-- a trader for morgan stanley.n: i became a salesman. david: did you want to be in management or did you want to be a trader or salesman? john: i like success. i thought the right way to go was management and that was what i wanted to do. david: he rose up and ultimately are offered the position of being the ceo of morgan stanley. john: well, yeah, eventually, but there are a lot of locks along the way to do. david: but suddenly you decided you need to do a merger with dean witter. why did you need to do that? john: well, dean witter was owned by sears, and they had decided to spin it off. morgan stanley got the order from sears to do this transaction, to raise money in an equity transaction, so we met with phil purcell and talked about all their salesman, their french offices. it became apparent to me and also to dig fisher -- dick fisher that this is the way to build a franchise because distribution is going to be more and more important and to have a connection with retail clients would be important. there was p

at morgan stanley.anese who came from that training program respected the culture of morgan stanley. when we were on the brink, they stepped up and give us the money to stay in business. david: it turned out to be a good investment for mitsubishi, because you're stuck is flourishing. after that happened do you think wall street learned any lessons? do you think this could happen again where you have a norma's liquidity problems and wall street -- enormous liquidity problems? john: the business of wall street has not changed much, but the scrutiny on capital is very focused. i think the fed does a much better job of paying attention to the liquidity of these investment banks. i think wards of directors have elevated -- boards of directors have elevated risk management. going through the near-death experience we went through and other firms did die, unfortunately lehman brothers. boards focus on risk management. it is not about what deal you did. it is about liquidity and solvency. david: after this happe

people were afraid of morgan stanley maybe going under. ople said give me my cash back, i'm going to put it in jp morgan. john: exactly right. david: at some point you said, maybe we are not going to make it. john: that's exactly right. thank god for the japanese is all i can say. what i learned is it goes back to when morgan stanley would bring brokers in a training program at morgan stanley, and the japanese who came through that training program respected the culture of morgan stanley, so when we were on the brink, they stepped up and gave us the money to stay in business. david: it turned out to be a good investment for mitsubishi because your stock has flourished since then. do you think wall street learned any lessons or do you think this could happen again where you have enormous illiquidity problems or liquidity problems and that wall street has changed very much? john: i think the business of wall street has not changed that much, but the scrutiny on capital and capital solvency is very focused, and i think the fed does a much bett

she started as an investment banker at morgan stanley, rose up to be the cfo of morgan stanley, and thenruited away to be the cfo of google, now the cfo of alphabet. in that role, she has enormous influence at that company and has done a terrific job at making certain that their balance sheet works well and that they really are much better-organized in the financial sense. i have no doubt that she's going to be a power at ahabet for quite some time. ♪ so, when google was first created--in the late 1990s, i guess, is when sergey and larry came up with the idea-- there were plenty of search engines alady in silicon valley, and many people said, "we don't need one more search engine," so what was it that was so distinctive about the google search engine that wiped away all the other search engines, more or less, and basically has kept them at bay? because you're still the largest by far. ruth: yeah, i have to say, i was one of those in the early days that-- "another search engine?" but it was the--it was the speed, simplicity of giving you what you want when you want and taking those simple

we have numbers from jp morgan and morgan stanley. tes, could you predict citibank based on what we have heard from jp morgan? sonali: they have a tough job because they are so much more global. we want to see how much that is actually impacting them. it is amazing. if you look at morgan stanley, they have their compensation costs in line. jp morgan headcount is up. jamie dimon is talking about significant headwinds. they are still investing. maybe the bankers are not making as much as they were a year ago. they are still getting jobs. jonathan: morgan stanley down in early trading. lisa: tell us the future, please. is this a crystal ball that we could put our hands on it? equities underperformed, fic trading outperform. seeing illiquidity in markets. thanks are acting in the traditional function. jonathan: do you remember the former president in saudi arabia ? i still don't know what that was. what was that? lisa: we love it. jonathan: the first deputy manager of the imf sitting down with tom keene, coming up. >> the market is focused

morgan stanley's outperformed.ink this is a place where you're kboipg to see the emphasis on this higher multiple business be shining through tomorrow >> now let's change gears. tim tipd it off. wells fargo, the stock has been down 13% this year, but leslie, believe it or not, that actually makes it pretty much the best performer of the big banks this is a very different company. i mean, they don't have trading as much. this is like a mortgage company with real banking and some other stuff. what is the big story, macro story to watch on wells fargo? >> yeah, they're actually shrinking their mortgage business, but they are most rate sensitive. so the big thing to watch tomorrow will be their nii guidance, you mentioned nim, net interest income is a similar story. better than many of its wall street-oriented peers, but do they still see room for further growth in nii. related to that is the outlook for deposit flows. there have been, you know, some indications that deposits could be declining, higher rates, and of pa

morgan stanley names it a top pick in i.t.ardware given what the firm says are greater insulations during a downturn. their sector view is not positive by any means. >> no, and you know, hp in particular, oh, my but the idea that -- look, i say, own it, don't trade apple but i would never say it's defensive. i would never say that in the end, it's tech. tech is not doing well david, there are some things going on in china that no one really understands there was a chinese company, semiconductor company, that apple was going to use, and they're not. and china remains just a tremendous sore point for everybody. i just don't know if there's any business going on in china do you know that the american executives, we're hearing, are -- you either have to choose to be a citizen or go? so, i think that apple -- i like apple. it's fine. it's fine. and own it, don't trade it, but apple freezes plan to use china's ymtc i don't want to see -- you can't have apple lose china. >> no, it's, what, 13, 14% what's the percentage? around that,

morgan stanley this is another one that we own for the travel trust and we got slammed today.he market overreacted i think there is a lot of knit picking. i can give another alternative for every line that was bad but a tough time to be an investment bank when you spent years pivoting toward as more consistent asset management based business model and really investment banking is a much smaller part of the operation. they reported a revenue short fall that was bad social security business includes investment banking and trading, awful their wealth management business came in worse than expected, too. while morgan stanley's net interest was up 22%, i like that, it's a much smaller piece of the pie for them than for, say, j.p. morgan or wells fargo. this was indeed a rough quarter. i think morgan stanley can eventually thrive once the market is out but until then, you got to be patient in this one. we keep holding it for the travel trust because we like the generous dividend that yields 4.1% and the big buy back, the biggest of all these we would have sold it a long time ago if

we're going to talk about all of that with lisa shalett of morgan stanley.ast week's big moves now selling around 4% as the fomc plans to meet tomorrow and come out with the decision on wednesday. the bloomberg index higher for a third day. it is strong against all major currencies except the brazil royale. stocks up 1.4%. the former president is now the new president. does that matter at all or do investors only care about a peaceful transfer of power? we're going to check in at sao paulo for more. jon: looking forward to that. in terms of individual stock performers today, certainly the technology group has been lagging. within that group, some commentary on semiconductors off about 7% right now. a somewhat mixed outlook. that was the market reaction. we just got that update the ap report about a possible windfall tax on energy producers. there has been so much for the energy investor to digest on this monday, including the price of oil itself. we have seen some choppy trading in the names like phillips 66. it is one of the names we will be watching on ear

we've got the mixed bag of results as we mentioned from the likes offer wells, citi, jpmorgan, morgan stanleyer, except morgan, now down 5%. well, all of these names, if they beat, still was overshadow ed by the fact just about all of them saw profits fall year-over-year, with more financial titans on deck to release quarterly reports next week let's break it down with rbc capital markets u.s. bank equity strategy head of banks gerard cassidy. great to see you, gerard. which one of these four that came out today do you like the most and what is the problem with morgan as you see it? >> sure, well thank you for having me on the show, and i think one of the big trends that we saw before the big banks, citigroup as well as jpmorgan chase, we started with wells fargo, and pnc, and u.s. bancorp , you didn't see it with morgan stanley, but the big start to the banks is the rise in short-term interest rates, and the impact that's having on their net interest margins. these margins are growing very rapidly, because the banks are able to reprice their assets faster than their funding costs, and it was

aaron, i guess i say congratulations on the morgan stanley call it's great to talk to you.d luck this week, thanks for the time >> thanks, man, appreciate it. >>> meantime, some comments from new york fed president john williams hitting the tape. williams saying tighter monetary policy has begun to cool demand and reduce inflation nar pres pressures. inflation could fall to 3% next year and close to the 2% target in the next few years. let's check the market, dow just off the session highs up 868 s&p still a stone's throw from 3,700. still to come, john kilduff will join us. we'll talk about the surge in oil. first though, today's stealth mover could be a real treat for investors. we're going to reveal that name next check out some of today's top searched tickers on cnbc.com the ten-year treurishe tasy top spot followed by tesla, apple, the two-year and the s&p upworkg process is fast and flexible. behold... all that talent! ♪ this is how we work now ♪ wait, i don't do tai chi. i don't do most of the things you see in medicare health insurance commercials. cut! all the ads

worse than the overall s&p 500 and as for earnings expectations, morgan stanley's bank analyst says strap in for a rocky ride joining us now, the analyst behind that report it's good to talk to you don't hear from you that often so what do you mean? roc rocky ride what are these earnings going to look like? >> thanks, sara. happy to be on the show. appreciate it. the reason for that title has to do that there will be pushes and pulls in the earnings. on the positive side, we have net interest income improving because of rate hikes. but on the other hand, we have pressure in fees we have pressure in expenses and we have pressure in credit quality. not really aggressive at this stage, but we do see pressure in credit quality building and we think we'll start hearing about that this quarter. >> clearly, the market's been worried about the turn in the credit cycle my question is how much of that bad news stuff is already in the valuation? >> right so on the consumer finance side of the stocks that i cover, it's more priced in you've got stocks trading in the consumer finance league we c

morgan stanley just releasing results. details. >> just digging through these numbers here, it appears to be a miss on both the top and bottom lines. they reported net revenue of 13 billion. the street was expecting 13.3. eps came in at 147 that was shy of about two cents compared to analyst estimates. revenue for this firm has beaten consensus 16 out of the past 20 quarters a rare miss for morgan stanley you can see shares ticking down slightly there digging into their individual businesses, this firm stands, they have half in wealth management now, half in banking. wealth management added 65 billion in net new assets which is a bright spot mirrored with what we saw yesterday. they also purchased $2.6 billion worth of shares during the quarter. investment banking revenue down 55% from a year ago. no surprise there due to lower levels of completed m&a transactions underwriting volumes, ipos have been basically nonexistent throughout the course of the year net revenues were down 14%, that's been expected although it slightl

morgan stanley had the weakest of that business.iggest drop in that business that you saw of the big five firms that tend to compete in the space. consumer. this is one of the most memorable goldman has ever had. investors are listening, rivals are listening, employees are listening because you are listening to him talk about what he calls a purposeful shift in the consumer banking business. the relationship with apple extended and amended. the vine for deposits still meaningful for the bank. the fact this is not a profitable part of the firm. he does say it is that money-losing business but does not say by how much. what he tells investors, it will keep the bank on target for its targets. that means you have to look for where the efficiencies are elsewhere. i will be speaking to him and about 10 minutes and i will let you know. alix: i am looking forward to that. thank you. appreciate it. she pointed out earlier 10 times the high yield -- this year. for more, chris kotowski joins us now. he personally owns the stock. let's start wi

look at morgan stanley down almost 5% on an earnings report that went the opposite direction. leslie picker tells us why the divide, what the results tell us about the health of these banks and, i don't know, leslie, what does this say about the looming threat of recession? >> oh, yeah, the "r" word was on display today especially on the earnings calls, but as you mentioned, jpmorgan, citi and wells fargo, able to notch beats in the third quarter thanks in part to rate hikes driving boosts in so-called net interest income a profitability metric defined as revenue from loan making minus what banks pay out for deposits for the most part those ni, figures and guidance came in better than expected for firms more exposed to volatile markets and investment banking like morgan stanley the quarter was tougher because of their business mix morgan stanley posting a miss and declining top and bottom lines thanks in part to a slump in investment banking and muted equities trading in particular recession as i mentioned top of mind for the bank executives who spoke on the calls today here's

so far both calls with regard to jpmorgan and morgan stanley, their q&a em ck encompassing die morgan said the highest inflation in 40 years meant, quote, the fed had to move >> my opinion is they moved late but they moved they're going to keep moving you know, rates are now around 3% they're probably going to go mid-4s that remains to be determined. with that there will be consequences so far we haven't seen clarity around inflation abating my gut is that we will see that clarity and it will be more evident certainly by the middle of next year and i think the fed will be successful in this journey. that's a gut from all the numbers i'm looking at but doesn't mean i'm going to be right. >> and jpmorgan's call last hour jamie dimon spoke about how inflation will sdmreet consumer checking accounts bit middle of next year, which would strain future numbers noting his probability is tied to a soft landing versus something more adverse haven't changed in the last three months among the other big reporters today, morgan stanley is the only one firmly in the red after missing on the top and

there's been some questions, as there have been all along, about morgan stanley, right?eading this $13 billion financing. the bank's face -- depends on your math. all the banks, seven or more banks, could face as much as $850 million loss as a result of where rates are now, and the flex that they have and the financing they offered, and the fact that they obviously will not be able to sell it down at that rate. but nobody i've spoken to at this point indicates in any way that those banks are not ready to step up to their commitment now, you call james gorman and morgan stanley, and so far, he hasn't called me back. he would say nothing there either he was on with you last week >> yes, and i asked him. he goes, you know, i'm doing my job. >> jim, we're still sitting here waiting for something from the court. the deposition that we've all been led to believe at this point, and obviously, i don't speak directly to elon musk, was frightful for him, because it's the only real thing you can look at and say, what caused this it has been delayed, but it may be as little as a day

morgan stanley is the loser today, down5%. wells fargo one of the winners, up 3%. we'll talk to the cfo in a first on cnbc interview in just a moment from now. also the man at the center of the big deal news. ceo rodney mcmullen is here to tell us about his $24.6 billion agreement to buy albertson let's break down the reversal in the markets are our senior markets commentator mike santoli and his dashboard. we're not giving back all the gains from yesterday. >> no. >> but still, it's an ugly turn. >> high compression and high emotion market and when you have the moves that shuttle from low to high in a hurry like we saw yesterday, it shows you it's kind of a quick money easy come and then, you know, kind of quick to discourse i'm not saying it's all mechanical and technical but that's a certain element of t.yesterday ehlo in the s&p 500 was 3500 so we're above 100 s&p points above where we were and 200 points from yesterday morning's low to this morning's high and now we've given back, you know, let's call it a third of what was gained, so it's not comfortable, but

that's not been the case at morgan stanley, and brian monaghan has been very positive.s has, by the way, larry fink, who's under pressure at blackrock but is that because he's too green if you're going to pull a billion, because he's too green, let me tell you, you're giving him a hundred billion because he's not too green he has been saying, i think what the policy of the country has become, which is, we have to go brown to green slowly so we don't become germany >> that's the wrong black -- we're talking blackrock, guys, in the control room. that is a great alternative asset manager, blackstone, that i'm happy to talk about. but here, we're talking about blackrock. it's been interesting to see, this gentleman comes on "squawk box" all the time, raising a lot of money, what is it, stribe or something like that, with the anti-esg platform. there is a real battle going on here you have a number of states that are now wanting to withdraw funds from anyone who's following an esg >> i think that going into larry fink and his -- it's so wrong-headed mr. fink has thought more

okay that's a gigantic position as well as morgan stanley for our -- the charitable trust. why? well, because we think that banks whether it be morgan stanley which is a gatherer or wells fargo can do terrific. make deposits and j.p. morgan does everything everywhere, same thing. banks are tricky rates hikes but with employment red hot, grprogressively this cn do higher with better rates. club knows we'll give total break downs of every one of these and better break downs than you get from anybody on wall street. we'll get the best from the health insurer, which is united health this is a machine that almost never misses i prefer human thata now. it might pull back on less than a perfect quarter. i want you to think about this the real pain in this market has been in technology and the worst areas of tech are pc and gaming. unfortunately, these are very large subsectors when will amd and nvidia come back i was asked that all week. is it time to dig into the non-p.c. tech stocks or maybe the down and out retailers or the beaten up industrials? after this week, no, no, after these

now you need the performance to from behind that i'm maintaining my position in morgan stanley and bankamerica. looking elsewhere outside the banks to get exposure. looking at insurance companies like met life and also have my eye on berkshire hath away that would probably be the one name to financials i would add in the coming week >> both getting downgraded today by atlantic equities shannon, over to you you have a lot of exposure jp morgan down 2.5% right now. black rock down about 1.5% >> if you think about making sure we position ourselves in areas continue to grow as more and more retail investors frankly retire and rollover their assets onto their platform, black rock a leader in asset management, really offering a complex and deep set of solutions so from our viewpoint, you know, financials always kind of kick off earnings season, i think but, you know, for us looking at our financial exposure we can pull several levers, and we can see, you know, some transparency in terms of those being able to grow even against some of the headwinds that joe so susingtly described just now twi

morgan stanley earnings are out.ngeles on it. >> morgan stanley reporting a beat on eps. $1.53 versus the expectation of $1.49 but the revenue was a little light. 12.99 billion. and the street was expecting a little bit over 13 billion. so you can see with the jp morgan numbers being positive the way they were earlier, morgan stanley trading slightly lower at the moment and of course we'll be back with citi earnings at the top of the hour. maria: i mean, the stock is moving fractionally here. i want to point out that for the most part, jackie, we've been getting some pretty good numbers on the banks. right? i mean, you look at the jp morgan quarter, better headlines, credit provisions higher than expected. nim higher. you also saw that in wells fa fargo. pretty good on some of these numbers although morgan seems to be one of the weak spots here. >> yeah. i think, maria, the market is going to be looking at these earnings but also understanding they're they're backward looking at like some of the other data we're gett

susan: we're back up above 140 and earnings later on this month on the 28th, morgan stanley says appler top pick in a recession and the device intro coming and ipad pro and it's over a billion iphone users call the install base and cash costs $200 billion, which by the way is worth more than 90% of the s&p 500 so morgan stanley, which by the way is one of the top apple analysts on the street and where the $177 in their view is upside of 28%. it kind of makes sense too. you know how the mentality works on the bear market and they sell their favorite stocks last. that's kind of what's happening with apple. that's why it's more insulated than other stocks and down around 20% or so and in some ways outperformance compare to do the rest of the sector. stu: thinking about it now. susan: some would say cheap at roughly 25 times or 30 at its peak. stu: works for me. caught the story about mastercard getting involved with crypto. i got it. does anybody buy anything with -- do you buy pizza with crypto these days or a car? nobody does. susan: not yet. not for transactions and bitcoin is like a d

and that's hurting morgan stanley and bank of america and even wells had a pretty good report card inhe summertime. ashley: all right, very good. let's move on and some big merger going on in the supermarket industry. this is kroger, officially now going to buy rival albertsons. this is a big deal. susan: why, we're looking at stock market reaction like this is as know you buy on the rumor and sell on the news. it's official that $25 billion deal mostly cash mind you and this type of slowing growth and higher rate environment is pretty great and the largest grocer is with wal-mart and the largest seller of grocery by volume and kroger second largest and albertson fourth behind costco and this environment with food inflation surging up 11% from a year ago and just in september, you need size, pricing power and margins and profit so this combination makes sense for everybody. ashley: okay, take a look at netflix and talking about this with mark maheny and netflix adding new supported tear and stock up half a percent. how much will it cost? susan: i think it's $6.99 for ad supported tier

. ♪ ♪ i am vince lumia, head of field management at morgan stanley.ther that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable things a financial advisor could provide to a family. i am vince lumia and we are morgan stanley. pst. girl. you can do better. at least with your big-name wireless carrier. could provide to a family. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! see how easy it is to sa

i am courtney thompson and we are morgan stanley.you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. >>> and welcome back to the half time report. we're having a rally here on wall street and also following breaking news involving twitter. according to reports elon musk has agreed to buy the platform on the original agreement of $54.20 a share tesla stock those shares up 2.5% they were up 2.5% and dropped down to 1.5% and back up to 2.5% right now. i don't know who better to have to talk to us right now. what do you make of this deal that's apparently been struck for elon musk to actually acquire twitter at $54.20 a share and take it private? >> i think musk saw the writing on the wall. going into court in delaware -- >> i'v

that's for morgan stanley.morganstanley moves ahead with the debt financing hasn't done that yet or he hasn't said anything in the letter about doing that. it is those kinds of fairly obvious, not overly important things, well i shouldn't say overly important, not overly onerous things that need to occur before everybody is going to be a believer here that this is going to happen you can expect that people would perhaps wait until the very, very last minute to believe it, because of everything that happened previously. >> good crowd here, standing around, around the post, waiting for twitter to officially open we have some indications on the board. clearly stock is going to go up and this removes -- should remove all the layers of uncertainty around this deal, right? >> even if you trade it right in at the top of the bid ask, it looks like $52.50, still a decent spread. but that does reflect this concern on the part of twitter's lawyers who say we're not dropping any litigation. do everything you're supposed to

i am vince lumia and we are morgan stanley.na we believe your healthcare should evolve with you and part of that evolution means choosing the right medicare plan for you. humana can help. with original medicare you are covered for hospital stays and doctor office visits but you'll have to pay a deductible for each. a medicare supplement plan can cover your deductibles and coinsurance but you may pay higher premiums and still not get prescription drug coverage. but with an all-in-one humana medicare advantage plan you could get all that coverage plus part d prescription drug benefits. with no copays or deductibles on tier 1 prescriptions. you get all this coverage for as low as a zero-dollar monthly plan premium in many areas. humana has a large network of doctors and hospitals. so call or go online today and get your free decision guide. discover how an all-in-one humana medicare advantage plan could save you money. humana, a more human way to healthcare. - oh, the stock market is doing that fun thing again. news from the futur

andrew sheets of morgan stanley joining us from london.his is bloomberg. ♪ ritika: it is time for the bloomberg business flash. a look at some of the biggest business stories. phillips will cut 4000 jobs while it struggles with a costly recall of it sleep apnea treatment services. termination relation costs are expected to be back $295 million. phillips new ceo says the company is not lived up to expectations. credit suisse has agreed to pay $234 million to settle a french criminal investigation that brings to an end the probe into allegations the swiss bank helped clients stash undeclared funds. credit suisse made no admission of guilt. the metals tycoon at the center of this year's massive nichols squeeze has been seeking to add new short positions. the company is struggling to convince brokers to handle the trades. the london metals exchange canceled millions of dollars of transactions during the crisis. that is your latest business flash. dani: thanks so much. european equities, we are looking at a positive end to this trading session,

it picked morgan stanley, deutsche bank and societe generale.national bank has already committed to one third of the offer. american express is joining a small but growing number of firms choosing to post salary range even though not required by law. all companies with four or more employees must add salary ranges to job postings in new york city getting tuesday. it is a same level of transparency across the united states. a billionaire acquired a stake in the hotel and casino company. he has a 6.1% stake in wynn. >> let's take a look at the dÉgas head for australia and new zealand. we are checking the reactions to the manufacturing pmi for october folding to 52.7. new orders were shrinking from last month. the rba is expected to raise rates again i 25 basis points today and signal that future rate hikes will calm. and the melbourne cup -- it is a race that stops the nation. the most lucrative handicapped race in the world. let's take a look at some of the stocks we are watching one trait opens in australia. we heard from white house official sa

down 2% right now, trading around 50.82 atlantic equities downgrading goldman and morgan stanley, settingrns over how investment banking activity could be affected by a potential recession. goldman is down almost 3%. morgan staley is down 2% finally bernstein initiating coverage of airbnb with $143 price target the firm saying they're on track to become the largest western travel platform over the next five years stocks down ability 1%. >>> let's turn to the broader markets set to give back some of the week's gains the s&p coming off the best couple days since april 2020 let's bring in charles schwab's liz ann sanders. good to see you. we've seen a lot of financial market volatility, but there's also the issue of instability around the world whether you're a bull or a bear, you've got to take that into account. >> you do certainly. i think that's a clear distinction that the fed has been making. i think for the most part the market understands the fed put, at least as we viewed it in years past, has largely been put to bed, meaning financial market volatility in and of itself is not going

atlantic equities downgraded goldman sachs and morgan stanley about how it could be affected bay potentialsion. goldman was downgraded to under weight and morgan to neutral with a cut to $85. goldman down about 1.71% and morgan stanley down about three quarters of 1%. slumber down after its partnership with gradient and the agreement introduces technology that will allow the production of battery grade lithium with less water and in a sustainable way. slb getting a lift along with other energy names on the opec+ production cut. slumbergea up. the facility makes a line of steel conduit. they blame a surge of imported steel conduit from mexico for this closure. mexico and canada were excepted from steel tariffs under president trump's usmc agreement and taking a look at steel dynamics and you can see that is higher and new corp. is lower, united states steel is lower. well, president biden on the ground in florida right now. he is surveying the damage of hurricane ian. he's in one of the hardest hit areas: fort meyers. we're going to head south for details on the president's trip and we're g

got morgan stanley upping box. >> yeah.ay have to give him a call. >> as we go to break, let's check the bond report. obviously, yield's a big piece of the puzzle today as there are about 10 or 12-day low, both here and on some of the german ten-years. we got data coming up after the break. ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers. - oh, the stock market is doing that fun thing again. so you'll never sit this one out. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. >>> welcome back to "squawk on the street". rick santelli live with breaking news s&p global, manufacturing pmi, our september final, which means that the 51.8 that mid-month read's going to get tossed and that followed 51.5, which was

george, a wealth advisor with morgan stanley. thank you as always. thanks. thank you to a lot of fun. thank you. should talk to george after the election. thank you, george. >> all right. time for a look at the 4 zone forecast as we have this a live view of the golden gate bridge. look so nice out there. we know it's going to be getting cooler to write. lawrence karnow joining us now with a look at the forecast. a lot these cold fronts just keep rolling in as they come in. unfortunately. >> not bring us any rain yet, but they usher in some cooler air and we saw happen today, knocked down the temperatures a little bit. tonight we're settling in 4. looks like a little chill in the atmosphere tonight. not a super cold night, but 30's and 40's. that's cold enough that may have cranking up. the heat are just a little bit. but out there this evening, skies now mostly clear around the bay area likely going to stay that way throughout the night tonight. nice look at coit tower out there this evening. under clear skies, temperature-wise. 51 now cooling off if a 58 de

i'm in the banking sector and own morgan stanley and wells fargo. at today's print conference call, i think winner, winner chicken dinner. obviously, there is two degrees. what do you think about the last quarter and future of the stock? >> i happen to think wells fargo is terrific. it's one of my biggest positions in the club and i really like huntington bank. wells fargo up at $1.18. the only thing surprising, you can get morgan stanley under 80 and do very, very well how about kevin in texas, please, kevin? >> caller: hey, jim, boo-yah, jim. >> boo-yah, kevin. >> caller: hey, jim, my question for you is i know the smp had a pretty good rally today. do you think going into the end of the year, do you think it's going to end up higher or lower and -- >> it continues to lesson. go ahead, i'm sorry. >> caller: and also, do you think the fintech has bottomed stock square. thinking of setting a position in square. >> no, no, we have companies like american express. we don't need to go with companies actually losing money. we'll see absolutely no to tha

. >>> coming up after the break, morgan stanley upgrading boxed today.s trying to stay positive on the year, nice 8% gain this morning. we'll get more on that call in i didn't even g finish m. technology lets you vacation in space, but to get work done on earth... you need more than technology. you need cdw. so with the cisco hybrid work environment, we can deliver the same network experience to all your offices. space spaghetti. no. securely connecting your team from anywhere. houston we... have a solution. we get it greg, you've been to space. cisco makes hybrid work possible. cdw makes it powerful. - yieldstreet presents: alternative investing cwith kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor toda

. ♪ ♪ i am vince lumia, head of field management at morgan stanley.ther that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable things a financial advisor could provide to a family. i am vince lumia and we are morgan stanley. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. >>> all right, we're back. just going through a new letter here dated october 19th from g

next week big friday, banks, morgan stanley, citi, jpmorgan, wells fargo. what do you think in a phrase or two? >> i'm calling it super friday i think we know that all of these companies are going to benefit from higher net interest income, net interest margin, that's because of interest rates but then you're going to see very mixed results in investment banking and sales and trading and mortgages. so i think the companies that will benefit from higher rates plus a good expense management, i think they are going to act better out of the four names, morgan stanley, citi, jpmorgan, and wells, i prefer wells into the print s print. >> thanks very much, stephanie link. >>> shares of credit suisse have rebounded after falling sharply on word the company is trying to reassure investors and employees about its financial position leslie picker has been following this story very closely. she joins us now with the latest leslie >> hey, tyler. quite a volatility name, credit suisse executives seeking to dispel this notion that took fire on social plat fforms over the

i'll cut that down 25 billion of my money, and 13 billion of debt from morgan stanley, and we're done. thanks for your time. >> hold on i'm going to connect dots between mark zuckerberg, kim kardashian and elon musk, and my question connecting all of those is this, there have been people who have tried to hold mark zuckerberg personally liable for things that facebook has done policy wise, and we just seen over the past couple of days, several hours, that kim kardashian has gotten into trouble with regulators over what she has posted about cryptocurrency on instagram, and so given that elon musk hirmsel is a value figure, not just in the twitter saga but tesla, spacex, other ventures, does owning twitter open elon musk up to personal liability that shareholders should think about from here. maybe it's not just about this transaction, and how much he has available funds-wise, but is this sort of a new era for musk-connected companies >> i think it has to be. you have to consider that it will be. i mean, john, you know, in that brief period where he agreed to the deal and didn't seem to

i am vince lumia and we are morgan stanley.ated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. >>> welcome back to "the exchange." we want to get to one more thing before we go, and that's nuclear power. the u.s. issuing more rounds of russian sanctions but uranium has ignored those restrictions, at least for now >> earlier this month, the eu agreed on an eighth round of sanctions but russia's nuclear power industry has not been included, and that's because the country plays a key role while uranium mining, milling and conversion happens around the world, russia controls 40% of global uranium enrichment russia supplied 31% of europe's enriched uranium last year and 28% of the u.s.' as jonathan hinzy fsaid there were enough to cover our need if nuke were banned as the war stretch eds on, utilities are looking to diversify their uranium sources which has led to ren

another challenge is the bank debt morgan stanley and others committed to loans of $12.5 billion. some of that they're going to have to resell to invesers credit markets tightening. they could end up losing hundreds of millions on the loans and need to offer interest rates of 15% or more just to get people interested. also, guys, look at tesla today. it has lost over $60 billion in market cap since noon yesterday. >> yeah. >> when we learned of this deal being back on the table. tesla losing about a twitter san a half in market value since yesterday. >> ouch. that puts it in perspective, robert twitter and a half back to the bank debt, though, so they basically signed this deal in april. we talked about this earlier, when the credit markets looked differently. since then, we've had citrix the bank took a less on that is there any reason to think that maybe there was some kind of time line or expiration when these kinds of deals with signed obviously, this has taken so much longer than maybe originally thought any provisions in there? or is it pretty much a done deal, that the bank

morgan stanley downgraded them. if adidas hired you, where should it go from here? >> this is a teachable moment. this doesn't have to be a cancel culture moment, even though it's going to be. the problem with this particular situation is he's not done putting his big foot in his mouth yet. st going to get worse for him. that's just him, which means he's going to drag the last person to let go of him down even further and, unfortunately, deservedly so. look what's going on in l.a. it's so sad to see how the general public is reacting to what he's saying. he has incited fear in absolutely everybody, and he's not done. liz: yeah. in fact, i believe you're referencing what we showed our viewers yesterday which was 405 freeway. >> yes. liz: there was an overpass, and i have to be in l.a. this weekend, and on the overpass there was a sign, here it is on your screen, that says kanye is right about the jews, and this was put together by a sort of a fringe hate group. let's hope most hate groups are fringe. but also beverly

that being said you mention they're very cheap morgan stanley yields 12% and wells fargo has held up the best but trades at one times book i can kind of get my head around some of these things by valuation. >> is wells most at risk because of the mortgage origination business and given where rates have gone? it's such a significant part of their business >> they have been shrinking that business over the last year, year and a half. and on the flip side they're the most sensitive to net interest income and net interest margin, so they should benefit from the rate structure >> oh, good, thank you for that. joe, bank of america, morgan stanley, you have any enthusiasm at all going into friday >> they benefit from the wealth management division, and as stephanie pointed out that's a fee-based business, so you're seeing a little bit of interest in fixed income right now. i know it's not popular to talk about a 4% cd, but that attracts am candidly listening to jamie dimon the other day i'm just wondering if he's wearing his heart on his sleeve a little bit and he's frustrated with the over

last february morgan stanley said it could go to $105 a share. since then it's been straight down, and here's the thing, morgan stanley placed an underweight rating on it today. there's no monopoly on smart ideas, on smart portfolio management, and sometimes your ego can get in the way because that's what happens on wall street all the time. whatever you do, don't be wall street. let the work justify itself. right, cheryl? cheryl: yeah. my work is about to justify itself with a market rally over the next hour. [laughter] charles: sounds good. cheryl: market alert right now, take a look at this. the fed whisperer giving stocks a boost as we enter the final hour of trade. dow is higher by 637 points. s&p up higher by 73, nasdaq up by 194 points. all of the major averages trying to snap a two-day losing streak as the dow remains on track for its third consecutive weekly gain. stock toes reversing earlier losses after fed whisperer nick timiraos of the "wall street journal" reported some fed official officials have begun signaling their desire to slo

mike wilson with the real hot hand on wall street recently of morgan stanley he actually has come outaybe, we'll get a bear market bounce that could lift the s&p 500 to 4150. this would coincide with seasonality. we talked about this a lot on the show. this is the typical year in the blue line. we're already kind of diverging f we start to turn here it could be pretty good although mike wilson said 4150. i don't know if we get to 5000 by the end of the year. the big wild card how far central bankers will go. no one really knows. look what their task is, folks. talk about all central banks combined. they did $14 trillion. you have fiscal stimulus from different nations that was 21 trillion. united states, $13.5 trillion since the pandemic, 59% of gdp. how do you really wind something like that down? that is the dilemma we're in. start the show, bring in kaltbaum capital management president, gary kaltbaum. gary, i know you're a price guy but you're paying close attention to all the different nuances right? i know it is not scientific but does it feel like the market is oversold and may

morgan stanley's business is down 63% year over year.t hurt us fourth, surprisingly wells fargo does have an mna they're building an investment bank here but only in the areas working right now for example when kroger announces the acquisition of albertsons on friday i was supposed to see the ceo mention wells fargo as an advisor. this is a brand-new business line with no risk and extremely high margins fifth, a lot of reasons why you should buy wells it's crucial to change the reports and we shuffle the board. wells fargo was a mess when they took over. those guys are gone now. look, i've always been a believer here because he did such a great job as ceo of visa and he was also bank of new york let's get to the two most important items here i said before that the federal reserve interest rates gives banks a fabulous net interest margin boost, right but the downside of rate hikes they cause unemployment which leads to customers defaulting on their loans. we're not seeing that at wells fargo. loan losses are increasing from historic level