jpmorgan,ary from saying results were decent this quarter. in terms of the other business $2.89net revenues, billion. and then the commercial bank revenues, and corporate and thattment takes, and includes the trading option, capital markets, and the investment thanks. $8.17 billion. in terms of how they are trading in the post-market, reaction to the jpmorgan results, it looks like it is 1.4%. again, not number, the most pessimistic forecast, but certainly lower than the consent is. -- consensus. have cut their estimates for jpmorgan p and we are talking about a much lower bar. alix: it is a much lower bar. i have no idea what is driving them. but there was a lot of talk about this competition, penalty that jpmorgan and a bunch of other banks were called in. that might be one issue. strikes me when looking at the jpmorgan balance sheet, which seems to have shrunk again, and we hear talk all the time about regulatory pressures, and we are seeing that bear out in numbers. the $1.32, when you back out the tax benefit and the legal costs, what is

that's where we look at jpmorgan.heir retail side still i think in a workings a lot of its been patched together and they continue to strengthen that but that's not what drives jpmorgan stock. >> the numbers look like a business bit of a miss $1.32 and the headline earnings number adjusted $23.54 billion. kayla tausche joins us to run through the numbers. >> $1.32 is it's adjusted earnings per share on the revenue front $23.54 billion of course that compares to $2377 billion which was expected to be a revenue decline year over year. we did see provision for credit losses $682 million that is down by 10%. it will be interesting to see what the makeup of that is. we heard paul miller talk about how he is looking at fixed income trading, we will pull that number for you as well as firm wide expenses. the headline numbers do appear to be a miss. back to you. >> paul, your reaction. >> you know, we've still got to see what's in those numbers. could be noncash charges going in there through the debt, there's a lot of stuff

this is the cfo of jpmorgan. seeing good demand for loans, reasonably good sentiment in the business banking space. she says i take a slightly different perspective on the jobs report. >> she didn't sell the story the way i would have sold it. >> lake, you mean? >> yeah, she didn't. she's conservative. you have a stock yielding about 3%, correctly forecasting trading weakness earlier. i think they flagged it, 15% loan growth, better vig on the deposits. the people who did the jpmorgan conference call, you know you could have told a better story, you chose not to. you emphasized perhaps this one division could have weakness. that overshadowed everything else you did. i would not have done that. i could have made the announcement better. that's what the wife wants know, i look at that quarter and i say guys, i would have reversed it entirely. congratulations to larry lynch who got bank of america through this period and is still oversee overseei overseeing. we had the problem with mo green. >> yes. >> that's over.

anna: jpmorgan missed estimates..4%, driven by a drop in trading and mortgage results. shares fell in extended trading. guy: caroline is rejoining us. caroline: if you are looking at chips and chip equipment it will be a big fourth asml. europe's a guest chip equipment maker could fall anywhere up to 10 percent. we see the shares on a downward trajectory, by 25% since their peak reached back in may. thateason is fourth-quarter estimates are missing analyst estimates, saying that customers that were cautious -- one of their customers as intel -- saying out that they are seeing slower corporate spending. the bottle offor the german landlords, m&a a plenty in germany. the know via is offering deutsche bone in -- rising in premarket trading over in germany. diageo is selling its wine assets, getting out of wine, expecting to raise 320 million in sales. and keep an eye on dominoes -- they could rise as much as 5%. guy: thank you very much. caroline hyde. european equities heading to the open. anna: angela merkel will see

jonathan: jpmorgan says revenue fell 6.4%. fell inf jpmorgan extended trading. this until -- intel shares fell. inres fell more than 2.5% after-hours trade. welcome back to bluebird tv. 42 minutes into the trading session. this give you a quick update on where stocks are trading. the stoxx 600 down by 1%. the dax by that's the dax down by 100 points. if you take next week and last week in turn it upside down. it is what you've got today. the miners were a big performer last week. underperforming this week. glencore down by 2%. another concern, fueled by weak data out of china. a quick check on the fx market. euro sterling, the headline a high.y, when data out of china and u.k.. the cpi number, negative labor market reports. look out for that. euro-dollar up by .4%. europe.now are in i would talk about that in just a moment. i want to get over to russia good god bless the central bank of russia. putin in front of an audience of investors, he made the comment after the banks -- as well as speaking to the russian president, she sat down with ryan chilcote pc told h

let's go back to jpmorgan.the company reported adjusted earnings-per-share of one dollar 32 cents, missing the consensus estimate. it also represents a decline from the same time last year and from the second quarter. keep in mind, over the past months, 21 analysts have ratcheted down there estimates for jpmorgan, so a lowered bar. and also a decline from last year, jpmorgan blaming the banking revenue that fell, and having said all of that, capital markets and trading would be a real sore spot for the bank. it turns out all of that manage d expectations that jpmorgan did leading up to the results did affect things. the equities revenue topped analysts estimates. in addition, also better than expected. and in terms of credit losses, the bank set aside millions for bad loans. that is down from what was put aside last year and in the second quarter. alix: which was amazing. scarlet: all of the energy credit, right? alix: right, in breaking down jpmorgan. and cory johnson has more on a stock that is up in after-ho

jpmorgan's commentary was the most negative. bank of america was ok. we are still waiting on wells fargo. i think the negative commentary is what is bringing down jpmorgan or than anything else. the book value of bank of america grew pretty solidly. with bank ofstay america, we will be hearing from brian moynihan in just a few hours. cost control has been a big issue. are they going to be able to keep their expenses in line? paul: they were flat this quarter. analysts were looking for a continuing decline. there are a lot of noise with these numbers. going forward, analysts are going to be looking forward to continued decline. especially in expenses from before 2007. nonperforming asset type stuff. we still have litigation expenses. we are waiting for that to get out of there so that these companies can start earning more money. have been looking for normal earnings for these companies for many years. waiting, have been when you talk about the normalization, we have been waiting for the fed to finally get off of zero. those expectations keep getting pu

jpmorgan missed in mortgage fees. about getting into more litigation about foreclosures and perhaps not underwriting the deals collectively. that was another issue. one of the most interesting things with to hear how well they are managing the bank. they have this global systematically surcharge on the capital. moving the by balance sheet to lose half a percentage point. that is worth a billion of capital that they can -- that is worth eight ill human capital -- that is worth 8 billion of capital. the idea of the state of european and london banking versus the united states -- it is sort of the backstory that no one is talking about. christopher wheeler, what is the state of the city, the state of canary wharf, to move against the u.s. penny system? christopher: it is very difficult. calculate your -- clearest on your balance sheet with discussions with your regulator. the fed state -- the fed said no. we are going to have a look at it. what that meant was the european front --t figure -- shrunk their capital. banks o

jpmorgan down, but not out.ll take you to london where our colleague tom is waiting to join us. tom, what you're reading today? a public i have is service, i know david westin has seen this. this is on the betting of draft kings of football that we've all during gamesd with with commercials. in other words, 99% of the participants in fantasy sports are the patsy at the table between the high-frequency outfits -- takes the fantasy sports model and brings it right over to some of the high-frequency trading. david come i don't know about you, but i am dazzled by these ads on tv. david: i see them constantly. stephanie: they're everywhere. david: you're right, this hits close to home to me. i have a 13-year-old son who goes on to the sites. i have gone over the numbers of the people few actually make money. tom: people are worried about this -- this is that about stephanie just paid for two years of tuition for the fourth grade because she went with the patriots. i don't go to fantasy, but a sad thing here is that f

jonathan: you got two guys from jpmorgan.there a story that jpmorgan is a new goldman for the talent pool? sandy:f the things is -- one of the things, jpmorgan is quite acceptable. jonathan: how important is that to work with the regulators? sandy: i imagine it is highly important. winters, hisat background in terms of sitting on regulatory committees and oversight, i think it helps banks conversations with its regulators. the same effect here. question, heal takes the job, what is the first thing he's got to do? .andy: get down to the numbers , thank youandy chen very much for joining us this morning. about 30 minutes into the trading day. let's see how things are shaping up. the ftse 100 winning streak and yesterday. the dax winning streak ends today. where down .9% coming out of a seven-day winning streak. .9% coming out of a seven-day winning streak. ugly data out of china. trade numbers, imports, down 18%. the aussie dollar gets hit. a nine-day winning streak on the aussie dollar. we snap that, down by .6%. brent crude d

you like goldman sachs and jpmorgan. >> we do.buy at these before they start earnings. >> we are looking to add, we see how they react to these earnings but our expectation is they will hang in pretty well this week. maria: query is on revenue. dagen: what about other surprises in terms of sectors like energy? that will be the worst performer and basic materials. >> we are staying away. we had a nice bounce we think is important because people like discounting of the idea of the world is not going to end but china is not going to build another building for a decade so the idea that you are going to and make a lot of money in stocks long term i don't think they're going to bounce. we are playing on the cycle side, and domestic cyclicals on behalf of the u.s. economy, it is a domestic cyclical, they have been taken down, china pulling the rest of us into a giant more tax. >> this isn't, an american multinational places a lot of chips in markets outside of the u.s.. is that a problem for american stocks? maria: we have been waiting f

steven reese of jpmorgan and andy lippat. today, we have $567 billion tech de5a $67 billion tech deal and a beer deal. >> that brings the focus back on the corporate sector in the u.s. companies feel good about the outlook. there's been a lot of noise whether it's china, the fed. but if you listen to what companies are saying, the overall situation in the u.s. feels good. that's why we're looking forward to the upcoming earnings season. >> is it a statement of confidence on the economy or the realization that the window for low interest rates will close soon. >> i think interest rates will be low for some time, it will be slow moving. i think it's an indication that corporates feel good about the outlook. >> we'll talk to you about corporations and earnings growth specifically. i know you're looking at two sectors, but first, andy, the move in oil. you've been in the lower for longer camp. were you surprised to see oil rally like it did last week? does it change your opinion about were it's headed next. >> i was surprised we

jpmorgan has cut 5,000 people from its headcount this year. it's cut real estate, it's even cut employees' voice mail lines. bank of america has been in a year's long process of getting rid of bad loans and the workers that have been servicing them. the question now is where organic growth will come from with the economy growing only moderately. the big boone to be banks was supposed to be that elusive rise in interest rates but yet again, the banks will have to show investors their big supermarket business models are working even without it. for "nightly business report," i'm kayla to you she. >> now to intel which beat expectations despite a 6% fall in quarterly profits dragged down by weak demand for personal computer chips. the world's largest chipmaker earned 64 cents per share. 5 cents better than estimates. revenue decreased slightly. and that weak demand for pc chips was offset by sales growth of 8% at intel's data center business. that segment has been growing faster than revenue overall for the chipmaker, a trend many expect will con

well it wasn't such good news out of jpmorgan chase.hey did miss on both earnings and revenue, even though earnings managed to actually increase. but the real concern here was on revenue. they reported about a 6% drop in revenue on the period and a lot of this was due to both the market volatility and a hit on trading revenue that was largely due to the low interest rates. and it's expected that that low interest rate environment will continue, as you know, with the fed expected to stay on hold for rates for the foreseeable future. and the cfo at jpmorgan warning that analysts may be a little bit too optimistic about the next quarter. so that will cause some investor concerns, especially as we have several other big banks reporting earnings this week. today we hear from bank of america and wells fargo. i should mention with jpmorgan there was one bit of silver lining here and that was on mortgages. for the consumer bank division that was the only one really to report an increase in income and a lot of that came down to mortgages. the ba

melissa: we're waiting on earnings from jpmorgan. what is that? ashley webster standing by with the numbers. ashley, you got those? >> i do. melissa and david, took a while. 15 minutes after the closing bell. earnings per share, 1.37. huge beat coming in of 1.68. that is the good news. the other side of the coin though, revenue, expected at 23.69 billion, coming in at 23.9. short, just a little on revenue. beating on earnings per share. difficult industry backdrop if you like for banks. zero interest rate environment. they have all been struggling with lack of revenue or certainly declining revenue and trading. we'll dig through the numbers. hit, beat on earnings, miss on revenue, twice. melissa: what an interesting mix. let's bring in gary and leif. they're back with us as well. what is your take? what do you think they did to make earnings look good on revenue? >> well, i don't know -- go ahead, sorry. >> look, when i look at financial earnings i have to get through them first because i got to tell you einstein can't figure out some. things in t

jpmorgan has a warning for wall street. the first of the big banks to reporort results since a volatie markets and low interest rate are putting pressure on the financial sector. su keenan joins us live. su keenan: we are seeing the stock trade about a dollar lower. the story here is that cost cutting failed to offset decline. revenue fell 6.4%. that was driven by a slump in trading and mortgage banking. mid-income rose. the adjusted epm miss the estimate -- missed the estimate. was 23.5 billion and the third quarter, it was down from 21 5.1 when your 5.1 when your earlier. the markets in continuation of those low interest rates are eroding profit. we saw jamie dimon release a statement saying, we are seeing the impact of a challenging global environment. wall street hedge fund titan, leon cooperman says they might be seeing the impact unless diversification. >> they were mistakes. i spent 25 years of goldman sachs. the firm was a profitable. we had many diversified profit centers. by forcing them out of business, it is to

jpmorgan kicks things off today. goldmanose, sachs report on thursday, morgan stanley ends the parade next monday morning. the benchmark for the quarter and other banks. we have got our eye on another banking story. britain's second-largest lender is close to naming jes staley as ceo. is erikus now schatzker, who follows the bank for us, as well as allison williams. allison, to you on the earnings and what we might expect, what do we think jpmorgan will report and how does that set the tone? allison: the most interesting thing is trading's results. jpmorgan, city, bank of america, they say the underlying was 5%. amorgan will have next are business solidification. trading revenue. that is what we will watch for. theyt's see what progress make on cost-cutting. revenue growth is hard to find. the only room these banks really ise to boost earnings through the ongoing cost-cutting effort. it gets boring because that has been a story for so long, it is a zero interest rate environment. once rates start to rise, the banks h

jpmorgan's findings?t's nearly double that. >> what we find by looking at these 25 million counts, that contrary to what conventional wisdom has been saying for this last while, is in this last period of very steep gas price declines people are spending most of what they save at the pump. they're saving 80% of what they save -- >> it helps with my grocery bills. >> it goes. on mills. >> to be sure some of the increased spending shows in the data but not all of it, with its reams of real spending data jpmorgan makes a compelling case. americans are spending the savings at the gas pump. mystery solved. case closed. for "nightly business report" i'm steve liesman in washington. >>> coming up, what experts say is the best thing that's ever happened to small business. >>> here's what to watch for tomorrow. a read and report on import-export prices. another economic indicator, wholesale trade numbers are out. and we'll hear new york fed president bill dudley. that is what to watch for friday. >>> bill gross is

francine: second one from 80 morgan. -- from jpmorgan.l ferguson has just written a biography on the life of henry kissinger. great to have you on the program -- think you for coming in. when you look around the world, -- you talk about china and interest rates and negotiation. the fact that we don't have a statesman, a political person, who is a beast at getting stuff done, who would you say is the number one guy? jingping was to talk to a western statesman, he turns to henry kissinger, 92 years old, still number one guy in the eyes the chinese leaders. that tells you something. it tells you that he has amazing staying power, and it also tells you that they haven't really found a replacement for him. one of the arguments i have been making recently is that there is an american strategy, if you put it in historical perspective. on henry kissinger's watch, you would never have allowed the russians to become the powerbrokers in the middle east. he would never have allowed the russians and the chinese to get closer together to one another. i

mychal bell is with us from jpmorgan asset. and our guest host of principle global investors. in the numbers today you can see a mixed set coming from deutsche bank. barclays all reporting. it has well and truly come off its highs. it reset lower so far. do you think there is a reason for investors to be more cautious around the banking center? >> in europe we think restructuring stories, cost cutting like you are saying from deutsche bank at the moment. and also you have the potential for performing in europe. in the u.s. by contrast, credit picking up nicely. we think that is quite nice. it will be positive for the banks. >> deutsche focus i think front and center. and the comments about importance in the german market. how do you feel about the comments we just heard? jim? >> as we expected, quite decisive on the costs in drawing from smaller markets. it is is clear, as you look at deutsche, they were overextended. they were in too many places. they need to conserve capital is and to focus on where they can get the income cost ratio into the right place. so i think that's w

and a jpmorgan, they will pay the most or pay the most of the most settlement, $1.9 billion of a credit default swaps investigation. bloomberg news reports that jpmorgan will pick up one third of the settlement price in the case involving accusations that a dozen big banks conspired to limit competition in the credit to saw -- credit default swaps are cap. tires are knocking on the door of a slumping commodities trader, interested in the agriculture unit of glencore. among the shoppers, singapore wealth fund, canadian pension fund, and a japanese trading house. glencore's stock has lost more than two thirds of its value this year. and those are your top stories at the moment. coming up on the next hour of " the bloomberg market day," it looks as if the u.s. east coast will be spared a direct hit from hurricane joaquin but the storm has are ready had a big effect on some stocks. we will tell you about it. and oil prices rising after russia launches airstrikes in syria after months of speculation about $20 a barrel oil, what is the latest forecast for crude? we will also introduce you to

francine: they are looking at a former investment banker from jpmorgan.dhad a retail they said he couldn't do the job he goes he doesn't do investment banking. >> is maybe a lot more about mood and culture. turned off bye where you came from and what he did, but you had another guy who tried to change the culture. at the very top of the bank at our clays, i spoke to john mcfarlane the day he was fired and he wanted someone quicker and more aggressive. taley.at guy may be jes s tom: buried in this is a market move. you drink the under the table at a local pub. >> apple juice. -- up forore has sale. this is a fire sale. >> you have to think about this. they are traitors. they sold their company at the top of the market. assets of whatll could be at the bottom of the market. tom: they have got to be going, it is our time. >> there are a lot of people who say that -- tom: i was pretending to be jon ferro and say, folks, what you everyonew is that -- is saying, $20 a ton for copper. mean ton say ton they ne. >> the camera men are offended. they are having a lo

he is someone with three decades of experience from jpmorgan.r being for promotions to join as a managing partner for blue mountain capitol. he will take up his role and , as ofthe barclays board the first of december, 2015. it has been rumored that this will be the man who will take over for antony jenkins, who was ousted by mcfarland. antony jenkins, the previous ceo, is a man from the retail part of the business. now they have a man with investment banking experience. other than john staley. anna: we see extensions to the deadline for the conversations .aking place between they have asked for an extension to their conversations around a . pusu coming through this morning. companies have been having this conversation and out they have longer to have it. let's go back to caroline. caroline: heineken is coming out this morning. 7.5% increase in consolidated revenue. expected 3.9% growth. they are revising their four year guidance on the back of ncy guidance. they expect the effective tax rate of about 28% in the full year. a forecast ofsee avera

a reason why jpmorgan is lowering its assets, they're focusing on retail. deutsche bank is focused on that. credit suisse is the 21st, we hear the private client could be sold. that's going to be a major disconnect between the bank and the private client services. they have a very powerful private client division that also we rely on. >> great stuff. we'll have another chat with you after the break. >> do stay tuned. we'll have david from drexel hamilton. that's in around 15 minutes' time. >>> morgan stanley reporting before the bell this morning. also coming up, "saturday night live", snl, makes a bold prediction about the outcome of the presidential race. >> i'm bernie sanders and come next november, i will be hillary clinton's vice president! i'm jerry bell the second. and i'm jerry bell the third. i'm like a big bear and he's my little cub. this little guy is non-stop. he's always hanging out with his friends. you've got to be prepared to sit at the edge of your seat and be ready to get up. there's no "deep couch sitting." it's definitely not good for m

jpmorgan chase, over 7 a thousand. bank of america, nearly 52,000 bucks. >> a lot of cash from wall street. let's to overseas now. u.s. says four russian cruise missiles launched from the caspian sea missed their targets in syria and landed in a rural part of iran. the u.s. comments come as there is growing international concern about russia's actions in the region. president obama said russian airstrikes in syria won't draw the u.s. into a proxy war. he said russia's involvement in syria still poses major implications for the u.s. military. u.s. defense secretary ash carter told nato officials in brussels, russia can no longer say it is in syria to fight isil. >> they have initiate ad joint ground offensive with the syria regime, shattering the >> class-action lawsuit has been filed in manhattan against sports fantasy sites draftkings and fanduel. the suit accuses sites of negligence, fraud and false advertising. the case was brought by adam johnson of kentucky, who says he deposited $100 into a draftkings account. th

jpmorgan, bank of america, wells fargo, we have been watching the shares. david: tell me a little bit about the vix. julie: it is turning around today. we will see an uptick in volatility. perspective is important here. high in august, we had seen a big winning streak, a huge uptick in that time. since then, it has come down substantially during the august selloff. we saw it trending below 20 after spending quite a bit of time above 20. is working futures now, it looks like traders are anticipating volatility will come back at some point. now let's get the first word news. mark crumpton is at the news desk. mark: benjamin netanyahu says his government is working out a series of what he calls since the 2014s god -- gaza strip war. this came in the middle of a meeting with senior security officials. another spasm of deadly attacks occurred in 90 minutes. authorities say two palestinian men boarded a bus and began shooting and stabbing passengers. another rammed a car into a bus station. three israelis and two of the killed.s were officials are scouting sites

jpmorgan is the first report with results do after today's clothes. are facing the worst. joining us now from st. louis is more, investment strategist at edward jones who also sees big earnings as challenging. the mostoing to be challenging figure their report? >> they already announced that sales growth with liquidity is slower, we are all looking to do they actually see slower load growth which is indicated by broader ventures. we know that the environment of mergers and acquisitions and ipo's in the capital markets business is not doing too well. we think that most investors are going to focus not so much on current earnings but what they see about the outlook. what really matters is not this quarter's earnings, but with easy going forward. weather continues to be a difficult environment with the continuation of very low interest rates. always onhe focus is outlook. the indication got on diets last month was not a lot. to make america merrill lynch only 26 companies offered guidance versus the average of 65. that shows lack of visibility. will they

jpmorgan raising the price target to $21 from $19.und like much but here is the catch here, it implies a more than 130% upside. j.p. citing a higher than previously estimated value for the devco business. the stock's overweight rating remains unchanged. >> saying it in french doesn't make the stock decline feel je better. the stock was in the 30s in august. third stock here gap. mkm is downgrading to neutral after disappointing september sells after the bell yesterday. the price target goes to $29 from $40. ouch. the old navy miss goes beyond the old weather excuse and the drag from banana republic will be more severe and last longer than expected. >> a lot of turmoil at that company. number four, edward life sciences. cowan initiating coverage with an outperform rating. $185 price target. >> finally our last stock, eli lilly. credit suisse raising the price target to $85 based on a survey it conducted citing growing awareness of doctors of the new drug for diabetes. that does it for us for "street talk." let's take another look at th

match will go public under the ticker symbol mtch, jpmorgan, merrill lynch, among others. match filing for an ipo of up to $100 million. back to you. >> seema mody, thank you. >>> interesting time to go public, i don't know if you have any thoughts about the space. >> this is not even a name that we have heard a valuation on that has any excitement about it. i think this is a barry diller name. we had all the roll ups when these were not fashionable things now they are kicking them back out because they think it's time. >> not a match made in heaven. this is not really a hot ipo season and this is not something that's got a lot of buzz, i don't think i would have any interest in this at all. i wouldn't be surprised if this doesn't do well. >> earnings season gets into full swing next week. let's hit the score card. so far 58 s&p 500 companies report with 71 coming in throw estimates, 19d% below. one man keeping score is dom chu. >> well, melissa, if you thought we had a lot of scores to keep track of this week, just wait until next week, that's when over 100 s&p 500 compan

jpmorgan, wells fargo and goldman suffers. perhaps the expectations for those banks are too high in this market. >> you are right, citi holdings, net assets, 110 billion. those assets are producing decent income. goldman, listen. it is funny. we talk about fixed income being a weak area. it is in terms of trading. although, we have these enormous capital races going on in the bond market. namely, the two big deals from this week. dell is going to borrow as much as $45 billion from banks. much of it investment rates from a good high yield. they are going to come for $55 billion to the credit markets to finance their deal to buy s.a.b. >> ecm over goldman, missing expectations. you are really seeing a sharp slowdown in stock even at the same time as the capital markets have been pretty healthy for debt issuance. >> jpmorgan, they were much more positive on the broader economy. marion lake and her comments seemed to be much more positive. >> the goldman read and citigroup mentions it. >> the jpmorgan mantra is all about america b

jpmorgan baker just taylor that's just taylor -- joining me now is stephen morris.ob and i has been saying it is the worst kept secret in the city of london. the regulator gives it a stamp of approval. stephen: they would have met and barclays has an obligation to announce they have finally given the nod. the history and their plans for barclays. -- i sat i set down down with the chairman for barclays spirit he wanted someone was important. he didn't want leftovers. a lot of people sit here and wonder what is good to happen to the investment bank. is it bob diamond. is it a man that knows the investment bank? and when he lifts the lid -- stephen: he spoke to the reporters last thursday. he is -- he has run wealth management and private banks. he has brought experience. -- he sent a day one memo to staff pledging to move with a less intensive model. he basically told the investment bank we have enough time. jonathan: this is the difference between bob diamond and jes does that make them the same man. this could be a very different strategy. has some very profitable u

the --o be unveiled by jpmorgan,, banks like bank of america.indiscernible] rates, it could just if the fed hikes rates, it could have an impact. manus: if we look at the banks in terms of the reporting season, we expect this is going to be tough for the third quarter. , they assume that bank valuations in the u.s. will not see any rate hike until 2017. europe, -- in andrea: jpmorgan is struggling , which areasues they're going to compete in. you have the retail banks. he have that huge range. struggling.spanish there is no real loan growth. also low interest rates. it is difficult. violation that looks attractive. francine: when you look at loans , a lot of these banks are not passing through these low interest rates on to the economy. there is so much regulation and they are burdened by capital raising needs. are you confident that after the u.k. banks are a step ahead the rest of europe? andrew: lloyds is a commercial -- they have been good [indiscernible] notwithstanding the bank of england. been quite they have good in diversifying the sour

jpmorgan and bank of america fell yesterday and are coming back in today's session. health care also one of the top performers despite the fact pharmaceuticals is getting a subpoena. the rest of the industry not feeling that pinch. tandemn them moving in on concern about pricing but today, the big drugmakers like johnson & johnson and the big biotech companies are trading higher. betty: he saw that not just in stocks but bonds also. julie: we see it flow out of bonds and into stocks today. the yield are going to little higher. -- a little higher. i should mention the move we see in the dollar as well. the dollar has been under pressure lately and that is changing today. more of a risk on trade and on that economic data. i do want to mention gold prices. gold is not behaving as you might think. you would think they would be down today but it are not. here is the year today -- but they are not. here is the year to date. move, golday's bucking the trend. betty: thank you so much, julie. let's get a check at the headlines. mark has more from the news desk. mark: benjamin

concerns about weak earnings season, jpmorgan and intel, jpmorgan reported $1.32 a share missing expectationsting to report shortly and we will bring those numbers to you, jpmorgan shares expected to open lower, the dow component will pressure the markets. intel third quarter profit was down 6% from a year earlier but the company got help from higher chip prices, reporting earnings of $0.64 a share better isn't the expectations of $0.59. futures indicate a weaker start, but get futures standing weakest at the open, down 5 points, the s&p very close to the flat line. we saw weakness in europe, down students downside most of the day, the attack around and dax index down, asia went higher overnight. snow apparently is coming, accu-weather says waves of cool air through the northwest could be enough to bring the first snowfall of the season this weekend. >> a strikeout, a win, heading to the national league championship. maria: then there is this, the first time ever the chicago clubs closed at as series with a win in their own ballpark, beating out the same those cardinals with 6-4. not suggest

as of the people who bank with jpmorgan it?amie: auto share holders appreciate long-term investing. don't make earnings forecasts. you don't know what's going to happen every quarter. i don't even care about quarterly earnings. they've never done anything for quarterly earnings. last fewbased on the years. when you build systems, you have a country of a country. you're not doing that for short-term companies. because it's that going to affect our earnings and the next couple of years that forms the base for the next generation. do the right thing for the right reason. most will understand that. i think about it all the time. they want us to do that. they won us to think long-term. the ucf as a good opportunity? inie: we were going to open ghana and kenya two years ago and were not able to. we were going to bank multinationals going in. that's what we do there. we're not doing retail or stuff like that. it's low risk. we've been asked why our corporate clients, why aren't you there? that's why we are going. we're going to serve

a couple of downgrades down from jpmorgan this morning.ws, we talked eps, j&j beating on missing on revenue. down on therading trade market this morning at 1%. also missing on the top line. missing on revenue. that theme can be worrying as these companies are able to ratchet up the earnings but they cannot ratchet up the top line of growth there. that to you. stephanie: thank you. are we ready? morgan stanley analyst jay joins us. jay: good morning. athletic wear? stephanie: i cannot hear anything so i will hand this to david. you are bullish. jay: we have a bullish outlook on athletic footwear stocks. nike is our top pick. we are responding to a question we get all the time from investors. how can the strong athletic cycle continue from a stock perceptive -- perspective and revenue perspective. we did a global collaborative survey across morgan stanley reject -- it was not just the u.s. the u.s., europe, china, australia, korea, everywhere we have consumer analysts. willis at all the different countries in the home regions and we figured

pfizer, j and j and jpmorgan are leading the charge.inancials, health care, and utilities are the leading sectors and the world's biggest coffee chain headed to the home of coffee. starbucks is in talks to open branches in italy, one of the few major markets where it has yet to make an entrance. we'll bring you more in the next move. it feels a little sacrilegious though. >> it does but i think that's where mr. schultz got the idea, by going to some of the cafe this is italy. >> walmart lower, down another 2% there right now. the retailer blames wage increases for crimping profits. kate rogers is looking at the trend of higher wages and the impact. >> as the fight to hike wages intensifies, businesses big and small are navigating the issue in different ways. more on that after the break on "power lunch." >>> i'm melissa lee. still ahead, the bullish case for walmart. one investor says right now is a great time to pick up this beaten down name. also ahead, a tale of two real estate markets. we'll tell you what's happening in new york and

markets and the economy and an exclusive interview with jamie dimon, jpmorgan's ceo. nine clock a.m. on monday. >> coming up in the next 20 months of boomer market day, while oil prices have funded -- plummeted, the banks that funded the boom are escaping the drops. >> presidential candidates releasing their fundraising totals for the third quarter. upstart republican candidates are once again outdoing the establishment. ♪ >> welcome back to "bloomberg steel.day," i'm alix you're looking at the rubicam in the middle of new york. brisk morning. >> the fact that it is friday may to feel all the more lovely. time for bloomberg business flash, the biggest stories in the news right now. we're learning new details that the compensation of twitter's executive chairman will get nearly $12 million in restricted stock. an annual salary of $15,000. appointed twitter's board this week and was previously with google. scarlet: a4 letter words cropping up when it comes to talking about the u.s. labor market. it was little changed in august at 521 million. peopleest numbers of quitti

jpmorgan is challenging apple pay. they have revealed chase pay.ou to collect reward points. jpmorgan will roll that out next year to the 94 million credit card holders. that is the bloomberg business flash. i want to talk to kit he hadabout japan, and his cell phone ring. he looked at his wrist. he has an apple watch. kit juckes: i needed a watch. you can see who is phoning me without finding the phone and ignoring it if i feel the need to. take it marginally further to say that all of these things that we have where companies are providing us with services that make life easier as opposed to trying to sell us huge numbers of things to stick in our houses, these are american companies. gerard baker in the wall street journal today had a q&a with tim cook from apple. 97% love ons he has the apple watch. my observation -- i want to talk to david kirkpatrick about this -- i don't see anybody using their watches. do you actually use the watch? kit juckes: it tells time. i can measure my heart rate in front of the tv to make sure i'm still alive. other

jpmorgan and bank of america are helping to lead the gains. up by 5% right now.e bank right now in the news as well and gaining for other reasons. betty: thank you so much, julie at the breaking news death. i want to bring in our bloomberg news reporter who covers a lot of the financials. we will get to your story, one of the top red, about how basically wall street will get automated. i can see why that would be a top red story. i want your perspective on the deutsche bank news. ison the one hand, it surprising whenever you hear a bank destroying dividends. a huge shock to investors. on the other hand, talk to the american bankers. say we did that stuff years ago in 2010 and 2011, conserved capital. it is not that surprising, you know, people who talk about deutsche talk about a company with a lot of problems. betty: they have been struggling. >> right. they have to do more drastic new death moves. you cannot do what they have been doing for years and get by. they are big in businesses that are struggling and do not have the retail network to offer everything. i

banks reported results after disappointing numbers from jpmorgan.nvestors were closely watching bank of america and wells fargo, also closely watching was su keenan. joining us live from new york with all the details. the story with bank of america is that it showed it can follow through with its plans to cut costs. be ok rose as much as 2%. they are still down 13% for the year. here is the headline -- they rebounded in this earnings report with a $4.51 million profit as revenue beat -- $4.51 billion profit. bank of america's costs fell 31%, that is what is being applauded. op for j.p. morgan chase and applause for bank of america? some could argue that j.p. morgan chase had higher export -- higher expectations. their ceo makes it clear, though, the interest rate hikes from the fed cannot come soon enough. let's listen. ,> in the u.s., if rates go up we make $4.6 billion pretax her year just for that first move. fargo also beat estimates on interest income from higher loans. their ceo mentioned positive support asset purchases. take a listen on how

so, he hastily convened the top traders from these banks, jpmorgan, goldman sachs, deutsche bank, andgot together and said how can we fix this quickly because we have an avalanche of defaults coming. we have to solve this now. they decided it would be best if they, themselves, made the decision. betty: they knew the markets the most. nabila: exactly. betty: here is the rub, right? they are making determinations they are players in, sometimes very big players. nabila: that is right. almost everyone on the committee has a position and stands to win or lose. betty: so, conflict is just a part of it? conflict is a part of it. to committee says we try mitigate the conflict by having as many people as possible know about the market making the decision, but it is up to a crazy stage where a firm convicted on a decision this conflicted on a decision, they say -- conflicted on a decision, they say we do not want to vote because it looks bad, but the rules do not allow for that. betty: they have to vote on it. they have to vote, and of course they voted yes, which means they got a cut of the pa

michael: jpmorgan could.ying that this passes when you do as well as we do over a month cycle. do not take one quarter and say that they have lost their touch. it's just the opposite. hugh: tickets to the point that jamie dimon and these guys can consider themselves and game winners. at the end of the game, they have got the ability to hold on while others leave. they're going to benefit from that. they have not yet, but they hope they will. in theseyou cannot be businesses, particularly the trading business, and not have a quarterly dow, . down 34%, that's awful. it's like eli manning throwing interceptions, but he still has two super bowl to jamie dimon can suffer through the spirse. betty: speaking of jamie dimon, we will have him on bloomberg > monday. what would you ask jamie dimon after seeing this quarter? michael: how much less inclusion from washington does he expect over the next five years? that has been such a headwind for everyone, but particularly for the jamie dimons of this world. they try to

jpmorgan hamon second.organ stanley and barclays tied for third it "it's divisional investor" surveyed 3800 equity managers. -- investor"onal surveyed 3800 equity managers. facing inquiry from the new york state attorney, daily fantasy sports companies are taking steps to police themselves. within the last hour, draft kings released the following statements. effective immediately, draft king's employees will be permanently prohibited from participation in any public daily fantasy game for money. we will also prohibit employees from any daily fantasy sports contest operator from participating in games on draft kings. the other company under investigation in new york, has announced a similar change in policy. will it be sufficient to protect the fantasy sports industry from legal and regulatory consequences? paul sweeney of bloomberg intelligence joins us from princeton. is it possible that the new york state investigation is just the first step here? paul: it might be. this is a business that has gone very b

the jpmorgan note on celgene was at 19 times, these guys are in line. they are growing twice as fast as everybody else. i think you go with quality. the etf pshgs, very powerful in a lot of sectors. >>> coming up one sector that history says is due for a major rally fourth quarter what that is later on. >> shares of solar city down 20% this year. could they be headed for a turnaround? the ceo of solar city is here with us at the nasdaq market site. >>> welcome back to "fast money" a turbulent day for u.s. stocks. dow down as much as 211 points. rebounding to close down 12 points. >> s&p and nasdaq managed to eke out small gains. here what's coming up the second half of "fast money." stocks coming off a rough third quarter that. could be good news for one key sector. a top strategist explains why transports could offer the best ride for your money. >> shares of etsy trading below market price. about to face the biggest challenge yet. we will talk to the ceo of weebly. >> shares of solar city trading higher today but the trend down all year long. now a ca

. >>> when a market is too overbought, you'll get news like intel other jpmorgan, but jpmorgan news won'te good and the stock will really get hammered. that's why i'm telling you, we have to wait. if if you want to do profittaking that's nine, but we've come too far too fast. remember my series, we don't think oil will go back to the 30s. we're very overbought. i like to say there's always a bull market somewhere. i promise to try to find it for you. here on "mad money." see you tomorrow. miranda: the lip gloss tis a healing lip gloss... woman: it's so smooth. lemonis: ...a cosmetic company that uses a special ingredient. miranda: this is my original formula, and it's got medical-grade lanolin. lemonis: it's a big idea with huge potential. miranda: and the company's grown from on my stove to a little over $3 million this year. lemonis: i'm impressed. but the owners won't stop developing new products. what is this? miranda: those are light-up tweezers. lemonis: products that no one wants. layne: these right here are all the bottles i can't sell. -lemonis: all the way back here? -layne: yes