jpmorgan chase is helping get 100,000 veterans hired. of the bank's top executives and one of its veteran recruits explains how they will get it done. that is up next. >>> listen up, mayor booker. our charles payne is calling you out. the mayor suffers through a week on food stamps. charles says he is distracting everyone from the program's biggest problem. he will explain that coming up. do you ever have too much money? ♪ melissa: helping our heroes work. jpmorgan chase is lending a hand to veterans looking for jobs. the company is joining other major employers to form the 100,000 jobs mission. its goal is collectively hire 100,000 veterans by 202. the coalition has already hired more than 28,000 vets. joining me is the co-chief operating officer for jpmorgan chase. and ryan enriquez, a veteran of operation iraqi freedom. he is project manager at jpmorgan worldwide security service. well come both of you to the show. thanks for coming on. frank, why do vets make particularly good employees? >> we found veterans are well-disciplined. the

matthew over at jpmorgan.re do you stand, pete, on jcpenney and what do you see in terms of befting either way? >> on jcpenney, the paper is constant in there and everybody is trying to pick bottoms and being wrong. and the stock continues to break down. credit to stephen weiss, who has been all over this. he mentioned, actually, he was talking about sears holdings taking away some of that, and that becomes an interesting story. because if sears can reinvent themselves and maybe they're being able to do it quicker than jcpenney, that could be a turnaround story that's well worth watching opposed to jcp -- >> you think sears is turning around in fashion -- >> i don't know if they're turning it around but they are starting to turn some around, and they are stealing customers for sure. >> macy's, of course, one of the biggest beneficiaries of j jcpenney going downhill -- >> they seem to have their act together. karen's liked macy's for awhile. if you had to pick between the two, i would rather own m right now tha

paul head of california middle market banking of jpmorgan chase is here. you have a great check but before that, tell us about your company's commitment to make sure people have simple things like food to put on the table this time of year. >> sure, paul. at jpmorgan chase, we're doing what we can to end hunger in the san francisco bay area this holiday season. and we're here today pleased to provide a check from our chase foundation to the san francisco food bank. >> it's a big check too. >> it's a big check. $110,000. >> excellent. very good. thank you, paul. [ applause and cheers ] >> that's going to feed a tremendous -- thousands of people in this area. now, paul ash from the food bank san francisco and marin county, $110,000 is a lot of money. this is a big need around the holiday season but we have a big need year round. >> we do. we're incredibly grateful for jpmorgan chase's gift of this magnitude because it will help us into the new year as we provide service every day of the year. >> and how can folks at home -- they may not have $110,000 but the

again, i'm not worried about jpmorgan.here and say do what's wrong for the country because it's good for jpmorgan. jpmorgan is going to do fine if the country does fine. so let them figure it out and do something. >> you have an arm of lobbyists like any other institution in the country and they are arguing on behalf of your firm. >> so you all know, the banks of the lobbyists, there are 7,000 lobbying organizations in washington. so i believe the financial companies are 35 of them. every union, every teacher, every state, you know, every age group, that is democracy, folks. so to act like that's -- that is what a democracy is. you have the right -- it's in the first amendment of the bill of rights. freedom of speech, ability to petition your government. i always find it a little offensive when the banks say the banks shouldn't be allowed to petition the government. if you ask me what it means for our mortgage business, i can tell you. we'll be fine. i'm not worried about that. we want the united states government, preside

reuters is reporting jpmorgan securities and bear stearns are being sued over mortgage-backed securities by the national credit association. this is over alleged misconduct and $3.6 billion in mortgage securities to credit union collapse on losses from those securities. we will continue to follow that story for you. the stock is higher at this point. dennis: stocks now as did every 15 minutes, nicole petallides on the new york stock exchange. nicole: all eyes on washington now discuss the fiscal cliff trying to come to some sort of agreement to make this happen for u.s. taxpayers, americans across the country who are eagerly awaiting a bipartisan decision of some sort end justifies the meeting has brought some optimism to wall street and as result we are seeing the dow up 91 points. focusing on bank of america the top performer on the dow jones industrials. some of the tech stocks are

you know, jpmorgan has this story, too, with bear stearns. it's not going to kill them, but it's going to be ugly. investors want to see a settlement or ugly. these banks are fighting it out and it could go on for years. >> so, is that a no? >> i think, to me, i would not be a buyer of any of the top banks other than u.s. bank, but i know people on the street who have put everything they've got in the bank of america and citi. >> all right, let's go off on that. meredith talked about march 2013 being a catalyst date. as a trader over the next three months i'm going to be saying, which of these names do i want to be long and sell the news in march. which of them you think has the best chance of -- >> i don't agree with meredith's premise, because, yes, they may let me use a little bit more capital if i'm one of the top four, but i'm living in a world where instead of an 8% risk rate, i have 100% risk rate. many of the assets i would like to create in terms of generating revenue are going to be much

jpmorgan recently initiated ua as underweight, but the upside glossed over is the exact reason the watch the stocks. women, international and footwear, all huge opportunities and they'll start to get them going in 2013. one of the big stories at the winter meetings here in nashville, tennessee, alex rodriguez and his injured hip. my prediction for 2013, he will not play a single game the entire season. but don't worry too much about a-rod, that $114 million he's still owed, he will get every single penny. >>> finally, hockey. deal or no deal, the nhl is still in trouble. the major profit issue is this. 30 teams. that's four too many. pull out the ten with the lowest

jpmorgan chase had a risk committee and they knew about risk and lost $5.8 billion. you don't want to the formality of risk-management. fannie and freddie and risk-management committees with responsibility for risk-management on the board and so did lehman. you want to look at the realities. i have a large successful term before arranging the interview with the ceo, downloading on me about how awful it was their regulator was insisting that they have as a formal risk committee doing things in a certain formal way, when they were doing very well and they were doing very well, quite a centralized structure and a different way of doing business so my bottom line is we have got to look for this dialectic, we have got to look for the quality of the decisionmaking process in our public and private institutions or else we are going to be in trouble and dodd-frank doesn't do that. >> one of the reasons i wanted to see if people would read the book, it is about the decentralization of knowledge. i would agree one of the flaws of dodd-frank is the attempt if we just centralize

and we told you about that breaking news on jpmorgan whale trader, a $5 billion loss for the company. the senate has been investigating. peter barnes with the latest on that investigation. peter? >> reporter: well, that's right, david. the senate, a senate investigation subcommittee has questioned more than 80 people in its probe of $5.8 billion in trading losses in may by jpmorgan chase, the london whale trading losses, according to two people familiar with the investigation. now, according to the sources the people -- according to one of the sources, the people include current and former jpmorgan employees as you would expect. now, reports of this probe first -@surfaced in the fall. now we can report that investigators are casting a wide net in their review of those trades. now, sources emphasize that all of this does not mean that the subcommittee will hold formal hearings on the bank's trading losses o or that -- or that it will issue any scathing report on them. but if the subcommittee ends up doing either, it could be more headaches, problems for jpmorgan here in washington. sen

but jpmorgan filed to hold 62,000 tons. eye shares, awaiting its approval on its copper-backed etf in december. they are proposing to hold 121,000 tons and if you tally those up, that would be 70% of the current copper stocks in lme-bonded warehouses. do you think this will have an impact on the copper trade? >> if they take that much off and keep it off the market, well, you know, of course it will have an impact upon prices, of course it will tighten things up. it will probably take the market from and all things being equal, it will probably send prices higher. what's really important for copper, however, is not a new etf. it's economic growth or economic nongrowth, whatever you get. and what's important to me is, take a look, it's not just copper that's been strengthening, nickel's been strength strengthening, tin has been. the real base metals have been firming up really appreciably. if you start to push copper up to 370 on the comex, you break to the upside, i liked copper two months ago. i stood aside. but if you bre

technically the setup here, either jpmorgan or goldman sachs. i think bang for your buck, goldman sachs. bank of america right now overbought. looks like it wants to come back in. >> guys? >> grasso, i think if -- to kind of give people an easy way to choose, if you think we're going to have -- meaning an up equity market, lots of issuance, maybe goldman is your pick. if you don't think that's the case jpmorgan is probably the better of the two. both of them look great technically. i agree with you. >> from a technical standpoint i agree with steve. he's spot on. goldman looks like if it can peek its head up above the near term trend line it goes higher. bank of america if you're in the name you need to take it off. way, way, way overbought. >> what are you smiling for? >> i like to smile. i enjoy smiling. it makes me feel good about the day, scott. i'm a happy guy. >> facial expressions are priceless. >> i looked at you. we shared some quick eye contact. i smiled. fundamentally -- >> should i leave? >> no. understoodmentally you have to look to

>> there is certainly a role for the city banks and jpmorgans in the world. meet with a lot of smart people. i haven't had anyone smart enough to tell me what the optimism size after bank us. >> hensarling was taking about a role for jpmorgan in the economy as well as small, medium, community banks. that as the house takes on new leadership starting with the next congress in january. back to you. melissa: rich edson, thanks so much. urban outfitters is drumming up negative publicity with its profanity-laced stocking-stuffers. including $18 let something reminisce. lori: you can figure it out. what is that on the far side of the screen though? is that mistletoe? melissa: it was all something awesome photo album. you can figure it out. despite the criticism the stock is soaring today on upbeat fourth quarter sales outlook. so we want to know how important is morality when it comes to investing? >> say they weren't promoting fracking okay? lori: that was good, charles. >> it is interesting, urban outfitters, two major headlines. one on wall street, sales are ahe

bruce kasman of jpmorgan.ight, so, if we did see the bottom in terms of world economic growth over the summer, you think industrials would be a place to be? >> you really have to have a better picture going forward of the u.s. economy. so, for me, i think you see a lot of these pops and basically beta trades, based on the economy improving. but you -- the economy really does have to improve. and as bruce said, if you're talking about maybe the ability to have 1% shaved off of gdp and then, you know, the higher tax end, on the wealthiest americans, we talked about this, it's .25, a quarter percent. we can't afford anything coming off of gdp. you have to believe in the economy. >> one quick china trade here? >> i think if you want to play the consumer, ucht, and i like baidu. the consumer is still playing in the tech space and this is cheap. >> gave us a bonus, too. thank you. >>> time now for pops and drops. we kick it off with a drop for amicus. 40%. >> i never heard of them until todayactually, their drug to

jpmorgan cannot lend that money to you. the only way he can make this happen with qe is if there is an amazing equilibrium among the bankers, and at the same time, they must feel that as a result of this that interest rates will fall sufficiently for house buyers to order new homes from them, so they can make use of those new loans. that is why it as a result of this coincidence of optimism, it is nowhere to be found in this equilibrium of fear that we are experiencing. the money supply is not increasing. but bernanke loves to print money. my criticism of quantitative easing is what he is trying to do is to create a new bubble in mortgage-backed securities. we talk about toxic derivatives. they are not really toxic derivatives. what they are is paper priced at very low prices. he is trying to create a bubble. so, it is not a quantitative easing even. i call it price easing. i am not giving you a price on what to buy. i do not want you to blame me. >> unfortunately, that is all the time we have today. we will be having a sig

. >> caller: gis, general mills, proctor and gamble, pg, kellogg's, k, ibm, ibm, jpmorgan, jpm.i diversified? >> i do have a harley in my garage. it's a great-looking machine and i'm proud of having it. kellogg's, i think that is -- battle creek, michigan, terrific food company, jpmorgan, good bank, general mills, well, wait a second, we've got two of a kind. that's a match game one. i'll come back to that. procter, my charitable trust bought today. ibm, also charitable trust. we're going to keep kellogg, we're going to -- oh, boy, penpal's going to get mad at me, but we can't have both of these. we're going to swap out the general mills put in bristol-myers and own jpmorgan, a bank stock and then we will have diversification. ♪ hallelujah >> that makes me feel at home. let's go to scott in west virginia. scott? >> caller: hey, jim. i've got kellogg, k, norfolk southern, nfc, disney, dis, abbott laboratories, abt, bank of america, bac. >> mountaineers, wasn't their year, like that team, though. okay. here we go. disney, bob iger is doing a remarkable job. did anyone else like it

kayla usual shirk i believe you have news on jpmorgan and outlook. >> smoke signal, insight on how jp, the largest u.s. bank by assets, expecting to perform the fourth quarter and beyond. bronstein, first of all, reiterating that banks still hit by low rates and high regulatory costs with jpmorgan specifically seeing a $400 million hit to profit in 2012 and 2013. can't make as much money on loans and deposits. jpmorgan set to see as 600 million hit to profit next year from the reduction of real estate loans as the bank continues to move to write more new mortgages with origination of those mortgages expected to be up in q 4, according to bronstein's presentation. the current quarter market's revenue trading and underwriting and the like, expected to be nearly 260% lower than the third quarter of this year, compared to the fourth quarter of last year, volume all but dried up, good year-over-year, fourth quarter compared to third quarter, the markets revenue down, banks incurring steep legal costs. litigation costs will stick around for a while unfortunately. >> bottom rain, guess who w

jpmorgan has a 3% dividend.k of america has given us barely anything right now. >> those are all quite valuable. i think rotating out of bac going into a financial other type but equal quality, so to speak, makes a lot of sense. but i think as it goes, the dow herery here or the implication of buying the dogs of the dow is not going to work presumptively in 2013. >> and you agree, too, jeff, huh? >> absolutely with hpq. listen. carter said it. they're in a dying business. and the businesses that they're in, they're not leading. if you're not leading, that's a recipe for underperforming. >> let me ask you both very quickly. last year if we were standing here, would either of you said that you thought b of a would have been the best performing dow this year? >> no way. >> jeff? >> absolutely not. >> your honor, i rest my case. happy new year, guys. >> happy new year, bill. >> thanks very much. >>> we're still sitting up by nearly 100 points on the dow. president obama earlier on today saying it does appear a deal

. >> a couple things going back to jpmorgan.irst of all, we learned time and time that no man, no human being is smarter than the markets. not anybody. that's number one. and number two, with regard to the banks and the size of the bank, we got rid of glass steegle which allowed investment banking to combine with commercial banking because we needed to be big to complete globally. what has it brought us? i would say not so much. is it really true that proctor & gamble and other big companies couldn't get capital to compete globally if these banks weren't big? i don't think that's the case at all. and then in terms of these companies being being and risky, yes, jpmorgan, these banks are big and they pose risks to the u.s. financial system in the ways that other big companies, say, like walmart don't. so it's a very different situation. >> again, we surveyed 10,000 business leaders in our survey. the financial system is still viewed as a strength of america. i mean, yes, we can improve it, yes, we can improve our regulatory struct

we're going to swap out the general mills put in bristol-myers and own jpmorgan, a bank stock and thenll have diversification. ♪ hallelujah >> that makes me feel at home. let's go to scott in west virginia. scott? >> caller: hey, jim. i've got kellogg, k, norfolk southern, nfc, disney, dis, abbott laboratories, abt, bank of america, bac. >> mountaineers, wasn't their year, like that team, though. okay. here we go. disney, doing a remarkable job. did anyone else like it besides me after that quarter? i stuck by it. bank of america, financial, abbott drug company, norfolk southern, kellogg food, it's a food, transport, drug, entertainment, bank, bingo, perfect! i wouldn't change a thing. "mad money" back after the break. with the spark cash card from capital one, olaf gets great rewards for his small business! pizza! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! helium delivery. put it on my spark card! [ pop! ] [ garth ] why settle for less? great businesses deserve great rewards! awesome!!! [ male announcer ] the spark business card from capital one.

he helps manage $700 billion at jpmorgan.you know he's given this a lot of thought. >>> plus, it is his first interview since taking over the top spot. chartser communications ceo thomas rutledge joins us speaking exclusively with david faber. next on "power lunch." ♪ ♪ [ male announcer ] 'tis the season to discover the kid in all of us. the memories that last, start with the gifts that last. ♪ enjoy free shipping and great values on your holiday shopping from l.l.bean. 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 commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> right now the dow jones industrial average is off about 30 points on the trading session. there is a little nervousness ahead of the president taking to twitter at 2:00 p.m. to talk about the progr

jpmorgan solidly in the green. a totally different story at the nasdaq. down on the session. apple getting a 5% haircut at the moment. just under 5%. perhaps tied to the apple, samsung dispute. there is a big court hearing tomorrow. samsung is expected to ask the judge for a brand-new trial. apple down 22% from its september highs. right around the time where the iphone5 with release. the markets showing more conviction today. let's get right to the floor show. i rub, in chicago, i want to start with you. very shallow moves up and down. >> we are getting closer to the mayan calendar. no one is mentioning it, but the reality is that each day we get closer to december 18, that is when you have the real problems looking you in the eye. seeing people the congress does not help. how much of it is the chess game and how much of it is the poker game. that is what we are seeing right now. gold does not know where to go. it has no story. it is concerned with austerity. if we get forced austerity on the economy and we go over what is called the cliff, we will not stay over that cliff v

you go with the citi, with jpmorgan? >> citigroup, jpmorgan, bank of america would be another.t, regions financial. those banks will do very well. the toll brother numbers today, housing is very positive. >> some of the names like boa have had good years. since '91 it's had a year like this. doesn't that connote it may be petter than we think? >> the banks had a good year. an awful year last year as you know. valuations on price to book basis is attractive. and so to us they're trading as a group. we think eventually they get to 1 1/2 times book. that's the kind of upside. normalized earnings hopefully will materialize in 2014 and the upside for the banks is still very good. >> if we go over the cliff, is that mostly a loan growth issue? is it a net interest margin issue? what would hurt them the most? >> credit would stop improving and that's been a huge positive. the results showed today credit improved again. so i think credit would be the number one issue. it wouldn't continue to improve. second, you touched on it. the net interest margin. rates would even be lower and that

let's get the view with daniel morris, jpmorgan. daniel, good to see you. what's your view at the moment? i want to put the u.s. data into context on the ism manufacturing because it didn't tally with markets of smaller companies, as well, so what does it mean? >> you kind of picked the one that you want or at least tells the story that you want to tell. they kind of balance each other out, one positive, one negative. so if you look at the other trends for the economy, it's still the same of steady slow appreciation and that there really i don't believe is any effect from the supposed anxiety about the fiscal cliff. i think people know there will be some type of resolution. we didn't know the details or when. but companies are still investing the way they would normally do and they're not stopping because of -- >> that doesn't make us quake a bit about the jobs report later this will week and what that does for investors' nerves? >> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with t

. >> jpmorgan chase pays $4 interest but the small bank pays $70 $0.50.y stay small the big banks get bigger. >> the more likely you are to be bailed out. john: i do make more money. it does other terrible things? >> something people need to realize is dodd/frank and 900 pages but it is just a mandate that says you have to make rules on a variety of topics. >> it says go right to new 400 new rules there is 400 it requirements of those 1/3 have been finalized. many year not enforced. 1/3 have been proposed and one-third are yet to to be proposed. we have only seen a small segment of rule-making. >> liv but just to keep up with these nobody could do it and it requires huge numbers of huge manpower hours. john: 24 million hours each year for the roles they have passed so far. >> approximately based on 200. 400 you could double that. john: no wonder the economy does not recover. >> if they were rules people could apply and understand but will we have seen their role say we will do whatever we want to. zero been discretion to do whatever we want. we don't know

jpmorgan one of best performers on the dow jones industrials.al-mart, ibm are some of the names helping the dow keep afloat. thank you. ashley: thank you, nicole. real mixed bag of economic data today. if you dig down a little bit like the jobs report, we're going to talk about this now. shows the u.s. companies added more jobs than expected but the number of americans giving up on finding work also rising. . that is the disturbing part. senior washington correspondent peter barnes at white house to break all of this down. peter? >> that's right, ashley, people leaving the workforce helped to push the unemployment rate down unexpectedly to 7.7% in november down from 7.9% in october. that is the lowest monthly unemployment rate since 2008 and lowest rate in president obama's presidency. nonfarm payrolls rose 146,000 in november. both above expectations. a little bit of a surprise because economists were expecting that hurricane sandy, the impact of hurricane sandy which hit 25% of the u.s. population, 25 states or something like would that cut jo

we can no longer indict a goldman sachs or jpmorgan chase and risk taking them down into the economy down with them. you know, it's just not a realistic thing. so they are too big to fail to fascinate and then it was 2009 when the banks became too big to jail. >> host: we have 15 minutes left with our guests, neil barofsky. a lot is the name of the book. we have a question. have you ever fear for your life? >> guest: you know, i did when i was a narcotics prosecutor. i was the subject of a kidnap an assassination attempt down in colombia. i read about it in the book that it really was a stroke of luck. we were investigating the armed forces of colombia. in the investigation, they sent a double agent, if you will, with a plan to bring militia in to call in a location that we did in our reviews. he either tried to kidnap or murder me. it was just pure happenstance where we were able to avoid that. that is probably the scariest thing as far as having a life in danger. nothing in washington is as annoyed. but certainly nothing. they may have threatened my career or tried to, my financial

. >> jpmorgan chase pays $4 interest but the small bank pays $70 $0.50.y small the big banks get bigger. >> the more likely you are to be bailed out. john: i do make more money. it does other terrible things? >> something people need to realize is dodd/frank and 900 pages but it is just a mandate that says you have to make rules on a variety of topics. >> it says go right to new 400 new rules there is 400 it requirements of those 1/3 have been finalized. many year not enforced. 1/3 have been proposed and one-third are yet to to be proposed. we have only seen a small segment of rule-making. >> liv but just to keep up with these nobody could do it and it requires huge numbers of huge manpower hours. john: 24 million hours each year for the roles they have passed so far. >> approximately based on 200. 400 you could double that. john: no wonder the economy does not recover. >> if they were rules people could apply and understand but will we have seen their role say we will do whatever we want to. zero been discretion to do whatever we want. we don't know what

melissa: if i'm a jpmorgan private client i'm not sitting on facebook all day probably. hear what you're saying. we'll all be careful. colonel, thanks for coming on. >> my pleasure, melissa. thanks for having me. melissa: coming up on "money", iran flips the bird at international community and says it won't stop enriching high grade uranium. a middle east expert is here with details. >>> turning america's glut of natural gas into a deluge of diesel. one company thinks they might have all the answers to our domestic energy woes. do you have too much money or too much natural gas? ♪ . from the best players in history to the number 1 club in the world. the potential of manchester united unlocked. nyse euronext. unlocking the world's potential. melissa: we've got breaking news on instagram. here is adam shapiro with the latest. adam. >> their ceo is actually saying users incorrectly interpreted instagram's revised terms of service which was released yesterday to mean user photos would be sold to others without compensation. this is quote from the ceo. this is not true and it

you know, the poster child for this is jamie dimon, the head of jpmorgan chase.the london wale exam where the trade wrong when they lost $6 to $9 billion and he claims that not only didn't he have any idea what they were doing but he admitted under oath that no one in the executive management, risk compliance or legal had any idea. but recently, it didn't get a lot of attention. but a 135 page complaint was amended in new york that doesn't detail allegations to the bank. they detail allegations as to the ceo himself who is sitting on the boards at the new york fed. >> eliot: right. >> that's just wrong. >> eliot: the new york fed i've believed -- it is egregious. if we understood it and viewed it that way, it would make it palatable. very quickly, just a couple of seconds, the vocal rule, perhaps the most important way to get tax dollars out of subsidizing the banks is. it going to be put in place in the next six to nine months? >> is it going to be put -- >> the real question is whether loophole laden after the wall street war. on the -- which is to prevent the

jpmorgan one of the best banks. diamond -- express scrips which is a health care company, pharmacy benefit manager. health care, bank, spirits, oil service, entertainment, bingo. philadelphiians rock. let's go to tony in missouri >> caller: booyah to you from st. louis. i would just like to say and take this time to wish you and your family a long with your dedicate staff a very merry christmas and a prosperous, healthy and safe new year. jim you're truly one-of-a-kind and your knowledge is by far second to none. >> right back at you. when you see tonight's show you'll realize i have a very small head but i am wearing a st. louis cardinals hat. so go ahead >> caller: 2013, baby. >> i agree with you. >> caller: jim my portfolio reads like this. abbott labs, abg, w.p. carey, wpc, northern tier energy, nti, sand ridge mississippien trust number two, sdr, and phillips 66 pfx. with your help and your bluffing i'll take note, jim. >> you're okay. you're okay. you're okay. i just want to check something here. because let m

so, judge, people are looking at bank of america, aig, jpmorgan, citi.ou talked about citi earlier for a lot of different reasons. i have a feeling -- >> give me a look at bank of america right now. it's above ten bucks. that was a line in the sand for a lot of people. >> right. they were buying it. they had 250,000 open on that ten strike. that's now past it. then they for the 10.5 strike today that expire in about two and a half hours. >> and i like it, i own it, i'll buy more. that's been the stock. meantime the stock has had a great move and analysts are still afraid to come out and say, you know what? i love it. >> you're not afraid, but why do you need it to pull back? >> you don't. >> add to it. you're waiting for it to pull back. >> i've got a decent sized position in it right now, so if i can get it at a cheaper price given where my cost is, which is in the 8s, i'll do it. but not up here. >> i got you. what a stronger than expected jobs reports means for the greenback. we'll get some numbers for you. breaking up is hard to do, especially when i

sachs financial conference today, jpmorgan expects low rate ounce deposits to take $400 million outme in 2012 and 2013. mortgage only nation volume higher in the four rt quarter compared to the third quarter but the runoff on real te portfolios cut net interest income by 600 million in 2013 and expect revenues from markets to drop in the fourth quarter than the third quarter. tyler? >>> bank of america's ceo saying the fiscal cliff could stretch into 2014 and asked in our poll whether you would agree. >>> see what is coming up on street signs. mandy is here. >> i sure am. maybe the season so be jolly, bill gross will be joining us again and he does not bring very good tidings. >>> when was the last time you used your credit card to buy presents? maybe today. maybe yesterday. as a result, visa and master card are hitting 52-week highs. are they still good investments? >>> and if the axe goes to mortgage deductions at the end of this year, who really gets slammed and what happens to our nascent housing recovery? we will get the answer on streets signs. >> see you then, mandy. thank yo

why jpmorgan's tom lee believes the bulls will take command in 2013. plus, green mountain picks up after summer lows. we debate whether the comeback can continue. >>> and later, the good, the bad and the ugly. we examine the tech views and what to expect next year. those stories when we come back. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> there are two sources of great encouragement for the u.s. economy. one is the domestic housing market story and the second is, of course, the thing going on with shell gas and oil. if these two sources of strength persist, is the cliff enough to negate those two things? i suspect the answer is

regulators from around the globe are said to be questioning financial firms such as jpmorgan chase, citigroup and hsbc in connection with the libor rate fixing scandal. trying to limit damage from the phone hacking scandal that engulfed his news of the world paper, rupert murdoch is speeding through the split-up of his media empire. in june, murdoch announced that news corporation would split into two, separating publishing assets from the more lucrative film and television arm of the business. news corp. announced additional deatils of the split this week, including the shuttering of the daily, a tablet-only publication that has struggled to find a foothold in the marketplace. a major deal is happening in the dairy industry. in an attempt to milk more from the u.s. market, canada's largest dairy processor, saputo, is buying the morningstar unit of dean foods for $1.45 billion. morningstar's products include creamers, ice cream and cottage cheese. dean foods, the largest dairy producer in the u.s., based in dallas, is in downsizing mode. the deal with saputo is expected to close at the end of

these two physically backed copper etfs which may or may not get clearance from the s.e.c., one, jpmorganas gone through, ishares appears to be in difficulty at the moment. if we get these two etfs seeing copper coming through, it's going to take 182,000 tons of copper off the real market. does that so distort the copper market next year, it becomes an automatic one-way bet virtually? >> no, i don't think it becomes an automatic one-way bet. it will add to what is already shaping up as a large production deficit. it's interesting, because in the middle of the year, they were saying 2013 we were going to have a big production surplus. doesn't look like it's going to go that way. however, it would be a help. this is not another gold or silver from the standpoint of causing a super explosion, in my opinion. >> what about oil, gas, the other liquids? >> i don't like natural gas. natural gas has kind of been a favorite because its long term prospects are excellent. if you ask me two, three, five years from now, i would be very bullish. right now we have record supplies. weather doesn't look th

love jpmorgan. bank of america we're out of. >> take a look at the losers. we'll discuss those.e around the horn a little bit. hello? losers. there they are. >> i thought you were going to show a picture of us. hello, losers. >> hp -- mcdonald's. let's take mcdonald's. maybe the most interesting heading into next year. >> i would hold this one. i love mcdonald's down here at these levels, judge. if you've been waiting to get into this one, i think this one works regardless of how we come out of this fiscal cliff and the debt ceiling. >> 3.5% dividend. what about hp? >> just don't go near it. there are so many better horses to play in the space, why gamble on it. it's cheap on an earnings basis but it's not very exciting. >> any takers on intel? >> i still like intel, sure. >> why? >> i'm one of the believers still that the pc world has not gone completely past us. you're starting to see more and more folks come to that conclusion. >> you still use a quill and an ink well. >> there's still some stuff working. >> what would make you think that? >> they've got a dividend yield, a g

what we're following on "halftime" target practice with its prediction for 2012 now within reach, jpmorgan's tom lee on the market's next move. net gain, netflix shares up again as the company rides the halo of its disney deal. where is the next stop? one stock, two opinions in a halftime debate. first our top story the sudden sell-off in shares of apple, after posting its worst trading day in four years, the stock is rebounding but has still lost more than $35 billion in market cap over the past few days. jon fortt is in silicon valley with the latest, the worst performance of three days since 2008. what is the buzz in the valley? >> we've heard multiple theories why the stock has been falling, people selling ahead of the fiscal cliff, fearing capital gains, tax hike, fear that china mobile will take longer to start selling the iphone given it's already picked up nokia's latest lumia. reports apple is asking for fewer iphone 5 parts from suppliers and people wrapping that in with fears apple is losing phone market share to android and dealing with compressed margins from ipad mini and other

meantime, jpmorgan's top strategist is out with a very bullish call for next year, and he's going to be here. he'll lay out top five things you need to know to make money in the markets in 2013. you do want to stick aron. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? [ male announcer ] when gloria and her financial advisor made a retirement plan, they considered all her assets, even those held elsewhere, giving her the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors. >>> now to the other news in washington today. just 19 days until the fiscal cliff deadline, and it still doesn't appear like

. >> drop for jpmorgan, down 1%. anthony? >> you know, i love this name long-term. it's got a great balance sheet relative to the other financials and with where housing is right now, i think jpmorgan is going to have a good year and don't fight the fed on this one. >> drop for u.s. steel. x was down 2%. mike murphy? >> down 2%. what i consider a healthy pull back. this whole sector's had a nice rally on positive china data. so, i think the stock is just pulling back a little bit more than 2% today, but still in a bullish formation. >> and we have a drop here for presents. a drop for presents? tired of tube socks? sick of scarves? here's a problem that many people face. what do you do with the unwanted holiday gifts? more than 350 users have posted items on ebay with the heading unwanted christmas presents and with many rejected presents still wrapped, you can strike it rich on one of these unloved gifts. >> you just had to throw the inlaws in there, right? >> not like i have any experience. but i would imagine that might be difficult. >> that's the regifting move.

recently, federal regulators banned jpmorgan chase from selling electricity for 6 months. it's part of an investigation that the bank manipulated energy prices in some parts of the u.s. the holiday parties are winding down on wall street. several financial firms in new york called off holiday events or scaled back. report say morgan stanely and credit suisse did not sponsor parties. citigroup, deutche bank, barclays and the investment banking unit of bank of america left it up to individual departments to pay out of their own accounts. back in the day, as in before the financial crisis, wall street firms rented out nightclubs and steakhouses in midtown for holiday celebrations. the u.s. government is calling in the national academy of sciences for yet another safety review of airport scanners. the department of homeland security says the nonprofit group of scientists will be charged with reviewing previous studies done on the scanners. the call comes amid continuing concerns from some members of congress, as well as some scientists, about the amount of radiation that the s

and jpmorgan ceo jamie dimon has weighed in on the potential for shale to transform the u.s.rview with cnbc, he said america had been granted another chance to reset its energy policy. >> we didn't have a great energy policy. we're importing 50%, 60% of oil from overseas, some from places where they want to kill us. so it's a bad deal. and now, we're given another chance. that chance is unbelievable. exxon, the united states, like 2025, we're going to be energy self-sufficient in coal -- i mean oil and natural gas. that will make america more competitive, it will reduce the deficit, reduce the pressure. let's do it wisely. >> and in just the last few minutes, the opec secretary said he doesn't see any threat from u.s. shale product, this after the uae minister has suggested a response from the oil ministers in vienna. gary ross, welcome. >> nice to be here. >> the shale revolution in the u.s., is it a game changer as much as we're hearing from jamie dimon, arcelormittal? do you think this is going to make the u.s. energy independent, almost? >> well, we think it is. it's huge

the ceo of jpmorgan chase has revealed a trading loss that cost the bank more than $6 billion.lutely responsible. the buck stops with me. >> reporter: facebook cheered as its stock became available to the public. shares dropped quickly, eventually sliding into the 20s. the broader stock market gained ground. though wall street worried debt troubles overseas could cause a collapse of the european banking system. >> that could be very, very ugly. >> reporter: severe weather took a toll on the nation's economy. the drought scorched 80% of u.s. farmland. >> it is in a word finished. >> reporter: and hurricane sandy closed the new york stock exchange for two days. it was the longest weather-related shutdown in over a century. the storm cripples fuel deliveries, leading to gas shortages in the hardest hit states. >> all day, man, it's like no gas. what are we going to do. >> reporter: in the tablet wars, google introduced the nexus 7 and ipad came out with the ipad mini. while media continues to boom, news print dwindles. "newsweek," the magazine, will continue in a digital version o

the national credit union administration is filing lawsuits against both jpmorgan and its bear stearns unit. the suit claims that bad mortgages totaling $3.6 billion were sold to a handful of federal credit unions. losses from the mortgage securities eventually led the unions to collapse. rim is giving 120 top-tier customers a sneak peak of the new blackberry 10. select government and enterprise customers are beta-testing the new phone. the blackberry 10, which launches next month, is considered by many watchers to be a make-or-break device for blackberry. research in motion, better known as rim, has been struggling mightily to maintain market share against the iphone. the race to the top spot in car sales is becoming more competitive. currently, general motors is in the lead, but toyota is coming on strong and so is volkswagon. based on gm's track record of overproducing cars then offering incentives to clear out showrooms, coming in second is not that bad accoridng to joe wiesenfelder of cars.com. "it might seem like they are losing by going to 2nd or even 3rd place, but in reality i

trading scandals rocked the news, highlighted by jpmorgan chase. the big bank lost more than $2 billion in what was called "a trading debacle." ceo jamie dimon took a trip to capitol hill for a testimony where he told senators that the industry needs "strong regulation, not always more." meanwhile, at chick-fil-a, the ceo of the popular chain cooked up trouble with some very public comments opposing gay marriage. the comments created a divide between protestors and supporters, some of whom participated in a successful chick-fil-a appeciation day. and, in a shocking move, twinkie maker hostess closed its doors, claiming a strike by a bakers' union put the company out of business. the brand laid off 18,000 employees. chuck coppola picks up the story from there. nothing draws a crowd like the last of anything. even if its made of artificial ingredients such as cellulose gum, which is also found in rocket fuel. such is the send-off consumers are giving to the last twinkies made for now in the u.s. and sent off to market. a sugar-rush worthy of black fr

meantime office i have the control of the currency is expected to serve jpmorgan with a formal action alleging weakness in its antimony laundering system. in the front page article in the ft today, three former deutsche bank employees say the firm failed to recognize up to $12 billion in paper losses during the financial crisis. the individuals have made complaints to u.s. regulators, including the sec. employees say deutsche bank misvalued a large derivatives position known as leveraged super senior trades. probably shall wiggle room. they allege its capital would have fallen to dangerous levels that might have required a government bailout. a lot of people weren't marking things where needed to go. >> i have a lot of questions about this story. it's an amazing allegation. $12 billion in paper losses. >> a lawyer from one of the whistle blowers will join us at 6:50. in a statement to cnbc, the bank says that allegations have already been investigated and all accounting was proper. >> my biggest questions are the allegations say the bank was doing it 2007 to 2010 and nobody came forwa