nicole: your jpmorgan, bank of america and wells fargo seat height today.hard bank of the october camp in goldman sachs is a december camp. talk to traders and economists to display. what will the fed did this afternoon? market watches ours away. jpmorgan with the coin flip. mike o'reilly says the hike, but a close call. it won't make things a certain period of little mimic gradualism less credible and the market might not trust the fed when it will communicate the case. and then you have the wednesday group. we will see the hikes rates of patients with an extremely dovish statement. it's helped the market that they are down for a while. i think they are exhausted and the rest of us are with the exception of the session. nonetheless at princeton security will begin the process of normalized and raised and then allowing rates to rise. others say it is not the time to rip off the band-aid paper should do with mr. the securities and that stuff happens next spring. hiking prematurely could cause man desires fight in short rates result in a sharp correction in e

joining us around the london desk, john kelly, jpmorgan. i think there's a lot of monday morning quarterbacking on what the fed should have done. this wasn't a surprise to you, right, that they kept rates on hold? >> it's not a surprise. it's a little depressing. i think definitely they should have raised rates. i agree with jim bullard. they should not base the market decision on market volatility. if you do that, nobody can predict what you will do. this puts into doubt what the first rate hike will be. when they begin to raise rates we don't know if something happens overseas and they stop raising rates. they say they're basing it on the u.s. labor markets. if they're going to get derailed by moving market volatility, it makes it cloudy. >> what happened on friday? we did see a selloff in the u.s. despite the fact that the fed is still basically still at, you know, not at tight levels when it comes to monetary policy. >> there are two things to bear in mind. first is market uncertainty. what the fed managed to do is add a huge serving to

jacob frenkel with us from jpmorgan international.ent is in alaska. ♪ tom: good morning, everyone. "bloomberg surveillance." tom keene, vonnie quinn jury let's get right to headlines with vonnie quinn. vonnie: a bombing suspect is under arrest after taiwanese police got him at the cambodian border. he could be seen at the security footage. the explosion at the bangkok shrine killed 20 people. walmart is expected to cut hours to cut costs. they said a few stores assigned more hours than excited, but a union spokesperson said walmart is patting the bottom line at the expense of employees. and the tom brady case -- a federal court session today settled nothing. the judge says he will rule this week. thepatriots quarterback and nfl football tampering has lasted several months. vonnie: and the season beckons. it will be interesting to see where this goes. we get the federal reserve meeting -- and the season beckons. it will be interesting to see where this goes. vonnie: and then we will get the federal reserve meeting. studying microeconom

this is not jpmorgan.apitalization, fines, missed opportunities, everything else they had had to pay out. brendan: what is the difference between the banks we have been talking about, wells fargo, bank of america, and the smaller banks, less than $1 billion in assets? are the smaller banks profitable and meeting expectations? chris: if the bottom 10% of the industry, 4500 banks is growing much faster. they are extending credit, acquiring other banks, issuing securities, we have been rating smaller institutions and they are the part of the industry creating much higher margins and value. brendan: and greater credit. does america need the bank of america to be a consumer facing bank? chris: i do not think so, i think back to jamie dimon's point, you need banks that can compete internationally. iti that has retail offshore, that is expensive. tom: jamie dimon, 9% plus on radio, 9% plus, hans work on radio. basis points a 1600 her year -- per your delta between those establishment, i am not blaming mr. moyniha

jpmorgan says stand pat, no raise.of america says they will raise in september, assuming it comes in right in line, maria bartiromo. now time for maria bartiromo. "mornings with maria." she has special coverage this morning. good morning to you, maria. maria: nicole, thanks very much. a lot of debate about the jobs number and impact on markets. investors looking to the 8:30 a.m. report on east coast and what the labor department has to say about job creation. happy friday, ahead of a long holiday weekend. it is friday, september 4th. with me fox business network's dagen mcdowell and hank smith from haverford trust. here they are. expectations due out for the jobs report, for those listening on the radio 220,000 new jobs are expected to be added to the economy in the last month with the unemployment rate ticking down to 5.2%. that is what is priced into the market. we'll see what numbers bring us at 8:30. here is where we stand ahead of the report. we're looking at weakness. selling underway in sharp way on heels of wea

jpmorgan is helping lead the declines.hat's after jamie dimon said that jpmorgan's third-quarter trading revenue will be about the same as competitors. wells fargo and citigroup heading lower. we did hear bank of america's brian moynihan saying that recorded trading of and it will be down about 5%. .itigroup sees a similar drops if that happens for jpmorgan, not good news for the banking industry. it is not just the banks. it's other types of financials falling along in the wake of the fed. charles schwab down sharply. oil stocksancial -- a big part of the down drop today. the big cap oil falling. oil itself is also falling. down more than 3%. matt: thank you for that. concern inhe fear or markets. general motors agrees to settle a criminal probe by the u.s. justice department for $900 million. doj investing -- investigating the copies faulty ignition switches. what is next for gm and the ceo? joining me now to discuss is bloomberg's auto editor from detroit. the company held a press conference yesterday precisely as every

jpmorgan -- they have done a brilliant job.managed financial institution in the united states. that is a very high hurdle to jump over to produce great returns. vonnie: can you see jpmorgan breaking up? >> clearly they do not want to do. but the hurdle put on by these capital requirements will require a couple things. it will require a really aggressive attention to expenses because it will cause a redrawing of the line between the return that shareholders get and employees get and it places a burden on them to have really well run effective and highly profitable businesses. if they can't do that the pressure will come not from regulators but from the market. brendan: it sounds almost like dodd-frank achieves what it set out to. >> i believe we are at or very near a peak in regulation. i have been asked in the past will discontinue higher and higher? i don't believe that. i think we have more than enough at this point. vonnie: how have higher capital requirements benefited the likes of ever core? >> the most important thing for

jpmorgan is calling today. back to you guys.m: let's look at some of the top stories at this hour. the japanese rescuers are in a desperate search for 23 people missing in a flooded city. after 2 days of heavy rain northeast of tokyo, floodwaters washed away houses and drove people to rooftops. reported.hs have been a new policy at walmart is making suppliers mad. for want vendors to pay space on shelves and warehouses. some vendors want a better deal. walmart says it is trying to streamline its relationships. brazil's state owned oil producer is the new king of the junk on the market. petrobras is the largest noninvestment grade corporate borrower. those are your top headlines. on wednesday in san francisco unveiled new features and phones. who are the suppliers of the 6splus. and here is cory johnson. what about the new features? i understand there are cold followers of apple products that have been waiting for this new addition? for the must-have technology product, the latest iphone of the date, geeks like me will buy the la

james lou, the global market strategist asset manager jpmorgan. let's take a look at what is making news. russia launching its first airstrikes in syria. this is according to a u.s. defense official. the attacks started hours after russian lawmakers authorize president that amir putin to use force. -- president vladimir putin. use of artillery started recently at the syrian base. vladimir putin is backing the syrian president. and planes from the us-led coalition are helping afghan troops in a battle the taliban. they are trying to retake a northern city that the taliban captured two days ago. the first provincial capital taken by the taliban since 2001. american companies added more jobs than what was forecast in september. by says private payroll grew 2000 last month. an august report said it was slightly downward. the government's jobs report comes out this friday. and a spending bill that would prevent a government shutdown is expected to reach president obama's desk with time to spare. boats are scheduled today in the senate and the house of

jpmorgan, like wells fargo, have performed well.ase where bank of america, similar to citigroup because of what it went to, leading up to the aftermath of the financial crisis, needs an adult in the boardroom and jpmorgan and wells fargo don't? and goldman sachs and morgan stanley, i should add. you know what i am getting at here. is it a matter of principle that no bank should allow ceos also be chairman, or is it just a discrete case that bank of america shareholders need to consider. >> if you were to have an axiom coming would be that banks with low returns and pour over tight -- oversight should have the roles separated. banks with good returns and good oversight can have the roles combined. bank of america has some of the worst oversight and worst returns in the industry and therefore, bank of america board don't take actions to reduce the degree of oversight. erik: let's go back to the initial point i was making. how influential do you believe pension funds like those, which carry the flag, sometimes the torch, for corporate

david kelly jpmorgan, josh fineman. >>> a critical component of the economy is the housing market. today a new report shows builders are the most confident they have been since 2005. the national association of home builders said prospective buyers rising thanks to lower mortgage rates and lab market. it wasn't all positive. the outlook for sales over the next six months fell slightly. >> outlook for global economy weakened slightly. economic cooperation and development says recent weakness in china outweighs strength in the u.s. the research group also says the health of the u.s. economy justifies a rate hike by the federal reserve but that overall global growth will remain subpar this year. >> american household incomes fell last year and the poverty rate inched higher. according to the census bureau, median income was around $53,600 last year, down from $54,400 in 2013 and more than 6% lower than in 2007. the poverty rate rose to 14.8% last year from 14.5 in 2013. some say those new numbers show the economic expansion has yet to be felt by many americans. >> stocks rally for the

. >>> shares of jpmorgan slip on a revenue warning, and that's where we begin tonight "market focus."t an investor conference today jpmorgan's ceo jamie dimon said trading revenue is down like its competitors'. this quarter dimon didn't give a percentage, but over the past two days at the conference both bank of america and citigroup have said their revenue is down about 5% this quarter. shares fell almost 3% to $60.94. >>> johnson controls says it will cut as many as 3,000 jobs over the next two years. that move comes as the company hopes to save $250 million a year in costs. shares fell more than 2% to $40.50. freeport mcmoran has filed to sell another $1 billion worth of its shares. it comes after the company just finished a similar stock sale. the news pressured shares since stock sales make existing shareholder' stakes less valuable. the stock slid almost 10% to $10.88. >>> and investors got a chance to react to news that la quinta lowered its 2015 guidance for revenue per available room. the hotel operator also announced that its president and chief executive has stepped down. s

jpmorgan upgrading to overweight from neutral.ly discounting the bear thesis around their projects and the dividend cut risk. they note sell side pessimism is at a decade long high. analyst calling the balance sheet "top tier" and says the risk of a dividend cut is near zero. >> you got to wonder how this sits with goldman sachs' call that oil could go down to $20. would a interesting that earlier this week credit suisse said chevron was interesting in mega cap oils but still not in value territory. >> just a quick note -- i had dinner with a market technician last night. he thinks oil and oil stocks are going to be in a 10-year bear market. negative for a decade. i'll try to get him on the show to explain the case. >>> casey's general store getting upgraded by bmo. new price target of $105. first quarter results were strong, traffic was up. improvement by the stores and the premium brand cigarettes because consumers have a little extra money in their pockets. >> study after study shows what people do the most is they drive more w

hascine: i think jpmorgan noted they expect the boj to ease on october 30. is this more likely if we think which it -- that japan is a recession again? james: we are seeing a lot of people, government adviser saying the government should bring in a fiscal stimulus package, which is probably much more likely now after today's bad output data. whether the fear of a recession causes the boj to ease more is another question. the governor sees the price trend increasing even with the contraction in the second quarter, he says he is satisfied with how prices are going. so it may be that the governor says, yes, the economy is contracting but actually we see inflation where we wanted to be and therefore, we do not need to ease. he was saying the same thing last year at this time when he said the prices were on the right trend. the boj was happy with what was happening. at the last meeting of last year, he came out with a massive increase in easing. it is always possible he might do that again one year later. francine: thank you so much. in tokyo. alix stewart is sti

well, i am the chairman of jpmorgan international, not jpmorgan.conomy seems to especially lately in the united states, were covering. -- recovering. there is no question that recovery in the u.s. has taken hold. labor markets have improved. fall, and wey will are very close to normalization of the united states. of course there are areas in the world that are not doing so well, especially submarkets with the decline of commodity prices. they have a big burden on them. by the same token, europe is still recovering, but somewhat at a slower pace than we have just heard. is said and done, the global economy as a whole is recovering. there are areas that are slow, but the u.s., which is the largest economy, is doing pretty well. china is a separate matter which we can discuss later. guy: let's discuss it now, mr. frenkel. how much of the chinese authorities the stimulating their economies? doing need to see some sort of a fiscal push coming through? how much more needs to be done, do you think, by beijing to stop the slowdown at we see -- batch we see

a toxic mix of really interesting experience with jpmorgan asset management. david stubbs joins us right now. use the word unconstrained, david, and i think about your theory in your work in the fundamental spirit what is the mood of the market now? is it able market rather broken in the u.s. or europe? is it a bull market broken or can it be a bull market that repairs? david: i think it can repair. it is up to commodities. the ones we see sentiments stabilize, i argue there are signs of that. with the chinese equity bubble, once we get past a thought in commodities, i think investors will refocus. tom: how do you know into a cumulate energy shares? view orsachs has a jpmorgan has a vp at when the you know to begin to buy cheaper shares? i do not really seeing the oil market returning to what it has been like in the last couple of decades. a mentally changed, and i think we are in for a multi-your time of low oil prices to that makes me question the dividends of these firms. you have to be very careful before dipping your total in the water. on the fixed incom

that is according to jpmorgan, goldman sachs and deutsche bank.n if they slowed by one full percentage point, economies should not be too concerned. let's bring in simon kennedy. a doom and gloom scenario for china but not the developed world. why not? >> to quote the big guns of offstreet -- there are offsets for the bad things -- the big guns of wall street, there are offsets for the bad things. the slowdown in china is generating lower commodity prices and is moving capital out to elsewhere. there are positives from the slowdown. altogether, jpmorgan and goldman sachs say when they look at the u.s. and europe, they should be ok and should not be affected. jon: i wonder how they add this up and how you appreciate the feedback loop. -- it may notline but then -- growth growth potential comes down? >> the big caveat is what happens to the emerging world? the u.s. might be ok. if china is slowing it means russia, mexico and brazil and the other emerging market countries enter a tailspin and at that point all bets are off. the thinking is that the u

we'll ask jpmorgan's trillion dollar man richard madigan. you're watching "power lunch" on cnbc, first in business worldwide. can it make a dentist appointment when my teeth are ready? ♪ can it tell the doctor how long you have to wear this thing? ♪ can it tell the flight attendant to please not wake me this time? ♪ the answer is yes, it can. so, the question your customers are really asking is, can your business deliver? it's gotten squarer. over the years. brighter. bigger. it's gotten thinner. even curvier. but what's next? for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. >>> hello, everyone. i'm sue herera and here is your cnbc news update. reuters is reporting the u.s. carried out an air strike against isis in syria today despite a call from russia to clear that area. the move is sparking a war of words between the countries as russia begins its own military operations within that war-torn country. but white house spokesman josh earnest said a short time ago russia may have struc

alix: jpmorgan says if they don't raise it will be a disappointment. today was different in that it was about oil. intraday oil chart, inventory numbers came out, oil storage. -- oil stored. -- soared. joe: in addition we saw copper again, emerging-market currencies gain. a lot of what has been beaten down showing bully and see. what is good about versus what is that you have to look at fedex. i want to take a deep dive into my terminal. dealing with fedex. the worst performer in the s&p. if you take a look, average shipment per workday. how much is actually moved .round the country down by 1% it is showing weakness in energy and when a truck goes up with goods that maybe you and i both purchase they are not filling. that is a sign of the global economy and what is happening in the u.s. joe: oracle earnings are out. let's go to julie hyman with the julie: coming in at $.53 a share, ahead of estimates. like so many we have heard from it sounds like the currency of rp thans more sha anticipated. the $8.53 billion that had been estimated and it looks as t

jpmorgan had a note out talking about how much more selling they could see. 100 see it -- they say ilion dollars remains to be wiped out of the market in the next three weeks which speaks to the volatility. speaking of, take a look inside my bloomberg terminal -- this is the volatility of the vix. 130.is this level -- this is the level barclays points out for when volatility changes the stock market. we've reached that level and saw a rally in stocks. and sawnear that level that level in stocks. we reached the level but we -- will we see a rally in stocks eschew mark good stuff. the ecb,old you about but what about the fed? the odds for a september rate hike held study with investors thinking it's more likely time for an increase. anding us is torsten slok dean baker. volatility makes now the right time to raise rates. why? torsten: there are many things that go into the decision of when is the right time. but once they it going, they don't want to tighten financial conditions too much. may be a good time ironically to do it when markets are saying we don't really know if the economy is

same for jpmorgan and citi and morgan stanley.et's see if you should stay the course with financials. here with tom brown and naomi prince and our panel of course. >> tom, if i'm not wrong here you guys invest primarily in financials. what do you think about the weakness you're seeing here? >> i think it's a great buying opportunity. there was a big financial services conference in new york this week, a lot of presentations. the industry continues to grow at a high single doesn't rate and the valuations have become more attractive in the last couple days. >> who in particular, tom, do you like? is it the money center banks, the ones that have larger trading business? we've heard some warnings on trading activity in the frt? >> looks like equity trading was good, fixed income trading wasn't so good. overall trading down 5% year to year when we see the third quarter results. i like some money centered banks like bank of america, i think they're re well positioned still in a recovery mode and i like a bunch of specialty oriented regi

when a ceo falls ill like this, we saw this in the case of jpmorgan and jamie dimon. he had throat cancer, what happens to the schoolgy of investors buying into that stock -- psychologygy? >> trish, listen, lloyd blankfein has been such a powerful and effective leader not just for goldman sachs, but to all of wall street. he embodies wall street to the rest of the world. it is distressing and serious that he has a serious illness, this is transparent they have to be transparent with employees and investors about his condition. if it worsens they need to say so. as long as they do that, i'm confident, goldman sachs has incredibly deep bench. if they to rely on number two, three, four hitters in the lineup i think they will be well able to do that. trish: they do have a deep bench. is goldman in your view, mike holland different than other firms? it is not just about one guy or is it judging by the stock price today? >> you spent some time there? trish: i did spend time there. thank you for mentioning that. i was on emergeing markets debt trading latin american bonds. >

jpmorgan had a note out talking about how much more selling they could see. they see it -- they say 100 billion dollars remains to be wiped out of the market in the next three weeks which speaks to the volatility. speaking of, take a look inside my bloomberg terminal -- this is the volatility of the vix. here is this level -- 130. this is the level barclays points out for when volatility changes the stock market. we've reached that level and saw a rally in stocks. we came near that level and saw that rally in stocks. we breached the level but will we see a rally in stocks? good stuff. we just told you about the ecb, but what about the fed? the odds for a september rate hike held study with investors thinking it's more likely time for an increase. joining us is torsten slok and dean baker. you say that volatility makes now the right time to raise rates. why? torsten: there are many things that go into the decision of when is the right time. but once they get going, they don't want to tighten financial conditions too much. that is why it may be a good time iron

so far jpmorgan is balking, from what i understand. they don't want it.me i keep hearing is steeple nicholas. just bought barclays, but they have to digest that. seems like this is out of his ballpark too, and i heard it from people close to him that it's not being talked about within the firm, at least not now. so credit suisse is having a very difficult time trying to unload this thing, and it's part of a broader corporate mission as all these your even banks, you know, they're looking for economies of scale. they're looking to squeeze the, squeeze the lemon, get as much, you know, focused on a core business as possible here in the u.s. ubs has done that, barclays is doing that, stripping down, getting smaller. credit suisse is doing that. one easy way to cut is the brokerage department. if you can sell it, war clay's did sell -- barclays did sell it to steeple. it looks like at least whatever these guys are doing, no one's buying. now, there is a potential, and this is done, this has been done in the past. cheryl: okay. >> our very own anthony scaramuc

if we were to just assume a 1 percentage point rise, for a bank like jpmorgan that will be an extra $2lion in income. janet yellen has only been the head of the u.s. federal reserve since february of this year. if she makes the call to increase rates, it will be a huge first move. >>> in the u.s. state of texas is muslim teenager who had made a homemade clock and taken it to school was then lead away from the school in hand cuffs. the 14 year old teacher expected that the clock was a bomb. police later said no charges have been filed but there has been massive support for the boy after his brief arrest. president obama invited him to the white house, and mark zuckerberg of facebook invited him to the company headquarters. >>> chinese demand for ivory is fuelling an illicit trade that is worth billions of dollars poacher ts are killing an estimated 30,000 elephants a year. steve choi reports. >> reporter: in tanzania, a heard of wild elephants move through grass lands. but their numbers are dropping by the day. slaughtered by poachers for their ivory tusks. >> translator: they follow it

but you look at the volatility in currencies, swings in currencies according to the jpmorgan volatility currencies are at a seven month , high. talk to us about how investors are positioned with less than 72 hours to go before the fomc announcement. and what that tells you. mark: a lot of investors are nervous. they were expecting the fed to hike, but the backdrop is people expect to see a stronger dollar over time. moving in that direction, but they are afraid to hop on the train or continue with the trend to the extent they have been before because of the odds the fed does not hike this time. joe: if the fed does hike, what does that mean for global markets? do you think -- first of all, do you think they will, and if they do, what kind of ramifications would you expect to see? mark: there's a big issue people have not fleshed out and that is since the crisis, the strongest advocates of aggressive monetary policy have been disappointed with the impact on output. the largest attractors have not seen the impact on the currency and the negative impacts they have been anticipating. everyb

bill from the tower sounds the noon hour at that precise instant a horse standing in front of the jpmorgan bank across the street explodes. the horse explodes into so many pieces that nine and could ever be found. i will not be questioned. [laughter] it was attached to a cart into the side was the equivalent of 100 pounds of dynamite in addition to the 500 pounds of cast iron of when it occurred had the effect of shrapnel and it was lunch hour wall street was full of hungry men and women from the financial institutes going to restaurants or going to the parks to sit and eat their lunch more than 400 injured and 38 killed and a few of those would die in the hospital within a week it was the first terrorist attack ever in the united states and the worst intel timothy mcveigh's detonated the lives of 168 people in oklahoma city 1995 the legislatures started to talk about homeland's security. they didn't call it that they started to talk about making it more difficult to pass through the portals of ellis island. who set off the bomb and why? were they ever caught? 1920 was the only year in whi

jpmorgan hack. what l.a. and airline industry were hacked they're saying that now china and possibly russia are cross indexing all of this information to see who they can blackmail who they can commit extortion against in the intelligence committee so they have marital problems, intelligence offer to refuse ashley madison and anthem you know insurance company filing so that's the pressure and entry points and that's that -- old school cold war tactics that worked a lot they stuck out on our country so that makes it wold car go longer maybe a decade or so longer because they found a weakness with vulnerable officials and took advantage of that. >> that's a great point. thing is intelligence community has said 9/11 was failure of the imagination in the difficulty to understand government roles it is about imagination so right now, the obama administration is saying we're going to boost our security defenses horse left the bar, so personal management thing is stolen. so what do you do now, and should you -- you

if i are running jpmorgan or wells fargo or bank of america -- i have scope i have sky. citibank -- the tragedy is how the banks were made the scapegoats. look at barney frank on a tape. see him preaching to the world, and inherent right for every american to own a house, whether they can afford it -- these guys are pushing it at the banks. barney frank probably now has amnesia. i might have been there, i thought i was there. the banks to me are being beaten up mercilessly unfairly. gary: do you think that will change after 2016? ken: you tell me who will be the next president. if it is hillary clinton it will not change. gary: you mentioned your support for governor christie, anthony has mentioned your support for governor walker. ken: i would vote for walker like that as a nominee. gary: there are so many republican candidates right now. when we get through the primary season, will both of you and other leaders like yourself get behind one candidate? ken: yes. gary: that was an issue in -- ken: let' s be honest. if the republican voting goes kaflooey, a lot of people w

the point of view out of jpmorgan. is that too glib? is that speaking to peoples frustration?think there's something to be said for dealing with the uncertainty and getting it out of the way. if the fed were do the following, which i do not think they will do, if they were to say one and done -- i don't think they'll do that, but if they were to say one and done, the equity market would take off. i don't think they'll do that. i think as policymakers they need to keep options open. you can design a few responses from the fed where they hike but the equity market likes it. >> it's right and prop their a man who works for allianz would stress the investing opportunities still to come down the line from the correction that would happen. would it be your advice, given the scale of opportunity in the future, for people to move into cash now to a greater extent to make opportunity to buy further down the line? in both areas that you talk about, what's happening in emerging markets and is ongoing if i'm paraphrasing incorrectly, forgive me. >> you heard me say for months now become m

boeing, goldman sachs and jpmorgan. procter & gamble just turned green.g is for a 17 negative dow points. goldman sachs 26. jpmorgan 10 negative dow points. technology and financials are the worst of the 10 sectors. all 10 sectors are lower. some of the traders in the cell of data don't seem worried as you noted could've been so much worse. i cite ebay down 2.5%. schwab and jpmorgan down 3%. that's a huge sign. they might even buy them back a little bit. stuart: thank you very much. moving onto the s&p 500. who are the biggest losers? diamond not sure, all energy related stocks and of course going down because the price of oil down 3%. ebay down big in another energy stock. to the nasdaq, big losers. some you don't know. green mountain, i think we know all of those. i'm going to check this out you. keep the list up there. look at that list. any bargains you would buy? >> that is the biggest day away from this list i've ever seen. the disaster will continue to be a disaster with what's going on and that is the poster child. stuart: nothing to do with finan

>> we do through two ways during school year we partner businesses with public schools so jpmorgan chase with high high school around the city or o fox news here with different schools. during the summer we run a pencil fellow's program that takes inner city students and places them in business to get them real -- real hands on learning experience about what it is leak to work in the business world. >> all right what are kind of activities that high school students engtd up doing once they've been placed with these businesses? >> you know it is interesting. i think when i was a kid 20 years ago, high school was seen as a time where you could work in an ice cream shop or relax maybe you thought about an internship when you became siewrn or senior in college this has really changed. students nowadays need to learn skill sets in order to be successful in a career. we believe that starts in junior year and high school and junior year and high school into different businesses. students do a wide range they support hr departments. they he with markets. they do research and even here at fox the

ben mandel, from jpmorgan. >> lots of buzz and not all of it good with the buzz yesterday. john fortt was there and has all the details on what was revealed and what it could mean for apple in the long run. welcome home, john. >> thanks, carl. it was a big event. the most significant iphone event we have had in a long, long time. perhaps since the iphone 4 and the buzz around these events. when was the last time you remember the general buzz being, oh, my goodness, that blew my mind. is it the best thing ever. first, the iphone. you have 3-d touch, a variation on 4 touch. you have to try it to be convinced one way or the other. i had to run out there at the clothes of the event and get on a plane to be back here at the stock exchange. hopefully, over the next week, i'll get a chance to mess with it. if that is a significant upgrade as they are pushing, good for them. also, the camera. don't forget this iphone upgrade program that apple has rolled out. that's going to make it easier for everybody that didn't get the 6 to cheaply upgrade to the latest phones also. that could

. >> jpmorgan takes it to overweight. worried about a dividend cut at chevron, a lot of people are. if cramer were here, he would argue it's a risk that faces the stock, jpmorgan believes it's been priced in. >> and they say there's no chance they'll cut the dividend. >> i think you'll see a lot of different moves. not at the highest but the mid tier, the smaller as they come under increasing pressure from their lenders who are going to be looking closely at where they are in terms of cash flow production or lack thereof and their ability to get their kov nans on the lending agreement. we're moving into a period where we can expect to see forced m&a and disruptions. maybe even bankruptcies. you wonder when you hear a number like $20, knowing it's low, the lowest idea, at least that goldman offers, but the geo political ramifications if we get that, what that would mean for russia or saudi arabia, and how destabilizing that would be is a scary thing. >> to be fair to goldman, they say it wouldn't stay there for long. that

the bank reportedly hired jpmorgan to advise cot on a possible sale. it's also looking into other opportunities. the company has a market value of about $3 billion with nearly 400 branches. shares up 14.5% today to $10.26. >>> bio med realty trust, a real estate investment trust that focuses on biotechnology companies, reportedly in talks to sell itself. the firm attracted interest from morgan stanley and has a market value of nearly $4 billion. shares popped more than 12%, $21.54. >>> depo med announcing it has received a positive patent decision. the review will clear the way for the company's infringement lawsuits against rivals. shares were off just slightly to $24.09. heron they are pupil saw shares rise after that company's experimental drug for pain met the goals of its study. the drug helped lower pain in patients following surgery. shares jumped nearly 22% to $40.81. >>> coming up, the big threat to one of california's lucrative wine producing regions. >>> nike reports earnings, new home sales and durable goods orders, a read on how many ameri

they are leading tech higher due to bullish analyst calls out of jpmorgan, r.w. baird and along with microchip boosting the sector, up more than 3.5% and communications also ahead. a lot of talk about the revamp of the apple tv hardware, but apple anticipation seems to be putting pressure on netflix according to traders. shares were up as much as 3% above the open, a big reversal today down for the seventh day in a row on very, very heavy volumes. back to you. >> all right. thank you very much. it's been, of course, a really wild ride for investors lately, and who better to speak about it than warren buffett, the great one, sitting down with our becky quick earlier today to give us his take on the recent selloff and what you should do about it. take a listen. >> i'm no good on what's going on in markets. i have no idea what will happen tomorrow or next week and sometimes they get very volatile like this and other times they put you to sleep, but the important thing is where they are going to be in five or ten years and i'm confident they will be considerably high

citi is up 63% and jpmorgan chase is up 75%.k of america and broin moynihan so much begin his performance? >> if you go back to the numbers, some of the numbers that i just mentioned to you but i will throw you some more -- >> but as a shareholder doesn't it boil down to the returns? why is jpmorgan giving me 75% and brian moynihan 12% during his tenure? >> because they didn't own country wide credit. if they did they wouldn't have shown 75% return while bank of america showed a lower number. you have to stake a look at hoe deep the hole was that bank of america was in that they had to get out of which was not the situation at all at jpmorgan. this company has made over $70 billion in litigation penalties in the last few years. this company was priegt at 45 to $47 billion a year to run the company because of the fines it was paying. this company will now cost less -- $4 billion less a quarter to run the business than it did a number of years ago. you know, when it company was taken over by brian moynihan it had something like $6

big banks like bank of america, jpmorgan and citigroup why outperforming the market in general as were regional banks like "uss bankcorp. why the move down in bonds? that's not clear. but there have been rumors for sometime that the chinese government, one of the biggest holders of bonds outside the united states has been an active seller for several weeks. for "nightly business report," i'm bob pisani. >>> now to the wall of worry. the heads of some of the biggest companies in america have a long list of things they're concerned about. the quarterly survey of the business roundtable made up of corporations with more than $7 trillion in annual revenues cites growth, a strengthening dollar and a potential federal government shutdown as some of their top concerns. the chair of the group pointed specifically to congress as the top impediment to business expansion. specifically if lawmakers fail to fund the government beyond the end of this month and fail to increase the country's ability to borrow later this year. we've been following the story from washington. eamon, very concerned becau

one jpmorgan. i began, the seeds for my book were sold 40 years ago when i was a young student at the university of texas. the guy on the left over there was the dean of architecture and it was my job as ought member of the daily texan, he was part of my beat and when i first met him, i had never before seen an asian person so i asked him where he was from and he said brentwood, calif.. but he understood and explained he was japanese american. zillow than i asked him a question people from texas always ask which is how did you get to texas? and he said my family was in camp here, being a but -- a good baptist girl at the time, not so good now, i said church game? he said not exactly. and over the course of our long relationship, he explained to me that he and his family were in the crystal city internment camp. so i always knew from 18 years old about the camp. i knew of existence but it was something in the back of my mind. after i learned allen had died i decided to take this on. i was very sorry

companies and entrepreneurs but actually there are some rising stars on this list who work at gm, jpmorgan, goldman sachs, things like that. but also they're rising stars in auto companies. fitness companies like soul cycle. there's a company that you featured in "bright ideas," debbie sterling of goldie blox, the toymaker that makes toys for girls. the comedian john oliver of that hbo program that's very successful, "last week tonight." so it's a real broad spectrum. >> and taylor swift. >> yes. again, she -- >> she was on the most powerful women. >> she has really made an impact in the music industry and taking on spotify and apple to change their pay model. she's more than an entertainer. >> she's a wonderful businesswoman. >> a disruptor. and she's 25. she's the youngest person on the list. >> wealthiest is? >> wonderful. >> the list is not based on money, tyler. but probably ryan graves, who is with uber. and he's worth i think $1 billion. he's under 40 years old. you're going to hate him too. and also the founder of fitbit. the company went public recently and his shares are worth so