p. morgan's earnings jumped more than 30%, $.20 more than was estimated, that is not due to loan growth. revenueses fell, that was slightly below expectations. and a particular story at wells fargo, where profits soared, $.92 a share, beating estimates by $.04 a share. joininus with more analysis, fred cann, he thedirector of the bank research firm. fred, what is the most important take away from the reports today from j.p. morgan and wells fargo? >> what is important is the big banks, revenue growth is hard to find. it seems that every time something goes wrong, something else is going wrong. the trade ing income was strong. they have to have great credit, that is everybody is paying back loans. they continue to post good numbers. >> everyone s focused on what was going onin the mortgage side of the business. mortgage loans and applications were down and yet, with we know that home prices and home sales are up. so it i'ms that there's a bit of a disconnect, you would have expected more loan growth. >> one would expect, but it's all about he radio finances today. and we had record refina

p. morgan by silver campaign because the idea there was that j.p. morgan was short billions of pounds of silver if you took physical delivery of silver you would force them to cover their shorts and impair their balance sheet and blow them to smithereens now the issue there is that j.p. morgan because of the corruption between them and the u.s. government and their ninety trillion derivatives off balance sheet pile of debts and other flora and fauna of financial chicanery they're able to simply sell silver short sell silver naked short in the silver market in the silver futures market and put a lid or a ceiling on silver so reading trouble breaking through that civil ceiling however with bitcoin since the j.p. morgan zavala says the government's not involved everything we see in the world is going wrong is now being reflected in big going going higher your thoughts. yes well as soon as the soon after set of the man deposits on the back elizabeth cohen and the big boys last played in value to about seven point two trillion dollars which is equal to al

p. morgan was deceived by. global executives all right now the m.f. global trustee just filed a lawsuit against john corps zein what well this is even aware of the criminal investigation mark hopefully the lawsuit brings out some of the criminality i delivered evidence of testimony to m.f. global executives and much of what i have put front of people has yet to come out some of it's in the public domain which really sort of speaks to journalism you know there is evidence in the public domain and the national futures association actually referenced it in a in a public document there's enough criminal evidence in the public domain to warrant a clear and robust investigation and the whole thing has been a little confusing to understand how a you know an investigative officials can be quoted as saying the case is cold before they had investigated the primary suspects so the investigation in global has appeared to have been blocked and manipulated from the start i can document three stand down orders that were given i had written articles with a group of p

p. morgan-chase . fargo said it surpassed five billion and shows a significant slowing in the mort. the demand for loans has fallen and a worrying sign for the economy, shep. >> shepard: it was a great week for the 401 k's. but the market took a breather today. dow fell just about even. a fraction below . s&p 500 all down a few points as investors chew over the reports that show americans are feeling less confident about the economy . folks kept a tight grip on their wallet. >> yes, 4-10ths of a percent spent less . that was the drop in retail sales. in february sales had increased a full percent. it is a sign that the economy is feeling the affects of january's tax increases and a closely watched university of michigan survey shows consumer confidence in the lowest level. now they want to tax the rain. lawmakers want residents to pay for environmental clean up. the feds ordered the state to reduce run off in the chesapeake bay . so the rain tax as they are calling it, would charge folks for any surfac

p. morgan. what do you you make of that angle?at struck me about the whole conversation is the reminder that the eligibility requirements for food stamps was eased in 2008 in the height of the crisis. unemployment has improved back up to 7.7%. so why not make those stricter requirements? >> sean: in that period we doubled the amount of people on food stamps. >> why not tighten the requirements and make it so that you earn less and have less savings instead of letting people -- you have to find an incentive and find a way to manage the government safety net and have a proper balance between what is appropriate and what is no the going to be right. >> sean: i have a question for you, tom. this goes back to it what sunny was saying. you work in government corruption all the time with judicial watch. the president got americans mad at romney with the 1%. why aren't more people angry at government for waving all of our money and we -- for wasting all of our money? >> it is all a big lie. food stamps is not about food. it is cash transf

p. morgan chase is recording higher first quarter profits than it originally expected.fits come from releasing more than $1 billion set aside to offset potential losses. investors were not impressed by the gains saying they are not a true indication of demand for the bank services. as a result, shares fell 1% in premarket trading. for the time being, american airlines ceo tom horton will not receive his $20 million searches-- severance package. a federal bankruptcy judge says the law prevents such high- priced payouts, but the judge says they are willing to reconsider the request in the future. horton will use his position when they merge later in -- this year. >>> this is into the kron 4 newsroom. police look for a man trying to kidnap a 5-year-old boy that happened in front of an elementary school yesterday afternoon just after 2:30. police saying the suspect tried to pickup the young boy, but a staff member from the school actually intervened and then the suspect took off. the suspect described as a black man mid-30s, 5'10", 170 pounds with short hair. he was wearing

now, we have got some breaking news on morgan stanley along with ratings from s&p and moody's.apiro brings it all to us. >> reporter: you remember there was the settlement on friday with the plaintiffs who were suing the firms over bad ratings. well, according to "the wall reet journal," that settlement of the two suits is actually going to cost $225 million. s&p and moody's are going to be paying that. and "the wall street journal" also reported that s&p, moody's as well as morgan stanley each paid 75 million to settle those lawsuits. the payout was kept confidential by the three firms. the plaintiffs, there were 14 in all, they were led by the ab -- abu dhabi investment firm. of but the news right now is suits are going to cost $225e million to sett on friday. the amount had not been disclosed. melissa? melissa: all right. adam, thank you for bringing that to us. gold's price slump puts the mining industry on the rocks. a top executive says gold is set for a trn around, but one of our favorite gold bearers says not so fast. both of them joining us to debate it. that's coming

the worst performer in the s&p today, terradata. morgan stanley removing the data storage company from its best ideas list. the analysts talking about a loss of near-term momentum. netflix also having a tough time here. different reasons for why the stock has been down. some pointing to warner brothers new streaming video subscription service. netflix is up 12% this week. and google unveiling software that further integrates the social network with android smartphones, which could steer users from googlgoogle. the stock moved below its 52-day average for the first time this year, a sign of waning enthusiasm. >>> up next, central banks around the world making sweeping efforts to prop up the global economy. japan, the latest. is it all about to come crumbling down? find out, next. and then billionaire investor wilbur ross scouring the earth for distressed investments to buy. he'll tell us what he is buying and where he sees the best money plays. >>> and more rough seas for carnival cruise line. is it time for somebody else to right the ship?

s&p 500 gaining more than 1%. chad morgan lander will tell us how to play this record market now.re supposed to bring you fed minutes this hour but they were mistakenly released to 24 hours ago to congressional staffers and others. it is raising questions whether insiders have an unfair advantage over every day investors. we'll take a look at that question ahead. with two hours to go, stocks are holding onto big gains. nicole petallides at the new york stock exchange. >> that's right, ashley and tracy, we're seeing a winning day on wall street, a record-setting day on wall street so let's take a look what is going on. when you talk about the dow, the nasdaq and the s&p you see up arrows. all three are setting some sort of record. the dow and s&p are setting all-time record intraday highs. and the nasdaq up nearly 2% on the day, up 1.7% setting multiyear highs for that one. look at dow jones industrials in particular and the s&p 500. we're watching different charts to take a close look. the record closing high which was set on april 9th, is 14,673. we're taking that out, right assu

p. even though we have good news for the banks. jp morgan reported higher first quarter profits. >>> we will smile and say good morning, to you. thank you for joining us here. this is ktvu channel 2 morning thinks friday, april 12th i'm dave clark. >> good morning, i'm tori campbell in for pam cook. >> a lot to tell you about. a suspected drunk driver is in the hospital after a frightening crash. this is what it was like at 2:00 this morning. a volkswagen slammed into a fire hydrant and then crashed into a tire and brake shop. that driver was emotional as he was handcuffed. taken to ambulance by a hospital to be checked out. no one else was hurt. >>> a saratoga high school student takes her own life after photos of her being sexually assaulted were posted online. claudine wong is joining us live at the santa clara county juvenile justice center with more information on three arrests and how the girl's parents home to prevent this from happening again. claudine. >> reporter: the family of audrey pots says she was sexually assaulted and cyber

p. even though we have good news for the banks. jp morgan reported higher first quarter profits. >>> we will smile and say good morning, to you. thank you for joining us here. this is ktvu channel 2 morning thinks friday, april 12th i'm dave clark. >> good morning, i'm tori campbell in for pam cook. >> a lot to tell you about. a suspected drunk driver is in the hospital after a frightening crash. this is what it was like at 2:00 this morning. a volkswagen slammed into a fire hydrant and then crashed into a tire and brake shop. that driver was emotional as he was handcuffed. taken to ambulance by a hospital to be checked out. no one else was hurt. >>> a saratoga high school student takes her own life after photos of her being sexually assaulted were posted online. claudine wong is joining us live at the santa clara county juvenile justice center with more information on three arrests and how the girl's parents home to prevent this from happening again. claudine. >> reporter: the family of audrey pots says she was sexually assaulted and cyber

morgan each down more than 2% and citigroup and morgan stanley also lower today as you see right there. abercrombie & fitch, the teen retailer led the s&p 500 on optimism about the overseas expansion plans and the company's target of 15% growth in annual earnings. shares of abercrombie up 4% on the day. >>> facebook holding an event tomorrow to unveil its new home on android and it got a vote of confidence from a jp analyst who said we'd be buying and repeated an overweight rating. shares were up over 3%. zynga is going a new neighborhood, launching zynga plus poker and zynga plus casino. real-money betting for gamblers in great britain. investors see those as positive for springa right now and positioning for online gambling down the road. the shares changed hands at five times their average volume gaining more than 14%. >> and the 2013 corn crop forecast is the biggest, you may have heard in 70 years and corn accounts for three-quarters of monsanto's seed sales. the company reported higher than expected earnings today and boosted its full-year guidance. shares, however, little moved here up about .1% at $104.51 on this otherwise down

morgan stanley management. we've got gold collapsing and the s&p almost trying to eke out a gain over the dow. >> we're happy tose off. it was way ahead of itself. it's been up 12 years in a row. 17% compounded for 10 years. the gold easing off means that everything else is doing well. the market has acquitted itself well, as maria just said. you've got the buy and balance here, in spite of cyprus, in spite of the north korea rhetoric, the market is behaving very, very well. so, you don't want to sit there and laugh that your house is burning down, that you collect on your gold. the gold is an insurance policy. and this week, maria, we got to say, bye to our friend, margaret thatcher. free markets, free people. >> let me ask you something about the free markets, by the way, because we got the bank earnings out today, okay. we know that overall earnings are only going to be up 1% for the first quarter. are you telling me to put new money to work right here, right now, ahead of all of those earnings coming out next week. >> maria, 1% earnings growth is baked into the market already. second half of the year, you'r

two lawsuits against morgan stanley and s&p have been settled. those lawsuits claim they hid risks of investment funds. the companies are not disclosing the terms. joe, i'll send it over to you. >> buying a u.s. contraceptive devices maker. that conjures up all kinds of -- it could be anything, right? i don't know whether it's used by you, a man or a woman. it's called conceptus. >> i believe it's for women. >> i believe it is, too. what would that be like? >> iuds and things like that. it is not a conversation for two guys to be having. >> take your pick. do you want to talk about this, do you want to talk about the cooperating chief at jpmorgan? but when you need to practice a guy's name because you've never seen it before, you just wonder waited with bated breath -- >> it's ignanio. >> let's let kayla do that story. >>> she's going to. >> good. let's farm it out to someone who can do it. anyway, $311 a share in cash, about 1.1 billion, a 20% premium over the stock's closing price on friday. here we go. >> in corporate news this morning, i've t

p 500 dropped 22 points closing at 1553. better than expected armies this morning from pepsi, verizon and morgan stanley. >> linkedin is dressingp as mobile application to impress people who are increasingly scrolling through content on smart phones. the changes being unbilled today mark the first time that linkedin corp., has completed a major overhaul of its mobile app in 20 months. linkedin's new app will display photos and other graphics more prominently with a stream of updates. the stream will look similar to what people who frequent use facebook c on smart phones and tablet computers. the rebound app is available for the iphone and the android phone. >> we will be right back. if you're looking to go to schoscol,, you deserve more than just flexibility and convenience. so here's a few reasons to choose university of phoenix. sour average class size is only choose un14 students.phoenix. our financial tools help you make smart choices about how toy choose pay pafor scr hool.ix. our faculty have, on average, over 16 years of field experiene.e. our faculty have, on average, we'lwel help you build a personl excareer plan. our

p down almost 23 points. the nasdaq fell 16. bank of america stock down almost 5%. j.p. morgan followed with a three and a half% decline.le stock moving lower. recovering just slightly. down five and a half% today. managing the pop-up to 403 at the close. losing its title of the world's most valuable company, exxon mobile. commodities a week. the price of gold is down $4.70 per ounce. worries about global economic weakness. down $2 per barrel, just below $87. and in the bond market, investors buying bonds sending the yield down to 170%. well, a guest tonight says economic news is bring investors back to reality. he sees this as a short-term pullback. joining us now, chief investment strategist. it could to have you here. this is a little pause. not of fullblown correction. we are ready for the leg up. >> we are handicapping it as such. we are looking around and trying to tease out all the data like everyone else. what we are seeing is some sequential of slowing on a comparative basis with some of the data points that led off with the jobs report that came in. kind of a punk is no. 88,000, but coupled with the news we go

. >> next, todd morgan explains why he thinks is stocks are still underowns, even though the s&p is up0% this year. >>> welcome back. less than ten minutes before the close and what the difference a day makes. the dow having its best day before the end of feb. the s&p having its second best day of the whole year, maria, right now. >> it's pretty extraordinary and we are at the highs of the day. i just got a note from art cashen from ubs, who's saying there's 500 million to buy right now. but with all of that, todd morgan says the stocks are still well underowned and sees a surprise to the upside. todd, young this market is undervalued. how do you figure? >> i think two things, i think, first of all, it is undervalided on an historical value, but i think it's underowned. and only 18% of the population owns stocks today and normally it's closer to 30% and it's a 30-year loan. if you walk down madison avenue and ask people what the stock market is, are they buying stocks, most people would tell you they're not. >> you don't think the retail investor's participating in this? >> it seems li

p. >> pullbacks are exactly what you're looking for. the warren buffett theory, we talked about this a week and a half ago, jp morgan was up near 51. now near 47. it's an opportunity. a lot of people are going to pass up. the earnings are going to blow it out of the water next friday. >> dr. j.? >> i put on the vxx. i was long calls in the vxx, short puts to pay for it. that made a move of 6.5%. that more than offset any of the longs i had in my portfolio. as most folks know, i have precious little of that lately. the one exception really was some energy names and bank america. like pete said, i think since march 20th, the airlines have been in a corrective phase. i think the banks have been in that same move. you talked about jp morgan. you get a chance to get into those names. i talked about, judge, about trash. they're buying trash today. they're buying coal names, buying gold, buying silver. that's where the institutions are committing new capital today. they're not chasing the things that were up big. they're instead buying the cheapest, you know, house on the block if you will. >> all right. our next guest is not surprised by

p's 500 first quarter losers are a motley bunch. the collapse of cliffs natural resources takes your breath away with the coup de grace being morgan stanley'se sales could be cut in half by the competition. this dovetails perfectly with the decline of u.s. steel off 18%, collapse in iron is heavily weighted toward the making of steel which has proven to be a nightmare business in 2013. quite a difference from the run-up to the top of the s&p in 2007, 2008, where u.s. steel was a leader. vaulting from 80 to 191 during a period of phenomenal chinese expansion and a decent construction market in the u.s. those are long since past. sure, anything can turn -- and cliffs was upgraded by goldman from a sell to hold at the end of the quarter but that smelled more like a victory lap than anything else. other losers in the quarter, apollo, parent of university of phoenix. apollo looked on the surface to be a terrific beat, ended up being widely planned. and of course apple, nonstop tailspin. another 12, 13 today. but the two losers in the top ten that could come back to be winners, the first is akamai. the streaming video company reported a surprisin

p 500 is riding high setting new all-time high records as the rally continues. we heard from two of the nation's biggest banks on friday. wells fargo and j.p. morgan chase, both reporting record profits and lower revenues. this week we'll hear from more big lenders including bank of america, citigroup, morgan stanley and pnc. also reporting this week, big names like general electric, intel, american express, mcdonald's and with soda sales falling, investors will be closely watching the results from those big titans, coca-cola and pepsico. we'll get a new update from home construction in march which may top a sharp rise in housing starts and we'll look at consumer prices whether inflation is still in check. finally, opening bids will be taken this week for handwritten lyrics, personal letters, but even a library congress, for the song good vibe eggs and all of that beach boys memorabilia is expected to fetch $10 million. what a great song that was "good vibrations." i'm tyler matheson. get all your business news on cnbc. >>> get your business and tech news weekdays on "today in the bay" starting at 4:30. we'll be right back. >>> child care is often

bank earnings today from jp morgan and wells fargo, neither of which set the world on fire, partially causing the market to get dinged today, dow dropped to less than a point. s&p back slightly. nasdaq climbing .16%. it's next week that will tell us if this miraculous run is on borrowed time or still on target. with that in mind plan for next week. our first number comes from citigroup. holy cow. we got a whole new ceo. he is still making one more effort to streamline the bank. and we needed him to reign in expansion for expansion's sake. we needed hear that they're going to be far more independent than the government. in the separate bank within a bank citi no longer needs to be separated. they have integrated the balance sheet. if they do that, the stock goes to 55. are you listening? tuesday coca-cola reports, and this will be the test case. see if the companies have sensitivity that will err sell off. they sure didn't today. i'm expecting a good number from coca-cola, but not so good that they can justify the run. i think coca-cola is just okay. the stock gets hit. purge yourself of the other safety stocks that are acting like junior growth stocks that do v

p 500. we have gotten in earnings. that has helped names like coca-cola. we have analysts upgrading price targets. walmart, a buy at ubs. you have excellent. also, microsoft. morgantanley was hot on microsoft. on the downside, we are seeing the biggest laker, jpmorgan, exxon and walmart. back to you. connell: just to reiterate, the biggest piece of news that we got in that press briefing that started a little after 9:30 a.m. eastern time is that there were no other unexploded bombs that were found around the scene in boston. it was just those two bombs that went off and killed those three people entering another 176 others. let's bring in mike baker. president of diligence llc of mobile intelligence and security for. can you, mike, read into this at all based on the fax that we know so far. >> well, i mean, it looks a lot like what we see in the middle east. it looks a lot like what we see in the war zones in iraq and afghanistan. the methodology used. having a first explosion. driving people towards the second explosion while also getting the first responders into the second explosion. the fact that it was a major event. the boston marathon, a very important day

morgan reported high revenue. the commerce department says retail sales fell in march by the most in nine months. the dow is down 51. the nasdaq is down 21. s&p> top san francisco leaders will be hitting the sidewalks this morning. the city is celebrating it's first walk to work day. ktvu's brian flores, live in san francisco. he's all over this. what do you think? does this idea have legs, brian? >> dave, man, you are just the comedian this morning. [laughter] good morning to you, dave. hopefully it will have some legs. we're live here in the mission district. we're live in front of mama-are cafe. this is one location where people will be working to work later this morning. city supervisors will be meeting with ed lee to lace up sneakers as they walk to work today. they will be meeting mayor lee at ritual coffee rosters and then to octavia street and then city hall after that. organizers say even parking a few ploks away and perhaps -- blocks away and perhaps parking will keep with the spirit as well. besides the health and environment benefits, you can earn prizes and perks, too, participate in coffee shops or giving away free coffee. you c

p 500. this week we'll see the start of earnings season. alcoa will start things off and it's earnings are expected to rise. we'll hear from some big banks, jp morgan>>> and march madness ends monday with the championship. >>> a plan to strong criticism from both the left and the right. >> what are the odds for a deal this year? >> based on my bracket, i don't think i should be in the predictions business. but there's a good chance both sides will want to compromise, if the republicans particularly in the house take a my way or the highway approach, then we're not going to get a deal. >> the budget includes cuts in medicare and social security which is why some democrats as well as tax hikes on the wealthy which has some republicans downing on -- >> a welcome to you both, thanks for joining me. representative frost, i'll begin with you t congressional caucus members already sent the president some scathing letters say this plan is unpopular, it's unwise, its unworkable. why did the president touch social security and medicaid. >> he wants the republicans to agree to some tax increases. we did this in the 1980s when i was in congress. in 1983, we in

morgan reported high revenue. the commerce department says retail sales fell in march by the most in nine months. the dow is down 51. the nasdaq is down 21. s&p10. >>> top san francisco leaders will be hitting the sidewalks this morning. the city is celebrating it's first walk to work day. ktvu's brian flores, live in san francisco. he's all over this. what do you think? does this idea have legs, brian? >> dave, man, you are just the comedian this morning. [laughter] good morning to you, dave. hopefully it will have some legs. we're live here in the mission district. we're live in front of mama-are cafe. this is one location where people will be working to work later this morning. city supervisors will be meeting with ed lee to lace up sneakers as they walk to work today. they will be meeting mayor lee at ritual coffee rosters and then to octavia street and then city hall after that. organizers say even parking a few ploks away and perhaps -- blocks away and perhaps parking will keep with the spirit as well. besides the health and environment benefits, you can earn prizes and perks, too, participate in coffee shops or giving away free coffee.