but morgan stanley is the $1 trillion pound gorilla -- is the gorilla in the room. walk me through what you know in who are the players in this field. .organ stanley plus e*trade sonali: ubs is the one to watch. what will be there move? they just got a new ceo. can they and will they do a big deal to counter this move? ubs into u.s. has been trying to grow. they have been trying to boost their lending book. what they do a similar move? remember, james gorman, ceo of morgan stanley, this is his second big deal in about a year. they just bought solely him to also it -- they just bought solely on to expand this is this. alix: like i said, it is confirmed now that morgan stanley will buy e*trade at $58.74 a share. how money trillions in assets? $4.3 trillion in client assets. four point 6 million stock plan participants. what would ubs buy? what would be left for them to ramp it up? sonali: it is very interesting to see them bet more on the retail customer than the institutional investor, per se. you were watching all of these firms and wondering whether they would buy s

morgan stanley buying discount broker e trade for $13 billion the ceo of morgan stanley james gormanng us first on cnbc in just a few moments. >> plus the state of the consumer the ceo of l' oreal will join us on post 9 as the company deals with ongoing coronavirus concerns >> viacom shares are plunging, down as much as 18% after numbers that did not meet expectations for the fourth quarter and guidance that is also quite disappointing we'll talk a lot about it. >> first let's get right to the megadeal of the day. morgan stanley agreeing to acquire e trade and an all stock transaction valued at $13 billion. this comes three months after charles schwab and t.j. amer trade announced their own merger deal as we mentioned morgan stanley's ceo james gorman will be joining us first on cnbc in just a few moments, guys. let's unpack a little bit the strategic rationale, david, which the market, though morgan stanley is down, appears to be pretty good with >> i think they're happy with that down less than 4% in fact, i know they are i have spoken to people involved in putting the deal togethe

why should morgan stanley be and who is next? is a difference between keeping two brands, whether it is goldman or a consumer brand. whether it is jp morgan, a corporate brand, and in this case you have morgan stanley, which is a consumer brand along with e*trade that is a consumer brand. the idea of keeping two consumer brands leaves questions. james gorman is a great strategic thinker, really forward thinking. the smith barney platform was phenomenal. kudos to james gorman. in that case, they were merging apples with apples. two traditional brokers. in this case you have a traditional broker with a nontraditional broker. the counter argument that this will jumpstart the growth at morgan stanley's legacy business , one of those net new assets, as they tour the bottom of the pack and just because e*trade has been growing 5%, you do not automatically take that 5% growth rate and applied to morgan stanley's legacy business. there's a lot of excitement on day one of acquisition. we have the honeymoon, sort of, not really. after seein

now they can do it all at morgan stanley.e think we have $7 trillion of assets between e*trade and morgan stanley. we want to bring those funds here. >> you have the number one stock trading business in the world, as well. jpmorgan is trying to knock at your door when it comes to that business. how does the e*trade acquisition and tear trading business? james: that is the equity business, number world. we were number five post crisis. technology within our trading platform, i think e*trade could be added and vice versa. we are excited about using some of their technology, not just in wealth management but across our asset management platforms as well as equities and fixed-income. emily: that was morgan stanley ceo james gorman. prompted a downgrade from wells fargo security analyst mike mayo. he spoke with bloomberg vonnie quinn and guy johnson. >> you can't be a bank analyst without being a part-time tech analyst and this acquisition of morgan stanley buying e*trade is about digital brokerage and digital banking. i think it

nearly 25%higher by after morgan stanley agrees to .uy the company for $13 billion morgan stanley downabout 3.6%. l brands has recovered from most of its premarket losses, now down to about 0.8%. the company's chairman and ceo leslie wexner is stepping down. he's the longest-serving ceo of any s&p 500 company. somehere, let's focus on companies moving on earnings. one of them to the upside is zillow. that stock higher by about 19%. the ceo saying it was the best december ever for the company. to the downside, you have viacom cbs, the newly reunified company, coming up short on revenue. that stock is down by more than 14%. guy: thank you very much indeed. geopolitics next. turkey to deploy patriot muscles to deter russia patriot muscles -- patriot missiles to deter russia. this is bloomberg. ♪ ♪ guy: live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn this is -- vonnie quinn. this is "bloomberg markets." guy. guy: let's turn our attention to what is happening in turkey, and figure out exact a what is happening there. the turks have decided to ask the united states

so why are we seeing the likes of morgan stanley keen to move into the brokerage sector. being the need from a big investment banks like morgan stanley or goldman sachs to look into a real growth over the last couple of years seen goldman say case we have seen a push into retail banking and lending through new businesses like mark or carter for example in morgan's case their latest operation need to clear opportunity to grow we mean business with mom and pop investors are going price who are among the retail brokerage platforms instigated by robin who do each as you stated that no commission rule has forced a major player say to either join forces. charles schwab and t.d. ameritrade later last year or do you press stock price converting that company like i can before long time suitors like morgan stanley and big deals like this how much is what's president trump has introduced since coming to power made this more possible it was before. you know basically there's been a lot of. different on show industry since. power but it's true that most of these has focused more in th

morgan stanley buying e*trade for about $13 billion.ns us on the newsline with some of the details. >> good morning andrew, good morning, guys. clearly buying e*trade at a relatively depressed price following the price wars last year e*trade shares peaked at 65 bucks in 2018, closed last night at 20 bucks or so, lower than that it's a $13 billion transaction, so it's not enormous for morgan stanley, whose market cap is about $90 billion. it's an all stock transaction, but the fact that this is all stock is interesting, when you consider the size of it, because morgan stanley own stock has been depressed the last couple of years, despite e*trade cheap relative to its own history, the two companies have similar and e*trade has a better price-to-book multiple the great run we've seen in morgan stanley shares since october, up about 40% or so, i'm sure made a difference as to the timing of when morgan stanley decided to pull the trigger for this what about the strategic decision, wealth management is a key part for morgan stanley, it's half

but first, morgan stanley buying e*trade. what it means for investors liki y oyo nghr. xt on "power lunch." through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. which of your devices are protected by daily security updates? daily security updates... daily? i don't know. the only thing... i'm struggling with this. some providers you have to manually download updates to each device. comcast business securityedge updates every 10 minutes to help keep your connected devices protected against new ransomware, malware and phishing threats. every 10 minutes feels pretty good. get secure, reliable internet and voice for an amazing price. call today. comcast business. >>> morgan stanley acquiring e*trade for 13 billion, the biggest takeover since the financial krois is morgan stanley will make a play for the masse

>> i don't cover morgan stanley. my partner, jeff hart does he can address the price target of morgan stanley. >> i'm sure if you're liking it, the ceo is speaking quite positively about it and perhaps the share also come around, down 4% today rich, we really appreciate your time. >> thank you. >> richard peto. dom chu, thank you as well, sir. >>> still ahead to come on "the exchange," the dow down as many as 388 points earlier, falling for the fourth time in five days yields have been declining and the dollar continues to rally. dollar index is now at its highest level in nearly three years. joining us, head of investments at victory, and rick santelli joins us as well rick, first to you set the landscape here, as bob mentioned on the top of the show, things had looked more grim over the past couple of hours. is that triggered by these drops in bonds what are you seeing out there? >> i'll tell you what. bonds, interest rates, domestic and global, are all tied in, in various channels today in particular, i would like

so why are we seeing the likes of morgan stanley keen to move into the brokerage sector. need to from a big investment banks like morgan stanley or goldman sachs to look into a real growth over the last couple of years seeing goldman say case we have seen a push into retail banking and lending through new businesses like mark or aapl card for example in morgan's case their latest operation need to clear opportunity to grow its well for management business with mom and pop investors. who are among the retail brokerage platforms instigated by robin who do each as you stated no commission rule has forced a major players to either join forces such as the case of charles schwab and t.d. ameritrade later last year or do you press. price converting that company like i can do for long time suitors like morgan stanley has a thanks for joining us that's jose luis de haro in new york for us. now the corona virus is affecting the global economy as demand for goods and services declines in china one of the many industries affected are the airlines who have been forced to cancel flight

before morgan stanley jumped in they couldn't quite come to terms.'s talk about e*trade, what did barron's like about e*trade? >> they're good mobile and visuals for the also have options you can practice without paper money. >> a thing it so interesting when you look at this list we have e*trade at number three about to be snatched up by morgan stanley but four and five give charles schwab and they announced the type at the end of the year. so the amount in this industry is just really setting. jack: i think that's what happens when ed two big engines of making money. you could charge commission and then when you put money end, they sweep into these accounts that were charging or paying you nothing, but meanwhile they could make interest. now that margin is pretty much gone. >> if you're not an active trader you at the easiest possible thing. i think ten years ago i estimate is real smart about him pewter should i get an apple or the one that runs microsoft. he said apple is too dumb to buy computers i bow in the next day what is the one for people

at morgan stanley headquarters in new york, 11:00 a.m. on wall street and "squawk alley" is live ♪ >> good thursday morning welcome to "squawk alley." i'm carl quintanilla with morgan brennan and jon fortt at post 9 of the new york stock exchange we're going to start today with morgan stanley's $13 billion akwy sessiak ak akwywy situation of e-trade. will has the highlights. >> hey, carl as you said, just last hour we were talking with james gorman, the ceo, and said he first got attracted to e-trade back in 2002 when he was still at merrill. he said the conversations this time got real in december. here's what he had to say about that $13 billion price tag >> i never worry about strategy. i'm never trying to copy what somebody else is doing we have to do what's right for morgan stanley you have to be opportunistic, move and move quickly. we put in a very full, i think appropriately, a bid for a great company with an iconic brand if we tried to to do it on the cheap, that would have created turmoil. you get the job done that's what we did

that was morgan stanley ceo, james gorman.l prompted a downgrade from wells fargo senior analyst. analystannot be a bank without being a part-time tech analyst. the acquisition of morgan stanley buying e*trade is about digital banking. i think it is a fair question but $13 billion for a company that is this stock market sensitive? at a time when you have peak retail investor engagement and high stock prices. we not saying this is the top but this is not the bottom. the plain old timing of this paying 15 times the earnings for a company for starters is not ideal. >> i heard a lot about the corporate stock plan business and this is a fantastic business. it is really undervalued in e*trade. is that argument not backed up? >> this goes to the idea of revenue synergies. a brokerage firm can get customers in a variety of ways, digital delivery, or through the workplace and to the extent morgan stanley has a broader suite of products -- if you are in e*trade customer, you should said this is fantastic. i would love to be in e*trade c

morgan stanley agreeing to buy e*trade for $13 billion earlier today. bloomberggorman told a purchase was not a hard decision. for anust put at risk half months of last year's earnings to buy an iconic institution with $600 billion in assets, $300 billion in revenues that will improve our models. this was a no-brainer from that perspective. shery: joining us now is jenny. is this just another wall street bank tried to get those main street customers? >> i think that is what is driving a lot of it. you heard james gorman this morning say this is a chance for us to increase what our wealth management unit does. right now they cater to the wealthiest of the u.s. consumer. this will give them access to more of the retail investors. amanda: it is funny the way he put it, they spent about what you are supposed to spend on an engagement ring, on this company. on the other hand, they are buying a part of the market where we have seen margin compression, pricing competition. is there some concern that may have overpaid for this? >> earlier, he was talking about

morgan stanley's traditional clientele is the wealthy investor. ames morgan put it on the call, this gives them access to emerging wealth. ,ow this deal post e*trade morgan stanley would get 57% of revenue from the individual investors. david: entry-level private wealth. kailey: get them early. david: with charles schwab and td ameritrade teaming up, could we get reviews that there is too much consolidation? kailey: this is a hot space but that regulation was something that came up on the analyst call. james gorman said he was not worried. he said he would not have pursued the deal if he did not think regulators look favorably upon it. they expect the deal to go through by the end of the fourth quarter. david: thank you so much to kailey leinz for that report on e*trade and morgan stanley. up next, coronavirus follow-up in china. thealk with anna ashton of u.s. china business council about how her members are dealing with the difficult and fluid situation in china. power" onalance of bloomberg television and bloomberg radio. ♪ [ fast-paced drumming

and morgan stanley will buy e*trade.ent to the top to analyze these moves starting with morgan stanley's chief executive. >> i have always felt e*trade was an incredible brand, great technology, clearly doing stuff on the digital side at a pace ahead of where we were. we had a constant debate of build versus buy and felt we were in a condition to make a bold move and we went for it. >> why was e*trade the right business as opposed to a newer business? you say digital was a big deal for you. you considered robin hood? >> i like the e*trade business model. they have a lot of clients. they have one of the best digital online banking businesses in the marketplace, and they sit on $600 billion of assets. added to us at $3.1 trillion, you add the stock business sitting on $600 billion, we have $21 billion in combined wealth management revenues and that takes our margins up 30%. it is not comparable. robin hood is a completely different kind of business. i like real businesses, real revenues, real profits, real clients. real cl

it's an amazing strategic bit for morgan stanley it is quite expensive. it's a good for goldman sachs, but not quite as good, but the currency with a morgan share price was weaker so you can understand i will also day neither of them will have wanted to say this deal -- and in that sense it's a big of a win here for james gorman here >> we've got more guests to discuss this with us, victor, from the online broker, and former director of trading at td ameritrade, and rudie adolph good afternoon to you both i'm going to come to you first, 4% down, stephanie >> i like the risk, about 3.1 trillion in assets 5 million new customers, to bring in about 60% of your business and less reliant on the institutional side that helps on the fee business side and then you get the millennial, a younger generation i like the strategies, but i did like your comments about the technology innovation, and that's what all these companies are spending a ton of money on is in technology you've got to integrate it. >> victor, i wonder what you make of this deal, a company like you

it's right for morgan stanley.else, but it is right for them >> what do you think about goldman sachs and their efforts particularly the focus on the consumer it's a nascent effort but one that's not unimportant in terms of that institution and the significant change that seems to be undergoing. >> again, i think they have made a decision, and i am sure with a lot of care and research, this is an area they can serve and serve well they clearly have a century-plus-long track record of figuring this out and i suspect they will do just as well with the consumer as they have done with the institution >> e-trade is a name we talked about 20 years ago in a much different expecter of the markets. now with zero commissions there's data coming out that retail investors are trading with more frequency because it's free, essentially. >> sure. >> i wonder what kind of implications that has for m&a? if we're truly in an era where mom and pops are getting back in the market >> well, i think that is a positive to your earlier que

morgan stanley is known as white shoe as well but morgan stanley made the transition to dealing with investors. goldman sachs has not made that transition, despite the fact you have regulations that essentially force banks into that space. so they are caught off guard on this thing, they have to respond. the response, we understand, will be buying a brokerage firm or buying registered investment advisers. there's a few firms like that that you can buy. hillman & freedman is one. you can piece them together and buy out your retail banking effort. morgan stanley last stand, from what i understand, is not e-trade. james gorman, people close to him say will buy or wants to buy before he retires, a commercial bank to even out that firm. midsized commercial bank. he has spoken about that with people from what i understand. this battle goes on. goldman sachs's move is next. cloorl th clearly they have to do something to stay in the race. lot of people say they might buy robin hood. know who that is? liz: of course. charlie: an online very discount discount brokerage. liz: very hot. charlie:

before morgan stanley jumped in they couldn't quite come to terms.about e*trade? >> they're good mobile and visuals for the also have options you can practice without paper money. >> a thing it so interesting when you look at this list we have e*trade at number three about to be snatched up by morgan stanley but four and five give charles schwab and they announced the type at the end of the year. so the amount in this industry is just really setting. jack: i think that's what happens when ed two big engines of making money. you could charge commission and then when you put money end, they sweep into these accounts that were charging or paying you nothing, but meanwhile they could make interest. now that margin is pretty much gone. >> if you're not an active trader you at the easiest possible thing. i think ten years ago i estimate is real smart about him pewter should i get an apple or the one that runs microsoft. he said apple is too dumb to buy computers i bow in the next day what is the one for people you don't learn a thing new, the easiest one f

you're seeing a lot of activity. $3.1 trillion in client assets is what morgan stanley is acquiring hereing e-trade this morning. announced official. more water on the way to california farmers, cheryl casone with that, details in headlines, cheryl. cheryl: mater, maria. good morning again. president trump signing an a order giving farmers more access to federal water supplies, making good on a 2016 campaign promise. central valley farmers have faced irrigation restrictions since the late 2000s, aimed at protecting fish. environmentalists say it will threaten endangered species. carlos ghosn facing increased scrutiny from france over alleged misuse of funds. prosecutors are taking a closer look at his spending while ceo of renault nissan. it includes millions of dollars of payments to a car dealership in ow oman. ghosn continues to deny any wrong-doing. more fallout for the peloton and fly wheel legal fight. fly wheel admits it illegally il copied the spin bike company and will shut down online class as of march 1st. fly wheel at home customers will be able to get peloton bikes by the wa

the other big story today that could impact the way that you invest and with whom, morgan st stanley announcing that it is buying e-trade, shares having their best day as you would expect here is what the ceo of goldman stanley tells us why he did the deal >> this gives us both the workplace and core financial advisory which is unchanged. and then for morgan stanley, just it is a capital business, part of the journey. >> and josh, i know you have a big take on this deal. >>er just feel l ee eer i feel bidding against themselves e trade is fine. they corporate stock transfer and they open brokerage accounts but i don't think that it is worth $13 billion. and james gorman has been a great ceo. he's done well i think in this case they are probably buying something that they think is way more than it is this looks like it is a gigantic iceberg, but it is floating on its way into 60 degree waters. and it will melt very slowly and there is nothing about the brand that matters to the consumer and really no business there anymore. commissions on mutual fund trades, individual equity trades,

morgan stanley buying etrade, what you make of it?e of goldman sachs and morgan stanley, jp morgan has managed to combine both brilliantly, the fees they are getting from corporate finance and from investment banking and from trading are somewhat down because of regulation, it means their degrees of profitability are limited and they have to offer shareholder value and growth to their shareholders. don't worry, i'm not going to get my handkerchief out and out my eyes for them, but what i'm saying is we have seen goldman sachs go into it by having a deposit from people like you andi deposit from people like you and i on the streets. when interest rates are very low like they are now, the actual value is very limited. but this, it is a lot smaller than the tdm trade, the charles schwab motor last year, but an acquisition by morgan stanley to try to corner, through this company, etrade, what you call the millennials' wealth, where eve ryo ne the millennials' wealth, where everyone is online, trading, stop online and the rest of it, it is

it,k market not crazy about morgan stanley down 5%.s there anybody outside the company says this make sense? >> there are people that believe this makes sense. in the longer turn if you're another revenueal, you havethie stream at a time when they created their targets. they are trading above where they were at the beginning of the year. doinger, they are still better than where they were before. their pretax margin targets are 30%. there was some concern about the valuation. e*trade had come down when itantly from 2018 was $66 a share. when you consider the premium, 20% plus, for e*trade, do you think the returns, the additional customers in the deposits, and whatever exposure this gives them to the future, young people, is that the idea, is that worth it? >> this is what he had to say about the rationale. we just put at risk 4.5 months of earnings to buy an iconic institution that will improve all financial models. this is a no-brainer from that perspective. , it is not about the stc he longer-term, but more about the valuation, does

there was a lot of good news think about it we had the morgan stanley deal morgan stanley beauty e*traden an all stock combination i think that was a smart move as e*trade was coming behind upstart. why not? what does the buyer get out of it morgan stanley just reported the best quarter, yet what happened? excuse me, i didn't mean to yawn the stock did nothing. i meant to yawn. they needed to take action to generate some excitement and growth and general profit. like the schwab and ameritrade deal before it that meant that morgan stanley only took a 4.5% hit today even though they're issuing a lot of new shares. and i've got to tell you, it's just moved up in the pecking order of the brokerage stocks that i like. as ceo james gorman told me, quote we are now the gorilla of wealth management, end quote he explained how the acquisition, quote, continues to shift to asset lying, regulatory friendly without damaging. a world class institutional business i agree. tried to work there. got the job, didn't do it. this firm, i like this version of the firm. i like gorman. there is not a ton of de

s dropped nearly 30 percent last quarter why is morgan stanley choosing to invest particularly in this line of business. these guys are all doing the same thing this is a classic they're trying to buy assets or trying to accumulate assets which is what schwab did and what morgan stanley is are now because what they really want is that they want debt money that's on deposit because even though interest rates are. low right now that someday there are no up again and the big with the brokerage business ok they are money is made more on the overnight rate ok so they want to accumulate assets it creates more business that's why they give away so to speak true trading and things like that because again their big ticket is that money on deposit and the way continue to turn over align them to also invest for you through them to get other things and get parts of the game but the other the bottom line is it's the money on deposit who they want to be bigger and bigger which you're going to see more and more of these small little boutique firms get bought now including put it all going to be conso

morgan stanley went on to make the cornerstone of the business.hink they have clearly moved to the front of the class. i think the deal is helpful. >> and it looked like theys mike edged out. so you look at the average, this is probably in line. in terms of technicians out there, he will point out a major double top here. i don't know 46 1/2 or so? >> good discussion there we have a big story coming your way here >> the u.s. clear is on a tear tim seymour breaking down the stock winners and loser when the stock winners and loser when the dollar is kingructors in the world, and tie it all together with a world-class software experience. we ended up creating, as you all know, so much more. peloton is truly a category of one and we're just getting started. now, let's do this. together, we are going further than we ever thought possible. ♪you got to ac-cent-tchu-ate the positive♪ ♪ e-lim-i-nate the negative "slow it down a little" ♪ and latch on to the affirmative ♪ "it's okay" ♪ but don't mess with mister inbetween ♪ with a nation-leading $150 billio

morgan stanley already has 3 million existing customers. the normal times says morgan stanley sees the edition of e-trade as a way to better compete against fidelity and charles schwab. >>> people in the san jose north side neighborhood are demanding change. residents have seen an explosion of criminal activity and vandalism near north 18th and jackson streets in the last two weeks. one couple had their cat 4ri9al converter stolen from their car and one person was injured in an explosion at a home that was supposed to be vacant. on monday a police officer tried to pull over a driver who sped off and they ended up hitting a parked suv. residents say city leaders are more worried about the future than what's going on outside their doors. >> we know these tech companies are coming in and we're building things downtown, but there's still residents here, we have needs and need to be listened to. we need to be protected. . >> raul peralez will be hosting a conversation this sunday about these concerns. his office is still working with police to a

that is are you at morgan stanley.urprise here, it is going to be a closer election, whoever is the nominee. alix: in new york, everyone says there is going to be fiscal stimulus no matter what the election. but you guys don't necessarily think that way. what do you think? paul: there's fiscal stimulus and there is fiscal stimulus. level state and local level, you could see fiscal stimulus because of hunters want to get reelected that's because governors want to get reelected -- because governors want to get reelected, too. at the federal level, i struggle. at the infrastructure level possibly, but it is going to be more hope than anything else. that's what you sell most of during an election campaign on both sides. maybe hope and aspiration is what is pitched. alix: you agree. andrew: i do. i think the odds of fiscal policy are really low. would we model out the numbers, there's probably more fiscal stimulus last year that people expected. the tax bill was passed in late 2017. i think most people said 2018 is the year

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he is with morgan stanley.merica transfixed by the challenge of seattle, and i guess she ha go -- chicago. of chief executive officer -- there is too much to talk about with the state of the airlines we fly on. this is bloomberg. good morning. ♪ tom: good morning everyone, i'm tom keene in new york. what we know for certain is everybody in the bloomberg surveillance audience gets on an airplane. there is that magic of the boeing 747 from another half-century ago, however long ago it is. i am afraid to mention it. 13 years ago, the extraordinary current of that very largest of the airbus fleet, the a's-380. 380.johnson is -- the a- guy johnson has more on the challenges of being with airbus and not with boeing. guy: the 737 max remains grounded at this moment, but the big question is kind airbus -- can airbus take advantage of that? stock is up over 30%. today the stock is treading pretty much in line with the market down a little bit. as you say, we are ,oined now by guillaume faury the ceo of airbus, who joins

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.e time? device: a dime is ten cents. severe cold or flu? take control with theraflu. powerful, soothing relief to defeat your worst cold and flu symptoms fast. device: (sneezes) theraflu. the power is in your hands. >>> breaking news in from thailand. at least ten people are dead. this is after a shooting in the north easte northeastern part of the country. >> according to the police there, the gunman is a soldier from the second units command. the regional commander tells police that they believe the suspect is inside a shopping mall. and he says he cannot confirm that hostages would be taken. >> we just received this video, this sound from an eyewitness of when the shooting started. watch. >> you hear the repeated shots there. one every couple of seconds. we still do not know a motive why this is happening. >> yeah. a lot of things we don't know at this time. but obviously, a frightening situation. and, again, we don't know if any hostages have been taken. police are not confirming t

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.a-farber cancer institute discovered the pd-l1 pathway. pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein, lets the immune system attack, attack, attack cancer. pd-l1 transformed, revolutionized, immunotherapy. pd-l1 saved my life. saved my life. saved my life. what we do here at dana-faber, changes lives everywhere. everywhere. everywhere. everywhere. everywhere. t-mobile has the first and only, nationwide 5g network. and with it, you can shape the future. we've invested 30 billion dollars and built our new 5g network for businesses like yours. while some 5g signals only go a few blocks, t-mobile 5g goes for miles. no other 5g signal goes farther or is more reliable in business. tomorrow is in your hands. partner with t-mobile for business today. >>> welcome back to our viewers here in the united states and all around the world. you're watching cnn newsroom and i'm rosemary church. let's get started. the u.s. president is celebrating his acquittal. while dona

we are morgan stanley. ♪ ♪ you work hard for your money.etched days for it. ♪ ♪ juggled life for it. ♪ ♪ took charge for it. ♪ ♪ so care for it. look after it. invest with the expertise of j.p. morgan, either with an advisor or online, through chase. after all, it's yours. chase. make more of what's yours. othroughout the country for the past twelve years, mr. michael bloomberg is here. vo: leadership in action. mayor bloomberg and president obama worked together in the fight for gun safety laws, to improve education, and to develop innovative ways to help teens gain the skills needed to find good jobs. obama: at a time when washington is divided in old ideological battles he shows us what can be achieved when we bring people together to seek pragmatic solutions. bloomberg: i'm mike bloomberg and i approve this message. >>> tonight president trump's attempt to defend his attorney general may be adding to questions about the justice department and its credibility. the president declaring he, he is the nation's chief law enforcement officer w

i'm really excited to be part of the morgan stanley team. i'm justin rose.s another storm system brewing and it's going to make a mess for a lot of us. starting workweek here tomorrow, of course. southeast, midwest. >> meteorologist allison chinchar is following this system. there's a lot going on with it. >> there's going to be a series of systems behind it. you may get rain for five days straight. it's not just a quick moving system that's in and out. this is going to be different. let's look at where it is now. you've got snow and thunder snow for portions of minnesota south of minneapolis right there. heavy snow into wisconsin as well. st. louis started to snow. then got a wintry mix. we've transitioned back into rain. all of this is going to continue to push off to the east. we have about 30 million people under some type of winter weather alert. at least in the short-term. now the concern is going to be where does that spread over the next 24 hours. here's a look. you can see very heavy snow expected o for much of the upper midwest. again, you're talki

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>> we work across seven teams in morgan stanley, 18 analysts.at level five autonomy miles penetration, that's level five no steering wheel, is sub 0.5% when you talk to some people, they say that's almost nothing, that's zero. hold on a second uber a couple years ago was 0.5% of u.s. miles traveled 1 out of 200 miles is a lot of miles. that could be one out of 15 miles in the city. even the small numbers are incredibly ambitious we don't get into the double-digit penetration on miles traveled until beyond ta whereas we had an analyst at the beginning of the show with a very different price target, $800, and it's trading near $900 what would it take for you to be wrong just on the conservative side with this i ask this from the context of having covered apple for a long time everybody expected them to come out with a phone but nobody expected it to be the most successful consumer product arguably of all time >> sure. >> what would it take for tesla to do that well and prove you wrong? >> there's different scenarios we explored in our research. be

we are morgan stanley. ♪ ♪ you work hard for your money.or it. ♪ ♪ juggled life for it. ♪ ♪ took charge for it. ♪ ♪ so care for it. look after it. invest with the expertise of j.p. morgan, either with an advisor or online, through chase. after all, it's yours. chase. make more of what's yours. whoh no, that looks grossit. what is that? you gotta try it, it's terrible. i don't wanna tray it if it's terrible. it's like mango chutney and burnt hair. no thank you, i have a very sensitive palate. just try it! hey guys, i think we should hurry up. if you taste something bad, you want someone else to try it. it's what you do. i can't get it out of my mouth! if you want to save fifteen percent or more on car insurance, you switch to geico. it's what you do. dog, dog, dog. >>> these are live pictures coming in from las vegas, where the crowd is already gathering for cnn's back to back democratic presidential town halls later tonight featuring joe biden and elizabeth warren. it all begins at 8:00 p.m. eastern right here on cnn. and to our viewers, th

i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.n, i'm thinking tacos. hey hey! you guys look like foodies. would you like to try our trashy back ribs? oh, that sounds great... everything is locally harvested, farm to dumpster to table. uhhh, what do you... what else do you got? (stammering) w-we have a melon rind stew. comes with a pork and bean reduction. yeah, we're going to just do a lap and we'll come back. okay. well, we'll be here. man! why isn't this working? my mouth is watering. i think that's just your rabies flaring up. with geico, the savings keep on going. just like this sequel. 15 minutes could save you 15% or more on car insurance. we got gristle pot pies! >>> after the mess that was the iowa caucus, kdemocrats were let scrambling to new hampshire without a clear winner. the idea was to reset, build momentum and get a couple of last licks in before the next primary, but instead for some reason unknown to me they treated tepid talking points and milked campaign slogans when they weren't gushing over each other. >> sen