at bank of america merrill lynch.anus: facebook shares hit a new record high after another quarter of consensus beating expectations. we look at what's behind the big beat. ♪ manus: welcome back. this is "the pulse." we are live on bloomberg television and radio. helpedk, the earnings send the company's stock price to a record in after-hours trading. the world's biggest social media company posted better-than-expected sales figures. caroline hyde is in dublin. talk us through these numbers. it's all about the mobile advertising revenue. caroline: it really is. we are seeing 41% growth in sales, profit rising, but the number that stands out to me, 1.5 5 billion. that is how many users they have accessing their profile every month. that is 20% of the world population. 40% of the world population clicks on their facebook every single day. they are doing it largely through mobile. this is why they are able to charge that much more, with videos and created content going onto instagram as well. it just means they are able t

america merrill lynch move index measures price swings in u.s. debt. this week, it fell to the lowest level of the year. abnormal two charts. 2 for the price of one. market risk index measuring volatility across equities, rates, commodities, and currency. i've drawn a green line through anything above zero, showing more relativity than zero. normal. look at the last month. volatility has been little changed from where was in september and it reached its three and a half year high. that leads to the question, are finally succeeding in their methods of communication. there is no volatility? joe: one of the big criticisms of janet yellen was she is failing to communicate. if you look at the market, the market does not seem particularly worried. mark: betty, go for it. drumroll. betty: thus the only thing that mark wants to hear. mark wins it today. he has 2 for the price of one. joe, you forgot to turn off your appointment reminder. joe: somebody show me how to do that. mark: and also, joe did the chart that he was going to do two days ago. like i did yes

bank of america, merrill lynch, but the flow. they hedge funds keep on buying the dollar.are retesting a dip into the negative. keep an eye on dollar brand. brand -- dollar rand at a record low. cehic.et to nejra plc,: i'm keeping it u.k. starting with vodafone. the world's second-biggest mobilephone company. europe's debts europe has been a bit of a challenging market. it looks like that could be turning around. today, the company reported a second-quarter service revenue. that is the money he gets from customers. that rose 1.2%. better than expected. third consecutive quarter of revenue growth for vodafone. it was because of a boost from rebounding markets in europe over the past few years. we have seen changes in the management team. the ceo committing billions in new network spending. it looks like it is making a difference and it pushed the shares higher today. it is the will -- it is one of the best performers on the stoxx 600. moving onto national grid. one of the best performers announced today it started a process for the potential sale of a majority stake in a do

goldman sachs, merrill lynch, now cit.thain always has views on what is right and what is wrong with regulation. >> one part of dodd-frank that i think was a mistake was evil or rule because proprietary -- was the folder rule. rule. volcker that part of the rule was unnecessary and does in fact restrict the bank possibility to make markets -- the bank's ability to make markets. that is not a good thing. erik: here is the thing -- he does not think it needed to be in dodd-frank. the problem is that in many institutions, including merrill lynch, which he took over as ceo , it was not properly managed. we could debate endlessly as to whether it did or did not cause the financial crisis or play a role. he does not think it did. betty: he does not believe it should be in the role of regulators -- it should be in the role of regulators' hands. erik: right, exactly. it should be in the ceos'hands. .ohn thayne has some concerns as all encompassing as dodd-frank seems to be, with hundreds and hundreds of pages, there are things it

another call from bank of america, merrill lynch in a very different industry.enterprise company and cloud storage filesharing company being upgraded over at bank of america. the enterprise were activity a strong, according to be of a. 1350, seeing shares at ,bout $.50 shy of the ipo price the company i feel it back in january at $14. recovering to near those levels today. scarlet: thank you, julie. call it the jedi effect. retailers are counting on star wars toys to knock sailed out of the galaxy. can the star wars franchise deliver? alix: by toys, you will. bloomberg's ramy inocencio digs into the force awakening. ramy: the force awakens in the dark side returns. billion a potential $1 in star wars toy sales. in the heart of new york's time forre, toys "r" us is ready star wars fans to storm in. driver fora huge consumer products, and for the toy industry overall. we are seeing great sales now, we're going to get a big peak around 1218. i'm excited about what we will see next year when kids see the movie. the kids collecting across the whole star wars world. b

. >> so when the financial system breaks down and the point where morgan stanley doesn't trust merrill lynch the whole system is in danger and if no one had stepped in and done anything and we had a collapse of financial markets in a deep deflation depression, then business owners, investors and everyday americans would have suffered more than they did. >> but you heard the witnesses, the expert witnesses from the prosecution say that this is no big deal, market takes care of themselves and shakeouts are normal. why is this sort of credit crisis different when the whole money ceases out? >> when you have a situation like this where, for instance, we are three days from the banks not being able to distribute cash, even the greeks get 60 euros. it would have been bad news for americans. the fact that the feds stepped in and slashed rates and supported banks is a good thing, not a bad thing. >> you have about -- you have 40 seconds. >> well, this is a really interesting question. what is it that is different about money markets if we believed in most other markets are self-correcting, that's re

nationally if we hadn't bailed out those banks after lehman brothers went down, that weekend, merrill lynch would have gone down, bank of america, they had to intervene. but what both these folks didn't mention, you've got deposit insurance now up to $250,000 for small depositors. they're not going to be wiped out. at the same time, tom's point is well taken. when banks go down if you've got to bail out the bank, that's one thing. but the guys who made the mistakes ought to be marching off to prison. none of these bankers were. they made a mistake, wasn't that did it. it's guys in there that did it. eleanor: building those cases has take an long time. some of those people are finally getting their due. but if a republican gets elected you know they'll try to undo all the reforms and that's going to help the big banks. pat: i agree with glass-steagall, separate the bank into savings an boar reing, hedge fund guys, let them do it. let them take the risks. >> the problem with that, though, they won't give loans because the investment fort foal yow is where they make money. >> they don't give l

he got hired by merrill lynch as a product specialist. i do know that means. anyway, what he calls himself is a product sergeant. every day at the office he brings to bear when he calls the back of skills that he learned in the military. i met him down in dallas. he came by -- you might have heard of him, about him, he's a medal of honor winner. he is one of these men who put his life ahead of -- put his life on the line to save his buddies. he talked to me about the challenges he faced transitioning. he had what was then diagnosed as ptsd. the symptoms of post-traumatic stress can be tough on veterans and their families. another problem is there is a stigma attached with pts. partly because it is mislabeled a disorder. and partly because many people are not aware of the treatment options some veterans offering from post-traumatic stress are reluctant to seek help. as a result of his misunderstanding, pts is another barrier to employment. and something that we are trying to help the employers understand. to make the results on the job front even better. most d

. -- merrill lynch to follow the lehman bankruptcy, i think you and i agree merrill would have gone. >> right. >> what would have happened if the bofa hadn't made that deal on merrill on that sundaysome. >> it would have -- they wouldn't have lasted, in my judgment, you know, it couldn't have lasted a week. what people missed, and i think it was easy to miss, was-a doozy. -- it was a doozy. these excesses had been building up for a long time. i knew we were overdue for a credit crisis. i told the president that when i came to washington, but i didn't expect anything of this magnitude. but it had been building up in the united states and in europe. as you can see from reading the papers, it's still working its way through. institutions had been sitting on losses. we'd be pressing them to recognize losses, raise capital. but, so simultaneously we had on the same weekend we learned about the extent of aig's problems on saturday. lehman, the run had already started on lehman. it was -- merrill was going to be right there. so you had those throe institutions, and, you know -- those three

merrill lynch's study says they're planning to spend more and save more next year, which only way thatorks if you're making a lot more money. they said currently 2/3 of millenials don't save at all or haven't even tried s that your experience? >> that is absolutely my experience. savings rate for our generation is negative 2%, which is a little crazy. melissa: oh, no. >> i think millenials can really educate themselves better and really, that's what we aim to do at invibed and to educate millenials to understand what they are doing financially and to prepare for sustainable futures. melissa: i'm glad you got the name at the top invibed. david: almost time to chow down at the thanksgiving table but how many calories and stuffing, turkey, cranberry stuff provide to you? we can provide with you a more tasty alternative? melissa: what? no. david: david: "beast mode," only way to describe it. and stay to by thanks and eat a lots and lots of turkey. >> average american eats 4500 calories is that possible? compare how typical thanks giving feast stacks up to miles. seven burger king whoppers,

. >> caller: merrill lynch upgraded today, it's got an earnings per share of about $1 and price earnings of $28. is it time to buy more, sell what i have or just hold? >> what's the stock? >> caller: fit bit. >> okay. fit bit is at the center of the most difficult market to figure out. because it's overvalued on traditional earnings basis but undervalued on growth basis. so i'm going to tell you this on fit bit. i'm going to say that you can buy it in the 20s but you have to flip it again in the 30s. why? it's going to be a big holiday heaviness to it because there was so much insider selling. that really made the story a bit of a bummer. glenn in florida. glenn. >> caller: a big boo-yah to you from palm city florida. >> nice. >> caller: i watch your show every night. >> thank you. >> caller: big fan. thanks for everything that you do for us. >> thank you. >> caller: i wanted to ask you about a specific stock at a specific price. we're watching the consumer is very elusive. we find out after the fact where they're spending their money. i'm looking at the spot home improvement. we saw hom

rate and fxasia strategy at bank of america merrill lynch. they are going to get in, it looks like a done deal. the point is, it may be conditional. that is perhaps where they could fudge it a bit. >> there is obviously a big political element. the imf feels it qualifies as a freely used currency. conditionality, i am not entirely certain that will be there as part of the inclusion. there will be some commitments china has been made and they will continue down that line, but i don't believe there will be explicit commitments. rishaad: did it actually change anything? i think in the short-term, no. in a medium to long-term, yes because the argument is that china will be more comfortable and letting their currency more -- like more currency more flexible. the nextte that over few years, it could be about $370 billion worth of inflows into chinese government bonds. rishaad: materially, when it comes to the other currencies, how does it work with them? adarsh: essentially, any member of the imf will have to shift allocations away from the other c

lynch asred by merrill a product specialist. i do not know what that means.f was a product circuit. every day -- sergeant. every day, he comes to work with skills he learned in the military. i met him in dallas. he is a medal of honor winner. one of these men who put his bud on the line to save his dies. he talked to me about the challenges he faced transitioning. he had what was then diagnosed as ptsd. the symptoms of posttraumatic stress can be tough on veterans and their families. another problem is the stigma partly because, it is mislabeled a disorder and partly because many people are not aware of the treatment options. some veterans are reluctant to seek help. as a result of this misunderstanding, pts is another barrier to employment and something we are trying to help employers understand to make the results on the job front even better. most doctors would tell you posttraumatic stress is not a disorder. that can result in the experience of battle. it is treatable. and the military and medical communities have made progress in developing effective way

was thank you so much, that robert wood with merrill lynch. we will talk about global economics and have much more on the shooting down of the russian jet over the syrian-turkish border. ♪ francine: welcome back, you are looking at live pictures from london. in one ofe sitting these buildings, you would be looking at the deutsche bank, they are saying that the bankers are still learning too much and they want to cut down on the rewards. you would be quivering in your boots. let's get the bloomberg first word news. here is vonnie quinn. downe: turkey says it shot a russian warplane after the plane violated airspace. it happened on the border with northwestern syria. of the tv shows video plane bursting into flame and then crashing to earth. the tv report says the pilot ejected from the plane and were captured by troops in syria. the russian plane says it denies that they left the airspace. they received 10 warnings within five minutes. they are closely monitoring the turkish-russia incident. that is a turks report says one of the pilots is dead

he created the stock exchange by merging and he was also chairman and ceo of merrill lynch.go, he announced he would be retiring in march of this -- the age of 50. erik schatzker set down with him earlier today to talk about his illustrious career and what is ahead for wall street. what kind of risk is he seeing in the banking system? erik: it has been slightly more than seven years since the financial crisis. he had a front row seat there. he has seen a lot on wall street and knows a few things about risk. i was not entirely surprised, , with the emphasis he placed on one thing in particular. i want to listen to him and his own words about risk to the financial system. >> the financial system today is in much better shape. banks are better capitalize and there is less leverage in the system. if you had to look today, i think the place that there is more risk is in the shadow banks. the regulations have basically pushed the most risky things out of the banking system. is he talking his own book because cit just bought a bank, or by virtue of his experience as a risk manager,

she goes after merrill lynch and ubs collegially. steven wieting, you and i know this.gap, gap. explain to mere mortals why so much of wall street adjusts the proper rules. they do not do this with mets baseball, do they? steven: you have to look at all the numbers. life is complicated, and sometimes things that build up over years, when you readjust evaluation on the balance sheet, you say that we completely miserably failed this quarter on generating income. take a look at government numbers. the corporate profits concept analysis ofnomic europe uses is probably the most liberal interpretation. where you ignore balance sheet information. you ignore even in the financial sector bad debts, these sorts of things, and get a sense of operating -- without kabul -- without commenting specifically, she says everybody does it. valeant did it worse. thatere any way to police come with companies that are in excess of their norms steven:? i think really -- of their norms? steven: i think investors do that. they have to do deep dives. this is some of the forensic accounting that i

i want to bring in bank of america merrill lynch senior economist michelle meyer joins us from our offices in new york. hey, michelle. meyer: good morning, or good afternoon, i should say. have seen how a cold winter has led to a mild patch. with a warmer winter create more robust prints? it could lead to a winter that is much warmer than we have seen on record. if that were to happen, the risk is you get some upward bias to economic data in the first quarter for a few reasons. the raw data will look stronger when you have warmer weather. you can have more homebuilding, more retail sales, more churn in the overall economy. the second, critical factor is that seasonal adjustment processes will be looking for a cold winter, akin to a we have had the last two years, and we the dataat into higher. it could result in robust that if the winter is warm. scarlet: the first quarter data could be affected. what does that mean going forward for the rest of the year? ms. meyer: you are right that it can redistribute growth. warmer, iter is much could pull forward activity that otherwise would have hap

. >> sara: merrill lynch and william keating sided with republican supporting the bill. >> gene: teenager in terrorist attack in israel, the 18-year-old graduated from high school was shot and killed on west bank. live at the teen's themel pell in sharon how the community is coping. good morning, catherine. >> catherine: good morning, jen. this is a teenager who grew up here in sharon. he attended the temple behind me and recently graduated from the school in brookline just a few months ago. today his friends and family, the shock of his death. >> remember his smile, remembered his vivaciousness. >> catherine: words that come to mind that remembered ezra schwartz, young man's life cut shot by violence. >> we feel all of these by violence. >> catherine: he graduated months ago spending the year between high school and college in israel, something many jewish americans do. >> best of our best of our kids spend a year at least studying being part of israeli society. >> catherine: schwartz is among five people killed thursday in two separate attacks in south bank west of jerusalem and person

apropos of this difficult market, bank of america and merrill lynch downgrade saying it's about as goodood. this resonates with people because all the stocks with high multiple are getting crushed here. be aware when you see cyberark going down, there's nothing wrong with cyberark, it's the idea they don't want to pay a huge multiple on earnings for a profitable cybersecurity stock. watch cybr, what this market is rebilling against is stocks like this. >> all right. >> let's get to the opening bell. a look at the s&p on the bottom of the screen. at the big board, the howard hughes corporation, developer and operator of master plan communities, celebrating their fifth anniversary. at the nasdaq, irobot corporation, designer and builder of robots. overall -- the ten-year has finally run out of sellers, as we come back a bit around 2.32. >> that's important. you know, some of my best guys who are older, been around, we're all worried about this moment where interest rates just -- we saw the great bull market in bonds, it's over. that's important. on the valeant call, mike pearson saying go

bank of america merrill lynch is a company that understands hiring the best is more than a more limitedr the bottom line, and if i wanted that sergeant carl white. he took advantage of the g.i. bill and graduated with a degree in finance from usc charlotte. he was a product specialist, i don't know what that means. anyway, he called himself a product sergeant. every day at the office he brings the bag of skills that he learned in the military. i met him there in dallas. you might have heard about him. he's a medal of honor. he put his life on the line to save his buddies. he talked to me about the challenges he faced transitioning. he had what was then diagnosed as ptsd. the symptoms of posttraumatic stress can be tough on veterans and their families. another problem is there's a stigma attached partly because it is mislabeled the disorder and many people are not aware of the treatment options some veterans suffering from post about extras are reluctant to seek help. as a result of the a misunderstanding, it's another barrier to employment and something that we are trying to help the em

from buy to hold, merrill lynch buy to hold. sometimes i wish -- my nephew is a gamer. he'll say, no. no good. it's kind of like -- that one is no good. the gamers know. that game's awful. i don't know how they know. to me "call of duty" you kill a lot of people. grand theft out to you steal a lot of cars. i don't know. the thesis itself eludes me. eludes me. as a parent it particularly eludes me. frankly it's a stinker is what people are saying, star wars. maybe not enough people blowing up. >> maybe not. i don't know. >> does someone get a nobel peace prize in that game? >> not that i'm aware of. >> they surrender and don't get shot? >> three weeks until the movie opens. disney down a half percent. >> maybe that's an opportunity. disney is -- i don't know. i saw the trailer. >> some of the studio chiefs are trying to manage the expectations with box office arguing that december openings are not -- >> that's smart. that way i can get a ticket. >> you mean every person in the world will to the see the movie? they will eventually. might take a few weeks. >> i think it lo

merrill lynch. coming were concerns that the music streaming service is losing its ability to compete with apple music. can there only be one chain of streaming? what do streaming even mean? word is radio for into music? is answer that, bob pittman still with us, owning only 850 radio stations across the u.s.. let's take a look at streaming. way intoe making its the business, how big of a threat is it? bob: you have to get rid of the streaming level. that is not what consumers use. 90% of consumers say i listen to both radio and my music collection at different times were different reasons. there are people who are replacing cd sales and the radio. there is something in between called pandora and i heard radio. i heart radio is mostly radio stations, we are on the radio side. we do a little custom radio. that custom radio is different than your music condition. we challenge you have is to analyze what that means. what you are seeing today is that is selling you your music collection on a subtraction

>> yeah, and merrill lynch pointed out in some of the recent data that for $100 left em in septemberer, only $2 has come back whereas in high yield $88 has come back. people tell you em is going to come back but a lot of people aren't following the trade. >> tim seymour and paul chryst fer, we have to leave it there. a big market flash coming up. let's go down to meg terrell with a market flash on mnk. >> it is sinking 22% before being halted. it just opened back up. this after a tweet from short seller citron research saying at these prices they have significantly for downside than valeant, a far worse offender of the reimbursementment more to follow. saying valeant can't live in a vacuum. it has to do with their acquisition of a company last year, about $5.6 billion. that company sold an old drug approved in 1952 for some rare diseases including infantile spasms and it raised the price significantly. it was a controversy four years ago. mallen krot has been the focus of other short sellers including david eye horn. >> we look at what krcitron is saying. i presume a report will be c

joining us to talk about this trend we have michelle meyer from bank of america, merrill lynch and anthonyhan from chase. good to see you both. thanks for joining us. michelle, what do you make of this? there was a reason back in 1940, it was almost a tradition even still at that time for young people getting ready to save for marriage or whatever to stay at home, but it's a different concept, a different reason today, isn't it? >> it is. this is not a new phenomenon, there has been a secular shift towards living with parents longer or living with relatives longer, for the past 15 years or so. so you're right we've returned to levels we've seen in the 1940s and 1950s but it's a different story behind it, it's people getting married later, there is a greater acceptance of being able to move back with your parents, save some money and then go out and live independently. and it does to your point have economic implications, it means that, you know, if you have a greater amount of kind of doubling up your housing rates will be a little softer but when you do form a household you're talking abo

lehman was failing, merrill lynch was bailed out by bank of america. it was pretty tumultuous, we were all wondering if we were going into a depression and we came darn close. today i think people are looking at a little more bullish in where the world is going. a lot of disruption. you're seeing a lot of things from social media, mobile, data and analytics cloud computing are causing a lot of disruption in financial services. so i think they're really thinking about where this goes from here. >> is that why one of the reasons you chose tim as your successor? >> i knew him for 20 years. i was his mentor and sponsor for years when i was back att d. he's a very technology oriented retail banker. he's going to learn the u.s. market and u.s. brokerage but he's a very capable guy with a strong technology background. >> do you think anything is going to change in terms of td ameritrade's clients and shareholders as a result of this change? >> i don't think so. i think the board went through quite a process and what was important to them is that we had to wor

erik: kathy became ceo of merrill lynch and for reasons that everyone now knows that happen for particularlynder who what you would've done to end up as the ceo of bank of america. have you given that any thought? john: not release and that did not happen. merrill was a great franchise. i joined merrill when it was in a lot of trouble. it was suffering billions of dollars of losses. absenty believed that the lehman bankruptcy and all the things that happened afterwards, if i had had time, i couldn't fix the problems at merrill and that would've been a better outcome. the problem with the sale to bank of america is it really changed the overall nature of the company. bank of america is a much bigger company. and much, much more bureaucratic. stephanie: we're in 2008 and ben bernanke put his book out. many people have applauded him and the work you did. yesterday we set out -- sat here with david stockman and said he must not read it. he gave a really bad title to it. "courage to print." erik: john had a front row seat. john: most of the books that are written is history as they would like it

investment adviser representatives, like merrill lynch, wells fargo and morgan stanley among countlesshops. the vast majority of the investment adviser reps don't have any disclosure and the majority of this happened over 20 years ago. a lot of them blamed the youth for the mistakes. they are ten times less likely to have a criminal record. but people will want to know, is my adviser one of them. so if go to the website, we have a link to the data base and the broader trends. >> what do you make of it, mike? >> i think it is interesting and the transparency on this one category of professional. who knows if they did it for every other profession. >> that is the first thing wanted to know. what about lawyers or this or that. and this is something we didn't know what the answers were going to be and they keep advertising for it, let's see. we don't know what doctors and lawyers and other professionals look like. >> kayla? >> you have to wonder what the bar is to lose your license. when we see the class-action lawsuits by investors the practitioners and the brokers lose the ability to pra

francisco is the head of global commodity research of thick of america and merrill lynch joins us forkly decline of oil. francisco knows his commodities. i spent quite a few hours with francisco and i'm honored. stephanie: wearing a smart suit today. david: he always dresses well. there is global oversupply in oil and signs it will persist. take us through what is going on and with commodities. is there a bottom and when and where is it? francisco: we are entering the fourth wave of commodity inflation. we had the yen coming down in japan and the euro and this year has been emerging-market currencies. i think we'll get through the exercise in china over the next few months before commodities bottom. in other words, until it peaks, commodities will have a lot of headwinds. better with looking lower supply in some markets and brenda demand, but the more head is very strong. stephanie: take us to the terminal. matt: there with me because there are a lot of lines, but the point is if you pull up the bloomberg on my screen, -- david: a lot of lines. matt: green is oil, the blue is china, i

tom: i would suggest for regular institutional investors, she and comparing that with merrill lynch'sment. i do not think mom-and-pop will ever get gap-non-gap. i never got that. stephanie: what do your investors ask of you? under a lotot of of pressure to perform in day in and day out. tom: quarterly financial performance is not driving the stock. richard: we are building projects and medicines that have the potential to be blockbuster medicines and 2-3-four years time. they are monitoring our progress. financially, we need to be able to pay for it. classic biotech companies raise equity dollars to pay for r&d. we are fortunate to have 100 million in revenue from products that we have developed over the years that find this r&d engine. tom: what will be the outcome on whether mr. ekman is right or wrong? stephanie: is bill ackman the person who matters or mike peterson? the assembly and investor. -- he is simply an investor . tom: i will say this in defense of value. richard: you can quarrel with the way that it is accounted for, but the core of it has a huge business here. they're a

places like vanguard, and when you think about it, look at it from the perspective of the ubs and merrill lynchransactional business to long-term buy and hold has left much bless compliance headaches, -- much less appliance headaches. you are not quite fiduciary on ae brokerage side, but it is less capital-intensive business to run. stephanie: but it is not a guaranteed business. if you take about private -- talk about private wealth management, if someone like stan druck and meyer gets paid to invest, what do you think they should do? barry: it was a different relationship between the high-profile hedge funds despite the poor performance of the shop thatsus the 1% is basically saying we can't time the market we are not great stock pickers who own everything. over the long haul, according to john vogel and the academic data, that will do really well. is a goodthink it business for banks because it will get bigger as people accumulate more wealth. they will look after themselves more than when the defined benefit schemes were so prevalent. i agree it is a good business. they have been forced out

and we want to bring in bank of america merrill lynch strategist.a. maria: thank you for joining us. we've got an economy that's somewhat stuck in the mud. a big rally in october and markets are up about 9%. >> it's unusual, august was obviously a bad month and i think with the fed staying on hold, the market that we placed in, said we can expand p.e. multiples. so, october is very strange in the sense that you have an 8 or 9% rally and so now that we've had it, i think that now you've given up part of the year end rallies. seasonally now, we're in the strongest period in the market. november, december, into january, but when you have a very strong october, it takes away from part of that rally. normally you're up close to 3 1/2%, and maybe 1 to 2% rally going into your end. maria: you're advising clients. >> we like large cap high quality companies, good balance sheets, a lot of our clients thought when they came through retirement tore close to retirement, they would get the risk-free in the treasury market. and diversifying the portfolio and tryi

people who have bank of america or merrill lynch credit cards. will get tickets for the museums and you will have to check ahead to make sure that the museum you are visiting is open. >>> dancing in your living room. we got beautiful weather today. a nice look into san francisco. low clouds beginning to move closer to the coast. we have seasonal temperatures in store for the afternoon and by tomorrow, big changes coming our way in the form of wet weather moving in. i will detail this next system and i will have your numbers for today coming up. >>> beautiful right now, take advantage of it when you can. >> the largest educational event is coming to a close but going out with a bang. >> the 5th annual bay area science festival wrapping up with discovery day at at&t park in san francisco this afternoon and ktvu reporter christian cap has more of the fun and educational activities. it looks like you are taking part christian. >> >> reporter: absolutely. and guys, i have to confess, i am a secret science nerd. i grew up in a science household. my dad

subject good to see you thanks for joining us appreciate your time, joining from us bank of america, merrill lyncht hour thanksgiving a bad day for turk but great to be a mocking. >>, the "hunger games" finale sending off challenges for box office supremacy that is next, back in a minute. glad i could help you plan for your retirement. alright, kelly and promise me that you'll try that taco place on south street. and we have portfolio planning tools to help you manage your ira. yeah, you're old 401k give me your phone. the rollover consultants give you step-by-step help. no set-up fees. use your potion. sorry, not you. my pleasure. goodnight, tim. for all the confidence you need. who's tim? td ameritrade. you got this. nz. >>>. > >>>. maria: welcome back tensions high in chicago this morning cheryl casone with the story good morning. cheryl: that is right maria good morning, we are going to see how day plays out a in the windy city chicago announcing that it is expanding a program to provide police officers with body cameras so this comes after days of angry protests, that follows reliefs of a vid

a transport analyst at bank of america merrill lynch joins us as we get ready for black friday.t shopping season of the entire year. you notice that a lot of key data points have been week. rail shipments have been very weak. deliveries have been week. what does this tell you about black friday? that we will not have the inventory that we should? >> all season long you have seen a buildup of inventory. black friday is something we look forward to because this turned away from the data and now everything is focused on ups and fedex as we move into big season. but you're right, the data has been week in railcar loading down 5%. port volume down 3%. have usth, it does not bush is a start for the holiday season. but with e-commerce buying patterns you will see more compression thing. that will be a positive signal. tracking data down, port stated down. i want to follow the money. i look at investors over the last three months that have gotten shares of ups and fedex in the area of 10%. investors positive on these stocks with the data looks so dismal? when you think about what is dri

>> we found all kinds of things and the kind of people who are working at these advisors, merrill lynchs fargo and morgan stanley and to be fair there are 300,000 reps in the country. the vast majority don't have any disclosures at all. a lot were the mistakes of youth. they write it out and say what they got convicted for. oh i was on a dare. my friend told me to rob the 7-eleven. i did it and got arrested. a lot of people want to know is my advisor one of them. >> like armed robbery or shoplifting. you could have a knife then it's a felony. >> yeah. >> but all of these things are in there. there's theft and armed robbery. >> do you get the notion that if you were -- well, take someone with a life that go to another profession where they have normal people and is it a higher percentage would you say? >> national average for this group of people, only 1%. the national average for adult, 9% have been convicted felons. this is way less. most crimes exclude you from getting into the business. for the most part everyone is pretty good but a few cases we didn't know what we were going to fin

and merrill lynch and others trying to find out what triggered this call. has been unable to get that resolved, even though he has asked merrill lynch on several occasions. they say that is a resource, a trademark. now, you think it's necessary -- i mean, do you think it's okay that a company like merrill lynch could pass something to use on their investors and not be able to tell them what that is? microphone. >> is it on? okay, sorry. i don't want to speak about the specifics until i know all of the specific. but clearly there are a number of obligations with respect to this. suitability obligations. what i would suggest on this is that i, you know -- sounds like you've been talking to the s.e.c. i don't know who at the s.e.c., but if i could have one of my senior staff people follow up with yours, let's see if we get to the bottom of it. >> i appreciate that. and i've got a pretty good file here that will get to your staff before you go. but it would certainly be something good. this gentleman has jumped through all the hoops and done everything, he and

what you need to do is talk to and investment counselor, call up ubs or merrill lynch or some other investmentyou some ideas and they will be happy to give you ideas because they would like to have your account. i am not going to -- when people ask me, what is going to happen to interest rates, what is going to happen to stocks, i tell them a fine is the answer, i would not be sitting here talking to peter. i would be out on my chios and i would be rich and i am not rich. i don't have the answers. >> host: when you were a teenager you bought shares in pepsi. how did that happen? >> guest: i used to work after school for stockbroker and sweep the floor and deliver packages and one day we were sitting and talking and nothing was going on and he says i can sell -- at that time your people was not a derogatory term, a shiny vacuum cleaner, or stock. so i listened to him and next time we talked i said what stock? he says -- explained to me what stock is, a couple times later i said suppose i want to buy stock? he said choose something that you like and so he gave me a list of stocks and eyes of pep

he is for the private wealth and investment group at merrill lynch wealth management. >> why do you think the people are cheering the fed raising rates at this point? >> one is 215 is mostly over. they are looking at 2016. the signs of a little bit of growth is there and that's one. the fed being unclear reduces uncertainty if markets. if it's 25 basis points that sets us off on a path. they made it clear the slope is not like this. it's actually quite low so that's encouraging and the third thing is you have looked at i think the geo political events global mri and there's discussion earlier markets have held up well. the high profit margins and the like are still intact so investors are looking through the issues there right now and saying i'll take it. >> let's talk about the concern that the fed raising rates could contain a market accident. things were so much weaker than they were six months ago. >> i was just in china last week and i think that what's really key to the market is the balance between the fact that china is slowing and needs to ease and the u.s. is heading into rate c

and even though he has asked merrill lynch on several occasions to give him that, they said that thats a resource that they have trademarked. now, do you think it's necessary -- i mean, do you think it's okay that a company like merrill lynch could patent something to use op their investors -- on their investors and not be able to tell them what that is? >> is this on? >> microphone. >> sorry. is it on? okay, sorry. i don't want to speak about the specifics until i know all the specifics, but clearly there are, you know, a number of obligations with respect to this. you know, disclosure obligations, suitability obligations. what i would suggest on this is that i, you know, and it sounds like you've been talking to the sec. i don't know who at the sec, but if i could have, you know, one of my senior staff people follow up with your staff member, let's see if we can get to the bottom of it. >> well, i appreciate that, chair white. and i've got a pretty good file here that we'll get to your staff before you go, but it would certainly be something good, because this gentleman has jumped t

you think it is necessary, and you think it is ok that a lynch could merrill patent something to useon their investors and not be able to tell them what that is? hon. white: i do not want to speak about the specifics until i know all the specifics. there are a number of obligations with respect to this. disclosure obligations, what i would suggest on this, his house like you've been talking to the sec. if i could have one of my senior staff people follow-up with your staff members, we can see if we can get to the bottom of it. >> i appreciate that. heree a pretty good file that we will get to your staff before you go. it's would certainly be something good because this gentleman has jumped through all the hoops and done everything, he had his wife both, to give an answer. any help you could give us as far as getting an answer or a conclusion to this would be much myreciated by me and constituent. thank you. i yield back. >> the gentleman yield back. recognizes the gentleman from texas. >> thank you. thank you for sharing today. i would like to get some things from the record. that ar