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kayla tausche is on the case. this is a little surprising, especially for the company that's doing it. >> it is, but last year around this time, ben bernanke said he actually thought the mortgage credit spectrum had tightened too far. he thought banks were doing too much to protect against some of these riskier borrowers and a lot of people weren't actually able to get home loans. now wells fargo is the first bank with the help of the department of housing and urban development as well as the fha that is starting to dip its toe back into what we would have called subprime loans. they are lowering the minimum borrowing fico score to 600. it used to be 640 which most banks see as the cutoff. subprime is a little bit different these days. these are conforming loans so they are not giant loans. these are going to be sold back to the government and they are going to be securitized under ginnie mae. they also meet strict requirements, there are eight rules that if banks have these and a consumer defaults, the consumer c

for more on that and the rest of the news before the bell, kayla tausche live at cnbc headquarters. good morning. >> good monday morning to you, scott. futures lower after the markets ended january on a chilly note. disappointing earnings, fed decision to continue cutting its stimulus efforts and worries over the health of the emerging markets have all been prompting investors to sit the sell button. the dow dropping last month. today we get data on manufacturing and construction spending, the dow falling 150 points friday to 15,699, the nasdaq shedding 19 to 4104. janet yellen will be sworn in this morning after officially taking over for ben bernanke. the first woman to lead the fed, she'll testify before congress for the first time in her new role about the economy and fed policy next week. no doubt she has her work cut out for her. citigroup is launching a app that lets you check your balances and transactions without having to log into their bank accounts. the app is tested for now just in california, citi taking steps to make sure it's safe and secure. no personal data will be

for that and the rest of the news it's kayla tausche live at cnbc world headquarters. good morning. >> futures are higher after monday's sell-off sparked by weak reports on u.s. manufacturing and auto sales, worries about china. all closing down more than 2%, that's the worst start to february for the dow since 1982 t nasdaq since 1972, and the s&p 500 since 1933. the dow is down 7% for the year but the market is not technically in a correction. that occurs when an index drops 10% from recent highs. the dow dropping monday to 15,373, the nasdaq losing 107 to 3997. the senate is holding a hearing on the massive data breach at target. the retailer says hackers stole credit and debit information from up to 110 million customers. target's chief financial officer says the company is speeding up plans to implement the use of chip enabled smart cards and hopes to have that technology in place by early next year. and apple's long-awaited tv device may be closer to reality. the company has been buying a lot of band width, fueling speculation it's got an upvideo streaming servic

. >>> now for your first look at business we turn to cnbc's kayla tausche. >> week reports on u.s.o sales. worries about a slowdown in china. the worst start in february to the dow since 1972. apple's long awaited tv device may be closer to reality. the wall street journl reporting they've been buying a lot of band bit. it could be laying groundwork for a new television product or an upgraded video streaming service. >>> it was ten years ago today that mark zuckerberg launched facebook from his harvard dorm room. it boasts 1.2 billion users worldwide and is profitable thanks to a surge in online and mobile ads. it's one of the top 20 biggest countries. >> incredible it only took 20 years. >>> some stories making news this morning. in an interview that aired last night, president obama and fox news anchor bill o'reilly sparred over issues such as the keystone pipeline, the benghazi attacks. >> do you think i'm unfair to you? >> absolutely, of course you are, will, but you like you anyway. >> give me how i'm unfair. >> but, look. >> give me how i'm unfair. >> bill, we just went throu

we turn to kayla tausche. >> good morning, veronica.et yellen will be sworn in today after officially taking over for ben bernanke on saturday. yellen will testify before congress for the first time in her new role about the economy and fed policy next week. >>> at&t is cutting prices on the family wireless data plans because it's facing more pressure from rivals. families can now share 10 gigabytes of data on four smartphones for $160 a month. that's 20% less than what at&t previously charged, it's $100 less than verizon. >>> and citigroup will start testing a new app, lets users test their apps without having to log into their bank accounts. only available to customers in california. and if you're wondering how that works, you're not alone, veronica. i'll be excited to see how this works. >> thank you. >>> and stories making news this morning. now film maker woody allen released a statement sunday denying allegations he sexually assaulted his adopted daughter when she was 7 years old. she recounted the alleged 1992 incident. she -- >>

for the rest of the news before the bell, kayla tausche. good morning. er. >> good morning.estors will be watching twitter with great interest but watching the market now. an hour before the open, futures are slightly lower, after stocks regained footing tuesday following monday's sell-off. investors shrugging off a report showing factory orders dropped in december. a revision on private sector payroll, it was down in the last month. we do get that data, that is moving the market now. we get data on the health of the nation's services or nonmanufacturing sector. earnings from merck, time warner, and disney in addition to twitter, which you mentioned. dow rising 72 points to 15445. that snapped the four-day run of triple digit moves. nasdaq closing up 34 to 4031. >> got the big jobs number on friday as well. >> that's right. busy week, especially for christina loren. we've had a dry start. rain is coming. >> a lot of it. in fact i wouldn't be surprised to see pebble beach pro am canceled as we head through thursday. not surprised at all. this is just the first of a series of

natalie morris, evan newmark and our own kayla tausche and morgan brennan. pisani. bob, i'm going to you first. what jumps out? >> we had comments from bullard in the middle of the day that seemed to imply the economic news has been soft but he said we're not going to change. i would have thought that would have been somewhat supportive of the market. volume has been pretty good. it's an options expiration but not enough to really support the market overall. i think the bottom line is it's the great disconnect. economic news a little discounting but the market is holding up very well. >> we talked about this in the beginning of the last hour. newmark, that's still a winning formula for stocks? >> it doesn't feel right. look, it just does not feel that good, kelly. the economic news has been mediocre. >> right. >> earnings have generally been kind of mediocre. the only reason the market is where it is right now is because of the fed. you take the fed out of the equation, and i think the market has a long way to go. >> but they're not really out of the equatio

kayla tausche is live at cnbc headquarters. how are we on the futures? >> scott, futures are slightly higher after monday's sell-off sparked by weak reports on u.s. manufacturing and auto sales worries about a slowdown in china and emerging markets and the impact that could have on company earnings. the dow, nasdaq and s&p 500 slipping more than 2%, the worst february you said for the dow since 82. the s&p was the worst start to february since 1933. the dow is down 7% for the year so far but the market is not technically in a correction yet. that occurs when an index drops 10% from recent highs. the dow did drop 326 points to 15,373, the nasdaq losing 107, to 3997. back to you. >> thank you much. >> a new report finds temperatures killed a quarter of california's citrus crop costing $441 million in lost crops. that will likely mean an increase in the price of oranges at the store. juice prices shouldn't be affected, the majority of crop is eaten as fruit and not juice. that's tough on farmers. >> it is. the weather is better these days, and more rain in

kayla tausche joins us with breaking news. >>> another company in growth mode.pro, we talked about it earlier today, because it confidentially filed for an ipo. i have a little more detail. jpmorgan chase is the lead left underwriter on this ipo followed by citigroup and bank of america. those are the underwriters they have so far. go pro is of course an active lifestyle suite of products including cameras you wear on your wrist and forehead and very cool products. i'm told revenues jumped nearly 100% between 2012 and 2013 from my sources. they posted $521 million in revenue in 2012 and are just shy of $1 billion in revenue for the last year. of course, you have to be below $1 billion in revenue to be able to file confidentially under the jobs act. the ceo has said very publicly in several interviews that the company was quote, instantly profitable because of the margins there, and i'm told by my sources that go pro is eyeing an ipo at the end of this second quarter but that of course, those things are always fluid. so we don't have an exact date just yet. but j

kayla tausche joins us, she covers, what, the hedge funds -- >> cover the banks. a lot of miscellaneous finance. >> mary thompson, both of them on the top of the beat on business and finance. who are the shoe-ins? i'm curious what criteria you use. in technology you look at transformational types who broke the mold. what do you look at in finance? >> let's start with i guess we will start actually with those who were left out and those who were shoe-in. the one who is left out that i picked out was bill gross. he's the world's largest bond fund manager. back in the '80s you couldn't talk about equity funds without mentioning peter lynch. he's the peter lynch of bond funds. he also built a company, co-founded pimco, one of the largest asset managers in the world, sixth largest in the world. can't talk about the bond bull market without talking about bill gross. he has been an influential voice and again, he manages the largest bond fund in the world. >> and he's smart. >> even better. he's the one who is overlooked. i think my choice of shoe-in for the final 25 is

joining me at post nine at nyse, dominic chu and kayla tausche.ics to talk about. first up, sheryl sandberg's lean-in nonprofit is now in the business of perception. lean-in partnering with getty images on a photo library of what they say are devoted to the powerful depiction of women, girls and the people who support them. it's an interesting idea. she's taking issue with the rather staid business stock photo that we all have on our walls at cnbc that are more posed. she thinks it doesn't reflect what's really going on in women's lives. >> also credit women eating alone with salads. they found all of these pictures of women with smiles on their faces eating whatever salad du jour and it sort of took off at the end of last year. i credit lean-in as well for saying there are too many of those and that's not accurate. these photos will be 25% supplement to the existing gallery. those won't go away entirely but it is a start. >> i think it's an interesting concept, because when i think of my own life, i'm a wife, a mother, i have a career, and i'm di

kayla tausche here with what we can expect.ar. >> jpmorgan is one of the most widely held stocks, a dow component with trillions of dollars in assets. once a year the company's executives clearly lay out the strategy for shareholders. here's what you are likely to expect tomorrow. the latest on the company's ambitious cost-cutting plan first. that involved 17,000 layoffs before the end of next year so does the bank still need to do more? that's one of the big questions there. second, an update on legal costs. jpmorgan is still the focus of numerous investigations ranging from chinese hiring to alleged manipulation of the energy markets. third, how much capital can it return to shareholders. jpmorgan has had a stressed relationship at best with washington through the last year, and questions were raised about its 2013 capital returns. can those buy-backs and dividends continue. finally, the bank is expected to announce a broad strategy regarding its retail branches. it's about to expand branches in california and florida was con

kayla tausche joins us. >> in the salad days graduates hoping for a future in finance would go throughrs but at least the promise of a big bonus. former analysts say the career track in a vilified industry that's heavily regulated where pay is stagnant doesn't justify it. two years the absolute max for such a hostile environment. leaving banks with the dilemma of how to stop the flight of their best and brightest to tech, private equity, and in some cases just taking some time off. >> millennials care more about work/life balance and it's hard for them to sign on and say, look, i want to devote 110 hours a week to this job for a couple of years and just give up everything else that matters to me in life. if you lose those to me in life. if you lose those people your firm suffers. >> 75 hours is the suggested work week and entry, not just exit interviews. other banks followed suit. all at least giving back some weekends. we should note none of the banks go on the record about how they're trying to improve the programs at the ground level. analysts say id's not perfect but it's a good st

david greenhouse, kayla tausche and dom chu and guy adami. what's going on in the markets here?dy is waiting to hear what janet yellen has to say tomorrow. the fact that they have this shadow committee after the testimony i think is pretty interesting. i was just talking to brian kelly, fellow lumber bringer, if there's any hawkish tone whatsoever to her, it could throw a little bit of a monkey wrench. remember, the s&p is up, what, 60 handles in 2 1/2 days. i think it's a little too much too fast. i think we have to sift back a little lower. >> dan greenhouse. a lot of this is about janet yellen. a lot of this is about the fed or maybe it's not. are we making too much of this or is this the most important event of the year? >> it's the really important event. it's the first time she's speaking in front of the house financial services committee but i would reject the idea that somehow we're rallying in front of her testimony. we have no idea what she's going to say. the overwhelming likelihood is she sticks to the playbook that's been in place. i just don't understand why she wo

kayla tausche joins us. we know they've had the investor day. what can you tell us?dimon and his deputies all day have sounded a positive tone about the future for jpmorgan chase while acknowledging some near-term headwinds for the bank, namely capital. dimon just wrapping up his comments moments ago and acknowledging they have $900 billion in safe assets sitting at the federal reserve. that will continue to be a headwind because they can't lend a lot of that money out because they're keeping it for their liquidity ratio. it will also keep them from significantly increasing the amount of money that they'll give back to shareholders. dimon saying their c-car submission, which is how the fed will determine what they can give back to the shareholders is not fundamentally different than the $6 billion in buybacks they got approved for last year. he did make a comment about the weather. he said a drop in fixed income trading revenue we saw toward the end of last year was just weather and could continue into the beginning of this year. we didn't get an especially optimisti

joining me now, dan greenhouse from btig, very very own kayla tausche and dom chu, steve grasso willond and i spy guy adami, our "fast money" trader. maybe dan, you can tell us why stocks rallied so much today. >> i'd like to say it's because everybody is celebrating the life of great hall ramus but its probably not that. we have reversed the previous decline related to the emerging market kerconcerns. >> it wasn't systemic. guy, the question becomes, all right, so we had this pop. people are moving past those concerns. why couldn't we hold the almost 200-point gain we had for the dow midday? >> look, i don't know if it is systemic or not. i think the jury is still out. i think for now it seems like everything is calm, but things could flare up at any moment so i'm not necessarily in that camp. why didn't we hold the highs today? i think the animal spirits are at work. i'm not really sure why we went up. i think a lot of it was m&a activity. you saw the facebook deal. i just think it's exhausting itself. look, i got to tell you, you know i have been wrong for about 40 or 50 s&p point

joining me are sharon epperson and kayla tausche, kevin o'leary.lso with us, "fast money" contributor brian kelly. it is great to see all of you. mr. kelly, your thoughts on this market? >> yeah, boring. it's not over yet. still going lower. those are my general thoughts. >> wait a minute, it can't be that boring if we're only pausing here on what's actually been a pretty sharp downward move. >> yeah, but listen, we're up a half a percentage point, 0.8% on the nasdaq. that's nothing compared to what happened yesterday, and not only that, i still continue to hear people talking about let's get that shopping list out, this is a buying opportunity. >> yes. >> when people start -- listen, when people start to ask how low can it go? that's your boouying opportunit at that point. >> when people see it more as guy adami says, a selling opportunity -- >> exactly. >> that's when you need to be paying attention. >> then you buy. >> then you buy. one thing people are buying -- let's talk about some ports in the storm. gold, natural gas. >> yeah. >> it's a mir