bank of america, merril lynch global reserve. thank you. >>> now to earnings and profits at chevron that fell last quarter on the drop in oil prices. shares down though half a percent today even after the oil giant announced it's suspending a soft buyback plan and cutting on projects. isn't alone. jackie deang has more. >> reporter: the oil majors have begun to report and while they're generally beating expectations by managing costs and working on efficiencies wall street is focused on capital expenditure. drop in oil prices taken an ax to spending not only impacts the oil hatch but the broader global economy. chevron is the latest in the biggest oil company to do so. the company plans to cut its spending by 13% to $35 billion this year. the plan to suspend share buyback program in order to conserve cash. it's the greatest reduction since 2003. >> the announcement by chevron that they're cutting back on capital expenditures is emblem attic of what's undergone in the industry right now. every company big and small is getting coll

thank you, ethan harris from bank of america merril lynch. thank you. >>> the data showed the biggest drop in the u.s. oil drilling rigs in 24 years last week. today, domestic crude finished 43 cents a barrel lower, $48.36. benchmark brent crude closed lowest levels since april 2009 at $50 a barrel. >>> a major ruling that could mean construction on the keystone xl oil pipeline will resume soon. nebraska's supreme court overturned a lower court ruling blocking the proposed route of the controversial pipeline in the cornhusker state clearing to move forward. >> the house overwhelmingly passed a bill authorizing the completion of the keystone xl pipeline. the senate will take up its own version of the legislation next week where it's almost certain to pass but the bill is anything but a done deal. john harwood joins us now from washington with more. the president already said he will veto any keystone legislation if it passes congress but could today's ruling by nebraska's supreme court either change that promise or flip some wavering democrats

here's the view from ethan harris at bank of america/merrill lynch global research. >> this was another very strong jobs report, a little bit more than 250,000 jobs gained and another drop in the unemployment rate. this continues a solid trend we've had since the beginning of 2014. payrolls have kind of moved into higher gear in the united states. we think this stronger momentum is sustainable. we think that two things have happened in the u.s. economy to give us better job growth. broken sectors of the economy from the 2008-2009 crisis have healed now. so, we have a healthy banking industry and healthy housing market. that means stronger growth going forward. the other good news is that washington is no longer a source of shocks to the economy. we no longer have fiscal austerity with tax increases and spending cuts. we no longer have the dramatic battles in washington that we've had in recent years. so that better backdrop for washington is good for confidence. that's good for the economy and good for job growth. so, we think jobs can continue to grow at above 200,000 pace through 2015

we like merrill lynch, that part of bank of america is great but if you want a merrill lynch proxy own morgan stanley and you don't get the rest of the bureaucratic, you know, stuff elsewhere at bank of america. but i would say, i would like to see more firm financial targets from bank of america. i went to the annual meeting last year. i asked the chairman, i asked the ceo, what is your financial target if interest rates don't increase and what's your time frame for achieving those and they did not give an answer. i think investors should be able to hold management accountable to firm financial targets. by the way, morgan stanley i'm not happy with either. they gave higher financial targets today without a time frame and i intend to go to their annual meeting to hopefully get answers from the directors that oversee management. >> mayo putting another management team on notice. we'll talk to you soon. thanks. >> thanks. >> all right. mike mayo for us. here's what i want you to do. make the case to me, without saying the stock is -- the bank is trading below tangible book value, okay, t

with morgan stanley, smith barney or wells fargo, trying to gross its advisory unit as well as merrill lynch they are fighting with people making resolutions to get their financial house in order this could potentially have a reputational impact on morgan stanley, though we should note it does sound like it was a lower-level employee but the fact that a lower-level employee would have access to that information is a sensitive issue. >> cyber security thing into the new year is such a massive issue. we were're seeing it from tradil companies and studios traveling to the financial sector. always people who have access to the data that are the weak point. a financial adviser would need access to client data, 900 could have been the number the person worked with and the internet is a click away. you need firmer firewalls in place. >> thank you very much. again looking across the financials, pressure across the board, to be clear, morgan stanley, though. moving on here, next up, the fcc expected to vote on major new rules governing the internet next month. the proposal revolves around net neutral

chris willis with bank of america, merril lynch. >>> republicans assumed full control for the first time in eight years with comfortable majorities now in both houses. john boehner was reelected to a third term as speaker of the house after a tense vote and opposition from within his party, notably from the tea party. only received 216 votes. so what does wall street want from this new congress? kayla tausche takes a look. >> reporter: there are a lot of changes ahead in washington with the 114th congress being sworn in. wall street is bracing for many of those changes to have a near term impact and here's what it's watching. first, the renewal of the terrorism risk insurance act died in the senate last month due to a seemingly wall street friendly rider that exempted parts of dodd frank. republicans say that this legislation is still a must-do, though likely will make it through with something wall street pushes for, the white house doesn't like. it doesn't mean rolling back dodd frank all together. banks know it's the law of the land. certain parts could see changes like the consumer f

and ting lu from bank of america /merrill lynch. thank you for joining us.'s drive to tackle pollution. this is "on the move." ♪ >> i am rishaad salamat.. it is monday and the top stories out of china. analysts blitting the outlook after casinos reported their first annual revenue drop. conflicting predictions from xi jinping's anticorruption against gambling. tourism is up making others bullish. sales tax has tripled given revenue more than doubled. xiaomi has the highest -- is the highest valued company not to go public in the above a news conference this month. a chinese conglomerate has won the race for club med after their arrival dropped out. it is $30 a share value waiting the company at 14 $1 billion. the other companies said they cannot justify a higher bid. when it comes to the backdrop of china, it extended subsidies for electric cars until the end of the decade to get people to go green. it could be good news for tesla as it tries to gain a foothold in china. we asked an analyst with the road holds in 2015. ♪ >> red is my color, don't you think.

but economist michael hansen with bank of america merrill lynch says wage growth has barely been keeping up with inflation. why aren't wages going up? >> i think the labor market is tightening. i'm not sure it's tight just yet. i think there are people on the sidelines. there are a number of people part-time employed relative to past recoveries. >> reporter: wage pressure is building. 17% of small businesses say they'll be raising pay in the next six mongst, and scott that number has been rising steadily in recent month. >> pelley: better news. anthony, thanks very much. well rising pay and, of course, falling energy prices. oil was down again today closing below $46 a barrel. gasoline fell a pen tow an average $2.12 a gallon. good news for most, but certainly not all. here's manuel bojorquez. >> how can i help you today. >> reporter: ruthie's rolling cafe has four trucks that serves lunch throughout the dallas metro area. how many gallons of fuel does it hold. >> 30 gallons. >> reporter: owner ashlee kleinart says cheaper gas is saving the company $50 per fill-up. that's adding up to $4

also included is the merrill lynch credit cards. lot of people can get in on this.till wanted you to know about it. >> how do we get all this? >> what a -- >> starts the new year with a bang. >> 1-800-546-7177. log in to abc7news.com. >> thanks, michael. >>> just ahead figuring out what to tip when you go out to eat can lead to lots of head scratching depending on the service and the food. but one man had no problem. >>> as we go to break, we wanted to share this picture nasa tweeted out. female announcer: it's time to make room for the new mattress models! during sleep train's huge year end clearance sale, get beautyrest, posturepedic even tempur-pedic mattress sets at low clearance prices. save even more on floor samples, demonstrators, and closeout inventory. plus, free same-day delivery, set-up and removal of your old set. why wait for the new models? sleep train's year end clearance sale is on now! ...guaranteed! ♪ your ticket to a better night's sleep ♪ >>> a moose buried by an avalanche on an alaska mountain had its luck changed by three passing men on snowmo

how are the son of merrill pierce fenner in merrill lynch. >> i am.were partners for 25 years. they came up with the strategy bringing wall street to main street. by doing that they brought main street to wall street in the '40s and '50s. that was powerful force in the economy. stuart: i'm skeptical. i hope you can do this i would love to see things turn around. people miss ad golden opportunity to make money. >> that's a tragedy. stuart: that is tragedy. winthrop smith. >> thank you very much. stuart: data theft at a big financial company. morgan stanley says it has fired an employee for stealing account information from up to 10% of its wealth management clients. account names numbers, of maybe 900 of those clients briefly posted online. no passwords or social security numbers were included. morgan stanley has notified law enforcement. the company's stock is down. big deal. >>> we have doughton abby, a turning socialist that is change in subject. say it ain't so. more on this next. >> he asked if i could give another luncheon. oh dear. why the lamen

the bank of merrill lynch double of grated and it was underperforming. it is now up.re is a little bit of a warm breeze and we get the chinese car sales in december of 13% in december. it got big exposure in china and it is trading up. it is all about oil and energy. it is up by 2%. keep in ion some of the energy stocks. there is the opposition leader and the labor party leader talking about energy prices and saying that they should be given the power to cut energy and gas prices when oil prices are down and wholesale prices are down which is driving down investors a little bit who are worried about the exposure and the downgrade in prices. meanwhile, one of the most volatile stocks, when it comes to oil prices and oil trading below. we are seeing the pain and it is down as the worst performer. >> thank you very much will stop those of the stocks to watch. these are the top stories. down today and back a little bit the big move is after the drop in u.s. wages. the most since the records began. the week numbers combined with a slide in oil. the u.s. labor market may be

the chief european economist of bank of america merrill lynch.fast food slows down for mcdonald's, so the company is promoting a brit to super size its sales. will it work? we'll talk about it when we come back. ♪ >> good morning. welcome back. you're watching "the pulse." we're live on bloomberg tv, streaming on your ipad, and we're obviously on the all-new bloomberg.com. go check it out. a fast food slowdown, at mcdonald has led to a reshuffle at the top of the chain. as of march 1 the c.e.o. is out. a brit is taking the helm of this american fast food giant. here with more on the changes at the top is our european business correspondent, caroline hyde. steve easterbrook is on the menu. >> he's the man at the top now, and he's going to be rejuvenating that menu, we understand perhaps adding digital elements. this is someone who they hope will stop the bleeding, because it's been going on for a while. we've seen three years don thompson was at the top. for 25 years he served there. just under the three-year tenure, he managed to not move the sha

david wu is at bank of america merrill lynch come aged in the last week. as we observe overshooting. i think of it as the pendulum getting to out front. how overshooting are we right now? >> i think in oil, seems like we have definitely gone into -- the problem right now is nobody wants to cash the falling night. a lot of people making the case will probably looks attractive but it would wants to step up because most investors are struggling. a very difficult year and no one what's to stick your neck out in 2015. >> we have talked for years and years about the great distortion, bank of america or lynch looks one year out and then one year from that, you see a negative interest rate. how can we have a normal conversation given that deflation -- in europe this morning? negative. we are at deflation, are we? >> yesterday had a meeting with japanese company to discuss the outlook for markets. he was saying the bacon census among japanese a fixed-income investors is with 10 year as 0.3 basis points, guess what? the whole fixed-income industry in japan is bankru

he worked at merrill lynch for many years. as a business individual, you have the intelligence.ut you just mentioned china, what a blooming relationship with china. what kind of trade you expect in the year 2020? >> well, when i first became prime minister back in 2008, primarily we bought things from china, we sold them 2 billion today, today 20 billion, then we so $12 billion and by 2020 we have a sort of informal agreement with chinese and there's a lot of demand. liz: they are drinking a lot of your milk. what else? >> they buy beef and also services from new zealand, education, tourism, and we are seeing a big change in the chinese economy, and i think you're going to see quite a change. liz: i talk to people here on the ground and they are pessimistic mainly because of the terrorism that is sweeping the globe. he recently sent a team of your military to the middle east to do what? this an offense that move so that you were ready for anything? because your neighbor -- this was just horrifying. >> it was horrifying. and what we are trying to do is play the role of the good c

merrill lynch put this out. investing means you're looking to get rich, baby. via the stock market. want to be the next warren buffett. listen, he did it without a risk. you have to take a certain amount of risk. buy and hold the right blue chips, you'll get to the same place with less risk. a couple of crashes put that to the test. probably big chunks of money at a time if you want to take the risk and you're aspirational. those looking to maintain, you know, which might be a lot of people around 65. the notion is to go the market route. not swinging for the fences, but looking for your money to make money. doesn't have to make money, but you want to beat the averages. then the rich people like jim. they got that way by knowing that money loses value if you put it in coffee cans. at the same time, you don't want to take the extra risk. the idea is to make sure you don't lose money or value. all right, steve, so to answer your question, i think most investors probably fit those first two categories. you should have foreign investments. also, don't be bashful about taking profits. i

you have to talk about growth, let's talk about merrill lynch. >> first they buy it, then they say spendl. [laughter] liz: we will be watching at all. >> the best bank in the country is u.s. bancorp. liz: good to see you. thank you so much. tell everyone we said hello. closing bell, now we are about 16 minutes away in a vest or is rushing to the wiki of government bonds in today's choppy trading session. just minutes left before the closing bell, can stocks make a comeback? we have come up in the dow jones down 129 points, we are down to 47. taken a look at the last minute treating those he used to be making right now. you just got a big bump in miles. so this is a great opportunity for an upgrade. sound good? great. because you're not you, you're a whole airline... and it's not a ticket you're upgrading, it's your entire operations, from domestic to international... which means you need help from a whole team of advisors. from workforce strategies to tech solutions and a thousand other things. so you call pwc. the right people to get the extraordinary done. ♪ nobody's hurt,but there wil

question of the day, liz dunn expert along with michelle meyers economist at bank of america, merrill lynch 9 out of 13 categories down. holiday season savings from gas prices how do you explain the pullback? >> i'm struggling to. i was surprised by today's report. headline number was going to be weak because sharp drop in gasoline spending but i thought the core number ex-autos building materials and gasoline would have been up modestly. so i tend to think that it's more of noise than anything else. i think it's a blip in an otherwise strong trend for the consumer because, look at consumer backdrop healthy job growth increase in disposal income savings from the drop in gasoline prices lower interest rates, wealth appreciation and consumer sentiment is improving. >> yeah, seven-year highs for consumer confidence. does this do anything to groit forecast? >> it does. takes down tracking for q4. tracking 3.4% for q4. it's strong consumer spending numbers on q4 aggregate, we're solid because of the strong start to the quarter. makes us think about what we do with q1 because facts unfavorable he

risk appetite back on again, a new survey by bank of america/merrill lynch says investors are once againrvey of investors with $630 billion worth of assets found that asset managers who are overweight catch tumbled to -- -- cash tumbled to 17 percent in january. joining me now is jason ratman and michael cugino. gentlemen, thanks for joining us. first, let's talk about today's session, jason. comment on why the continued volatility, oil prices down again another 5% today. much of the same, no? or are there new factors to work in. >> well, the major new factor this week is the foreshadowing of the stimulus that will more than likely occur this week by the ecb. it's hundreds of billions of dollars of stimulus that the ecb is just shoveling towards the markets saying, please, go up. and that's really what's happening. and really the market doesn't quite know what to make of whether the u.s. fed is going to raise interest rates or not this year. you have a lot of factors or that are causing the market to go up and down. lori: michael, your comments on the ecb and how global markets will reac

bank of america, merrill lynch. she's with me here on the floor of the nyse. jeremy is head of u.s. equity strategy at ubs wealth management. welcome to both of you. nice to have you on power lunch today. mary ann, we'll start with you. we got the ecb decision. that's behind us. that kind of clears the air a little bit for this market. where would you put money to work in the big cap stocks? >> we do make large cap, and specifically quality companies. the sector that we're still finding a lot of value and we're finding yield is in the tech space. we still like technology. we also like the industrial space. within industrials, i mean within technology we like the semiconductors within the industrial space we like the transport. >> jeremy what about you? how would you play this market? would you go to the smaller cap and the midcaps or would you stick with large caps? >> we think the environment for large caps is fine. we fuel actually think the environment for small and midcaps is even better. i'm looking for mid to high single digit returns for 2015. i think that we're overweight sm

>> bank of america, merrill lynch for those playing home name this their top security pick, up 4%. we know bk does not like the management of this. however, since the management is only out for themselves, you might as well play along and given the base that we have here, i think you buy fireeye. >> what? >> yes. >> wow. >> is bk -- >> crazy night. >> fall for t-mobile at 5%. grasso? >> they have been the true innovators in the entire place. they're killing it on pricing, taking market share from the other major players. i'm still long. >> and we have a drop for mcmolars. more trouble for mcdonald's japan after officials reveal a human tooth has been found in a order of franchise. the news came after a piece of vinyl was found in a chicken mcnugget over the mouth and a childs a mouth was injured by plastic found in an ice cream sunday. along with the drop in sales, the troubles headlines have helped take a bite out of japan's bottom line. i wonder why? >> knotts lost on me, our producers are playing once bitten, twice shy. >> that's good. >> nicely put. >> all right. shares of mxp

sprouts was up from a bank of america merrill lynch. target up to 42 from 35. flood of earnings hitting the street. let's try to wade through the flood and find out what you need to know about. the three flames that you need to watch. melissa, over to you. >> hey, guys. welcome to another day of the earnings squad. let's kick things off with our score card. 11% of the companies reporting so far this season. 79% recorded above estimates. 5% net estimates. 16% have come in below estimates. let's kick it off here with a big one after the bell, and that is ebay. this is all, of course, we know about the split. thank you for joining us on fast money. we know about the split. is this a throw-away quarter? >> to be one of the best risk-rewards in big cap tech with an emphasis on low risk. i think if you look at the bar between the pay pal spin-out and the multiple and 2014 was a year to forget for ebay. if you think about the triple threat. they have the security breach. and they had fx head winds. it was a stock that really there was so much playing fwens it. a lot o

co-founders of option munster, steve liesman, cnbc's senior economics reporter and from bank of america, merrill lynchus and steve grasso from the floor of the new york stock exchange. he, of course, with stewart frankel. our game plan today, it looks like this. and the winner is fresh off a big win at the global's netflix shares get upgraded to buy. the analyst that made that call is with us li

co-founders of option munster, steve liesman, cnbc's senior economics reporter and from bank of america, merrill lynchith us and steve grasso from the floor of the new york stock exchange. he, of course, with stewart frankel. our game plan today, it looks like this. and the winner is fresh off a big win at the global's netflix shares get upgraded to buy. the analyst that made that call is with us live. value player, bill mygren on the two new stocks he's buying. stocks selling off following the monthly drop in retail sales in a year raising new questions about the strength of the u.s. economy and this rally. meantime oil remains in focus, double line's jeffery gundlock calling for a collapse in cap x if prices remain this low. treasury yields dropping to levels not seen in some time. some weather captain america is showing signs of cracking. that's really the most important question i think right now, is whether this trade, this trade that has worked so well that we've talked about so often is in danger of ending? >> it's a 70-mile-an-hour wind, scott, i'm leaning right into it. i am not buying into t

they are a philadelphia-based chemical maker and bank of america and merrill lynch upgraded to a buy from a neutral. their target, $65, stock's at $59, so six bucks at the most. >>> well, if you think that you had a great 2014, wait until you hear from our next guest. >> yeah, he's a ceo that brian actually spoke to one year ago. >> we did, this show. >> well, no, you spoke to him a year ago. >> the show, the network. >> and his company's stock has quadrupled since then. was the sullivan touch or just a good company? >> just sullivan. >>> we'll also be heading to the detroit auto show, ahead. you just got a big bump in miles. so this is a great opportunity for an upgrade. sound good? great. because you're not you, you're a whole airline... and it's not a ticket you're upgrading, it's your entire operations, from domestic to international... which means you need help from a whole team of advisors. from workforce strategies to tech solutions and a thousand other things. so you call pwc. the right people to get the extraordinary done. ♪ >>> we're still seeing the impact of the big oil p

we will do it in the company of from merrill lynch.inating headlines. >> for more bodies found. >> icing being viewed on the aircraft as well. looking at the response, as well, from tony fernandes. many people congratulating him on the way he's handling this. that is what we have at the moment. >> he will stay tuned for all of that. that is on the move. thank you for joining us on "first up." ♪ . . . >> good morning everybody, i am rishaad salamat coming to you live from hong kong. this is "on the move." the euro starts with a week with a tumble, falling to its lowest .ince 2006 a new year's resolution, china plans to sell a hundred million of phones this year, and there are issues emerging from the airasia crash. and a special "on the move" in the next hour, china

that your trusted service provider in this case morgan stanley, but it could be a jpmorgan or merrill lynchnet worth client takes your data, and they have a lot of it, and dumps it on the internet like julian assange. >> the issue if you are a morgan stanley client it is not like there is a safe harbor you could go to. everybody -- >> everybody is getting hacked. this was an inside job. we have to take morgan stanley's word here. it was an employee who took the information of 10% -- >> that is a huge amount. >> morgan stanley has to be a believably upset -- unbelievably upset. >> i would love to know what the ramifications for this employee would be. >> there's rick latorre action, potential legal action, all of the above -- there is regulatory action, potential legal action all of the above. declines we have been reporting to you over the course of the morning appeared to have more or less stabilized. the dow is down 230 points. similar to clients for the s&p 500. oil is another moving factor today. new york crude down in excess of 4%. oil with a $50 price tag. unbelievable. >> it does not

throw into the mix the bank of america, merrill lynch, global sovereign bond index which is also at alow. global bonds are hitting new lows on a daily basis. specifics, france, germany japan. what happened in the u.k. was interesting yesterday. the debt management office sold 2.75 billion pounds of 10-year gilts. the market price is not quite at a record low, but the price that the d.m.o. solte sold gilts at an auction reached an all-time high. oil -- >> 2009 is going to ring a bell. west texas intermediate the u.s. and brent, volatility in the oil market is back at levels you have not seen since 2012. u.s. crude 60% volatility. in the european contract, brent is up 50%. stockpiles. we're going to get data today that is going to talk about the stockpiles in the united states of america. 700 barrels stockpiled last year. china is not going to save the oil market. they will not import as much as they did last year. there is an iranian news service saying there is consensus building monk opec that they should stop the drop in prices. the chief equity strategist at goldman sachs said a gl

between the acquisitions of countrywide, the acquisition of merrill lynch all of that went on like boomom. we did the risk management teams and compliance teams earlier. i do know that i'm used to it but we built up those teams and we had the mortgage crisis behind us. that was our achilles heel and that is on its way down dramatically. it does not feel the same. if you asked me in 2010 how i felt, it might have been different. >> from a supervisory perspective, are the fed and regulators forcing you to operate with one hand tied behind your back? >> we operate and do what we need to do for our clients. the whole industry is trying to move beyond the crisis going forward, so the need to finish the cleanup it is frustrating at times because you think you are done but there is a clear line of sight between us and our regulators and what we have to get done and we are working on it every day and it is getting done. to me, it is not something that overly worries me right now. if we stop in these rules then and get this done, it will be a good thing. >> how is your relationship with regulato

joining us once again is sabina shell at bank of america merrill lynch. talk about the effect on broader energy stocks. given that we've had this route, does that make it more likely that prices come on par across the range globally? >> the route in oil prices will have an impact on oil linked gas prices. gas prices in europe are still partly linked to oil. as these prices are coming off with oil it will bring it more in line. but the poubt important thing to note is that all of these markets are trading off of their own very weak fundamentals. there's so much supply. in the case of the energy markets, we are seeing a wall of supply starting up particularly in australia, which will likely put this into a bear market. in the case of the u.s. we're talking cold weather now. but finally. it's been such a warm winner prior to that. and, you know, the prices are clearly trading so low in order to curb all that domestic production. so we are in markets that are not just impacted by oil, but also by their own weak fundamentals. >> and given your focus on global

economist at bank of america merrill lynch about what this means for the economy and the fed. >> apple its worst losing streak in almost three years, having lost almost $70 billion. is it now a buying opportunity. >> find out what the recent fall in oil prices mean for the big energy companies. we'll talk to a top analyst. >>> also coming up later, a first on cnbc interview with the chairman and ceo of aol. tim armstrong will join us live from ces in las vegas and address all of the deal rumors of the past couple weeks. >>> stocks opening up higher 174 points. the stampede of nervous investors into safe haven treasuries pummeled the yield on ten-year, down to 1.91. you can see we've come back slightly from that. steven wood of with usle investments johns us now as does michelle meyer, senior economist of b of a. that felt very rough, steven. >> the opening trading days very much so. there's a lot going on not a lot of time to process the information. longer term what's happening in oil, i think in the u.s. economy is unabashed positive. but in the shorter term there's a lot of deals an

merrill lynch, short squeeze going on oil. cash is king for oil.brent poised to go to 31. oil's up dramatically. oil companies have to sell futures constantly they'll weigh on it any time it goes up got to bring cash flow. this note may mark closer to a bottom when you see someone say brent's going to 31 now you have to think maybe we find a place for it to bottom. >> we haven't talked about harold hamm continental the checks he's writing to his wife in the divorce. >> we didn't prepare we are were going there. >> personal low 68.7 million shares. came on mad money, oil at 81 continental, clr, are we in a situation we could see 60 oil? he said no. i asked him again, he goes i don't believe. i think oil back at 90 before you know it. >> we didn't change to clr. they're not listening. >> half right, it went to 45. okay. >> move on. exactly. half right. >> home builders, other day, kb homes, woe is me home building. lennar delivers a terrific number great. whole group will trade unevenly but he it's true but remember the mortgage numbers, wells fargo

. >> merrill lynch slashes everything infrastructure. [ bell ringing ] >> a lot of this is energy infrastructureh we know is grinding to a halt in canada and some parts of the united states. >> there's the opening bell and s&p at the top of the screen. here at big board this morning, low-cost airliner gol. and nasdaq world economic forum annual meeting where joe, becky, andrew continue to deliver the guests. >> jamie dimon interview yesterday where he basically said listen you know what? the regulators are doing the job. >> walked it back. >> walked it back. >> rolled back, walked back. >> i thought he did a very nice job, actually. >> look -- >> pretty strong. >> is he right? i mean to you ever pick up the paper and not see there's some new entity? they ought to form an entity anti-bank entity every state it gives money and they throw things at banks. banks did things wrong. >> they certainly did. >> they did. nobody went to jail. everybody kind of did well. >> nobody went to jail. >> where you go to when you do things. >> it's not just banks. aig, nobody went to jail. >> no they did great. >>