you call up merrill lynch and say, what's on your morning call? hi, bob. click.t's what happened. >> it started with one guy, bill mcelroy. i sfoek him and he said it's okay if i did. he was at merrill lynch and called me up and said, i'm bill mcelroy, i want my research out there early. call me every morning at 6:45. i would get the merrill information at 7:00. then he left and went to morgan and i thought, my information is gone. then i got morgan and -- >> and now everybody takes it for granted. >> it was great. >> the important thing is on the floor you had to face opposition from you, that didn't want you or anybody down here on the floor. it was a fraternity. >> one or two people gave me a hard time. but for the most part, i have to give a shout out to everybody down here, there's such camaraderie. the guys opened their arms, a specialist in ge, george, i'll never forget, taught me so much, took me under his wing. when i got married i was talking to a specialist, my back was toward everyone else, i'm just -- just talking about the markets. unbeknownst to me

applying to yale and putting my address on application, you know, i hold a very important position at merrill lynch. my co-workers want to drive me home. drive me to 123 biggy small street. it's just not, you would think that it's still an intersection that maybe it would be some place where biggy grew up or something, you know? but it's -- i don't want to be stereotypical, but younow how martin luther king boulevard, you always know where you are going on martin luther king boulevard, in ehood. and i just am feeling like i paid too many taxes and too much for my $3 million home. i don't live in clinton hills. i'm acting like a snop snobby person that might be saying this, i paid a lot of money for this house. thistreet is ivory terrace way. >> that is how it will stay. biggy small street. they can use a government name, chistopher wallace way. keep it ivory terrace. keep it that way. anyway, glurks clion hills. hold your ground. maybe you guys in brooklyn take the inrsection into anher area. that's all. y guys make me so omfortable. i'm sorry. should i be more formal? look, so, here's anew sex mb

meaning, all nyse member firms, my firm, merrill lynch, everyone, and the debit balances in margin accountsle borrowing excessively. it peaked in 2000, peaked in 20 07 and we're on behalf of record borrowing to buy stocks. this is not a good circumstance. >> that's pretty scary. i don't want to be accused -- i know people are thinking, oh, "options action," cnbc, just fear mongering. we bring this up, these charts are important, and also the fact that volatility is low is important as well. >> i think that's exactly right. first of all, earlier remember what we were talking about. a handful of stocks that are outperforming as a lot of capital is chasing opportunities. the growth stocks. what other sectors of our economy are doing well? housing has been. cars have been. heavily financed purchases. stocks also have been. heavily financed purchases on margin debt. all of this a by-product of low rates. what you want to see is, obviously, other areas of the economy obviously justifying this type of growth. to me, it does seem extremely dangerous where we are. we don't have real economic growth.

the company also says new york's attorney general is threaten to go sue them and a subsidiary merrill lynchs potential losses from losses could be up to $5 billion. if you like mcdonald's coffee, you could soon brew it yourself at home. the golden arches says starting neck year it will test sale its discovery at supermarkets and other retail outlets, they were completelyinging up with kr*ft foods to distribute their brew. >>> sriracha under five. up next on al jazerra america, a community in california suing the company saying this hot sauce does physical harm. closest to the story, invite hard-hitting debate and desenting views and always explore issues relevant to you. >>> welcome back to al jazerra america, i am del walters, these are your headlines. the organization for the prohibition of chemical weapons says that syria has now destroyed key equipment used to produce chemical weapons. the move is just one part of that chemical weapons deal that was approved by the u.n. security council last month. iraq's prime minister says terrorists got a second chance to thrive in iraq because of sy

of merrill lynch and torture bank alexis thank you for being here thanks for having me know right off the bat can you quickly tell us in layman's terms what is h.r. nine thousand so this is a bill that's meant to gut a provision in dodd frank that was called the swaps pushout so that part of dodd frank was meant to push out the riskiest derivatives out of the part of the bank that enjoys f.d.i.c insurance the idea being we shouldn't have these risky instruments kind of pooled together with checking account or some business in savings account or something like that h.r. nine to basically says well actually you can have all of the derivatives that you want in that part of the bank except for one very narrow category called a structured swap and in fact you can only have this narrow category of structure if another regulatory agency says it's on a product that we think is risky so there's a very very narrow slice all the rest of the derivatives can be held in the part of the bank with the f.d.a. i see insurance now pushing the swaps and derivatives operations outside of the banks if you

that started with the governments push with a subprime lender to space nothing of scooping up merrill lynchr us to do things they otherwise would not have liked to do. in their case of jpmorgan chase, not being massacred at all. the government, the folks with our money are judging what they did with their money. >> i totally agree with that and my firm is involved in a case with the federal reserve board relating to the aig bailouts. i think when they stepped in and use the power of the government, they have to be very careful, i don't think that they turned the square corners and i think you have to take some of the responsibility for themselves. if i were him, i'd be saying that you talked me into this and now you're suing me for it. neil: they have also encouraged those, that was the push during the clinton years. you have to have it be part of a birthright. a push to do something they did exercise on steroids and i'm wondering where is this stepping back for them to say if you want to have this be part of the center, they have plenty of company. >> that is deeply true. the mortgage comp

the firms that were bad players like citigroup, merrill lynch, was not jamie dimon.ling people there is no changes, but can only tell you common sense dictates something would have happened, but he is standing behind his people right now. cheryl: we will keep you around. we shall charlie gasparino. 31 minutes until the bell rings. supplies for the next decade. is this deal going to put them on top of the tech world? we will ask coming up. plus we will brin breakdown the biggest movers for you. my mantra? always go the extra mile. to treat my low testosterone, i did my research. my doctor and went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as uected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your d

you think they are a worse player then merrill lynch, citigroup and all those others? >> internal controls perspective today because they are larger, cross more businesses, more regulators. >> they are holding them accountable for the past. citigroup or jpmorgan? >> they chose to acquire. >> is citigroup a worse player today? no. >> back then citigroup was bad, the investment bank was far worse. you are missing the ultimate point. liz: did not get admired in the subprime. >> one third of originations in 2006, 2008. >> that is what happened. selling it. >> charlie, when you make an acquisition and and acquire as, you get the kickback. they knew what they were buying. but me finish what i am saying. for a year of the transaction until they realized just how large they were at which point they found language loopholes to say this isn't ours. >> doesn't the fdic cover some of this? >> no. when you do a purchase acquisition. >> you are saying there was language in there that allowed them to basically get out of some of their liabilities. jpmorgan? >> no. jpmorgan acknowledg

bank of america merrill lynch upgrading them entirely. what a winner today.: the gang at viacom are at the nasdaq. we have telecom indonesia at the new york stock exchange ringing in the bell and numbers down as we see. stocks finishing up with the dow jones industrials losing about 61 points here. in the blink of an eye went from down 50 to down 61 right now. s&p 500 down six points. nasdaq down by 10. could not hold to the gains which were small but still green. russell down half a percent. david: pourfor much of the day basically flat-lining. couldn't figure out whether it would be green or red but toward the end of the day it was deaf move to the downside. time for the front page headlines. jobless claims fell to 340,000. backlog of claims from california, remember that, distorted previous reports finally worked its way through the data, liz. liz: key gauge in the manufacturing active in the chicago area,

they did not have to save merrill lynch because the married it to bank of america, much of bank of america's letter regret. in the wake of that, in the wake of a run on the money market funds that was just in bats as severe as anything we saw in the 30's, they decide to save which has become a giant money sink with your money, but at that point having let or maybe been forced to lead lehman brothers go under, bernanke and tops a new mantra, and that is liver takes. and from that point on he sees himself as the only thing that stands between us and the calamity of the depression. they lend tons of money to a angie come 85 billion. he helps convince paulson to get the congress to get 700 billion to prop up the banking system. they guarantee money market funds. they guarantee the debt of almost every financial institution in the country. they launched the whatever it takes campaign that with the benefit of hindsight, i think you have to judge it a success. novosti journal a few weeks ceo poll the launch of foster economists and ask integrate bernanke, and unlike the comment that one of them mad

that's bank of america merrill lynch. ♪ ♪ ♪ [ male announcer ] build anything with the new toyota tundra places. man: [ laughs ] those look like baby steps now. but they were some pretty good moves. and the best move of all? having the right partner at my side. it's so much better that way. [ male announcer ] have the right partner at your side. consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. go long. insured by unitedhealthcare insurance company. >> logan: it was a defining moment in the history of u.s. special operations, and it was the first time american forces faced al qaeda in battle. you may remember it as "black hawk down," a phrase immortalized on the battlefield in somalia 20 years ago this past week. "super 6-1" was the call sign of the first black hawk helicopter to be shot out of the sky that day, setting in motion a series of events that remain seared into america's memory-- the sight of u.s. soldiers being dragged through the streets, the capture of a badly wounded american pilot named mike durant. when the fighting ended

turning now to tesla, falling as bank of america/merrill lynch said the stock was overvalued. underperform rating, equivalent of a sell, and a $45 price target on those shares. amazon losing ground. rbc capital and piper jaffray said they expect the can company to miss earnings estimate when it reports after the closing bell tomorrow. n norfolk southern posted betttha expected third quarter earnings on rising shipments. apple moving higher. jeffrey's boosted estimates after raising iphone forecasts and estimates. it maintained a buy rating on the stock and a $600 price target. back over to you. >> thank you so much. dallas mavericks owner mark cuban getting a big win last night. not on the basketball court but in the court of law. the billionaire investor was acquitted of insider trading after securities and exchange commission accused cuban of using a private tip to avoid big losses on his 2004 sale of internet stocks. mark cuban joins me now. good to see you, mark. >> good to be seen. >> thanks for joining us. you said this case was personal, i was reading what you said. why

. >> and then there was merrill lynch, and then there was morgan stanley and then -- >> yeah, absolutely >> so, i mean, you asked jamie dimon to do this, because they were the strongest player? >> they were the strongest player. i think they were the only one, maybe one of just a couple that could have done that. and jamie was -- not only were they not the strongest player but jamie was a very strong ceo that had the confidence of his board and was willing to step up and make an acquisition without time to do all of the due diligence, without time to have a standard contract, all of those kinds of things. and so, again, he did that. b again, the story wasn't about bear stearns. it's about wamu. wamu is a different situation all together. from what people are saying and what i'm reading, that comes down to what the fdic and jpmorgan agreed to and what the legal documents said when they make this acquisition. >> there's also this talk about opening the door to criminal charges. if we were ever in this disaster again, do you think another bank is going to say, sure, i'll make this acquisiti

joining us with thoughts on the market, marian bartels with merrill lynch wealth management. nice are you feeling festive about this stock market? >> i'm loving the stock market. i told clients back in july to increase equity allocation, reduce fixed income, i think even be yields down here about 2.5 you can still reduce and add to equities. i think the markets continue to go up into year end. the returns are great. pension funds only 35% equities. totally missing this. probably have to review their asset allocation. looking out instead of just to year end, we're forecasting the markets can go up another 10% or above 1900 into next year. >> just by the end of the year? >> no. next year. so going 12 months out. another 10%. >> what about you? are you as bullish? >> we're bullish. i see large caps going up another 3% in the fourth quarter. small caps a little more. emerging markets like europe and germany we like as well for the fourth quarter. leading into 2014 with all the nonsense in washington could see a volatile first two months of next year. if vjanuary sets the tone for

on september 14th, merrill lynch was sold in distress, and the next day, 158-year-old lehman brothers failed. you didn't rescue lehman brothers. it set off a worldwide panic when it went bankrupt, and i wonder, looking back, whether you think that was a mistake. >> there were many people who said, "let them fail. you know, it's not a problem. the markets will take care of it." and i think i knew better than that, and lehman proved that you cannot let a large internationally active firm fail in the middle of a financial crisis. now, was it a mistake? it wasn't a mistake for the following reason. we did not have the option. we didn't have the tools. the federal reserve cannot put capital into an institution. all we can do is make loans against collateral. >> the day after lehman, bernanke's fed did something astounding. it loaned $85 billion to a company that wasn't a bank at all, american international group, the global insurance giant that was also involved in backing risky mortgage investments. bernanke says unlike lehman, the fed could make the loan based on good collateral in a.i.g

but keep in mind we've seen a big slide in gold this year and bank of america, merrill lynch says thelide is likely to continue, looking for gold prices to be below 1300 an ounce through 2014. back to you. >> sharon, thanks. >>> to the bond market, let's check interest rates because stocks were down this morning and interest rates they were the place where everybody was going into those treasury bills and treasury bonds. rick santelli is tracking the action at the cme. >> you know, let's give it perspective. we did have data out today, whether mortgage bankers or adp an wasn't necessarily good data points. that's reflected somewhat also the ecb meeting and the issues in washington. you can see on the two-day chart spending too much time below key levels even though rates have perked a bit. maybe most of the action in the dollar index. look at a small time chart, one day of dollar index, see it's mostly lower and under 80. you open the chart up to july whether it was july's labor report, august labor report, the fed meeting on september 18th and washington, all have taken a chunk out o

bank of america, ml merrill lynch is questioning the company's po teshl tensional for execution challenges. its analyst has an underperform rating on the stock and get this, a $45 price target. see there shares are $165 noting that there's been a 400% run up in this stock year to date and kite put some retail investors at risk overall. tyler, back over to you. >> very interesting, particularly in light of the conversation we just have been having about when to sell. all right. dom, thank you. for years mutual funds, their top holdings were dominated by dividend paying, sort of defensive stocks but technology now playing a much larger role. seema mody breaking down how the widely held list is changing. >> that's right. the top 10 held stocks by mutual funds similar to last year. one difference is that according to morning star, google, apple and microsoft are the top three holdings financial heavy weights wells fargo and jpmorgan in fourth and fifth while exxon mobil and j&j other slow growing high yielding dividend stocks have moved down. more tech on the top. given the tech dominance the

bank of america merrill lynch upgrading them entirely. what a winner today. [closing bell ringing] liz: the gang at viacom are at the nasdaq. we have telecom indonesia at the new york stock exchange ringing in the bell and numbers down as we see. stocks finishing up with the dow jones industrials losing about 61 points here. in the blink of an eye went from down 50 to down 61 right now. s&p 500 down six points. nasdaq down by 10. could not hold to the gains which were small but still green. russell down half a percent. david: pourfor much of the day basically flat-lining. couldn't figure out whether it would be green or red but toward the end of the day it was deaf move to the downside. time for the front page headlines. jobless claims fell to 340,000. backlog of claims from california, remember that, distorted previous reports finally worked its way through the data, liz. liz: key gauge in the manufacturing active in the chicago area, pmi rising to 69.5 this month. the highest reading since march of 2011. david: exxon's stock rose after the energy giant's ea

small cap strategy at bank of america, merrill lynch. >> good afternoon, how are you?m good. >> you think this is run is about done. >> we were more cautious in august and had a good move here in october as well as september so maybe we were a little bit ahead of that, but i do think that smalls reaching a peak. i think valuations are pretty extended at this particular point. we have 1100 target on the russell so we're within 1% or 2% of that. >> the problem is any kind of expectation on, you know, a pullback for the russell is if the overall market goes up, small caps are going up too. >> that's true. it's going to be -- if it's risk on and risk assets will outperform you will see small going to usually lead the way there. right now what we have is the russell trading at about 18 times forward earnings. we're starting to get to peak levels of valuation and my thought is really that the economy is actually growing slower than people are anticipating and earnings estimates are a little too high. we'll see as companies report for the third quarter what the numbers look l

. >> bank of america bought countrywide and merrill lynch. they're next in line. they're talking a potentially even bigger one. this is the beginning of a domino effect. >> what does this mean for people who lost their homes? >> it could be good. it goes to people who lost their homes through foreclosure, so that could be good news. >> thanks. >>> for the first time new jersey is allowing same-sex marriage. the first couples exchanged their vows shortly after midnight. u.s. senator cory booker led ceremonies in newark. >>> commuters in san francisco face more transit issues. two workers died saturday after being hit by a train. the men were checking on a reported dip in the track. the ntsb is leading the investigation. radio calls for help now made public. >> b.a.r.t. emergency, b.a.r.t. emergency. >> go ahead. >> central, 963. we just struck some individuals at approximately 16.2 on the c-1 track. central, be advised it may be b.a.r.t. employees. >> last night transit workers held a candlelight individual ill for the victims. the out of service train was being op

. >> nicole, right here, quickly bank of america, merrill lynch said every time there's been a governmenttdown, 10 out of 17 times since 1977 the market has been up a month later. the key here again is the debt ceiling crisis and whether or not this congress and this white house will bring us to that brink. stuart: look, we've had the presidential warning, professor frankel agrees with the warning, we've not seen a down side move of of any significance on the market thus far this morning. i want to move fast to individual stocks which i believe are moving. first one i really want to watch is tesla. that stock took a big hit yesterday because one of its cars caught fire near seattle. the fire started in the car's battery pack apparently. it was down big on that news yesterday. nicole, where does it open this morning? >> to the down side. yesterday, at that video went viral. it took over this country. and the stock moved to the down side nearly 10% and recouped some of the losses and we're down 6% at the end of the day. today, down 2.3%, tesla says that the car hit a metal type object, that

they took on countrywide which lost tremendous money for the shareholders, merrill lynch which in thenly hurt them, is great right now. but it cost ken lewis his job. connell: yep. >> so -- connell: do you think most of that -- we're past most of that? >> i think a lot of it. unfortunately or fending on which -- depending which view you take, i take unfortunately as a shareholder, you keep beating up these companies, but it's politically expedient because it's popular. who's bad? it's the banks. okay, fine, approval ratings are high. but what politicians are missing here and regulators are missing is if any american owns an index fund, 16% of that index fund is financials. if it's large cap. if it's small cap, russell related, it's in the 20s. so you as someone who owns an index fund are being punished every time your financial institution gets punished. so it's sort of an interesting way of looking at it. if you own an index, you're getting punished as a shareholder, and almost everybody in this country has some sort of investment in these institutions. connell: anton, thank you, as

attractive investment, european equity seeing the biggest inflows according to bank of america merrill lynch, billion dollars last weekend investors have been pouring money in for 17 straight weeks. some big banks are advising for european stocks. a lot of analysts say look at europe, there is opportunity, the allure of valuation than many american counterparts. is american business investment? adam: my next guest says yes, he's putting a lot of people's money overseas, $22 billion as investment officer and president joins me now a fox business exclusive. thank you for joining us. this is part of monday, you will talk about why the in the midst the terrain the good place to invest. you're talking about equities. >> in chile. the united states, despite the fact the we had all this storm over the budget and the debt ceiling and certainly very serious fiscal issues the u.s. is going to be grappling with over the next few years but there are terrific companies that merit consideration. adam: if we get into the fiscal issues, what is under consideration, and how will younger people rebelled again

. >> bank of america bought countrywide and merrill lynch. they're next in line. they're talking a potentially even bigger one. this is the beginning of a domino effect. >> what does this mean for people who lost their homes? >> it could be good. it goes to people who lost their homes through foreclosure, so that could be good news. >> thanks. >>> for the first time new jersey is allowing same-sex marriage. the first couples exchanged their vows shortly after midnight. u.s. senator cory booker led ceremonies in newark. >>> commuters in san francisco face more transit issues. two workers died saturday after being hit by a train. the men were checking on a reported dip in the track. the ntsb is leading the investigation. radio calls for help now made public. >> b.a.r.t. emergency, b.a.r.t. emergency. >> go ahead. >> central, 963. we just struck some individuals at approximately 16.2 on the c-1 track. central, be advised it may be b.a.r.t. employees. >> last night transit workers held a candlelight individual ill for the victims. the out of service train was being op

merrill lynch -- adam: robert reuben has never done an interview about his role as risk assessment atim at that time the time. he said he wasn't involved in the risk assessment. adam: why did he get paid 120 million. >> why were you a board member. that was my point to him. he couldn't answer that question. you think i will make stewart again? lori: i think you will be creamed on stewart again. >> jon, put me on the show. i will go toe-to-toe with you. lori: get to the markets. adam: rare to make her speech countless. got to tell you. >> i'm no dummy. nicole is at her post and good day for homebuilders. >> i will stick with the homebuilders, lori and adam. that may be my best bet at the moment. when you look at pulte, you can see pulte group, they talked about the current environment and gave a great outlook. this is why you see the stock up 6.3%, at $17.74 a share. they said the slowdown in new home orders would actually be short lived. and that there is a multiyear housing recovery that will be sustained and underway. and the whole group is doing so well. so pulte group is up 6%. th

. >> bank of america bought country wide and merrill lynch. they're next in line talking about another settlement. >> royal bank of scotland, this is the beginning of a domino effect. >> what does this mean for people that lost their owns? >> $4 billion of this $13 billion goes to people that lost their homes through foreclosure. that could be good news. >> bill, thank you. >>> a shooting early this morning at a ka see flow. it happened in a nightclub. our klas reports three men are wounded. right now conditions are not known. the suspected shooter is reported in custody. >>> commute hers in the san francisco bay area face more gridlock this morning along with the trance it strike, bart is dealing with a deadly accident. two workers died after being hit by a train. the men were checking on a reported dip in the track. the national transportation safety board is leading the investigation. radio calls for help are now being made public. >> bart emergency. go ahead. >> train 963. we just struck individuals on the c 1 track. central be advised it

but the key here, bank of america and merrill lynch are saying fitch could cut even if negotiations getven if a debt ceiling agreement is reached. that is so key what will happen to the u.s. credit rating from one of these guys. you could see some action. then you will see the bond market getting roiled if there is a downgrade. lori: absolutely. so that downgrade could happen perhaps the october 17th deadline, is that the bottom line? >> possibly and even after that because remember there will be some leeway up until halloween when the markets start to get spooked, meaning extraordinary measures are being exhausted and you could see a downgrade from fitch even if there's a deal. watch out, you could see another downgrade. lori: consider ourselves warned. adam: thank you, emac. >> sure. adam: coming up live we have coverage of president obama's statement and take on the government shutdown and more. tv you can't afford to miss. peter barnes has an exclusive interview. one of the so-called hawks at the fed. philadelphia fed president, charles plosser. when will they begin to taper? he thi

new york's attorney general is suggests it's going to file suit against the evasive subsidiary merrill lynch. the bank is bracing itself, saying potential losses could be up to $5 billion. >> there is tension in the friendly skies. american airlines and u.s. airways are trying to save their merger plans. the wall street journal reports both airlines may be willing to give up slots at reagan national airport in washington so the deal can go through. they would control two thirds of flights from the d.c. area airport if the deal goes through. the lawsuit merger is set to go on trial next month. >> if you like mcdonalds coffee, you can soon brew it yourself at home. it's going to test sell its coffee at retail markets and outlets. >> facebook investors may feel a little queasy this morning after the stock market's basketball like up's and downs in premarket trading. the social network wowed investors wednesday after markets closed. the company said quarterly revenue increased 60% over last year. the stock price shot up almost 16% in after-hours trading, but started falling as soon as the compan

it started with one source who worked for merrill lynch.id to me i want to get my call on the air every morning. i said beautiful. i said call me every day at 6 in the morning. then he went to left and little by little i was able to track the -- the squawk boxes were a closed universe at that time. nobody got information out of the morning calls. we named "squawk box" out of the opening concept. opening that nut up really helped put cnbc on the map. >> we launched box boss in '95. it was matt quayleies genius to begin on the floor as opposed to above the floor. i took over for roy bloomberg. matt said we're doing this new show, we want to launch "squawk box." he said we want you on the floor and we convinced dick grasso do that. and have i to give a huge shoutout to jackwell welch. he gave me such great opportunity. >> and bob zito was instrumental, working with dick grasso. >> there was a couple of guys who did not want me there. i remember one guy, who would be "i don't want this on your little tv show." he was terrible. in the end we bec

then bank of america merrill lynch, morgan stanry, barclay's capital, rounded out by deutsche bank. have more analysts, more people. some of the individual standouts include jp morlgan's health care tech and dieft bugz analyst lisa gill who has made a total of nine appearances on this list over the years. she's been rapgd the top coverage universityist which will stem from more prescriptions being billed. on the energy front, pay attention to paul sankey. among his top picks are hess and when it comes to hardware, this is tony saginaki. he has held the crown since 2002 for hardware. his top picks are apple and hewlett packard. he likes the risk he ward there. that is just a handful of the research teams. we bring you more of the best and brightest analysts on the street, guys. >> there's month correlation between stock picking and whether you're an i.i. analyst, is there? >> it's interesting because if you talk about stock picking, yes, these guys are analysts. but there might be more avenue a premium put on the skills of these guys because correlations are coming down. >> no, but i

kellogg lowered to underperform, general mills to neutral at bank of america and merrill lynch. >> if the economy were really slowing because of all the things in washington, you would be upgrading these, not down grading these. they see no catalyst. this soft goods group has done quite poorly as if there really is an industrial movement that is doing much better. these companies, their biggest ingredient is often oil. yet, they are not going up. they are going down. even the oil is under 100. i think this has to do with the giant feeling that the united states is not doing as badly as you would think from washington. the rest of the world, kellogg, kellogg is a big worldwide company. people do not want these recession-oriented stocks, david. they believe in a worldwide resurgence in the economy. >>> let's move on. the opening bill, just a few minutes away. "squawk on the street" right back. will we set another record on the s&p ♪ [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 5

there's been a land grab for talent between well fargo, morgan stanley and merrill lynch.people to recruit your clients? >> we're really pleased the advisers who think about coming to wells fargo are focused exactly where we're focused, which is does the platform, does the experience create a great environment for their clients? >> clients have comfort levels and certain confidence levels. you talk to them every day. what is the state of the retail investor and where are they putting their money? >> retail investors are looking for guidance, looking for a plan and looking for help in terms of navigating a complex environment. our financial advisers sit down with you and help you have a difficult conversation when that's what you need to wrestle with. i've done the exact same thing myself. >> but when you think about where they're putting their money, there was a story earlier that said customers would rather pay down their debt than save for retirement. is there in input in people getting prepared? >> it starts with a conversation. we see a lot of clients focusing on debt.