this is a unique feature. >> jpmorgan has a different one. >> jpmorgan came in and they want to diversify the alternatives fund. this essentially is a hedge fund for half the cost. this is an actively managed hedge fund strategy. all kinds of strategies out there. this is part of a move by a lot of issuers. they are looking to poach some of the hedge fund assets. liquid all scum a means it's an , jpmorgan looks to democratize hedge fund investing. this is a another space that is intriguing. up till now they have only had smaller players. now you have jpmorgan looking at it. goldman has some products in this space as well. it has yet to be seen if etf's can replace hedge funds. goldmanorgan and getting involved it may make it more attractive to certain investors. the wallnot as though street players are sitting on their laurels. fidelity has new products. news -- sixhas six new products. they try to undercut vanguards. this is another example of a buy side firm converting their secret sauce into rules-based entities. fidelity off to a pretty good start. fidelity looking to increase assets.

he is mining the talent at jpmorgan.en: he is also building a group of people loyal to him, who he knows he can trust. as you say, this is not an uncommon thing. when the ceo came into lloyd's coming he brought lots of people from santander. he is known as the conquistador. mark: are you going to be the man who creates a name for jp loss to jes staley? stephen: buy my account, this is the first part -- this is the third person jes staley has brought in that he knew at jpmorgan. and it is the seventh on the committee. mark: it is interesting, the last quarter, the profit fell. the increase in capital, those were the bright spots. there are still some dark clouds, beginning with brexit. that is a dark cloud, isn't it. stephen: the dealmaking environment is great at the investment banking for the moment. just exited most of asia, pulled out of moscow, brazil. it really is very dependent on the fortunes of both new york and london. really, the strategy has already been set by jes staley per this guy has been brought in to ex

>> it's moving in the direction of jpmorgan resiliency and jpmorgan through that during the financial crisis, had a 3% dividend yield, layer in buy back, 6% cash back yield. by the way, taking banking industry's dividends plus buy backs adjust to the rate environment, that yield is the highest in history. start talking in terms of the highest in history you know there's value there. comes down to, when do you recognize that value and, scott, less rate hikes certainly that the absence of a positive in the short term, but we only have one rate hike built in by the end of next year. we think we're being pretty conservative. >> comerica is like dennis rodman or where would you -- [ laughter ] >> not the lebron james. >> those are really good performers. got to come up with a -- decide to find bank performance now. have to pick nba players. >> i smell a new segment coming up. >> i do, too. >> talk to you soon. thanks. >> my mayo. >>> reamike mayo. reached out to comerica. did not respond back. >>> and a supplier of automotive products and services have resumed trading being halted on news

tom: john normand with us of jpmorgan. look forward to talking about the copper morgue it that jpmorgan -- copper market. in our next hour along with toneth rogoff, we only speak roger altman when the boston red sox are in first place. altman on roger clinton and trump. ♪ london, 5:23 in new york, i am guy johnson. tom keene is up early. president clinton spoke to charlie rose about hillary clinton's health. thever the last many years same sort of thing has happened to her when she just got severely dehydrated. demon. worked like a as secretary of state, as a senator, and in the years since. guy: giving us an idea of the health story, you have got to take that seriously from her spouse. she called in the u.s. tv yesterday and talked about the fact that she did not want to miss it. are we underplaying it? enoughcannot emphasize for our global audience when a big deal this is in the united states and as megan murphy said yesterday, the has been a shift in the dialogue on what we need to know, how much we need to know, transp

jpmorgan d1.5%. the s&p dropped before recoveri some those losses. what possibly does deutsche bank have to do with jpmorgan? on the surface, not much. but in the post-financial-c world view, it doesn't take much. the concern is if deutsche bank did go under, it would cause a confiden of crisis in europe. never mind the chances are small that that would happen. it's small but not zero. problems with one bank could lead to higher credit costs and slower economi growth in general. remember, markets hate uncertaint traders losing confidence in your viability as a bank, that was a big issue in 2008. what about rest of the market? why did whirlpool drop $2? the simple answer is today's trading action is dominated by traders who pull their bids when there's market uncertain. when there's heavy volume, buying drops to attract the buyers. for "nightly busine" bob pisa at th new york stock exch >> should we be worried about the health of the u.s. banks or are today's fears overblowing? our guest is the banking analyst at susquehanna fin group. he joins us now

jpmorgan says they don't have this issue.issa: not having the issue isn't the same as not having an incentive. charlie: why isn't jamie dinan not indicted for london wale. melissa: this is 5,000 employees. anthony: the zero interest rate environment is putting enormous amount of pressure on these banks. they are finding other ways to create -- this is a list of ways from the head down. you mention warren buffet. charlie: warren buffet, the largest shareholder of wells fargo, a gentleman who would typically come out in public and have a lot of commentary based on the past on subject matters such as this. he hasn't said whether he thinks the ceo should go. charlie: are you calling warren buffet a hypocrite? gary: i have called him a hypocrite before. if this was not his investment -- anthony: let's go to our next topic which i think is terrific. our friend char are you broke the other huge story this week -- our friend charlie broke the big story bayer all cash for monsanto to create a behemoth. based on the stock price, the st

you can see it starts here in 1997, at the same point as jpmorgan, yet jpmorgan recovered nicely, atut $242 billion, whereas deutsche bank is at $17.7 billion. citigroup i just threw in as a point of contrast, $137 billion. it is hard to believe, back in 1997 deutsche bank and j.p. morgan had the same market cap, and now deutsche bank is worth 1/14 of jpmorgan. joe: it's incredible what happened to that company. scarlet: lack of growth strategy, legal liabilities. joe: endless piles of -- scarlet: european banks under pressure. joe: especially deutsche bank. didn't someone go on a sort of tweet storm about the vulnerability of deutsche bank? scarlet: he also talked about the credit default swaps rising, and of course when it comes to, for instance, a $14 billion settlement the doj is requesting, any kind of settlement that deutsche bank would have to pay off is probably worth more than what it set aside, and the concern is they would have to raise capital by selling shares, diluting shareholder stakes. joe: i am looking at the potential wipeout that would be faced by owners of japane

bove said the move wasn't a coincidence particularly since jpmorgan doesn't own stock in jpmorgan. >>> the fed is expected to keep rates steady in its statement later today. investors will be focusing on any hints that the u.s. central bank might proceed with the hike later this year. >>> speaking exclusively to cnbc, the chairman of ubs said the relevance of a fed hike was less about the timing and more about the message it sends to the markets. >> i think it really doesn't matter in the bigger picture when the fed moves, as long as it's clear they have a trajectory where they continue to respond to a strengthening economy with increasing rates. there should be no doubt the fed will raise rates if the economy is in a better place. >>> tim speiss joins us. good morning. thank you very much for being with us. so we heard there from mr. weber about the course that this potentially could turn. is this more about the market or the actual move at this stage? >> right now it is all about the messaging. the federal reserve has been consistent saying it wants to see inflation at the 2% target

and i love jpmorgan. >> maybe the time will come. not now. >>> ahead, one trader making a massive bet on the emerging markets. we'll tell you what's got him so excited. >>> a rough run for biotech. one of the most recognized fund managers in the world is calling two stocks major bargains. he'll tell you what they are, after this break. much more "fast money" still ahead. gh gout. gh gout. pele gnxious and my office gets flooded with calls. so many things can go wrg. i's my worst nightmare. everseco that poisut, my city's atisk. ems dital grid manas reutes power, so serce can be stored within sec prioriumr one is keepinthose lights o it takes ienty to defeat the mothive in t. we' drowning in iorma where, in all ts, is tthe syourances,so gh, your fure. how do y solve this? and the fortune 500,wi a t and, can divnsight person person, on what matters to you. morgan stanley. hey, jes. o are u? orange money represents the money u put awayor retirement. i'm vernthe orge money retirent rabbit va. erime, ymoney ulmultiply. llo, allf you. get

obviously, there's no concerns at jpmorgan. you're just going to have to accept the fact that in situations like this, you have momentum programs that kick in. if it gets more semiing, that's really wh we're dealing with in an age of high speed trading. >> two of my awesome team, could we bring up the five-year default stops? another trade pinging me, rem d reminding if you are long the credit default swap, however, they were in the nuews a lot seven years ago, eight years ago, if you are long the cdss, it is in your best interest for deutsche bank stock to go down because then the risk goes up, thus, the investment in the credit default swaps goes on. >> it's a tradeable asset. you can own that thing it can go up in value and then you sell it. zpl going to bring up a chart of those. >> not that you're trying to trigger the insurance. just trying to trade the asset away. >> like any other stock, a soda stream, one with a loft controversy with the fear, is there are many ways to make money off a stock that is falling. just be ca

it's jpmorgan chase. it's wells fargo. what do we doing spending money when they can spend money in community banks and credit unions and patronize farmer to consumer markets and local sustainable energy and community health clinics, started if they are not there, take our dollars away from global business, you we condemn. they've got $2 trillion stacked up in my the fortune 500. that's our money originally. where did it come from? it's our consumer dollars. where did it come from? the next asset we have is that we own the greatest wealth in the country. of course. we found together with all other americans the public lands onshore and offshore, but the sight of the u.s. by the way. all the natural resources. we own the public airwaves over which the radio and tv stations transmit their programs. we are the landlords of the radio and tv stations are the tenets and they pay us know what they decide who says what 24 hours a day. something that rights, right? do you ever look at network tv on saturday afternoon? hold onto you

jpmorgan raised the stocks to have 2017 year end alpha bit formerly known as google. okay.nd it is only about $800 now. i'll tell you about that in a second. facebook is currently at 128. they took the price target from 170 to 175. amazon gets price target raise from 925 to 100. and netflix, which is at $97 goes from 116 to 1126. in each case the price targets boosted the stocks higher during the day.26. in each case the price targets boosted the stocks higher during the day. i know what you're thinking. 2017 forth quarter end targets? we're not even through 2016, what is that hog wash? real growth investors don't particularly care about high-end numbers. they always look expensive with near term estimates but if things go right they will turn out to be very cheap once we get to what is known as out years. how cheap? alpha bit, parent company of google, is selling for 19 times estimates which is the same price for earnings ol of the average stock in s&p 500 even though alpha bit has low term growth rate. i say that's crazy cheap. but tonight, web bush, brokerage firm took a

there is room to run according to jpmorgan. look at yahoo! today. couple democratic senators saying unacceptable delay for yahoo! to not tell consumers in the marketplace, customers about that hack affecting 500 million user accounts. they're looking for marissa mayer to come up with answers of course. last couple days you see shares have been coming up after selling before that. one industry not participating in the rally today, car rental companies. look at that, avis, down 8%. these guys got rushed a representative from avis himself says he does expect european demand for rental cars to weaken here in the short term. back to you. melissa: lori rothman thank you very much. phil, we're seeing big turn around in oil ending down 3%. talk to me. >> we are down obviously. concerns about this algeria meeting. are we going to get a deal, are we not going to get a deal? actually we are off the lows the looks like we're close to some kind of agreement. we don't know what it is and don't think it will happen this week. saudi oil minister ali is making a lot

jpmorgan now occupies the top spot. engine -- hanjin's shipping terminal used to be one of the hasest but now the port been paralyzed with unchecked containers piling up on the dock. september is peak season for shipping. manufacturers deliver their product ahead of its giving and christmas. the atlanta fed president will step down in february after 10 janet yellen.ng a committee of non-fed directors will look for lockhart's replacement. angie: let's check back in on the markets. the investment director at fidelity international. as we have seen the last couple of days, no asset class is safe. gold down, yields are up. where does anyone go in this current environment as we await the possible decrease of stimulus. >> it is an interesting time to be in the market. investor, an equity there are some positives that are starting to play out. three themes emerging. one, the search for value. financials or banks is a good way to play on that. asia has arm growth, few good spots to offer. definitely, the search for total return

barclays has named a jpmorgan executive to run its investment banks.n barclays corporate and international division to fill the vacancy on jeff daly's management team. china's most popular social media services and entertainment company is now the country's most valuable corporation. tencent rose more than 4% today, pushing ahead of china mobile their market value is now $257 billion. one of the top 10 companies globally. -- buying sfr group for $2.7 billion. moving to overhaul the global telephone and television empire -- michelle spoke exclusively with bloomberg about the acquisition. >> we believe it is fair. it is a reasonable offer. leave it to each shareholder to decide whether they want to bring their shares. sfr shareholder today, this offer makes a lot of sense in terms of what you will with that exposure to the u.s. and a much more diversified portfolio of assets. americans may celebrate today's labor holiday with the next her burger or two. ground beef prices are not the lowest level since 2011. extra burger or two. ground beef prices are at

that is jpmorgan. we would end up with no rainy day fund.ot even base infrastructure, education, or other things could be paid for. i believe we should be an inclusive state. my opponent has said businesses would be more likely to locate here if they can discriminate. we have a fundamental difference in values when it comes to our american indians. almost 10% of our population. you don't build montana up by leaving our first montanans behind. we have fundamentally different views on what the role of government can be. government can work with the private sector and create real opportunities. i guess i'm not sure what he thinks the role of government ought to be, as he's running to be the state's chief executive. i think there are some real differences across the board. it's up to the voters. i am pleased with the things we've been able to get on. i am pleased we've made record investments in education and seen record results. i am pleased we are the number one state in the country when it comes to new business. those are some of the things i

the differential impact of jpmorgan's number in equities come activities is disproportionate.learly in europe, that has not happened. francine: do you believe europe is over banked? tidjane: i think it could benefit from consolidation. there would be a lot of upside. right now, every institution is be on a very restrictive diet and shrink on its own it's much easier to do when dust -- oliver: oil rallying on the back of what appears to be a bit of a decision made at the oil summit. years --ing in out algiers. julie: there has been some kind of opec deal here. a production deal here. to "writers."ing -- "reuters." oil up nearly 4%. it did not look likely there would be a deal. we saw negotiations go back-and-forth between iran and saudi arabia. algeria had proposed a production cut, a daily production cut of more than 750,000 barrels. it was not clear if that was going to gain any traction. look at oil prices in tandem with the s&p 500, oil in yellow, s&p and white. it's only trading higher here by about .2%. definitely moving in tandem with these headlines that just came out a

jpmorgan did not need government help.e things that happened in the crisis that destroyed banks is that all these banks were bailed out. some were. you can be angry at banks were hoping to screw up the system, which they did. not all equally. if i came to washington, i would say lets all sit down and actually analyze the facts including fannie mae. it was not just banks. most of us were trying to help to the extent that we could. we bought bear stearns. they were trying to figure out what to do with tarp. it was basically to buy bad assets. they called us down and hank said you have to come down. sixid i have been working hours for seven days a week the last six months and i'm taking a week off and he said it is really important. nine of us were lined up alphabetically. it was either by name or company and hank was there and sheila bair and a bunch of others. they said we have been thinking hard and we came up with a plan that can help save america. this would take capital off the table and it would be an issue for banks.

we thought that, you know, it made sense before having it the opposite way took jpmorgan out. now putting them back in. >> what do i want to do with sectors like energy? >> buy them. >> yeah? i mean, if -- fed raises, dollar goes higher. >> don't buy the ones you need to borrow. >> oil lower. >> i think -- well, i think the dollar -- >> why would energy continue to perform in that environment? >> oil could pull back if the dollar goes up materially don't you think it does if the fed raises. >> it might. it's in a trading range. listen to what draghi said yesterday. maybe growth will impreserve internationally, globally, not so bad for the demand side. supply we know about. >> you don't think the european market believes that today? >> we don't really know. i mean, rates -- look, our rates backed up when their rates started to. jgb. look at the global spectrum. >> on this energy thing, saying it all year. you're right to bring up the dollar. right to bring up the fed. what matters more than anything, how much is above ground? still have the rig count increasing, shale oil produ

bank of america and jpmorgan both declined to comment. citi, please pick up the phone, citi. they won't even respond to the inquiry. they won't say no comment. they haven't responded. as for wells fargo they're dealing with public outrage with former executive saw division at the center of the scandal. her name is kerihotolstedt. the bank you knew what was goings-on and was firing people. she remained in charge, earned $125 million if stock and stock options. wells fargo has ability to claw back executive compensation if the bank chooses. wells fargo spokesperson would not comment if that could happen to tolstedt senate banking committee confirmed to fox business it is being briefed on the yesterday's setment. they could not tell us if carrie was. if they knew about this in 2011, what did they do if anything, to stop it. stay tuned? david: not much apparently. adam shapiro, thank you. melissa. melissa: iran threatening to shoot down u.s. navy planes. the troubling admission coming from the u.s. state department moments ago. david: wow. congress demanding answers from the peop

joining us now is jpmorgan's cio. qe 3 from the ecb? >> definitely, but it is a question of the timing. the current programs are ending in march, 2017. ofy have a han a hint what they want to do. have got to do more accommodative policy to get the inflation rate higher. guy: we could see a change in the rules as well, maybe a dropping of the rules surrounding the bonds that can be bought. are we going to see tinkering around the edges with the rules? >> undoubtedly. think of the history we have seen lately. never doubt the creativity of central bankers. there will be changes on the rules and the amount of bonds they can buy, giving the ecb a lot more flexibility. guy: is it working? >> if they did not do it, would inflation be a lot more negative? but that is the $1 million question. ultimately, that is one side of the equation, isn't it? the ecb is creating a lot of money. though, is the demand for that money. actually, that is where governments have got to come in. they have got to do more on the fiscal though, is the demand for that

it lost its title as the world's most viable bank to jpmorgan -- most valuable bank to jpmorgan.lobal news, 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. i am nejra cehic. mark: european stocks unchanged today ahead of the midweek central bank decisions. two of the federal reserve preferred bond trading partners are betting against their peers in the bond market by forecasting officials will raise rates tomorrow. joining us now is erik nielsen. how much a shock would it be if the feds raise rates? erik: huge. they have not hiked -- you have to go back a couple of decades to have them move against -- i think it is a done deal. mark: your view is september is off, november is off. december is the lawn? erik: -- december is on? erik: if trump were to win, i don't think they would go for september. the uncertainty he would inject is so big. i cannot see them hiking december if he wins. the opinion polls still have hillary. you started by saying maybe the fed was right and being so worried about the world . are you coming around to thinking? when

jpmorgan saying this could even rise further, given the better-than-expected corporate profits, but as mentioned earlier the nikkei down 7/10 of 1%. not surprising, given three days of strong yen. so, that weighing on exporters. but most emerging markets in aia gaining ground, up 10th of 1%. same with taiwan. philippines down more than 1%, cautions giving president jeter ;s controversial comments about president obama. closing higher today, not much movement there, but remember, we had some economic data out of australia showing gdp grew less than expected in the second quarter. 76.74. dollar trading at anna: shery ahn in hong kong with the latest on that divergent performance in the market. let us talk about the weakness in u.s. data them because that is the big trigger for the move we are seeing. nonmanufacturing and manufacturing pmi in the u.s./, overall it's of a rate hike. now factoring in a 24% chance of the fed raising interest rates, having falling eight percentage points from the beginning of the month. that is the expectation for the month of september. now, despite the rece

bank of america and jpmorgan both declined to comment. city has not responded to our questions.wells fargo, they are dealing with public outrage after the firm executive who oversaw the division at the center of the scandal. her name is carried tolstedt. as far back as 2011, tolstedt remained in charge has earned $125 million in stock and stock options during her several years of debate. wells fargo has the ability to claw back executive compensation at the bank chooses. a big spokesperson would not comment if that could have been to tolstedt. the banking committee confirmed it was briefed on tuesday vice wells fargo executives ahead of next week's hearing on the $185 million settlement with the consumer financial protection bureau. the key to all of this is that wells fargo was firing employees in 2011. that's five years ago they were firing employees because of the effect dignity. the question has to be asked if they were firing people five years ago, what did they do to stop it? that is what we don't know. back to you. nicole: thanks for that in-depth report. warren buffet at

look at the jpmorgan volatility index. up 4.8%.t is the bloomberg developed sovereign bond index. in return, it is down by 1.5%. bottom of the table is the msci world index. look at that performance, down 2.6%. look at deutsche bank shares. were as low as 8.2%. no only 6% lower. $14 billion claim from the u.s. doj to settle this investigation into mortgage backed securities. the market cap of the company is 16.85 billion euros. this is going to be the story of next week. the dollar spot index, the gauge of the dollar against 10 major peers, it is creeping down. why is it creeping lower? very clearly, the white line. this is the odds of a fed rate hike in 2016. we have fallen below 50%. we are below 50% probability of a rate hike this year. well below 20% now in september. the fed, the boj, what a big week. francine: we have certainly a big week for central banks with the fed and the boj making announcements on wednesday. but just when markets are craving clarity, currency markets show that they are harder to predict. take a look at

we should watch out for more volatility when it comes to japanese shares -- jpmorgan came out with aat said that the bounce we saw will continue to be unwound without action from the boj. elsewhere, australia coming back online after tripping all over itself yesterday with those technical glitches, but they have come back to marginal losses. elsewhere, weakness in greater china, markets having a good day of buying when it comes to shanghai and hong kong, giving back those gains today, taiwan just turning positive, that market closed higher by 2.8%. weakness out of southeast asia as investors are ahead of the boj. ♪ emily: this is bloomberg west. i'm emily chang. it is time to dive into the tech stories from an center. apple still top of mind this week. with the u.s. senate finance committee reaffirming its opposition to an eu order that apple pay nearly $15 billion in unpaid taxes because of an alleged sweetheart go with ireland. the eu failed to build a case that ireland gave apple illegal state aid. since the ruling, "ran roughshod over the iphone maker." he has been publicly criti

you have jpmorgan and wells fargo. wells fargo in yellow. jpmorgan in white.m are the laggards. bank of america, citigroup. will that ever narrow, or will this go on and on, this massive difference in performance? michael: we are much more positive now on the large banks. once again the banking industry, , the u.s. banks are more resilient than they have been in decades. they have more utility-like outcomes. tom: but the revenues are not there. they have to cut costs. right? michael: but they are making headway piece by piece. anything with outcomes like consumer staples or treasury bonds, those valuations have gone up. the banks are starting to get credit for the reduced risk profile. the improved risk profile. there are two sites. one side is less revenue, and the other side is dramatic risk reduction which should give , banks higher valuations. ♪ ♪ erik: welcome back to "bloomberg best." i am erik schatzker. let's return to one of the week's top stories. apple's introduction of the iphone 7 and series two of the apple watch. are they worth the upgrade? you

jpmorgan down more than 1%. groupthe worst-performing i had of the fed decision next week.or more detail, you see the banks falling today, they have been not all the time but trading more in tandem with interest-rate. the 10 year yield a little bit lower today, banks lower as well. goldman sachs made an equity call, the stratus -- strategist downgrading the stoxx 600. we are looking at intel. that is a known liar after they raised its sales forecast, it is rising 2.5%, raised its margin outlook as well. they say they are seeing a resurgence in pc sales. assets we are watching, the dollar at the highest since july. going into that fed meeting. crude oil down 1.5%, contributing to the drop index on and gold futures off at about one third of 1%. the lowest since august. let's check in on the bloomberg first word news. of where president obama was born is a campaign issue again, donald trump says he will have something to say about it today. -- neverver late personally backed off the stance that the president was not born in the u.s. hillary clinton says donald trump owes the u

. >> that title belongs to jpmorgan chase. wells fargo was fined millions and fired thousands of employees who had made fake a the bank also says it's getting rid of high-pressure sales goals. a former wells employee in colorado talked to us about the job demands. >> did i ever set up one? no. did i sometimes turn my back to it? honestly, yeah. especially as a manager. you don't have the >>> uber customers in pittsburgh may find their next ride is missing a driver! the company is testing out their new fleet of driverless cars in the city. the pilot program makes good on a promise the company made about a year ago. each will have an uber worker in the front >>> a worker is rescued from deep inside a construction trench. firefighters worked to free the man buried up to his waist in dirt. this was this afternoon near the broadmoore firefighters say the man will be fine but lessons were learned about safeguarding a worksite. >> reporter: i'm matt kroschel in grand county where a hotd shot crews are mopping up after a wildfire came

john: what is the head of jpmorgan say?ked to an investors about dodd-frank he said it would create a bigger moat around jp morgan's business. john: big-company say protects us, we can handle it. >> they sure lobbied a lot to get rid of it and got it its absolute and true. all the major banks are part of trade associations which everyday are pounding down the door of congress asking them -- john: the consumer protection might get crushed. >> the vast majority of dodd-frank rules. john: there are a lot of rules that don't apply to the little guy that exempted. >> i think in certain cases yes. community banks are often smaller so they don't do the kinds of complicated financial transactions of the larger banks do so we don't need rules about them trading crazy derivatives if they don't trade crazy derivatives. john: think about the unintended consequences. in france there are twice as many businesses with 49 employees as with 50. what this says is to expand. >> i think france is one example but in the united states people wan

jpmorgan raised the stocks to have 2017 year end alphabet okay. and it is only about $800 now. i'll tell you about that in a second. facebook is currently at 128. they took the price target from 170 to 175. amazon gets price target raise from 925 to 100. and netflix, which is at $97 goes from 116 to 126. in each case the price targets boosted the stocks higher during the day. i know what you're thinking. 2017 forth quarter end targets? we're not even through 2016, what is that hog wash? real growth investors don't particularly care about high-end numbers. they always look expensive with near term estimates but if things go right they will turn out to be very cheap once we get to what is known as out years. combo they got to their $1,000 price target. that's not nearly as problematic as tortured netflix valuation that this arrives at by putting price tags on the company's international revenue along with extreme earnings before interest taxes and amortization, yuck. finally, there's alibaba, this is how i got the faaa. alibaba, not formerly covered, but it didn't stop him from v

jpmorgan has taken over the crown of largest u.s.k after wells fargo lost $15 billion of market capital. this is not the first time there has been this sort of scandal in a large american bank. how does it stack up? >> the thing investors and analysts are thinking about is this is the first time for him. -- first time for john stumpf. it has really been described to us as a preeminent retail banker in the u.s., someone who has this halo effect around him and this is the first time he is joining ranks with his wall street colleagues. people like jamie dimon. this is the first time he has been caught in the same sort of water. >> has he accepted responsibility for this? >> not exactly. he did a media tour yesterday. he kept saying we. there was very much of a we involved. i'm not sure he is there. we've seen jamie dimon say, this was my fault. i'm not sure he will do that. maybe he will do that when he gets down in washington. >> there is good news and bad news when you look at investors in italy's indebted bank. you know it well now.

jpmorgan is up about 8%. question is, is there much room left for these stocks to move up even if interest rates move up. because they made the call on jpmorgan. they downgraded jpmorgan this morning, mccarey did to neutral saying it's a premium company and valuation but the p/e is in line with the average, 14-year average, it does have some loan growth but the low rate environment will be a tailwind for that and they said it's fairly valued right now. so that downgrade to neutral there. you mentioned the wells farrgo fine for opening an unauthorized account but look at the numbers, $190 million fine only 2 cents a share. they will make 4.03. it's min maul. the reputation impact which jim mentioned and that's what matters here. we said they would have a comment from piper jaffray and they see near impact but could have an incremental impact to wells' capas tighty to cross stel products over the long term which jim and david were mentioning this morning. mixed market as you can see. today we are approaching th

bank of america and jpmorgan both declined to comment. citi, they haven't picked up the phone. they have yet to answer our questions. what happened to ms. tolstedt? she is no longer the division head, leaving the bank completely at year's end. she earned about $125 million in stock and stock option. wells fargo has the ability to claw back the compensation but a spokesperson said they would not comment if that could happen to tolstedt. the senate banking committee confirmed to fox business it was being briefed today by wells fargo executives ahead of next week's hearing on the settlement. they would not, however, tell us if carrie tolstedt will be called to toy. and the key to all of this, the bank was firing people according to wells fargo in 2011. they were firing employees for this illegal behavior. what did they do to stop it? that's the question that is not answered. liz: that is what i'm very interested to see what happens. senate banking committee hearing next week. you wonder if they will perhaps figure out a way. they have the ability to claw back any compensation they

tom from rbc and david kelly from jpmorgan. >> got to keep a closer eye on workers. first reaction from the white house to this morning's jobs report. labor secretary tomas perez live and first on cnbc interview. a rough morning for lululemon following earnings and outlook as the shares look poised lower. another look at futures this hour, they're now moving higher with the dow implied to open up 57, s&p up 6, the nasdaq up 16. more "squawk on the street" from post nine at the new york stock exchange when we come right back. thay the world does norevolve arnd you. fi theerfect gift t of trillions of combitions. anworking withhenew york gr to find treaents and am helping sesame et make education unique everyhild. heo,y na is watson. make education unique everyhild. woing togethererwecahinkny. heo,y na is watson. there's nno one surfafa...e. no one way of driving but there is car that. can conquer themll. the mercedes-benz c-as five drivingod let you customiz the eering, ansuspsi to tnts, the mood you're in.. anthe road you'ron. e 20startmercedes-benz. the mood you're

it's jpmorgan chase. it's wells fargo.hat are we doing spending money when we can spend money in community banks and credit units and patronize farmer-to-consumer markets and local sustainable energy and community health clinics, start them if they're not there. take our dollars away from global business. they've got $2 trillion stacked up and money, the fortune 500. that's our money originally. where did it come from? it's our consumer dollars. where did it come from? the next asset we have is we own the greatest wealth in the country. what? come on. of course. we own, together with all other americans, the public lands on shore and offshore. that's about the size of the u.s. by the way. all the natural resources. we own all the airwaves over which radio and tv transmit their programs. we are the landlords. what don't we get for our taxes? we have to be more demanding in terms of what are we getting in return for trillions of dollars of r&d that built the great industries in this country whose executives take credit for t

jpmorgan -- does anybody here know what jpmorgan's equity capital is? it's about $250 billion. do you know what their balance sheet is? $2.5 trillion, about $10 -- about 10 times. deutsche bank -- do you know what the balance sheet is? 2.5 trillion dollars. what do you think their equity capital is? $18 billion? it was. how much levered is that. times.s levered 10 the problem is it is over 100 times. just math. i mean, i did not go to is this school. it is just how the math works, so they have got to be fully hedged. they have got to be perfectly hedged, and all the stuff they are supposed to make money on has got to work. so what do you think the ecb is doing? what is going on in europe, and deutsche is the classic example. i have no idea how hedged they are, but when somebody is 100% simplify it.t's who here is more than two times levered? raise your hand. who wants to be more than two times levered? if you think about it, we cannot even get more than two or three times leverage. thanks are not allowed to loan more on any capital structure more than six times. six times in th