpmorgan. >> let's go back.rading has nothing to do with this financial crisis. it never contributed to the financial crisis and you're already saying it's proprietary trading. there is no evidence, none, zero, that proprietary trading had anything to do with this financial crisis. >> okay. >> you can lose -- >> now we can still talk about proprietary trading if we want to and what should be done on that. there is risk to proprietary trading. >> couldn't you lose what jpmorgan lost on an industrial loan or real estate loan? then don't do anything. >> i think last year, wells fargo lost $20 billion on loans. >> we need a congressional hearing then, dick, we better get these guys on the case. >> if we want no bank failures, the best thing to do is make no loans. >> right. >> that is by far -- >> which is where we are, and why the economy's is stuck in the mud. >> it is proprietary trading. there's a simple solution. >> no, no, we're going to spend five minutes, we are going to lay out your solution, but later in t

here's the problem, jpmorgan's problem began around 9:20 in the morning. bank of america experienced problems with their website in the morning. so is it related to the amateur film mocking the prophet mohammed? that is what the claim was, doing denial of service, they are flooding the bank websites to shut them down as a distraction so they can do possible wire fraud meaning that money wired out of customer accounts distracting bankers who have been so concerned about the website getting knocked off-line. they're still looking into it, intelligence sources say they are worried about that and also groups out of eastern europe who have been flooding the bank systems trying to do bank fraud. the hackers masquerade with the bank to get the credentials and start to feel it. it is easy for the internet hackers to do it, so cheap on the internet you can get one for $200. david: the firewalls are much thicker than the hacker's ability to break through them. >> bank of america telling fox business the systems are safe and secure and customer accounts are being pro

jpmorgan is estimating the august sales rate will come in at 14.5 million vehicles. that's above previous estimates closer to $14 million. ford says it will raise its fourth quarter production by 7% or 50,000 vehicles. one other note, volkswagen, august sales up 62.5%, the best august since 1973. let's look at some other automakers, foreign names, toyota, nissan, hyundai. that hyundai number, only up 4%, they're constrained, making as many vehicles as they can with their capacity limited in the united states. and shares of ford and gm, one more thing to keep in mind, these stocks might be getting bounce in part because on the conference calls between ford and gm, their pickup sales were improving because of the housing market, a slight recovery there. it's a little early to say a big bounce but there is positive signs of the housing market helping pickup truck sales. >> thank you. >>> now, it is the democrats' turn. delegates are getting settled down in charlotte, north carolina and our chief washington correspondent is in nascar country live. john. >> reporter: this

jpmorgan chase said it could give a boost of a quarter to a half percentage point.f will add $400 to the gdp. all of these sales could push growth to 2% in the fourth quarter which traps lates to $2.3 billion injected into the economy. >>> with college students getting settled back on p-in -- in college, now is the time to have that talk about scrard -- credit cards. students are still at risk of ruining their credit. experts recommend reviewing interest rates, late fees and other penalties with your student before putting that credit card in their hand. the best thing they can do is to pay on time. >>> speaking of paying, it's never too early to start paying yourself first. many americans are learning from mistakes of older generations and starting requirement funds -- requirement -- retirement funds earlier. 65% of students believe three will rely on social securtiy when they retire. 40% think they will receive an inheritance from their parents. >> i just spent it. >> experts say it's important to talk it your kids about saving for the future so they scan get a he

jpmorgan's chief economist predicted the iphone 5 could add between .25% to .5 percentage point to thethout a doubt it can affect the u.s. economy. it is affecting the economy globally, why not us. >> reporter: apple's manufacturing process is controversial, costing $8 per phone and done in china. but the company says american jobs are part of the process. more than 500,000 american jobs are in one way or another connected to the apple universe. among them, the people at corning who make the phone's amazing gorilla glass. they say the invention of the iphone single handedly saved a plant in kentucky. >> the manufacturing facility itself there is approximately 400 people. we have several hundred additional researchers, scientists, developers, support staff. >> reporter: don't expect to see an iphone made here anytime soon. apple's ceo, tim cook, said he would like to move more jobs back to america, someday. neal karlinsky, abc news, san francisco. >> of course. >> wouldn't it be awesome if they moved jobs back, wouldn't it? >> here is the thing with the new iphone. not only you have to

you have baked -- jpmorgan chase dealing with an ordeal -- customer service representatives say customers could not access the website and their account information. we checked this morning and it is working now. that is business news. linda bell, reporting for abc 7 news. >> thank you so much. the family of a murdered university of virginia lacrosse player is speaking out. the mother and sister of yeardley love set down for an exclusive interview with katie couric. >> du feel justice has been served? >> i feel they took it very seriously. the d.a. did the best he could. >> montgomery county native george huguely was convicted of murder earlier this year and was sentenced to 23 years in prison. you can watch the entire interview right here. >> a can stay for the abc news family. robin roberts will undergo a bone marrow transplant today to treat her rare blood disorder. more on her journey later today on "good morning america." one of her doctors will appear on the program to discuss the transplant and what we can expect going forward. >> our thoughts and press with her today. -- prayers w

a jpmorgan analyst said the new phone could add between a quarter to half a percentage price point to the nation's domestic product. >>> the reds walk off, a back to back jack and a record breaking u.s. finals. the ravens make themselves at home in the nifl. >>> we're talking a lot about how much sunshine we're dealing with across the country. we'll see if it can last through your week. coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports, the nfl season's first edition of monday night football started off last night with a twin bill. here's nbc's fred roggin with all your sports headlines. >>> good morning. no better way to end week one of the nfl than with a monday night doubleheader. let's go to baltimore where they honored the late art modell. he brought the ravens to baltimore in '96. led from start to finish. joe flacco dismannedled cinci's defense. ed reed sealed the deal in the third, picked off andy dalton. rumbled down the sidelines. soared into the end zone. ravens had everything going they won it 44-13. raid

back to you. >> back with us now, global market strategist from jpmorgan asset management joe tanious still constructive on equities. >> if you look at corporate profitability companies have done well over the past few years. despite the fact that earnings growth is slowing down valuations are still attractive. that said there are still a number of concerns and uncertainties out there. i think you're going to see choppier markets. >> what's your number one concern? >> not only is the issue in europe going to continue to plague the markets for at least a couple of years to come, obviously the anti-austerity movement is growing, strikes and protests in greece. >> the world's a mess. >> you still have chinese economic data relatively soft. we think it's moderating. i don't think you are showing signs of a collapse here. growth will pick up but it is soft and tengs in the middle east. what happens when oil prices pick up again? that will eat directly spo the consumer's pocket. >> the fed made a move. what it did took you by surprise. you expected something, but you call it easing to infin

there's a bench at jpmorgan. what was jack welsh's greatness at ge, he had a bench.ook at the job cody is doing. it's all about running your business and jamie has proven -- look, they do the stress tests. they lost $5 billion, the greatest stress test of all. >> but they were okay. >> they were still as strong as they were. they still made $6 billion in the quarter. how much better can it be than that? that's to me the asset test of size. >> ken langone, dick grasso guest hosts today. lot more with them in a bit. >>> when we come back the chicago teachers strike straining widespread debate. donald trump will join the discussion on a topic he's written about in his books, columns and speeches, education in our nation. "squawk" will be right back. at merrill lynch, we understand the importance of your goals. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor.

analysts at jpmorgan suggest that massive sales could actually boost the country's gdp by 1/4 to 1/2 a percentage point. the economic and technical questions swirling around the iphone should begin to be answered later this morning when we find out just what's at the center of this new apple's core. jay gray, nbc news, san francisco. >>> now here's a look at some other stories making news early today in america. in florida, a dramatic end to a high speed chase after a car plowed into a guardrail, spun out, and smacked into the back of another car before finally coming to a rest along i-95. two men and one teenager inside took off running but plus captured them. the trio may be linked to a series of burglaries. >>> in utah a massive breach in a dam sent water and mud flowing into dozens of homes and businesses. strong thunderstorms and heavy rain were too much for a dike causing a gash 80 feet wide and 30 feet deep. >>> in pennsylvania, a heartless act of vandalism. the target, animals. a goat and a horse were spray painted over the weekend. they were just sitting on a farm when they

. >> ubs, deutsche bank, and jpmorgan changed their attack.fter two years of stonewalling, these banks paid milan a settlement and tore up the offending contracts, without, of course, admitting any guilt. if milan, the wealthiest parts of italy and the financial capital of the country, can fall for the steel -- for these deals with land mines in the small print, what chance the poorer parts of the country? ♪ parts of italy are like a different country. just a few meters from the capital of palermo, people are selling their belongings. they used are risky swap to manage repayments for the london-banks -- london-based bank nomura. >> unemployment in places like this can reach as high as 90%. which means the majority of people around here are dependent on the city or the state for their living. but the cities and the states are broke. part of this is because they signed contracts with london- based banks, which put the citizens of italy and the region on the hub for hundreds of millions of euros. a world away from the slums, the new mayor of pale