head of merrill lynch. i know with you talked a earlier about the private sector but what challenge are you seeing and what are you doing in terms of veterans hiring veterans doing whatever you can that's working? >> sure. thank you. we heard what the challenges are. there's a lack of preparedness. we know about the stigma. there's an ongoing stigma. we end up trying to make veterans fit our structure and we're trying to recognize that that doesn't work and bend our structure to the way they think and act. it requires, let's take hiring. it requires a different approach. now, one -- my example might be internships so if you're going to try to get an internship on a firm like marle lynch or bank of america is very competitive. the way that we go after the most talented folks the veterans is we created a different internship track that allow them the access and the exposure to see what life is like. so they get sort of a no-risk free look at what a career might look like. the onboarding process is different a

that weekend lehman and merrill lynch were basically at collapse.if they collapsed the system was going to fail. although we were able to find a solution to merrill lynch and aig we had a willing buyer for laymen and we had no good options. the weeks after that the system was basically breaking down. there was a classic run across the system. i got a phonecall one morning from this very prominent banker at maybe 6:30. i called them back and i said you have to get that fear out of your voice. don't talk to anybody else in your firm or outside because if they hear you it will be terrible. i said you can replace it with anger or whatever you want but you can't let people hear you that way. as i explain in my book if you are a where then that you were scared to death and it was the people who weren't scared that you had to worry about the most. the people who were scared were more smarter more confident. she was anybody actually was not scared? >> m. after lehman the morning after lehman "the wall street journal" editorial page thought it was terrific.

today in micron, a stock that rallied 5% because of a bank of america/merrill lynch analyst upgradingig semiconductor company from sell to all the way to buy. first, that's an astonishing turn. the analyst unrelenting all the way up, fought it tooth and nail with the same logic. prices had to collapse for what's basically a commodity product. micron makes drams, which are pretty much found in every personal computer. and the dram business has had a terrible reputation as a boom and bust industry. that's because when demand picks up for personal computers, average selling prices go higher for these kinds of chips. when the selling price goes higher, someone breaks ranks and begins to build out new capacity to meet that demand. just like you may have learned in econ 101, prices initially go to equilibrium and begin to plummet as companies open factories to get a good return. suddenly the good return becomes a terrible one and stocks, which had been rising all along get crushed. in some ways, i can't blame him at all. many have contended this cycle where prices have stayed steady is on t

although we are able to find a solution to merrill lynch and aig with a willing buyer, we had no goodoption. in the weeks after that when the system was basically breaking down there was a classic run across the system. i got a phone call one morning from this very prominent banker, maybe 630 tonight. i called back what has been said you have to get that you're out of your voice. don't talk to anybody else in your firm or outside because if they hear you, you know, it will be, it will be terrible. i said, you can replace it will what anger over to view up which can't let people who that way. i explain in the book if you were a weapon, you were scared to death. it was the people who weren't scared you had to worry about the most. the people who were scared were more smarter and more competent. >> was there anybody who actually wasn't scared? >> yet. remember after lehman that morning after lehman "the wall street journal" editorial page thought it was terrific. they said thank goodness they didn't step in and find a solution to prevent the default. they thought it was going to be just

that led to increase concentration was something, bank of america got bigger when it took over merrill lynch. have provided a mechanism so that we no longer have to be the federal reserve and the treasury . leverage, the leverage is substantially reduced by much higher capital standards. as to the nobel authority, there isn't ability to set up a facility that can lend to institutions, not just a one off, but consecutively so they can advance funds which are solvent. beyond that, the notion that we would have a situation where the offayers would be paying the debts of these large financial institutions with no penalties, that is not possible. >> this goes beyond your question and something we haven't talked about. barney knight didn't write something that is -- barney and i did not write something that was biblical. we did the best under the circumstances. i've never seen a bill that didn't overstate something or understate something. the regulatory process is taking a long time to go forward. i mention the costs that rarely get discussed. is people go forward, you get intelligent people step

was the ceo of merrill lynch which is now today part of bank of america.he said in order for america to be competitive, our banks need to be free. ceo ofrubin, the former goldman sachs and the former treasury secretary under clinton, they said the same words, but under clinton, the act was repealed, and it is very much today where we are because of the lack of constraint on the banking system but as well as the alliances that bankers together thought would be ok, and that, native during the clinton administration. it was ok to have less restraint and more risk coming from these very concentrated, powerful institutions. what do you make of the fact that these alliances have remained in place regardless of the party affiliation of those in the oval office? >> money does not care about party, and relationships do not care either. fdr was a democrat, and his was a republican. over these particular hundreds or so years, i examine the relationship with the democrats and republicans, but it was pretty much 50/50. it was all about this alignment of a philosophy, a

to tell us what these signs mean and how to interpret them now colin spent several years that merrill lynch global wealth management and he's founder of or can financial group and a blogger at the finance a pragmatic capitalism dot com now i started off by asking him about the recent positive data on the u.s. economy take a look. at all in the data coming out of the us has been rather good as of late so are you surprised by this at all i don't think that the data from q one is anything to get too alarmed about i think that what we're seeing here is you know we live in a huge crisis and i think it's important to keep things in perspective in terms of looking at the bigger picture here and when you think of the really the economic progress we have to think of it in terms of of a gradual improvement coming out of the sort of crisis that we are in because what's happening really is that the markets are are have seen such a huge amount of slack that the economy is really gradually reducing the amount of slack and so i think it's a bit of an error to focus too much on how bad things have been and

. >> former merrill lynch. >> he is the author of a book. >> fabulous book on growth versus value. >>vestors manic for "disruptor" stocks. market,re, two-tiered disruptors on one hand and everything on the other? >> that is fair, people are looking for story stock at this point in the violation cycle. it is not that regular companies are unattractive. or 16ou get to 15 times times forward earnings, everyone needs to feel like something is in a secular bull market, not just a cyclical bull market. >> general mills at 7:00? is that a story stock. >> a few decades ago. you've are a, competitive skier, do you use at gopro camera. >> i have never, but many of my friends do. watching some of these videos makes me dizzy after the fact. use gopro do you cameras? >> i don't but my son is a fireman, he wears them on his helmet going into burning buildings. >> why doesn't the camera mount? >> i'm going to rip up the script, are you going skiing with julian robinson? >> no. >> do you wear a helmet? >> always helmet, i have worn a helmet for 20 years. >> our twitter question of the day, what is th

this is bank of america, merrill lynch say it is heading for an earnings per share cliff.say 2015. it could be half of where the market consensus is. why they struggle to see they say how low-cost airline shares will out perform. if capacity currently going higher. lower yields and higher fuel rates. easyjet the lowest since december. vestas, the world's biggest maker of wind turbines. 225 machines will be providing for edf renewables. it is all about kansas and new mexico. philips up. it analyzes assets, just starting to move away, separate out its electricity. about 1/5 of sales come from the automotive lighting business. 1.2 billion euros in sales per year. they won't -- they may bring in some third-party investment. grow the areas they're so focused on. focusing in on the lighting just purely for phillips. reorganizing, making more efficient at sliding unit, currently up some 3%. a mixed day for stocks. bank of international settlements and we have euphoria in the market, not taking into account the emergency policies which will have to be executed at some point despit

economy are strong now calling rove spent several years at merrill lynch global wealth management and he is the founder of or cam financial group and a blogger at the finance site pragmatic capitalism dot com now column spoke to us about some of the problems he still sees despite the good numbers in the second part of our interview i asked him about inflation and if the excess reserves have led to the type of inflation that some analysts had feared here's what he had to say. no again i think this is you know we're in this sort of new paradigm here where you know we've we've had this huge explosion in the fed's balance sheet and i think a lot of people were working from a sort of defunct understanding of the way that that banking really works and you know what you see in a textbook. model it is this understanding of the money multiplier that banks need reserves in order to make loans and what we've discovered in the last you know five years is really that banks don't lend their reserves and the reserves really have no way of a scaping out into the economy in any real practical sense th

if merrill lynch is creating a plan to deal with wealth inequality, maybe the rest of us should as well. for all of us here at real money, thanks for joining us. [♪ music ] there's more to finical news than the ups and downs of the dow. for instance, can fracking change what you pay for water each month? have you thought about how climate change can effect your grocery bill? could rare minerals in china effect your cell phone bill? or, how a hospital in texas could drive up your health care premium. i'll make the connections from the news to your money real. >> let us bow our heads for a word of prayer. our father and our most gracious god. as this family, the murdough family and their friends, as they gather, we ask that you send your comforter, your holy spirit, your guide, to be with them. >> queens, new york. jerome murdough's family is laying him to rest. four months ago, 56-year-old jerome was arrested for trespassing, and booked into new york's rikers island jail. >> you going to be missed big bro. me aim

if merrill lynch is creating a plan to deal with wealth inequality, maybe the rest of us should as well. for all of us here at real money, thanks for joining us. [♪ music ] the most important money stories of the day might effect your savings, your job or your retirement. whether it's bail-outs or bond rates this stuff gets complicated. but don't worry. i'm here to take the fear out of finance. every night on my show i break down confusing financial speak and make it real. >> >>> a day after separatists seized two ukranian military basis, report of fresh advances. >>> hello, you are watching al jazeera live from london. g7 leaders meeting in brussels warn that russia insist on new sanctions in ukraine. >>> manhunt in canada after three police officers are shot dead in new brunswick. >>> 70 years on after d-day in normandy, veterans are

don't forget, they were upgraded by bank of america, merrill lynch. the results were next week.eep an eye on micron tech. we see a lot upgraded. angie's list on the downside. take a look here at boeing. now we've seen boeing, a big laggard on the dow jones industrial average. it turns out the plane maker came under pressure. don't forget, deutch lufthansa, they reduced guidance for the year 2014. with that, some people think that bowing may be down being a little empathetic, being in the same group, the same sector. that is a laggard. of the boeing is down 2 1/2%. the dow, down exactly 100 points. back to you. liz: for now. thank you, nicole. today china's largest e-commerce company is making another big move, debuting its first major u.s. presence with a company called 11main.com. will alibaba break into what is already quite frankly, a very crowded u.s. marketplace. what will it mean for companies like amazon and ebay? you can bet they're looking over their shoulder. here to break it down, jo ling kent. >> it is true. it is a huge opportunity for alibaba. like we said, very fr

if merrill lynch is creating a plan to deal with wealth inequality, maybe the rest of us should as well. for all of us here at real money, thanks for joining us. [♪ music ] >> hi everyone, i'm john siegenthaler. this is al jazeera america. the transfer, bowe bergdahl first moments of freedom. what his release means for guantanamo. >>> seeking peace, the search for a solution in ukraine. as russia's president denies his troops are involved. >>> children in crisis. the search for syria's youngest victims. >> why this tomboy is told she's not

i had an interesting quote from ethan harris, bank of america, merrill lynch. he compared this gdp number to suarez biting somebody on the back in a world cup game. we think it's unusual, it's not going to be repeated. is that true? we'll see. the number two thing is the consumer. you look at rises food prices, energy prices, do they persist? if they do, the consumer is going to weaken. number three, the big enchilada here is inflation. when you look at the black swan index, we saw a spike the day after the federal reserve meeting last week. i think it's because traders are worried the fed could get behind the curve as far as inflation goes. there's your big black swan. >> the black swan index or the skew as they call it. for more on that, go to cnbc.com. >>> let's pick up right there. investors don't seem too concerned about the drop in gdp. the dow is up 26 points, the s&p 500 up almost 5 and the nasdaq up about 14 points on the trading session. bob pavloc is here and jerry castellini is with castle arch management. you expected this kind of economic downturn

chris wolfe is with merrill lynch private banking.he market's done better, i think, than most expected. we are not getting last year's big gains, but we're not getting that sell in may and go away and all those platitudes out there. what do you think as we head toward the third quarter beginning next week we're going to see in this market here? any change of tone, do you think? >> i think we're going to see the evolution of our corporate capital expenditures. that's been the watch word since the beginning of the year. companies have spent money on dividends and buybacks. that's kind of played itself out. the next dollar went to mergers and acquisitions, and i think the dollar after that, which is really the end of this year and going into next year is about capital expenditures. i think we're in a place where companies are looking to think about their return on invested capital, and they have the cash to do it. so, i think the tone starts changing for that, and here's the reason it's important. it's important because the large part of

its co-star group, initiated a buy at bank of america merrill lynch. >> new york city-based real estateget boosted for -- from 161, the stocks basically at 161 right now, so still sees about 21% more upz up side. they're done a bit today, but bamle very bullish on csgp. >>> stock number two is gnc getting downgraded. >> and the stock is down 2.3%. they cut their rating on the unexpected resignation of the company's cfo. on friday the cfo, also an executive vice president resigned sort of out of the blue. stock's down 40% over the past six months. the mean target of analysts 46.55, so either wall street has to start slicing their estimates, on this stock has in up side. >>> and stock number three is williams companies, getting an upgrade to buy at jeffries. >> yeah, there's a deal here. so there's a deal here. basically a 6 billion deal to expand their pipeline, buys up a stake, access midstream partners i believe is the name. jeffries obviously loves the deal. the stock's at 56, already been a super hot stock. that chart is just out of control. >> i think it's at ahn all-time high, than

he is back one financial crash later at bank of america merrill lynch and has a new memo in a new researchto professor thomas piketty's best seller kapur wants people to know things like -- and the road to becoming an emerging market pluton omist. if piketty is right expect more political polarization inport of the idea the authors point to rise of extreme parties in europe and to this chart showing the tight link between the rise of the top one percent in america and the rise to pol polarizati polarization. the inequality we created so-called free trade deals and tax cuts for the rich is not only screwing over working and middle class people, it is screwing over our political system. as our political system cracks and breaks it becomes near impossible to turn back tides of inequality. it is a vicious cycle. inequality rises and political grid lock rises. looking at this chart with political polarization and inequality both near historic highs it is clear to me that this is an emergency. the longer we wait to act to level the economic playing field and heal our broken democracy the more di

the quote of the day has got to be from ethan harris, from bank of america merrill lynch who said it's like watching suarez bite somebody in the back, it makes no sense to me. we tend to look past it. on that note, let's bring in rick santelli. nobody is doing any more biting here. that was just for one time only. what's your take on the gdp today? >> i like your comment it's old data. every bit of data we get on the markets is old. there's no data that isn't compil compiled, there's fresher old data. i think the issue here is stocks have brushed everything off for the last 5 1/2 years, and i think the -- with a couple bumps, but mostly higher of the we've had 4% gdps in 2012. we've had negative gdps, but in the end, i think the issue with the marketplace is that all weakness in the first quarter was not attributed only to weather. even if you get a bound back of 4%, you end up walking away with an average of half of 1%. i think we'll be a bit at odds with the rest of the year, because many still believe that the glide path of growth just isn't what it should be this many years after t

. >>> bank of america, merrill lynch upgrading angie's list. >> moving in a positive direction, alwaysnd they noted the relatively large number of short sellers may -- it is, by the way, kind of suffering so far this year. over the past year down 51%. down year to date. >> and the short interest 31%. >> yeah. >>> apache is worth watching as well. >> wells also cut their price target range to 95 to 105, currently is thing at 94.50. and they cut that from 116 to 120. it is up about 10% -- about -- let's say 8% year to date. >> and a new high for humana. >> this is based on better visibility on reimbursement rates, also the same continued growth in the -- and what they call a history of proven results. the price target is being set at $155, already doing very well over the past year, up by 57% and you -- >>> and let's look at today's under the radar pick, because this one is not moving too much right now, actually in negative territory, but tmh getting a downgrade from deutsche to hold from buy. they're keeping their price target based on valuation, just a bit higher than where it is now.

the airlines, started off with bank of america and merrill lynch downgrading easy jet to a sell.is an underweight because they are worried about overcapacity and inability to grow the business, grow earnings. during the course of the session, they dragged down air france-klm and iberia. time for a holiday. >> thank you, simon. general motors opening up with the compensation fund for the victims of the defective ignition switches. $ing for $100 million for families of the victims. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. hi, credit report site andour i have a problem. i need to speak with your fraud resolution department. ugh, we don't have that. what should i tell him? just make that super annoying modem noise... (shuuuuuuuh....zzzzzzzz...de ee...don

merrill lynch rolling us out to there 19,000 advisers, morgan stanley, to their financial advisers. 12riers rolling us out internally. >> who's your biggest competition? >> there's no doubt about it. it's paper. >> not the fingerprint? couldn't that displace the signature? >> we actually have multiple levels of authentication. biometrics is one. >> smart. >> one of the key things you say you're secure. how do you make sure that all of those documents, all of those due cdocusigns are secure when you face so many threats? >> the beauty of docusign. people's most important documents. the ones they sign. totally encrypted. bank class security. carrier class availability. that's the thing that is probably the most important aspect, and that's what's really driving our business, is everything that's going on with security these days. >> keith, with paper signatures more often than not you need to is have it a notary to actually have the signature notarized and verified. that's how it works on that side. i'm wondering with the verification process, what it's like within docusign, how do you v

leading the way higher, caterpillar, bank of america, merrill lynch repeating its buy rating on cat. expectations may be too low. rounding out the top five, microsoft, jpmorgan, boeing and chevron. sue, back to you. >>> back to the markets. up 90 points. here at post 9, we have cnbc market analyst kenny polcari with princeton securities group. i heard from kenny a little earlier, ben. i haven't heard from you yet. what do you think of what the ecb did and what does it do to this market now? >> i think it was so anticipated, it had very little impact. and i don't think it will have much impact until further down the road, if they actually do broouf on their asset purchase program. and if there is a true effect to the market on the negative interest rates, forcing their lending institutions to go out and prime the pump, so to speak, by starting to lend. by the way, i heard kenny. i was in the blue room, but i could hear him. >> the blue room, folks, is way over there. >> you had to go there, right. >> well, you don't think, ben, that the 9100-point gain, you don't think it's going to l

that led to increase concentration was something, bank of america got bigger when it took over merrill lynch. have provided a mechanism so that we no longer have to be the federal reserve and the treasury . leverage, the leverage is substantially reduced by much higher capital standards. as to the nobel authority, there isn't ability to set up a facility that can lend to institutions, not just a one off, but consecutively so they can advance funds which are solvent. beyond that, the notion that we would have a situation where the offayers would be paying the debts of these large financial institutions with no penalties, that is not possible. >> this goes beyond your question and something we haven't talked about. barney knight didn't write something that is -- barney and i did not write something that was biblical. we did the best under the circumstances. i've never seen a bill that didn't overstate something or understate something. the regulatory process is taking a long time to go forward. i mention the costs that rarely get discussed. is people go forward, you get intelligent people step

the back of merrill lynch in a notice said it expects the government will ease the 2% import duty as as gold goes. bid to support local jewelers, many of whom are seen as running up inventory. putgovernment has restrictions on gold importers. it is widely expected to gdp.ase 2.6% of the a large percentage of that expected to come from gold. rainfall coming at 42% of normal over the weekend. we have seen some relaxation in norms of what is called the 80/20 scheme. the government recently has allowed stock trading houses to go ahead and import gold in may of this year. we spoke with the largest jeweler and they are saying that the impact will be unpredictable on demand rather than an uptick in terms of demand. now, have to take a look execute because one of the more ironic creations in the american office. we wanted to save people from the anonymous spaces that they were confined to. i think everyone knows the images of what offices were like in the early 20th century. people who have seen the show or the movie the apartment. they see rows and rows of desks. approached who was the inve

the members in attendance to day is bank of the west, american bank, bank of america merrill lynch, pncynch, pnc, deutsche bank suntrust huntington bank regions but mitchell corporation and northern trust. we will have a question and answer session we ask you to have a question state your name and the name of your publications let me introduce the chair in chief chair to get things started. >> good morning i know when the meeting falls on an employment friday it can be tricky to get away from the desk summary appreciated that you are here. i think if you picked one word with that consensus view we are optimistic we will see solid grossi and into next year of course, gdp growth fell 1% that is in part so weather but also a global slowdown of activity half the first quarter that it minibuses violent inventory correction but the big news and bad news was confirmed to this morning that we are back on a much better track 217,000 jobs to day on average about 250,000 in the first two months of the corridor is confirmation to not only have a decent balance of activity be expect gdp growth will

in terms of whether this is a new secular bear market, merrill lynch puts out a piece every month thathows the overview of the markets. they show these broad ranges where markets are range bound. they break out into a new area. 2013 was justin that breakout. the counter argument is we had to fake -- a fake breakout in 1980 and pulled back. it was not until 1982. >> valuations are creeping up. >> valuations are creeping up. there are a couple of things that could change that. gdpust got a horrific print. the economy does not have to be a house on fire. it could be just 3% in the present market valuations can be grown into. we are not wildly overvalued but are fully valued, maybe a little rich. the second thing we have seen in other markets is multiple expansion. if people see signs things are getting better, and we are seeing more signs of that, gainsing like 2/3 of the of the 1990's markets was due to multiple expansion. we know how that ends, but i have no idea when that happens. that could be years in the future. nobody knows. >> just wait? is that the best strategy? >> our approach

. -- bankll bingo america themerica merrill lynch in forward view. 17 billion.d at schools analyst wroteook. how we profit from social media. joins us here on set. how does effectively a taxi dispatching company transcend cars and putting people in touch with cars to become a social media phenomenon with a record valuation? >> i like the comparison to that is avis, actually not the best comparison. they make a lot of money out of the drivers every day. driver, $50 on the which is a lot of money. are 360 days, $18,000 they make on every taxi car driver in one lifetime. that is a lot of money. you think it to really big whether new quickly. about 1.7 billion? paying $17hink about billion for revenue, that is not bad at all. >> fair enough. those are the numbers. what about the whole social media phenomenon? to think about this as a lifestyle company? need to think about this is a lifestyle company? >> they were fantastic at getting people to share with their friends. my facebook feed was polluted with uber. >> curious choice of words, polluted. sometimes you have to pollute in order to win

today are scott anderson bank of the west, robert west, robert, america bank, bank of america merrill lynchc, deutsche bank, suntrust, huntington bank, regions financial corporation, state street street, and northern trust. after today's forecast we will have a question and answer session repassed you please state your name in the name of your publication. salome introduced the chair and chief economist to get things started. chris? >> good morning and thank you for being here. i know it can be tricky to a get away from the desk on a friday so we appreciate that you are here. i think if you picked one word to describe the mood in the room yesterday as we sat down to discuss our forecast it would be optimism. we are optimistic that we will see solid growth going forward through the rest of this year into next year. in the first quarter gdp growth fell 1% that was in part the weather but more than that. it was the global slowdown in activity that looks like dave mini but violent inventory correction. the good news and bad news was confirmed this morning that we are back on a much better track

countrywide and merrill lynch, two other firms that do a lot of bad stuff. >> but citi didn't!different position. jpmorgan would be big, big of america would be big. >> citigroup is the one who got caught with its pants for this down around the ankles. >> that is way worse. >> i did not talk about what you see -- >> moving past the pants, but what we do have is we have a huge split between $4 billion and a $10 billion, and these numbers go out to the market, and we can kind of see what happens. what happens to the stock price? >> the stock is not moving. it is down $.35. >> and jpmorgan, that was a massive double settlement for 1. we see this with bnp, a double-digit with a b, as he said earlier so well, it's like dr. evil type money. >> is one of the reasons these stocks are not moving is those are invested in financial? at the end of the day, those who jpmorgan,ed in citi, and bank of america still believe in the fundamentals -- >> they know the bank will live to fight another day. killillion will not citibank, and even if they do not cover $10 million, the bank will pay, the

. >>> and meantime, the british airline easyjet is trading after a bank of merrill lynch is neutral up 4.5% on the trade. meantime on the bond markets, we'll see how we are shaking out across the charts. a little mixed. don't forget we have a data heavy week with janet yellen talking on wednesday taking questions. there's a policy meeting on thursday after we if heard the far-reaching package of initiatives at the last meeting so investors are mindful of these meetings across the market. we'll have a read on the jobs front on friday this week, so we'll be looking for a bit of this across the curve starting out at 2.5% on the ten-year treasuries and near 1% on the foreign bonds. the dollar has been put under pressure. and this morning that remains the case to the crosses of the euro as it continues to rise. the japanese yen is strong to the u.s. dollar, 101.37 is what we have. and the audi is struggling to push past the 94 handle. meantime, we'll go to asia to see how the latest is playing out with sri, you safely made it back to singapore. >> i did. thank you for looking after me, kare

bank of america, merrill lynch, a buy rating. 9%. we talk about big it movers, a stellar performer.on, i say that is a shakedown. what do you say? >> it is the transfer of bad political points. this has been going on since the beginning of the country. andrew jackson, very low approval ratings, they go after somebody with a lower approval rating, they spotlight them. same as big tobacco, this is the way to put the mantle on the trophy case and brag about it. stuart: two thirds say the economy is in bad shape. >> numbers back me up. and when the, quote, recovery began it was 2%. 2% growth, first quarters this year we had a horrible winter and about the 1% rating but where will let economy grow? those are not growing. on the high level, manufacturing activity lower, where is the economy growing? this is a closing in my life. stuart: last one for you from bermuda. where does the dow hit 17,000? >> after the summer, not much is done during the summer. you will see some sort of fall rally and go over 17,000 in the fall. stuart: we are 90 points away from 17 k. >> the smallest bull in the

domino's downgraded to sell by merrill-lynch. that's a good question.le comes on soon. >> ray wise was the actor of the series. i was conscious that there is a dilemma. i talked about this with ziwetis. the leading animal health company. if you get rid of all the things that make the cows not natural and organic they would say the price of food would go up so much you couldn't sustain it. so there is a debate. but there is also a sense that, listen, those who want natural, there is a place. it's chipotle. >> it is more expensive, orb can be. >> it is. stay with us. [ female announcer ] there's a gap out there. that's keeping you from the healthcare you deserve. at humana, we believe if healthcare changes, if it becomes simpler... if frustration and paperwork decrease... if grandparents get to live at home instead of in a home... the gap begins to close. so let's simplify things. let's close the gap between people and care. ♪ pcentury link provides reliable yit services like multi-layered security solution to keep your information safe & secure. century

the comment from michael heartnet, one of the big strategists at bank of america merrill lynch, the caseains stronger than that for summer meltdown as the high liquidity low growth backdrop forces investor cash levels down. a lot of people wondering whether it's going from here. i would note, the federal reserve meeting this week, it's the first one with stanley fischer as vice chairman. considered a moderate. the opinion is we're going to stay on the liberal side, or the dovish side. back to you. >> thank you, bob pisani. valeant, jim, continuing to go at it. taking an interesting turn. gotten nastier. a press released by allergan at 7:00 a.m., continuing to take up the theme of coming at valeant stock price, questioning it, quoting people, many of whom we've heard from in the past, whether it's hampton or jim chanos. at end of the press release they've done something i've rarely seen, took e-mails they did not get permission to reprint but took e-mails from rob kindler, a guest this morning on cnbc's "squawk box," you may have seen him many times on the air, vice chairman. to allergan

we have some great companies, not just bank of america merrill lynch but csx is one of the best companies in america to hire veterans. florida blue is one of the great companies, and they invest back into the community. from the not-for-profit site, a good example is the jacksonville jaguars foundation. i think with one of the best, probably the best nfl owner in the country, committed $1 billion to the city for five years. in november 2013 i opened a resource, a second resource reintegration centers to help veterans. city hall is a point of entry for veterans. we do every third thursday of the month resume writing, interviewing skills. we are hands on your they know they can come to city hall and we will make sure we leverage our resources. we get a return on investment. the private sector actually sees it. >> i want to ask you, that is a great example of what you can do and what you've done in your community for veterans, but is this a typical story? >> unfortunately, no. i think there's a lot of roaming people out there. i think what we need to identify people who are willing to say ye

among the leaders, joy global after reporting better than expected earnings results, b of a, merrill lynchre especially strong too. delta hitting a new 52-week high. masco fluor and robert half international round out the top five. >> straight ahead, jan hatzuis joins us live here at post nine with his take on today's jobs number. what it means for the economy and you. we are back after a quick break. oh my god! look. you need to see this. show 'em the curve. ♪ do you know what this means? the greater the curvature, the bigger the difference. [sci-fi tractor beam sound] ...sucked me right in... it's beautiful. gotta admit one thing... ...can't beat the view. ♪ introducing the world's first curved ultra high definition television from samsung. could help your business didavoid hours of delaynd test caused by slow internet from the phone company? that's enough time to record a memo. idea for sales giveaway. return a call. sign a contract. pick a tie. take a break with mr. duck. practice up for the business trip. fly to florida. win an award. close a deal. hire an intern. and still have time

robert dye, america bank, ethan harris, bank of america merrill lynch, stuart hoffman, pnc, peter hoopersche bank , nathaniel carp, bba compass, greg miller, suntrust. george machon, huntington bank, richard moody, regions financial corporation. christopher probin, state street, and carl tannenbaum, northern trust. after today's forecast we have a question and answer session. if you have a question you please state your name and the name of the publication. without further adieu, let me introduce chris lowe, aba chair and chief financial economist to get things started, chris? good morning, thank you for me being here. i know it when it false on a friday, it can be tricky to get you away from the desk. i appreciate you all are here. if you pick one word to describe the mood in the room yesterday as we sat down to discuss our forecast and form the consensus view, it would be optimism. we are optimistic that we will see solid growth going forward through the rest of this year and into next year. in the first quarter of course gdp growth fell 1%. that was in part the weather but it was more

economist with bank of america merrill lynch global research.ou were expecting 0.9% increase for the month in retail sales. 0.3% was all we got. >> i know. it was disappointing. we thought we would see a bigger increase in spending on auto sales, given the very sharp increase in unit auto sales and nominal spending was up, but it was fairly modest. perhaps that suggests there were price discounting in the month for auto sales and outside of that, the underlying story was still pretty soft. core control auto sales were flat on the month. this is may. so, you know, in terms of thinking about the reversal from the weather, it should have been happening. it should potentially still be seeing some momentum and appears it's just not the case. i think we have to be a bit concerned about what it means for the second half of the year. >> i was going to say, disappointed, concerned, yes, but as does it change your outlook? 70% of the economy is consumer spending. when you get a soft retail sales number going into the spring when everyone was expecting bre

equity and quantitative strategy at bank of america, merrill lynch research. >> i am very happy.racticed. we worked on it we nailed it. >> thank you. >> it's very nice. so just help us rue what you expect to see at 2:00 this afternoon and what you think would surprise the market at this point. >> oh, you mean in terms of fed speaking? >> yeah. >> we are expecting the fed continues to taper as planned. i think from a game teary perspective, it's hard to imagine that they tighten too early or change their course at this point because we haven't seen growth materialize. the trillion dollar experiment we have seen from the feds, i would argue they are more inclined to be extra dovish rather than go the other way. >> everybody can become extra dovish in the past week first half. what happens here? >> i think he was right, that they will stay the course, but i do share some of the concerns that drew and dick had earlier. i think there is evidence. the place picked up. i am optimistic about the growth outlook. i think we will present it for the rest of the quarter. next year it will be

economist at bank of america, merrill lynch. we'll talk about the markets, what is going on with the stork markets? what is happening at this point, they seem to be almost unstoppable? >> this is coming off a real typical digestion year. it's been pretty quiet, only up a couple percent. to me it feels a lot worse. the news hasn't been so good, yet stocks have been fairly strong. dow, s&p, the nasdaq are close to their highs. the mid-caps in russell are trailing, but the russell kicked into gear last week. i think overall things are fine. i don't think we're close to a double-digit correction. and i don't think we're close to blasting off either. i think we are just trudging along our merry way. it will get kind of slow and boring. but things are fine for the markets. >> i guess i've been surprised because the news has been bad. if you actually got some good news, then what happens to the market? >> well, the news hasn't been -- it's not awful but it certainly isn't good. that's why you are seeing the ten-year bullish on bonds si

with us now on set, eden harris from bank of america merrill lynch and doug duncan, chief economist atfannie mae. thank you very much. ethan, you and i were talking over the coffee machine before the show and i said if you can figure out this economy, you're smarter than i am. you have the terrible contraction in the first quarter, but home sales, auto sales and rail car shipments are up. how do you score? >> i'd say we just can't figure it out. >> that's not helpful. >> yeah. it's not helpful. if you look at the first quarter, you had an awful december, an awful january, and then things have looked okay since then. if you look at the various monthly indicators, i think you just assume that there's a lot of quirkiness in the way the government calculated statistics. you look at the trends and the numbers that look a lot better going forward. as you said, the housing number very good. but it's not just that. the job market is looking better. industrial production is better. surveys are better. the economy doesn't look remotely like it's in a recession. >> i guess the problem is, ethan,

reuters reporting jpmorgan, goldman sachs, deutsche bank, bank of america, merrill lynch and citigroupy are involved in financing the deal and taking a nice little piece of the pie to do it. >> big washington story this morning. kevin mccarthy elected as the new gop house majority leader. let's bring in our guest host for the remainder of the show. ben white the chief economic correspondent for politico, also a cnbc contributor and joining us from washington we have brian gardner who is director of washington reseven at kbw. ben, what do you think? this was a shocker to have cantor leave. now you have mccarthy stepping in. how does this change the gop leadership? >> it's going to push it a little bit to the right. the whole loss of cantor to a tea party candidate but i don't think it changes it all that much. kevin mccarthy is a dealmaker. he's more of a moderate than a right winger. he wants to get stuff done. i don't think this shifts the leadership itself hard to the right. steve scalise certainly comes from the tea party wing but for the most part this should be heartening to busin

merrill lynch, bought by bank of america, bought and sold over 240 million barrels of oil. mr. president, the only reason that these firms were betting on the price of oil was to speculate and to make money. goldman sachs, bank of america, they do not use oil. their only function in this process is speculation, driving up prices and making huge profits. mr. president, the rise in oil and gasoline prices were entirely avoidable. the dodd-frank wall street reform required the cftc to impose strict limits on the amount of oil wall street could trade in the energy futures market by january 17 of 2011, over three and a half years ago. unfortunately the cftc has been unable to implement position limits due to opposition from wall street in a ruling by the d.c. circuit court. this is simply unacceptable. millions and millions of americans who are filling up at the gas tanks today are disgusted. they know they're being ripped off and they want us to protect our needs. mr. president, the time is now to provide the american people relief at the gas pump before the situation gets even wor