sonali basak joints me with you morgan stanley ceo. >> i am standing by now with morgan stanley ceo james the helm. how did it feel to be passing on the baton? >> it feels great for several reasons. one, it's time. organizations grow because you have change. you are not going to grow by doing the same thing again and again. we set this up several years ago on the board. we had an intentional process and ended up with the phenomenal aspect. we have added taking leadership roles. you are trying to drive strategy and get together a team and deal with the inevitable knock you get on the market. at the end of the day you are also trying to handed off to the next generation. it feels great. it feels right. you have been rumored to be a contender for years how does it feel? >> this was my first job out of college and to be sitting here next to james gorman, unbelievable. we look at the five-year chart, tenure chart, 15 your chart, the wealth and asset businesses have durable earnings. the global investment bank has miles to go. we are thrilled about the business strategy we have in place and it

morgan stanley topping estimates.etflix and tesla after the bell. >>> plus, china's outlook, q3 economic growth coming in better than expected. jpmorgan, citi, and nomura all boosting their forecasts on the data. >>> the nvidia headwinds. morgan stanley and citigroup lowering price targets on the stock after new u.s. restrictions on chip sales to china. shares down nearly 2% ahead of the open. >>> let's get to the markets and this busy morning on the earnings front. we're graduating, sara, from the big banks, although we got morgan stanley today, into some of the regionals and more of the consumer names as well. >> kind of a mixed picture across the board. i think front and center is still this move in bond yields that we have been seeing, especially on the back of yesterday's move higher. the two-year yield got to 5.2%. >> above 5.20%, yeah. >> these are very high levels and it makes you wonder with everything going on in the world and with investors so focused on the geopolitics and figuring out, does iran enter the

they want the model like jp morgan which is diversified revenue or morgan stanley which is less diversified it was in 2009. jonathan: as jp morgan versus everyone else. jp morgan year to date of 10%. everyone else down. what separates what is happening at jp morgan on the rest? is it just first republic? gerard: it is part of it but performance of jp morgan before requiring first public was better than the fact and what you have here is flight to quality. everyone knows jp morgan where the big premier u.s. global banks. it is dimmer stated that with very good results, strong leadership under jamie dimon, and a senior management team. every time we go out to institutional investors, scar tissue from march and may is very thick. people are underweight the banks. we talked to them they tell us underweight the banks, but did not want -- jp morgan is owned around the road. lisa: are we going to say this was the year jp morgan consolidated its heft at the expense of smaller banks? gerard: i would say, what jp morgan has done has shown the diversity of revenue and very focused management by jamie

today is just the start of the next phase of morgan stanley. phil purcell, john mack, james gorman, and now ted pick. this is the next leg of the journey. we have to watch a little more closely than they were before and moving pieces. moving around alliances. i think morgan stanley is one of the more cohesive firms but they are not perfect either. matt: you mentioned victory lap and i want to switch gears for a second. you have had a victory recently in your personal life. everybody knows you as this big bank analyst. you're probably the most well-known bank analyst on the street but you have a hobby and fitness and lifting. we have a great picture here. look at that strength. unbelievable. tell us about the powerlifting. you are saying some people like to do marathons and you like to go to a meat. -- meet. mike: this job has a lot of pressure and stress and long hours. during the pandemic i made a strength training and powerlifting my hobby and i worked on three years to go ahead and compete in nationals where i got second place last month. th

morgan stanley names their next ceo. standard chartered drops on disappointing third-quarter results. bnp paribas earnings crossing this moment. we will break down the numbers and bring you interviews the cfos of both companies. we are live in athens where today's ecb rate decision is being made. president christine lagarde says the fight against inflation is not over yet. third quarter net income for bnp paribas is a mess at 2.6 6 billion euros in the estimate was for 2.7 5 billion euros. trading revenue is slightly lower. it is 1.20 2 billion in the estimate was 1.0 5 billion. mostly it online but trading has been spotty across various banks. the cet1 ratio is 13.4%, higher than the estimate of 13.3%. loan-loss provisions, something in focus is actually lower than estimates. it is a bright spot coming in at 734 million euros in the expectation was for just under 860 million euros. to recap, on a net income basis, it is a miss but loan-loss provisions are lower for the bank. they are looking to equity and prime services

so 54, a lifelong morgan stanley employee.en through a number of iterations of the bank and understands of the change ahead, the big focus for him will be the continuation of the growth of the wealth management business which has become a real driver of morgan stanley profits as of late. of course quite a few headwinds are building and one of those is losing market share to some big rivals like goldman and j.p. morgan and of course the stock price is still very depressed down 16% this year. shery: what is james gorman's legacy here and what role will he have at the bank? adam: well pit comes in as ceo in january but his legacy cannot be understated. he oversaw the bank through the period of intense turmoil with the global financial crisis in 2008. then later a number of other crises that came out, specifically our cagle's capital management and their almost $1 billion loss that morgan stanley made in relation to that and that was a huge pr rebuild for gorman. he has faced a number of challenges, built morgan stanley into a big

e*trade from morgan stanley.ake complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. >>> we are now in the "cloesing bell" market zone. steve liesman and the next move plus leslie picker and phil lebeau looks ahead to united results out in "overtime" today. steve, we'll start with you. unequivocally strong retail sales number for september. it collides with a bunch of fed speakers who have, i think, in general been expressing no real hurry to do anything else on rates. we did have them talking about lags and the consumer that's been stronger in some pockets. how does it all net out to you? >> well, first, let's talk retail sales. for the moment it looks like a game changer in terms of fed policy and the last quarter point hike, mike. what's happened is november is not really in play. it's mod west when it comes to e probability. and now january is the new place where the

i'm looking at morgan stanley down 17% from its highs. a 4.2% dividend yield. net interest income and net interest margins will be crummy. that's for the entire space. but trading, investment banking and fees should be better than expected. they have 18.5 million customers and i think that's growing. the total address billion is 100 million customers. this one i think is a bargain and i expect the stock will recover. >> i don't have this in front of me, joe -- >> hi, scott. >> if i recall -- >> yes, sir. >> you sold morgan stanley a week ago. >> and bank of america as well. >> great. >> take the other side of this trade, please. >> i could say steph will be right for morgan stanley -- >> not with me here, you can't. >> i have concerns about what we'll hear on friday. i have concerns as relates to the condition of commercial real estate and the consumers and what does that mean for the banks with chargeoffs, bad loans. i think you'll see a very high level of lone loss provisioning. there's going to be a lot of capital hoarded on their balance sheet and when you

a lot of questions about where the juice is squeezed from particularly in a stock like morgan stanleye other banks except for j.p. morgan. guy: is there any validity -- validity to the market that he's taken his eye off the ball and is worried about who is taking his role next. sonali: they have the troops still working there but james gorman would like to get the new ceo named so they can start this transition plan. we knew this would be quite a while throughout the rest of this year though it has surprised a number of investors across the street this hasn't happened yet leading to questions about who the next person would be and what part of the business they come from and whether troops are distracted while they try to figure out who will be leading the business next and where favors are too warm to interims of who might be the next leader of the bank. guy: big transition we've been waiting for for a long time. could have an unnerving effect in parts of the business. great stuff. morgan stanley under pressure today. let's talk about how markets are moving in new york. volume is str

e*trade from morgan stanley.to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> we're now in the "closing bell" "market zone." mike santoli to break down the crucial moments, plus two big earnings releases out in "overtime" toenlt. phil lebeau and what to expect from tesla and julia boorstin on netflix as well. mike santoli, do you want to opine on, here it is, the start of tech, important tech. >> yeah. well, it is the start of important tech. what traders might wish for is the ability to focus on those numbers as opposed to trying to worry about getting the quick silver moves in the bond market, this morning 10:30 a.m. eastern time, 30-year yield ticks up, the high on the day, down 1% since then. it shows you the very short-term seesaw action that we have with stocks versus bonds. on the other hand we were at this level in

so morgan stanley naming ceo ted pick as the next ceo here. by unanimous vote at that leslie, thank you for that he's got a lot to tackle the last quarter for morgan stanley was a bit lumpy. stocks certainly didn't respond well investment banking was a big problem there, tim >> so, it's easy to point out morgan stanley derisked their business away because of wealth management but you can't tell me blizzard a huge risk over wealth management too and nabs have come down and exposure to etrade not toxic but valuations and all the reasons why they deserve a premium. they do deserve a premium, it's some of those things are still under pressure as well that chart, i don't know, carter, you tell me. that was awful. >> pretty awful. in fact, the industry group, the s&p 500 investment bank and brokerage group making new 5-week lows and morgan stanley, the same price it was in 1998 so here's another instance of the cult of equity if your stock is unchanged for 23 year, what did you do for anybody? >> looking for support, it probably comes in the form of

e*trade from morgan stanley.powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley the market zone is sponsored by eátrade from morgan stanley, trade with no account minimums. >>> cnbc senior markets commentator mike essentially joins us from the new york stock exchange, hightower stephanie linked back with us in los angeles as well. mike, if there were people out there looking for a broad-based rally, nirvana for them today. >> absolutely. it's pretty inclusive today, market relaxed after really clenching up on friday, ahead of a weekend of unknowns, geopolitical issues, volatility markets acting squarely, and we come in today, with really nothing fresh to be overly concerned about. you think back you thought you were headed on an express train, $100 oil and 5% 10 year yields, all of that is taking a break, we can f

coming up, morgan stanley's incoming c.e.o.ells us investment banking will be leading next season's business cycles. we'll bring you our interview with ted pick next on bloomberg. ♪ dani: morgan stanley's incoming c.e.o. says that investment banking will lead the next business cycle. investment banking has been struggling with higher rates. ted pick coming in and spoke with current morgan stanley c.e.o. james gorman. >> the next cycle will be investment banking led. inequities need to be one or two. it is now a top five business. investment banking is going to lead the next cycle. there is going to be a lot of m&a. the world has gotten smaller. there is a new cost to capital. we want to be a leader, a global leader in all of those spaces. dani: that is the morgan stanley incoming c.e.o. ted pick speaking with bloomberg. there is likely to be a focus on asset management for morgan stanley. let's bring you some of the top stories of the morning and china's former premiere leader has died less than a year after stepping down from

yvonne called in the morgan stanley ceo speaking at the company's earnings report.hares plunge the most since 2020 after steelmakers posted a loss. sonali: morgan stanley on wednesday rounded at the big six banks reporting results for the third quarter of this year with morgan stanley saying that wealth management revenue fell short of expectations. morgan stanley has the biggest wealth and asset management business out of its three big investment banking rivals, and it also fell short of net interest income for the quarter. it also said that investing -- investment banking revenue had fallen more than goldman sachs's and jp morgan's for the third quarter. with that said, morgan stanley's ceo and his rival have signs that dealmaking could come back. there are green shoots for dealmaking in the future, and these investment banks would be poised to capitalize on it should the market start to stabilize. rishaad: also with earnings, netflix shares soaring as much as 15% in the extended session. the streaming company saying it is raising prices for some customers after p

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morgan stanley does have a warning about a near-term rally. to that call after a short break. >>> as a first generation cuban american both of my parents were born in cuba, migrated here to the u.s. for political reasons. growing up in miami, the cultural melting pot that it is, was always a comforting feeling because i always felt like i was surrounded by folks that understood my heritage and understood the dynamics of my culture. now that i'm able to raise my own kids here in miami, it's really nice because we're able to really keep a lot of our own cultural heritage alive. at humana, we believe your healthcare should evolve with you, and part of that evolution means choosing the right medicare plan for you. humana can help. hi, my name is sam davis and i'm going to tell you about medicare advantage prescription drug plans that can provide more coverage than original medicare, including prescription drug coverage, all wrapped up into one convenient plan. with original medicare you're covered for hospital stays and doctor office visits, but y

shares of morgan stanley clocked, down 7% today. the staggering stat from their cfo about how much cash their clients are hoarding. >>> and later, closing in. the ten-year getting ever so close to hitting 5%. the move rattling stocks and the mortgage market. so, are rates close to peaking or is this the start of a major move higher? i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, steve grasso, and guy adami. we begin tonight with netflix, shares soaring, up 12% afterhours. netflix getting a boost from subscriber growth and a new ad-tier subscription. cnbc's julia boorstin here to take us inside the numbers. julia? >> melissa, that 12% jump of netflix shares, that all comes down to the company adding 8.76 million subscribers. a huge subscriber beat. three and a quarter million more subscribers more than anticipated. this in large part thanks to a successful crackdown on password sharing. the company says, quote, the cancel reaction continues to be low, exceeding our

haidi: morgan stanley reporting on the 18th. what are the expectations?sts will be focusing on key themes of how they are doing in this interest rate higher for longer environment. analysts expect the banks wealth management and investment units to support third quarter revenue. although they are warning that weaker equities could weigh on outlook. higher rates are starting to pressure the banks in a number of ways, keith team as we head toward the end of the year. the pace of new assets could slow while still supporting morgan stanley's goal of $1 trillion in three years. treating is expected to climb -- trading is expected to climb. haidi: su keenan with the latest. we are also watching apple. its latest iphone 15 is trailing sales in china compared to what we saw with its predecessor. tell us about the magnitude of how much slower the sales are going. >> it is interesting because we have seen very long lines and long lead times for iphone shipment in china and for everywhere in the world. it was a little surprising when this report came out overnight.

morgan stanley naming its new ceo.uests hi, leslie. >> hi, carl. i am here with ted pick, the newly named ceo effective january 1st and james gorman, current ceo, soon to be executive chairman also effective january 1st. thank you so much for being here first on cnbc interview since the news announced james, why ultimately was ted selected for the role? >> beats me. >> was it -- >> i told you i would get you to laugh. >> five-month process. >> dennis, who ran the comp development management succession committee led the process. todd who led the board were involved we were doing this from three years ago. you know, we had three phenomenal candidates. ted, you know, on the business side, he had grown up in capital markets and ran equities and brought that to be the number one or two depending on the quarter and went into fixed income and turned that around in 2015 and 2016. he had taken a great business and made it better, business broken at the time and fixed it. we gave him banking, made him co-president and gave him i

sonali basak has more. >> morgan stanley on wednesday rounded out the big six banks reporting results third quarter of this year, with morgan stanley saying wealth management revenue fell short of expectations. morgan stanley has the biggest wealth and asset management business out of his three biggest investment banking rivals, and it has also fell short of net interest income for the quarter. it also said investment banking revenue had fallen more than goldman sachs' and jp morgan's further third-quarter. morgan stanley ceo james gorman and his rival, david solomon, have the signs that dealmaking could come back. . there are green sheets for dealmaking in the future and these investment banks will be poised to capitalize should the market start to stabilize. i am sonali basak for bloomberg news in new york. kriti: coming up on the program, jim jordan lost ground in his effort to become house speaker. we will bring you the details, next, and all the latest in u.s. politics. stick with us. this is bloomberg. ♪ ♪ kriti: let's get to some top stories from around the world. the founder o

morgan stanley did a survey of people, 34% said they can't make any payment at all. that's the bad news. the good news, and this is really important, retail sales, employment, these things are still going strong. it's a tough push and pull we have to live with on a day-to-day basis. >> we've had so many conversations whether there will be a year end rally or not. i know that's on all of your minds. it's on everybody's mind, right? i have to bring in joe terranova now. he's not a regular on the show today, but he's made a big move, and it plays right no that story. joe, you told us you sold the qs, which i'm just so surprised to hear from you, because you must have turned bearish on the overall market between now and the end of the year because this was the way you were he can pressing what you told our viewers the last few weeks was a way to be bullish into the end of the year. explain. >> no, i wouldn't say that i've turned bullish on the remainder of the year -- >> bearish. >> bearish, rather. scott, it's one of those days. so i wouldn't say that i've turned bearis

recently goldman sachs supposed morgan stanley, while jp morgan and goldman have been faring better inarious forms of mergers & acquisitions underwriting. do you have a plan to be number one again? >> we have some competitors in global investment bank, equities, fixed income and across investment banking. we are focused on being number one. we want the right people in place, investing in the right cycle and the next investment banking led, and that means we want to be #1 and #2 every quarter. investment banking is going to lead the next cycle. there will be a lot of mergers & acquisitions consolidation, it will be across industry groups. the world has gotten smaller. there is a new cost of capital. we want to be a global leader in all those spaces. >> james has hinted before to the possibility of more mergers and acquisitions. you have already done some transformative ones. do you feel that it is a matter of time in the ceo's seat before you can do a significant deal, or do you feel like you can jump right in? >> i think we have now done three major acquisitions over the last 15 minute

they don't have the same quality of deposits that morgan stanley has. wrong with goldman. but i think people realize -- don't understand that that a lot of structural change coming from washington in a lot of areas. pay for deal flow, that's going to go away. liz: and that is going to affect their bottom line. >> yes. it's going to affect earnings. liz: right now we tee sentiment affecting the markets. dow is down about 189 points. s&p is falling 37. that's nearly 1 is president. -- 1%. nasdaq down 148. keith fitz-gerald, it looks like investors on this friday are giving in to that temptation to sell when they get nervous. is that the right thing to do? >> boy, you know, it feels good in the short term, but, you know, history shows that's absolutely the the wrong move. if you can afford to stay in it and you can take a longer term perspective, that is very clearly what you want to do. but if you're a trader and you're into short-term shenanigans, then, yeah, you want to sell today. liz: and what are some no-brainers that you see at the moment? when we l

this will become morgan stanley's new ceo. close organizations grow and change. a phenomenal outcome. we had other unbelievably good executives. it is sort of what you hope for. you try to deal with the inevitable things you get from the market and the discipline's that, in times with any complex business that you're also trying to hand it off to the next generation. close you will inherited a gift here, a massive transformation over 14 years. what are the best valuations are in global banking? >> there is more to come. there is more to come. we look at the five-year chart, the 10 year chart, the 15 year chart, the wealth and asset management businesses have these remarkable and durable earnings. we are thrilled about the business strategy we have in place and it will continue to deliver long-term value. >> we have been is such a prolonged bull market. do you expect the next couple of years from morgan stanley to be a little bit more choppy? >> i don't know. i thought that she would be tough and it was. a lot of what is going on in the market conspires against ou

it's getting cut to 600 from 630 at morgan stanley. there's like no margin for error right now with nvidia given where the guidance has gone and the stock has followed. it's down 10% in three months. >> yeah, and also the 200-day moving average is a bungee jump, down to 340. there's a lot of white space between now and then. a lot of people came after the stock is up. >> i have my eye on somebody. i spy jim lebenthal. we'll talk about that in a second. please, continue. >> let's see how much diamond hands they have in the stock. if you look, it bounced off 415 the past two times and shot right back up. if you reach this 415 level, technically it looks weak. it's had a wonderful year. i think so many people got in afterwards you'll have people get shaken out of the name. getting close to the 200 interday which could happen. >> jimmy diamond hands, how does that sound? >> do you want to keep going? >> you are one who got in fairly recently. >> you pointed out 9%, if you want a stock with the potential returns and the proven returns that

do you agree with the take from morgan stanley?ave been saying markets havebeen bearish scyclically. we are not looking at the chinese economy. that means the entire portfolio needs to be shaken up and investors need to price that in. >> speaking of keeping things in perspective, you come here and give us the sense of the oil perspective related to china. we hear slow demand in china when it comes to oil. what is the picture? wti is back above $90 a barrel. brent crude at 93$93.50. that is on the tension in the middle east pooboosting oil pri. how does china play this? >> what we have seen is china has bought up oil early in the year when prices were low which means if prices start really shooting up because of the crisis in the middle east, chinese buying will absolutely slow because they are sitting on inventory. china can process a lot of oil and release it into the market. a lot of the oil price action will would be affected on both ends that way. >> as the economy ramps up in china, their demand for oil is not going to increas

we also had earnings results from another bank morgan stanley and its stock plunged the most since junemakers posting the big drop in fees on wall street and its wealth management unit with the lowest inflows in three years. we have this report. >> morgan stanley on wednesday rounded out the big six banks reporting results for the third quarter of this year, with morgan stanley saying wealth management revenue fell short of expectations. now morgan stanley has the biggest wealth and asset management business out of its three biggest rivals, and it also fell short of net interest income for the quarter and also said that investment banking revenue had fallen more than goldman sachs and jp morgan for the third quarter. with that said, james gorman and his rival david solomon have seen signs of dealmaking could come back and there are green shoots for dealmaking in the future and these investment banks will be poised to capitalize on it should the market started to stabilize. haidi: be sure to turn to bloomberg radio for more and in-depth analysis from our team from our studio in hong kong

shery: this week we are bracing for results from goldman sachs and morgan stanley.saw solid earnings from j.p. morgan and wells fargo, both gained ground on friday's session. su keenan joins us now with the latest. there were three banks, including citi, and their results were pretty strong. su: about as strong as you can get. they were up 34%. yet, the warnings were across-the-board about the fed, about bad loans, about the war that is going on. wells fargo, citi and jp morgan saw combined profit rise 30 billion, but they rode off nearly $4 billion in loans, nearly double the amount of charge-offs recorded a year ago. jp morgan ceo jimmy dimon was out front sounding the alarm, saying this is, quote, "the most dangerous time for the world in decades," citing caution is needed given the wars, the soaring debt, and the fed. quote, "while we hope for the best, we are preparing for a broad range of outcomes." jp morgan posted another quarter of record net interest income in joint wells fargo in lifting its forecast for revenue. citi had the best third quarter in at leas

looking ahead you've got morgan stanley and goldman sachs.oing to be much more levered to the capital markets to deal making which we've seen sort of a mixed kind of performance in the three that reported on friday with regard to the capital markets. we'll see what morgan stanley and goldman sachs have in store there. and then bank of america's exposure to loan making, the nii we talked about, net interest income, we'll see if it mirrors the big three that reported last week. the question among the analyst community right now is, are these universal banks and jpmorgan alluded to this in the earnings call r they over earning on nii and under earning in the capital markets and if so what does that mean for 2024 if there is some sort of recession and if rates do stay higher for longer. what does that mean for the nii tailwinds they've been andy jassy -- enjoying much longer than the street expected. >> bank of america are notable they declined what many others have. 19% for the year in part. we sawit with the decline in the stock with a long fai

where did morgan stanley see the most damage? vonnie: almost 7% drop. beat the average analyst estimate, but many, many units suffer declines. for example, wealth management, that was down the fewest inflows since the pandemic in that particular unit and that's the unit james gorman really highlighted as the unit and post about and bragged about. investment revenue was down 20%. equity underwriting slumped. we had deals that they did not even get involved in. the arm deal was the deal that everybody in wall street wandered on and morgan didn't have a piece of that. let's take a look at wealth management first. it had set some ambitious targets after the acquisition of e*trade, now is the biggest wealth management unit on wall street. but in q3, new net assets. for context, in the first half, assets were 200 billion dollars. so in the third quarter it doesn't put them on pace for a good second half. interestingly, the plan was to grow that profit in that business to $12 billion annually eventually. obviously now that is suffering. net interest income is

this is the morgan stanley we know.eals that morgan stanley has done. the largest financial acquisitions since the pandemic. james gorman said they could do more deals but if you have ted pick coming in, is he willing to do more transformative m&a when he is still getting the seat warm? the transition period for him and what he looks like as a leader, this was a man five years ago who was known as able in a china shop. gleefully profane is how he was described recently. he has become much more of a leader, poised. watching him become a leader has been fascinating over the last couple years. lisa: i am curious, what took so long? it took a while after they announced it. sonali: that was the scuttle in the market. if we knew that ted was going to be groomed, what took so long? where their doubts at the end of the day? there are things that are unresolved, including a block trading investigation, equity performance has slipped a little bit under ted pick. is asset management the future of morgan stanley? tom: we will look

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citigroup, new low morgan stanley new low on friday american express -- no, here's morgan stanley, thoughas just talking about them. that was a new low on friday here $70. a little better. fractionally today american express, here it is right next to it 142 today. their earnings came out on the 20th 52-week low on friday. and they talked about the consumer being strong. but the market is acting like the consumer is not that strong. they're selling off american express, even though they had a decent earnings report we talked about some of the other transports u.p.s. was at a new low as well. that also went essentially straight down. it's pretty basic here the response to the -- the earnings themselves have not been terrible. either the body language or commentary on the earnings calls have caused a number of downgrades or reductions to the fourth quarter earnings estimates. that's causing much of the selloff in the markets right now. we'll talk more about how we're looking in the second half of earnings season in the next day or so. not good so far. guys, back to you. >> a lot of uncertain

morgan stanley and proctor & gamble.chef investment officer m. nancy, welcome to you. >> thank you, kelly. always good to be with you. >> glad you're on board, today especially. let's start with united airlines part of this tough airline trade. tickets prices are softening across the industry. raymond james warning that united has an advantage in the more resilient, higher margin, you're a flier of united, nancy. but are you a buyer of the stock here? >> yeah. well, i love the airline. i've dangerously close to 2 million life time miles. i fly it all the time. but i don't like the cyclicality of the business. there's no dividends, so investors are not getting paid to sort of suffer through higher energy costs, razor thin margins, negative free cash flow and then you have spending increasing, not just the pilots contract where labor costs going up 31%, the second time they made a significant order of airplanes and that is going to have long-term profound impacts on cash flow and earnings obviously and margins. so, i think

e*trade from morgan stanley.s easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. ♪ >>> we're now in the "closing bell" market zone. mike santoli is with me here in philadelphia to break down the crucial moments of the trading day, plus we're watching two major earnings reports in "overtime." >> julia birsen and kristina partsinevelos are both here. mike, i begin with you what i want to a guest early, this is like the bulls' worth nightmare today. >> in a sense. there's definitely residual hope that would be the rescue package, earnings come in okay, these are or favorite strokes, they ratify our faith in them. it didn't work out that way. you know, there's the old saying kill your darlings, you have to have the processing that going on everybody that is kind of coming together, the indexes are checking back. this is the high from february 2nd. we

lauren hochfelder with morgan stanley.g tech earnings kicking off this week with four mega-cap names. how soon before rising rates begin to hurt their bottom lines? we'll discuss that with the stocks rallying today. communications services and tech are leading the way as bond yields reverse lower and energy is the biggest laggard down 1.5% despite the chevron deal as wti crude also backs off to nearly $95 a barrel. "the exchange" is back after this. in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. here in hawaii there is always time. there's time to spend with family, time to enjoy with friends. there's always time to listen or lend a helping hand. here we have all the time

what happens if performance falls short at morgan stanley in the next few quarters or year.involved the road is littered, when the successor can't keep pace. the last 14 years, james gorman has done a great job nobody thought he would perform 14 years ago >> it's a miraculous thing there's certain ceos we don't give enough credit to. that guy deserves a lot of credit i think he's set the bar pretty high at this point the question is where does this business move to given how transformed it's been. >> ted pick has big shoes to fill, absolutely i think institutional security, ted pick knows in spade, i think they want to get deeper market share, in wealth management, 1 trillion of net new assets in three years. the strategy is not changing, the management is changing, but it comes down to execution new players rearranged a little bit. >> are you recommending the stock. >> when you look at goldman sacks and morgan stanley, they have return on equity. if you're thinking of voting morgan stanley, why wouldn't you own goldman sachs instead. >> when you look at the core institution

he's coed a private credit at morgan stanley investment.u. >> good to be with you. >> private credit for a lot of people sounds complex and complicated. what are we talking about exactly? >> at its core it's really the lending function broken down into a direct relationship between the lender slash investor, and the borrower. you have a bilateral negotiated deal that each party agrees to it gets [inaudible] the reason why we think it makes a lot of sense is you have the time to do your underwriting and put in place loan agreements with times your constable with. >> what proportion of the debt is floating? >> most of it. i would wager a yes, close to 90% if not more. >> that would be great for the investors if floating rates were going from six to 8% or something. now i wonder, this week especially, if rates are getting so high that we are starting to see investors flip and worry about defaults. we used petticoat as one example. [inaudible] how much of a default problem could the industry be facing it yields stay where they are for a lot of

if you are looking for morgan stanley, earnings of the big banks happen tomorrow. hat a shock jp morgan did well. there are concerns about bank of america, goldman sachs. jonathan: bank of america has been bullied by the treasury market. what would it take to get bank of america out of the penalty box other than a big bond market rally? lisa: from a fundamental perspective, they've been doing pretty well. we haven't seen amazing things from stocks and even jp morgan after they outperform. jonathan: they are up by about 10% and everything else is down. they are closed -- they are down close to double digits. tom: you can look at the book value. you can do it with the book value of jp morgan of 1.5 and bank of america of .8. it's trading at near half the value. before we get ready for bank of america and global wall street, wonderful thoughtful notes, i love your phrase for europe and major for the world -- nascent disinflation. that perfectly captures the uncertainty out there right now. what are you looking for in the coming days on nascent disinflation when it beco

morgan stanley has lost less than goldman sachs.his might be really important, also housing starts. tom: i think the retail sales is an important frame. is it recession or something above recession? what i know -- noticed is the strategists -- how much of that comes from an american consumer? jonathan: let's talk about what wasn't discussed. why weren't they talking about the bond market? what's been taking place in treasuries. i heard it once. that was basically it. tom: joyce chang saved the day. they have a food court. i call it the student union. it's no different from the student union when we were hung over juniors, trying to get energy for the 10:00 a.m. you are in there and there is nobody talking about the bond market. everybody is glued to their phones, looking at the bond market. it doesn't make sense. this happened at davos. there is something always unspoken. people were riveted by the tensions by the war in the eastern mediterranean. you could feel that in the airspace. the bond market was a huge unspoken. jonathan: it

e*trade from morgan stanley.ower e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> welcome back to "closing bell," consumer prices rising slightly faster than expected in september, keeping inflation firmly in the spotlight for policymakers. joining me now to discuss how the fed may interpret today's cpi report, edgar denny, he's the president of yardenny research. does today stay consistent with your thesis, or does it upset? because you've been more bullish than most. >> yeah, i'm not changing anything. i think the federal reserve is done raising interest rates, even though the inflation was somewhat hotter in the numbers that came out today. a lot of this problem is actually rent. you take out rent out of the cpi, take out shelter, which includes rent, the cpi both headline and core are up only 2.0%, so excluding shelter, we're actually at

e*trade from morgan stanley.ke complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. the power goes out and we still have wifi and stay on top to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. >>> we're watching the semis, smh, dipping below its 200-day moving average the key technical level. shares of intel on the move higher helping lift the group on its earnings beat and strong revenue guidance kristina partsinevelos joins us on set with what investors need to know about what we learned from intel. >> i'm going through the good and bad. intel's results were better than expected we have to keep in min

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i think morgan stanley had a tough third order and its investment banking fee. its wall street p or. --peers. the transformation has the slowest inflow in three years and i think shareholders care more about whether incoming pick intensifies the strategy or further intensifies the period. guy: thank you so much with that story getting traction with whom i've been talking to. it a lot of money, i guess it is not a lot of money if you get to keep the job. what is happening in the european market up 5.6%. we are up on the day. it does not yield convincing yet. we look at the cyclical stocks. i think this story today is largely negative. we talk about negatives in the next half-hour but that nordic marine power, siller -- silver does power generation. the stock is flying on an upgrade. what if they do? they have a huge surge in the need for gas carriers and other things like that area this is a company that benefited from that. and the 10 year really going nowhere. with the data week today. we will talk about what is next for investors. this is bloomberg. ♪ the powe

morgan stanley, you sold it. you like this name for a long, long, long time. >> i've owned it for well over six years. so this is a stock that has done phenomenally well, management has executed on all of the acquisitions, the intentions to grow organically. the reason i moved out is largely the perspective of managing the risks around a portfolio and the macro conditions i do not believe are favorable for goldman sachs, morgan stanley. i think there will be a degree of resiliency there. this overwhelming growth of private credit. private credit is providing the liquidity into the marketplace that the federal reserve is not providing and the banking community is not providing in the wake of the regional banking crisis. how, in fact, are these banks going to grow organically? they're going to be hoarding capital. i don't see where the organic growth comes from and, quite candidly, i believe owning the name of a debt like morgan stanley is probably more favorable in this environment than owning the equity. >> impli

that's what you get from the morgan stanley client experience.stening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ ♪ >> can anything stop the bear market in big pharma? pfizer, they made billions of dollars in the pandemic and study using it to buy smaller companies to build the pipeline, trying to get ahead of things that could come in the next decade, the stock is now down 40% for the year, the drug stocks of gum style but company specific things, pfizer off at seate genetics, the highld priced deal that could take years to be additive, don't even know regulators will it happen even though i think they should, 514%, a lot more attractive by comparison, doesn't help that we are headed to an election year. and if that were not enough, they announced the government is returning the big stock of paxil of it, the covid drug, and the forecast response, isn't selling as well as expected, the new covid vaccine, numbers came in it

a couple of grace including morgan stanley -- upgrades including morgan stanley.stimates. stoxx 600, some are saying it has hit a technical level. if we do a quick compare between stoxx 600 and s&p 500, something we do not often do. here is the s&p 500. likely to go to the bottom of it and the stoxx 600 close to the key technical level may be suggesting both of these indexes could see more pain ahead. guy: pain ahead. thank you very much, indeed. we are waiting powell. what else are we watching? we get earnings after the bell. csx, western alliance reporting numbers. then to the main event, fed chair jay powell speaking at the economic club of new york, fireside chat with david westin. u.s. house of representatives is going to be convening. i think a few minutes afternoon, it is all going on right now and president biden addressing the nation from the of also is -- oval office on the response to israel hamas war. the next few hours pretty busy. alix: let's talk about d.c. for a moment. the next house vote and president biden's evening. kailey leinz joyce us. what

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morgan stanley's copresident, and the new president after the previous for your run. china set to launch a rocket that will send three more astronauts to its space station. haidi: that rocket is the only thing that is pointing upwards today. take a look at how much red we have across the region, across asset classes. there's not a lot of risk sentiment to be had at the moment. the stock flood in asia, a curve when it comes to the selloff in tech, that was saw in the nasdaq 100. even in futures trading, extending significant declines. we have seen tech names leading some of the losses across the world. we are seeing skittishness when it comes to currency trading and yen. it is past the key level of 150. we have concerns over where the rba goes, now that the inflation number, even as the rba governor says they will -- were not terribly surprised. we are seeing repricing when it comes to the expectations in the aussie dollar moves. david: yeah. it looks like halloween. or valentine's day. these colors on your screens. thailand is joining the fun. in fact, that specific m

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