same with ppg. the transformation from a commodity chemical company hostage to the slings and arrows of the global economy to a proprietary company with exceptional products had, until today, insulated ppg from the shortfalls that had plagued its competitors. but the company's pre-announcement this morning bringing expectations down year-over-year growth to basically flat projections for the next quarter, well, it took my breath away, as did this statement from ceo mike mcgarry, and i'm quoting. we are disappointed with this quarter's eps growth rate as we continue to operate in a sluggish economic environment with no clear near-term catalyst for improving global gdp growth. not a lot of hope there. the hideous declines in these two stocks left me astonished. honeywell plummeting 7.5%, ppg down 8.3%. that's what happens when companies with a long track record of beatinnu side. the collateral damage bled through the entire industrial world right on the eve of earnings season next week. remember, many

talk about the companies that have reported results and have warned in some capacity, alcoa, dover, ppg, and people say, and honeywell, where so usual for honeywell. when you take that out of the equation, how does it change the view? >> i don't think it does for the macro space. honeywell has figured out a way to operate in this environment. i want to see more of that video because there were interesting insights in that. i don't think it's saying, hey, things are going gangbusters. >> you saw a small snippet of the interview. the full interview will be next, top of the hour on "mad money." that stock, again, up by 1.8% on the back of that interview in the afterhours session. still ahead, john stumpf officially stepping down as ceo of wells fargo. what happens next to the big bank? will congress go after incoming ceo tim sloan? we'll talk to one of the company's biggest critics, congressman dan meeks. much more "fast money" right after this. if you're going to make a statement... make sure it's an intelligent one. ♪ the highly advanced audi a4, with available virtual cockpit. >>> welco

. >> we had ppg as well. there's some doubt about these sort of cyclical stocks. >> what's interesting is that you would think if the fed is ready to lift off, at least they're going on a rate-increasing cycle that cyclical stocks would be ready to take off and they'd be leading the way. the problem you have with honeywell, is to see a gap like that, tells you that people are off sides. >> then general electric is down, the s&p is down. there's something going on under the hood. >> it's going to take more than reflation. if we start to see a rate increase e that's going to hurt multi-national companies like c caterpillar which generates about 40% of its revenues in the united states. >> you're taking a look at caterpillar here? >> obviously that's a big industrial name, tied to things that are global as we know and materials based, energies based, but is the best-performing stock. you could say too much of a good thing. if you look at the correlation of this stock versus its sector, versus material in general

i'm just say ppg i like when you see people that are not the typical age of child bearing having kids because you know that those kids, the way they teach them is different than a younger parent. you know what i'm saying. i love meeting kids raised by their grandparents. you have class. >> your body right when you're superyoung. your mind is not right until later. everybody has a different path in life. mae else's life worked out. their order was a little bit different. that's okay. that can happen. >> it seems unfair. men can do this until their 80. >> i know. >> some of them do. >> some of them do. >> remember tony randall, he had a couple of kids in his 70s. >> i think michael douglas -- i might be confusing celebs. he was up there. >> you were mixing tony randall with michael douglas? >> no, no. not -- no. she's not sure of the age. >> i got that. i think the one word of caution is that it is hard to get pregnant adds you get older. and it is -- >> after 35. >> after 35. i think some women will see this and think, okay,ky wait. you know, think we need to be cautious. i went throug

other companies, including dover and ppg, have already lowered their finan targets, citing the weak economicwth in softne in some of the industri that buy their products including energy and aerospac analysts say the recent round of preannou has b extraord putting aerospac automotive and construc all areas of higher growth for industrial come glom rats. >> important thing as we get into the thick of earnings this quarte is organic growth, above and beyo eveg else. a lot of other questions around margin and cash and other areas really flow from first where is growth coming out. is it decelerating at a faster rate, at a slower rate, et cetera. steven win kerr likes alegion, and johnson controls and for investors willing to weather, honeywell. that company and general electr kick off the sector earnin next friday. for "nightly busireport," m morgan b >>> our market monitor want to likes stocks he says should pose strong revenue growth and have increa earnis over the next year. the last time he was on back in november he recommended gamestop, down 29%. jcpenney up 4%, and jetblue, which is about

it bears watch ppg the next several days. kendis, mara, back to you. >>> this morning, we're getting a look at the devastation in haiti. >> look at this video on the coastal town of jeremy. the pilot who shot the footage says barely 1% of the homes are still standing. residents are cut off. there are fears those who survived may actually end up starving. aid is set to arrive in haiti today, courtesy of the u.s. military. some supplies were loaded at an air base in honduras. they'll land in haiti this morning after a stop in the grand kamans. the united states has allocated $1.5 million in aid for haiti. >>> also this morning, a government contractor is in federal custody. accused of using his top security clearance to steal highly classified information. the fbi raided the maryland home of harold martin iui where they say they found stolen documents from the national security agency. some of that is so sensitive, it would cause quote exceptionally grave damage if made public. the fbi believes martin stole critical computer co

ppg, as well. so there is some doubt about these sort of cyclical -- >> what's interesting, you would think if the fed is ready to lift off and start normalizing rates, or go on a rate increase cycle, cyclical stocks would be ready to take off and leading the way. because you would have this global reflation trade. and the problem you have with honeywell is to see a gap like that, that tells you people were offsides, look at general electric. >> a quarter before. >> right. no, this is second announcement. >> but general electric 12%. the s&p down 1.5% from its all-time high. so there is something going on here under the hood. >> it's going to take a little more than reflation. obviously, if we do start to see a rate increase here that will hurt caterpillar, which only generates 48% of its revenues in the united states. so that also could be a challenge. the only bright spot, i think, is that some construction spending seemingly in china has stabilized somewhat for caterpillar. >> right. in fact, ca

ppg, the magnitude of that is much steeper. scarlet: thank you, julie hyman. a check on the first word news with mark crumpton. in geneva, switzerland, the international red cross has announced an emergency appeal for $6.9 million. the money is needed for medical aid, shelter, water, and sanitation assistance to 50,000 people in southwestern haiti hit hard by her king matthew following a meeting with the heads of fema and homeland security, president obama discussed efforts to get help to haiti. we know that hundreds of people have lost their lives and there has been severe property damage. they will need help rebuilding. americans to go andhe american red cross other philanthropic agencies to make sure that we are doing what we can do to help people in need. mark: unicef says it needs the money to meet the immediate needs of children in the region. meanwhile, the death toll is approaching 300 and is expected to rise. florida gov. rick scott is brushed aside questions about his decision to keep the state's voter registration deadline on tuesday in place. hilla

it cut the top in of its forecast for 2016 and citing slow growth. ,e are also hearing from ppg paint maker, slower growth, sluggish growth. it missed per luminary forecast. tyson, an analyst cut the stock to sell. it is related to a recent lawsuit that alleges price collusion in the broiler market. though shares are down sharply as well. in the energy complex, interesting action in that we are seeing oil prices pull back a little bit after some recent gains. the big action is natural gas, which is at about a 20 month high on the outlook for more demand. gasoline in the meantime falling back a little bit. looks like there will not be any shortage in florida as had been feared. it looks like the hurricane matthew is not getting it as hard as had been feared. that is why we are also seeing shares of the utilities that operates in florida gaining a little bit of ground, as well as some of the insurers exposed in florida as well. david: thank you, julie. let's get a check on the first world news. more on hurricane matthew. it has been counting florida for hours. it was downgraded to a cat

and ppg biggest drop in six years. joe: looking at government bonds.ooking at the 10 year yields, a lot of noise right around 8:30 a.m. they went down my because people said no pressure to hike. and then they jumped, with lower numbers, then back. you can see all that activity around 8:30 a.m. here is a longer look, the 10 year yields, looking at the highest level in several months. levels we have not seen since early in the summer. scarlet: currencies. and there was a flash crash of the british pound, the set of plunge at about 7:00 p.m. 12:00n, 8:00 in tokyo and a.m. for london. not a lot of liquidity at that time. 11841.to it dropped 4.1%, the lowest since right after the brexit though. -- ack to 31 years joe: every time it falls, we say a 31 year low. it has not gone there yet, because after the trade, bring in the pound down to $1.05. joe: it is also interesting how much of the flash crash did not get back up. matt: when u.k. traders woke up, they traded it down again. scarlet: fundamental concerns for that. stalleddollar rally has . it took a bre

thhe-ml inbrki d eyernosu, t ey e kindf ndff tth ll cst, erwi t innshe ialysom sne ppg t aanou dinokn authamabe althg eyavhienr y a lgehi ty ve dd, t att me tuli o ipptu mont . mbgog cko e lu, eyreotveth onbo bacoba u otin015 anor en el rn. w le a raleaze trleth tneoutoe dippntg viwi meoc b oic msdo: thk t cze of00 bacoba d miel, u kw,oloba as, i remember michelle saying, this is not about politics, this is about our souls, more than politics, it was something cleaner, finer, fresher and people thought they were turning. and in hollywood that was ground , zero, people but train the clinton machine. i think that people in hollywood who changed sides and went with obama against the clinton machine did not think eight years later obama would put out , the red carpet for the clinton machine. because now all of these people are going to be pariahs, anyone who left the clintons before for obama. mr. lamb: why does president obama working so hard for mrs. clinton? ms. dowd: well, the first african-american president does not want his legacy erased by the most overtly racist candidate in mode

first up, ppg, shares falling after preannouncing worse than expected earnings. >> it is a high quality company. they missed. i think you got to buy this when it is down. i'm not sure i'm buying it today. give it a couple of days. but they deserve premium multiple because the chemical company, all in the great industries, aerospace has seen honeywell down a little bit today. give it a breather. >> see how he does that? took your stock. >> it is called a segue. >> honeywell on pace for its worst day in eight years after cutting guidance. >> getting killed today and i don't think it deserves it. guided down, but not by much. i think what people are worried about, we have been talking for a while about boeing and airbus and the orders numbers coming down. what people are forgetting, there is a huge backlog in the airbus boeing pipeline. they may miss a quarter here, the year might not be as great at honeywell. still a lot of pent-up demand for airline travel, for airbus and boeing products and honeywell will be in there. >> would you buy it at 105.50? >> you see an aggressor? >> you got to

i think china has turned -- >> industrial questions last week with honeywell and ppg. >> ppg was paint, honeywell was aero. it's the same story with alcoa. united technologies really screwed things up with the lateness of their product. you know, with the gear turbo fan, which was so important to their profitability. greg hayes made that really clear. it hurt everybody else and hurt alcoa, but i think that we can find some good things in alcoa. i was disappointed. a small position, hope it gets bigger. three for one split so it stays in the s&p. i thought the commodity side wasn't as bad. i like the cat coal because i do think it's the cost savings. doug has done a good job. >> we'll talk to klaus in a few moments. we'll get cramer's mad dash, fake another look at the premarket. more "squawk on the street" from nyc is straight ahead. from long island to buffalo, from rochester to the hudson valley, from albany to utica, creative business incentives, infrastructure investment, university partnerships, and the lowest taxes in decades are creating a stronger economy and the right environm

some of the analysts are starting to question the numbers based on what honeywell, ppg and now doverave been saying basically concluding there's not going to be a lot of particularly organic growth, which is what analysts care about for next year. so if you take a look at what's going on, what's the problem with the global industrials? the real problem is that slow growth environment and the weekend market. so you've heard about the problems with mining and oil and gas and agriculture. these are the companies, the big global industrials, that sell products into those particular end markets. when you see weakness there, eventually you're going to see weakness in these big global industrials. q-3 estimates for revenues we're now going in remember to the third quarter, we're going into the fourth quarter but we have estimates. what we'll read is revenue growth from the big areas like health care, consumer discretion, technology, we're getting decent estimates going in, but when you see the industrials trying to pull down a little bit here, you got to be a little bit concerned. so we'll

ppg, whirlpool, sherwin-williams, they are integral to the thesis.ou can't get more integral than that. and in footwear, i tell you, people are watching a lot of tv and they're fearful. they don't go to the mall, they don't leave their house. >> that's not true, they're walking around like this all the time. >> let's get to someone who used to cover real estate, and that's our own bob pisani on the floor. welcome back. >> thank you, sir. long time ago but i still love real estate. we've got a mixed open here. a lot of beats but mixed guidance. but more positives than negatives. let's take a look at some of the earnings beats that we've had this morning. united tech beat by 10 cents. top line as well, raised the lower end of its guidance and raised its organic sales growth. dupont raised its forecast as well. lockheed martin, earnings beeat merck had a beat, they had raised their 2016 outlook. they had a big runup this year. they're up 15%, 16%. gm, 27 cents beat. that's a remarkable number here. beating the street. but down 2% as you can see there. s

my stock is ppg, and i just wanted to know why the warning came out two weeks early before the financial report and it dropped 8.3%. why didn't they wait till the financial report come out to try to do this? >> ellis, i'll tell you they didn't because they're an honest company, and the estimates were mu company reported. it was the right thing to do. they felt they had to pre-announce. bruce kamich from realmoney.com wrote a pretty negative piece about the chart. i will say this. it is highly unusual for this company to miss. it hasn't missed in many years. it's been a solid straight shooter, but it's not at the right level. i think it's got to go down a little more before i can get excited about it. ray in south carolina. ray. >> caller: yes. hey, thanks for taking my call, jim. >> of course. >> caller: i bought allergan about a year ago for 293, at i kept it, and i just watched it drop. when it dropped to 230 back in, i think, march of this year, i bought again. same thing. now, in your crystal ball, should i keep it? should i dump it? >> my charitable trust owns it. you can follow alo

shelton criminal enterprises bootlegs and then labor racketeers and control of of the illegal gamble ppg peoria comes into play in the shelton story it is the last big who are are who hurrah and it was interesting that -- peeoria had a wide open city. and amazingly the underworld activity in peoria had continued to be dominated and lead by local gangsters now this wasn't the case anywhere else in illinois. north it was all dominated by ailing al capone and chicago and started south to the tip of the state he was shelton gang territory, and peoria remained in neutral buffer zone between two major criminal entities. and -- peoria who was a haven of shady activities back then, but controlled those activities had remain in the hands of local gangsters. well, as world war ii is getting underway, the shelton -- excuse me capone crowd out of chicago made a long anticipated move to come into peoria and take over peoria because it was booming in terms of things that gangsters wanted to do to make dough . and the local gangsters in peoria made a calculated situation they knew they could nots resis

warnings,warning, ppg so some early indications that all is not well, perhaps. mr. and you have seen that trickled through on some of the consumer names we have seen. there have been a lot of warnings and you have seen a lot in thatements guide direction, so you want to be in a lot of names that have stable cash flows. people have gone into these defensive sectors because of the stability of cash flows. julie: let's talk about your trade today, one of those classic defenses, which is verizon. verizon has not been doing so hot as of late. there has been concern about yahoo! as well, so what prompted you to look at this one? mr. kelly: it is a defensive name, and i think it is trying to be sexy and is a little bit misunderstood. i have a lot of artificial intelligence, they are trying to move into a lot of growth spaces, and it is a great defensive name. any are not trading at absurd multiple. people complain about valuations, but they are trading at 12.5 times earnings and i looking to grow those earnings organically and through acquisitions, so it is a great name to

mus erdi thilrythma tng brki a they reotur buth a kd hdcfe tohiroeroaerwhe wi t cnts eris alysomsne ppga can u d t owbo th m ba althg they veidn m ba rg inth he dd, t at comes mbng o an oprte me. . mbgog backo e lu, eyreotveth mo autark amyo otin01anor en feel burned heasika zz-dzl trleth tneoutoe dippntg viwi direoxffe. msdo: thk t craze 2008,ark aman chleyokn, ldba as, i remember michelle saying, this is not about politics, this is about our souls, more than politics, it was something cleaner, finer, fresher and people thought they were turning. and in hollywood, that was ground zero of people who were betraying the clinton machine when i did the interview with david geffen. i think that people in hollywood who changed sides and went with obama against the clinton machine did not think eight years later, obama would put out the red carpet for the clinton machine. because now all of these people are going to be pariahs, anyone who left the clintons before for obama. mr. lamb: why does president obama working so hard for mrs. clinton? ms. dowd: well, the first african american president

these industrial companies although the economy has changed, dover, ppg, united technologies, honeywellthey are all saying similar things and it's a little bit scary. the strengthening dollar as much as politicians want to say it is a great thing it is certainly not for a lot of multinationals. >> we were kind of joking whether it was the hillary rally. there were comments from vladimir putin. oil was strong. in what sense is politics feeding into behavior we are seeing now? >> the sharp decline in health care probably has something to do with if you get a clinton win combined with whatever control in congress. health care trades off those kinds of headlines and fears as oppose today what is going on. that is one small iteration. the process has become volatile. we hear the race has not been that different over the past few months. when you have this capacity for leaks and bomb shells and i don't think people are comfortable with the sense that it is a really chaotic process. >> it has been a train wreck from the beginning. there is no doubt about it. i think anything that happens trump

we have seen dover, honeywell and ppg. that's down very big right now.the one little concern i think floating out there. >> good to see you. up 95 as we head towards the close of the trading day. armstrong industries ringing the closing bell here at the new york stock exchange. stay tuned for hour number two of "closing bell" with kelly evans and company. i'll see you tomorrow. >> thank you, bill. welcome to "closing bell." i'm kelly evans. we have quite a rally on wall street. the dow is up 88 points on the bell. nasdaq up 36. the outperformer and those 100s going for a new high. 5328. the s&p 21.63 and the dow 18,329. oil was the big mover that fed into the rally. presidential candidates hillary clinton and donald trump meeting on the debate stage in round two last night. we will have an in depth look at both tax plans with steve forbes. tesla popping on a tweet from elon musk saying the company will not have to raise money during q 4 to fund purchase of solar city. joining me here is mike santoli. guy adami joins us, as well. was this a clinton rally,

ppg industries also warn down 9%. textron compete to a certain extent and united technologies all down overall. the bottom line this is very early in the preannouncement season but a big one like honeywell has traders nervous. >> bob, thank you very much. you knew industrials were a story and so is this. what traders are calling the flash crash in the british pound that happened early in asian trading today. around 7:00 p.m. eastern time last night, 7:00 a.m. in hong kong check out the chart. the pound falling more than 6% to just above 118 against the dollar. it is the weakest level we have seen in 31 years. it is a muchb we never see in major currencies. some say computer trades could have played a role. some are blaming a potential trading error and increased worries. that is a big part of the story. and the pound is already falling on worries. speaking at a banking conference jamie dimon did express his concerns about brexit. >> the issue about brexit was always what is the impact long run on the survival of the e

you have that backed up by the likes of an alcoa, by dover, by the likes of fastenal, by the likes of ppg. >> but those are all industrials. >> yeah, but -- >> it is a read on the global economy. 75% of the economy here is consumer. i wonder, what do you think? >> the industrial sector has shown -- has been an area of weak earnings since middle of 2015. technology is a sector where we're seeing strong earnings growth, expected to show the strongest growth this earnings season. analysts most positive on the sector. from a contrarian perspective, the technology is maybe an area to avoid heading into -- >> we have seen the outperformance in the third quarter already. >> and it is possible that earnings could be troughing because we have much easier year over year comparisons than we had in a while. where is the growth in revenue coming from right now when no one is growing any faster than 1.5 or 2%. it is hard to see what the global economy where it is now with japan, europe, russia, china and the u.s. and brazil, all very slow that were really generating a lot of upside momentum for earning

. >> fascinating moment for industrials but not a great moment ppg, dover, honeywell better, but looklinois tool again down. that was the premium one. danaher, they got more to life sciences. they are smart. >> just in general they built an enormous company that typically is not discussed very often. >> they are really good at what they do. really, really good. but anyway, look, ge's ho hum and you can't be ho-hum. >> well, you got to be like microsoft which was of course a lot better than ho-hum and now sitting at $60.27 a share, jim. >> can i take a second? i know this isn't a big company, but this is major, novel antidepression drug, it works, there's a lot of upgrades. it's an -- significantly reduce without importantly no weight gain. david, it's going to 70. >> 30% gain. >> it's going to 70 because no weight gain. weight gain is why people stop taking these drugs. that's a monumental thing. richard pops, congratulations, no one thought he could do it and he did it, big. big. stock goes higher. >> right. >> time warner up a buck. people taking it seriously. >> yeah, i mean, it's

. >> one of the most consistent companies i follow in the industrial world is ppg, old pittsburgh pipelass, obviously they're into much more than that these days, but what a devastating announcement they had, preannouncement talking about slower than expected growth in europe, year over year volumes going by 1.5% and using word disappointed with this quarter's eps sluggish economic environment. this company does not miss unless things are getting worse. wow, that is some hit. >> jim, what's on mad tonight? >> well, we're going to have ado adobe. i think adobe's really important because it's one of these companies that literally is the central part of the new technology world. and obviously brian moynihan wide ranging bank of america doing so much in tech. and that stock's been a horse of late. nobody's talking about it. we will. >> we can't wait to have you back onset, jim. safe travels home. >> i miss you guys. >> what a week out in san francisco. jim cramer, "mad money" tonight. when we come back, we'll continue to track the path of hurricane matthew, goldman's chief economist januar

you can see ppg trading lower. thelly we are looking at restaurant business. sonic down very sharp way. is the biggest single day drop in almost 16 years. the company says it's sales are going to be down through august 2017. it is seeing consistent consumer weakness and a competitive fast food environment. it is pulling down fast food and fast casual. those are the various ripple effects we are seeing from earnings today. vonnie: let's check in on the bloomberg first word news. mark: the november 8 election is threatsacing historic including hacking attacks, voter intimidation and foreign influence. time the fbi will have an election day command post in washington and the justice department says it will watch for voter intimidation. that's even after a court decision limited justices place more observers. hillary clinton holds a five-point lead over donald trump in a new national poll. libertarian gary johnson gets 7%. jill stein has 3%. in a two-way matchup clinton leads trump by six points. the british government has ended years of delays over one of the mos

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