hans redeker of morgan stanley is still with us. we going to get a different and greater policy reaction? if they go in on december 1, what do i get from the fed? the reaction function is changing, basically. hans: there's also recognition that global trade is important. i described that earlier. on the other circumstances, the fed is going to have a very good debate internally what to do with that information. the likelihood that they are going ahead with another rate cut is superhigh, but again, the market is already ahead of the fed. if you go by 25, you would have another disappointment. i'm not going to say the fed should always follow what the market is going to say, but we are in an environment where you need to consider that inflation expectations are normally low. of course, a lot of this decline, even inflation expertise and have been imported -- inflation expectations have imported. you have to take that into consideration and think about, what does it do to my headline inflation? understanding that in the long run, what

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this is the morgan stanley. it certainly gets called out by the red colour, which is fourth quartile. you will see over the last year it was up 3%, right in the 97 th percentile. the index was up over 11%. again, a lot of this is just a discipline of -looking. what they do is they take every property and value it and compare it to the nad. for instance, by their research, they have shown new york city office properties are 35% undervalued or discounted relative to the n.a.d. that is attractive. that is an overweight for them. those two areas have really been out of favor, especially over the last year or so. that is an example of something we are digging into in a lot more detail based on their conviction and philosophy. but really, nothing has changed in the organization. so we will take that up with the deferred compensation committee in much more detail. the next slide just looks at the component funds. these are the specialized funds that are components within the target date funds that russell utilizes. you

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london is andrew sheets, chief cross asset strategist at morgan stanley. andrew, thanks for joining. since we last spoke to you, we've had many more headlines, but how have we actually moved the needle on trade talks or any kind of agreement? andrew: i'm not sure that we have, vonnie. i think we are still unfortunately in the place that we were a week and a month ago where there is still quite a bit of uncertainty. you still have this impending deadline on september 1, with more tariffs that are going to go in, and still conflicting signs over what the path will be. i think the most likely path still being escalation. directlyts of tariffs on growth and uncertainty, holding back business investment, unfortunately are still there. vonnie: andrew, we just cracked 1.50% on the 10 year yield. i'm curious whether we see some disorderly break lower for yields. what i think is most important watching the yield market is the signal that not just the level of yields is ascending -- is sending, but also the market pricing and more and more central-bank accommodation

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let's carry on our conversation with bruno paulson from morgan stanley.kinghe things i'm about his inflation. very, very low. looks likely if you take a look at the five-year five-year, pretty much anywhere around the world, it will stay low. on in the earlier first segment about the ability to raise prices. if this low inflationary environment persists, how easy are these going to be for some to continue to raise prices in that environment? bruno: you don't need to raise prices. you just need to raise prices better than your input cost. nothing radical. so the pricing power allows you coming to whatever's you. when you get a spike in soft commodity prices, the high quality consumer staples companies take a margin hit for a quarter, but then they are able to pass it on the next quarter. equally, as prices fall, they will give that back to the consumer over time, but meanwhile eking out a little bit of extra margin. guy: in terms of how that affects the long-term story, consumers, what i find interesting is it is not a company we are going to talk about no

morgan stanley has done well over the years. sonali: it has. n has really been trying to crack their way in. they have been doing a put a good job. they were on lyft. the onus is on these banks now to make wework work in an ipo. the 47 billion dollars valuation is a stretch, so it will be interesting to see what people think is successful for this ipo. david: to this capital one hacker were now, it is fascinating. we found out when prosecutor said don't release them on bail. there are as many as 30 other companies. sonali: it is scary. prosecutors didn't name which companies, but before, amazon and capital one said this was a breach in the firewall, so it seems barely pacific -- seems fairly specific. she's also tried to kill people. at one point she threatened to shoot up a social media company. on one hand, this is a hack, a cybercrime. on the other hand, is she dangerous in any fashion? taylor: with capital one, she sort of seemed to out herself. she was bragging a little bit. do we know if she was doing the same to the other companies and we

andrew sheets at morgan stanley is still with us.do you make of the political turmoil in italy? but stillw, really, managed to royal debt markets friday. andrew: political volatility in italy is a common occurrence. this is an issue that's going to be with us for some time. it does inject risk. btp's we liked earlier were neutral now. we've moved neutral a month ago, and that volatility will stay with us. you have a tight deadline into october in terms of election dates, when a budget is due. and the european union potentially dealing with budget uncertainty at the same time the proposed brexit date is. a lot of things converging around late october. that's going to mean investors are going to continue to inject risk premium into italian assets. matt: does this kind of geopolitical risk fuel the negative yields that we're seeing in germany? today, butnchanged still -58 basis points. andrew: it certainly does. that's one way to explain and justify the extra nehring moves we've -- extraordinary moves we've seen in european yields the p

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. they use stamps.com all the services of the post office only cheaper get a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again. >>> i'm scott wapner today, a flurry of worry, that's what we're discussing as no less than four wall street firms come out with their investor playbooks today. we'll debate where stocks are likely to go from here plus, our call of the day, from one of our own stephanie link on the new name she is buying and why and we're trading retail stocks. we'll go through the list and trade them and debate them coming up at noon on the half. guys, see you in about 20. >> we're just off the low sessions of the day. let's get to rick santelli with the santelli exchange. >> equities are soft and so are interest rates today i see a 216 for 30-year bond yields on the 7th, we had an intraday low of 2.11. 210 from july of 2016 is the definitive area to pay attention to, the all-time low closing yield. listen, there's a variet

morgan stanley also souring at the property tax.10% into the first quarter of 2020 after hitting a peak in june. have a big interview later today. andrew mackenzie joining us for thexclusive chat to discuss day's results. that will be on "bloomberg markets: asia." don't miss it. ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you pre-order a new samsung note. click, call or visit a store today. 9:00 a.m. inis beijing and singapore. welcome to bloomberg markets: china open. anchor 2: we are counting down to the opening of trade. we focus this morning on china. the pboc will announce the much anticipated rate reform. huawei wins al reprieve from the u.s. anchor 1: chi

this is a key thesis of morgan stanley's foreign exchange team. we think the euro will be more like the yen going forward a defensive risk-off currency because europe is running a large account surplus like japan, because investors are now underexposed to europe and european assets, and european investors have a lot of overseas assets when things go wrong they repatriate the other challenge the market has with regards to euro and euro weakness, the ecb, their ability to cut is limited. this question of the economy slowing, what are central banks going to do, the fed can always cut a lot more, a lot faster than the ecb will be able to that's why we think the euro will be stronger and not behaving with the same core ligs as before. >> many people have a negative outlook on the data. germany standing out, italy as well, euro, the currency is not moving german bund yields are at record lows here. what is the trade you would advise investors to do to express a bearish view on how things will develop in europe? >> i think it's hard i think there is a lo

weinstein of morgan stanley, you guys have had grief with a cautious call. tension in the by market? brian: it has been on a big u.s. cents september, october -- u.s. since september, october of last year. growth expectations are falling. the big rally has been happening since last year. tom: a global depreciation, argentina is an eu concert -- an idiosyncratic story. a level of inflation in the global system that pushes against the theory? brian: it does, not in the u.s.. it will keep inflation down. it is problematic for emerging markets. problematic. though thena, even dollar is stronger, payback happening today. francine: where do you see dollar in 18 months? maybe 12 months, is that the only thing that influences policy? brian: arguing the dollar will be frustrating. it looks like it should be lower. calling for a big depreciation is problematic. a stronger dollar will keep the fed wanting to ease a bit more. it is a side story. aboutnow, you can dog global problems. there's no question -- can talk about oval problems. there is no question -- they went

morgan stanley says the bear is alive and kicking. ubs says new tariffs will slow growth bank of america says the trade war is hurting capital expenditures and margins they see a 1 in 3 chance of a recession in 2020. a little higher than they had last time. so a lot of little bearish sentiments floating around on the street guys welco guys, back to you. >> victoria, if you're concerned about the risk of recession rising, where should investors be putting their money >> we're noz at concerned with recession in the near-term we don't really have red flags that are waving. one of the things we look in the labor department, the consumer is extremely strong. if you look at where unemployment is, take about a 5% hike from your lowest employment number, that's a good recession indicator. we're nowhere near doing that yet. also looking at some of the new entrants into the unemployment number when that starts to peak or roll over, again, another recession signal, we're not seeing any of that right now the consumer remains strong. we have some

morgan stanley says we're inching closer to a global recession. sort of forget the headlines, take the headlines out but that's where we stand today. you have an uncertain global economy and trade war that has no resolution seemingly in sight. >> well -- >> what do you want to buy or sell today >> i think it's continue to look at the company if you talk about the marriage of micro and macro which what is joe and josh and sarat are talking about here, your macro and micro. if we talk about it from a micro perspective there is likely to continue to be a allocation to u.s. multinational companies in your portfolio fy look the at companies i like it's names like anthem, microsoft, visa, you know, there are names in there that i think have a competitive advantage against a backdrop where they may also decline if we have a meaningful pullback in the equity market but better positioned insulated bay dividend yield and good cash policy management for shareholders or a sustainable business that i think is very difficult to compete with. if your you looking

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i'm really excited to be part of the morgan stanley team. i'm justin rose.morgan stanley. >>> coming up today on "fast money," another fresh read on the consumer 5:00 p.m. eastern on cnbc we'll of course have full coverage of that conference call as well for nordstrom. >>> hawaiian holding shares taking a hit from a buy setting pressure from southwest new service to hawaii. pete, you have owned hawaiian in the past >> i have. and i love the airline, i love flying the airline, but unfortunately, mel, this is going to be something that's going to be a really big issue but the additional flights from the bay area going to hawaii on southwest, that's going to be an issue. interisland as well, that's going to be a big issue. so when you look at what this particular analyst is looking at in terms of the earnings going forward from 19 to 20 getting cut almost not quite in half but being cut severely, i don't see a reason why you'd want to be jumping on hawaiian. this competition is only going to get worse and the domestic airlines as well >> the analyst community h

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. announcer: only fidelity offers four zero expense ratio index funds directly to investors. and we have zero account fees for brokerage accounts. at fidelity those zeros really add up. ♪ maybe i'll win ♪ saved by zero >>> what can you do many you don't trust the market the average has a bad habit of turning on us when we seem to be out of the woods for those of you feeling nervous about a potential slowdown, i can't blame you. you want yields, bountiful yields, an environment where they are ridiculously low levels, the 30-year is barely above 2% stocks with big dividends become more attractive. there is no composition from the bond market. if you want investments to generate income, dividend stocks are the only game in town. everybody else knows that. most of the go-to high yielders are performing with eloquent and when dividend stocks go up, the yields shrink. that's why we're on the hunt for new options. we want stocks down and out giving them accidently high yields i call them ahy b

the second item is morgan stanley. they manage two portfolios. one is a u.s. read, the other is a global within the target date component fund and you will see their performance in a minute. they have underperformed in recent periods. long story short, they really have a value discipline. they are not buying many of the overpriced or perceivably, from their perspective, overpriced real estate markets, and are really heavily invested now in malls, retail, new york city office parks that are discounted relative to the market. that has always been their philosophy. in a nutshell they are looking for the market and the economy to evolve and change, and in this very strong equity market that we have been in, their style has really been out of favor. see that any minute. lastly, the passive funds continue to perform and match performance as expected. we will look at the core offerings and a few slides. in terms of broad brush strokes for page two, clearly i think there's a lot going on in the global economy. i think the fed is noteworthy. they were great. that wasn'

we are morgan stanley. >>> welcome back time for your executive recap.ines you need in 60 seconds. a former disney accountant alleges the company's parks and resorts business overstated revenue for years. she has filed for whistleblowers status with the security and exchange commission. she says it let employees do things like report revenue twice for gift cards, once when they were purchased and again when they were used a disney spokesperson said the company reviewed the claims and found they were without merit. >> a white house official is denying a washington post report that says the trump administration is looking at a payroll tax cut. this comes amid political debate about whether the u.s. economy is at risk of a recession. and hong kong leader is warning the city's economy faces a risk of downturn amid protests. she is willing to talk to peaceful protestors and hopes that dialogue can provide a way out. well, stocks are close to recooping all of last wednesday's big losses which were partly fuelled by the yield curve inverting. that means longer

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.urvivor of alzis out there.ase and the alzheimer's association is going to make it happen. but we won't get there without you. join the fight with the alzheimer's association. doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. >>> let's get a check on this morning's top headlines including the race for the democratic race for president. good morning, shake up in the race for the white house this morning. new york senator gillebrand is failing to qualify for the debate next month and champions rights and families on the campaign trail but failed to gain much traction she is the first senator to call it quits in the race a volcanic eruption on the island of stromboli sent people running for cover. it poured down right into the see. it's one of the world's most active volcanoes two months ago a hiker was killed after an eruption a little over a month after re

i'm really excited to be part of the morgan stanley team. i'm justin rose.tanley. >>> i like to say there is always a bull market somewhere and i promise to help find it for you. i'm jim cramer see you tomorrow [tires screeching] >> flags are up. [screaming] >> hi, i'm jay leno. all: hi, jay. >> hi, everybody. how you doing? and this is a show about cars. it's fun to drive cars that are really different. >> this one's a death trap. >> oh, i see, because-- >> because it's dangerous to ride. >> and motorcycles, and well, anything that rolls... like driving a two-story building. oh, my god, strong as an ox! explodes... i love the smell of napalm in theorning. yeah! or makes noise. >> you ever run a dragster? >> no, i haven't. [engine revving] this is "jay leno's garage." >>ta

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. ♪ ♪ applebee's handcrafted burgers now starting at $7.99. now that's eatin' good in the neighborhood now starting at $7.99. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's gentle rounded brush head removes more plaque along the gum line. for cleaner teeth and healthier gums. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada for its effectiveness and safety. what an amazing clean! i'll only use an oral-b! oral-b. brush like a pro. >>> welcome back to worldwide exchange making headlines this morning, bio fuels producer wants to buy the philadelphia energy solutions refinery that was badly damaged by fire that happened back in june. the company wants to convert the plant to make renewable diesel and jet fuels so we'll see if that develop

i'm really excited to be part of the morgan stanley team. i'm justin rose.e morgan stanley. >>> welcome back let's check some other big tock stories. dropbox, that stock down 5%, reporting better-than-expected second quarter results, but the file sharing company posting its slowest user growth since the ipo last year. dropbox paid user growth has declined despite the company offering a try to buy promotion. >>> cbs's second quarter profit and revenue beating forecasts, results helped by subscriber growth for its streaming platform including cbs all access and ad revenue for the ncaa men's basketball tournament the company declining comment on merger talks with viacom. >>> and shares of amarin pharmaceuticals are down today, down 22% company says the fda plans to hold an advisory panel meeting to discuss whether the label for its heart disease drug should be expanded that means the fda will delay its final decision three months. amarin off 22.8% >>> straight ahead, recession warning signs and the global rate race to the bottom. yet another central bank joinin

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i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.at i do count on... is boost® delicious boost® high protein nutritional drink has 20 grams of protein, along with 26 essential vitamins and minerals. boost® high protein. be up for life. >>> joe walsh might be the second republican to take on president trump in the primaries, hinting at a run earlier in today. >> are you running against him? >> i'm strongly, strongly considering it. again i'm not trying to be cute or coy. if somebody's going to get in and go after him, it's got to be done soon. >> joe walsh sees an opportunity here. he of course gained national attention as part of the extreme right wing of the tea party, also for his comments on birtherism, questioning president obama ap.m president obama's faith, and then there is a mea culpa last week in "new york times." what is in the latest move? >> the keyword is opportunity. a lot of republicans look at joe walsh, and don't see a politics who can try to claim the more high ground when it comes to president trump, who he support

call thebusinesses arehey e-sh morgan stanley report the number of primeworkin oteesde g.ercfothort changess econs will affect what and som btaicuy. and that cheould britung increas to arease l fikdm foo home, women's wear and apparel the number of sin e thatweglcens burabuou p datas se womenan in from 6n toio7 77mihai adorable photo capturing so, iths eight-ydr-ol hisri classmate connor on the first day of scol. now, christian's mom revealed that her sonngndpo decided on hn to console him by grabbgin conn. i'm >> thank you holly. >> goodmp ele. >> all right. >> all well, big nrist, fans oy maguire. hillary duff chacter i is 30 years old and living in new yofrkir in 2004 butne remai a fan favorite. the reboot launches in november. i cannot wait t check it out. ll>>ht r y aou.r puigp an extra trea h a adnd out he tthat's a because it's natiol dog day. the holidays our four legged friends that love us seservice dogsnd a thatg comfort. today is also dedicated to the dogs in loc shelters that need their forever homes. just send us your favorit photos of fido usinghe are somei a yn't ttoog lover

david: we will ask a morgan stanley economist what that means. rishaad: i thought we were at the end of the cycle, but midcycle. yvonne: he said we are not one and done. what does that mean? butre seeing a bit of red, a sign of a turnaround in some of these markets. rishaad: the nikkei up 1/10 of 1%. the hang seng moving a little bit south. we see a slight bit of positivity coming through, accentuating the fact that it is ultimately cut, although that was priced in. the story of the day is on the fx markets. you can see the dollar index moving to the upside. most of that is down to the weakness of sterling. it does look as though volatility is creeping up and spiking further and further. that is implied volatility in the white line. six-month in turquoise. three months from now, don't forget that is when we have the punitive date of britain leaving the european union. $1.21 at the moment, some suggesting we could go to $1.18. are we pricing in a hard brexit already? volatility coming up. we are at levels we have not seen since february, perhaps n

i'm really excited to be part of the morgan stanley team. i'm justin rose.nley. >>> retail earnings season is officially under way walmart shares jumping more than 6% yesterday after its results topped estimates president trump took motus tweeting that the retail giant is a great indicator of how the country is doing and touting walmart's outstanding numbers. joining me now is jan kniffen. walmart had great numbers, macy's, not so much, tapestry was hit hard is the consumer strong or not strong >> the consumer is very strong >> okay. >> unemployment the lowest in 50 years. nonsupervisory wages are rising more than 3% a year. that's a healthy consumer. they're not overlevered. there's nothing going wrong with the consumer there's plenty going wrong with mall-based retail. the problem is that people are not going to the mall. they're not going to the mall not because they don't have money, but because they're not happy with the shopping experience, they're buying online they're buying from walmart or target or amazon qu who would have thought walmart, amazon a

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i'm really excited to be part of the morgan stanley team. i'm justin rose.e morgan stanley. >>> tonight the president of brazil says he's sending more than 43,000 troops to fight widespread fires in the amazon. but will it be enough to stop the relentless destruction? flames are quickly consuming rare species of animals, potentially life-saving plants and a tree canopy responsible for 20% of the world's entire supply of oxygen. think of it this way. the amazon provides one of every five breaths you take. and all of it burning at the rate of 1 1/2 soccer fields per minute. lot amazon rainforest spans eight countries, about two-thirds of it lies in brazil, and brazil is taking most of the criticism for this inferno. its farmers burn land to clear it for agriculture or raising cattle. an international outcry is growing. the eu is threatening to tear up its trade deal with south america and world leaders meeting at the g7 summit are also speaking out. will their words spur action? cnn's senior international correspondent nick paton walsh is in porto velho, brazi

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.our glasses aren't so will we...no we won't!em. [ laughing ] don't get just one pair of perfect glasses. buy any pair at regular price, get one free. really. visionworks. see the difference. there's brushing and there's oral-b power brushing. oral-b just cleans better. it's the one inspired by dentists... with the round brush head. oral-b's gentle rounded brush head removes more plaque along the gumline... for cleaner teeth and healthier gums. oral-b. brush like a pro. mno kidding.rd. but moving your internet and tv? that's easy. easy?! easy? easy. because now xfinity lets you transfer your service online in just about a minute with a few simple steps. really? really. that was easy. yup. plus, with two-hour appointment windows, it's all on your schedule. awesome. now all you have to do is move...that thing. [ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. >>> we

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. speed. woo! precision control. woo! maximum reliability. access denied. [ repeats ] access denied. if it's not xfinity xfi, it's not good enough. for wifi with super powers, get xfinity xfi. and go see, fast & furious presents, hobbs & shaw. now playing. >>> the people of el paso, texas, they're still struggling this morning to try to heal after a week of -- from this mass shootings, 22 people died. another two dozen were injured. and now, we're learning more on exactly what happened inside of that walmart at the time. >> one of the things you find out in covering stories, in moments of great tragedy are also moments of great courage and bravery. cnn's brian todd has the latest on the investigation, and he spoke to the manager of that walmart who is being hailed as a hero. >> reporter: cnn has obtained an arrest affidavit of the suspected shooter patrick crusius saying he allegedly told police he was there to start mexicans. the manager of that walmart, robert evans who saw him shooti

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.ext groundbreaking idea from america's #1 selling boat isn't a boat. the legendary performance of tracker just made landfall. best quality in america. lowest prices in america. and it's taking america by storm. now get the tracker 570 atv for the introductory price of only $5799 plus freight, and a 10% discount card free with purchase. tracker off road. >>> breaking news, officials say multi millionaire jeffrey ep steen has taken his own life in jail. >> and officials saying epstein charged with forcing girls as young as 14 years old to have sex. joining me on the phone, paul allen, what happens to the firm case moving forward? >> well, the federal criminal case will end, with his death. these criminal cases do not proceed after the death of a criminal suspect. but on the civil side, where people are suing for money damages, those cases will continue. they'll now be converted into an action against the estate of jeffrey epstein. and he -- presumably, from press reports has a substantia

i'm really excited to be part of the morgan stanley team. i'm justin rose.an stanley. >>> what do you do with the small cap stock in this market consider the case of eols a medical ed threat product that'd to be a direct competitor to botox. if you want smooth, wrinkle free skin and been using botox, you can switch to it and does the same thing and cheaper this morning they reported the first quarter. sales are higher than expected the company had a much wider than anticipated lost. some are worried in response the stock got slammed down 7% but then again we had a hideous take. we checked in with evolus when they got fda approval. i told you not to chase it it pulled back substantially and definitely things to like about the quarter. is it worth buying here? let's check in with david, he's the president and ceo to get a bet sense of the quarter welcome back to "mad money." good to see you. >> doing well. >> now i've got to tell you, some people are worried about a loss all i saw is that you are taking this market by storm with it was admittedly with a promot

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. morning. what are you doing? isn't it obvious? nah. we're delivering live market coverage and offering expert analysis completely free. we're helping you make sense of the markets without cable or a subscription from anywhere you are. i get that. but what are you doing here? nice pajamas. really? i say pajamas. pajamas, pajamas, whichever. good. yahoo finance live. stream free anywhere. welcome to the show. let's make finance make sense. welcome to the show. i can't believe it. that sophie opened up a wormhole through time? (speaking japanese) where am i? (woman speaking french) are you crazy/nuts? cyclist: pip! pip! (woman speaking french) i'm here, look at me. it's completely your fault. (man speaking french) ok? it's me. it's my fault? no, i can't believe how easy it was to save hundreds of dollars on my car insurance with geico. (pterodactyl screech) believe it. geico could save you 15% or more on car insurance. he borrowed billions donald trump failed as a businessman. and left a

i'm really excited to be part of the morgan stanley team. i'm justin rose. stanley. >>> after the bell the oklahoma judge orders j and j to pay $572 million for its let's see opioid crisis j and j will win in appeal and the fact it was less than a billion was a win. i like to say there is always a bull marketsomewhere, i promis to find it here for you on "mad money. i'm jim cramer and i'll see you tomorrow re festival -- this glossy promotional video pitches it as the greatest music festival ever. burrough: you know, beautiful models frolicking in the water in the bahamas -- "fyre festival." clarke: it was supposed to be like the most insane festival the world has ever seen. narrator: but fyre fest is a complete disaster that quickly goes viral. -welcome to fyre festival. -[ screams ] -what's happening? -fyre festival is canceled. this is just [bleep] crazy. narrator: and the mastermind behind it all -- 25-year-old billy mcfarland. billy had a lot of obvious talents, but the greatest one was selling himself.

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.ng.rd. but moving your internet and tv? that's easy. easy?! easy? easy. because now xfinity lets you transfer your service online in just about a minute with a few simple steps. really? really. that was easy. yup. plus, with two-hour appointment windows, it's all on your schedule. awesome. now all you have to do is move...that thing. [ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. >>> tonight, truth october trump's love of sharpies. here is jeanne moos. >> you know how president trumps describes the letters he gets from north korea's letter. >> very beautiful letter from kim jong-un. >> he's been sending bute s of his own to justin trudeau. beautiful if you love sharpies. trump took a may 2017 hmagazine covered that called trudeau the anti trump and said hope it's not true in silver sharpie. someone on twitter created this mockup. the president and his sharpies

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