schlumberger similar issue. they took $12 billion plus impairment charge.hey say that as market conditions rather than necessarily schlumberger specific. aside from that, earnings were and regions aside from oath america up as well. things could have been worse. coming up on this program, more on your morning trade and analysis on the markets in today's first take. this is bloomberg. ♪ alix: time now for bloomberg first take. here to discuss from our in-house team of wall street veterans and insiders, vincent sassower, andmian also joining us, david kelly, j.p. morgan asset management chief global strategist. want to start with china data overnight. i theme was that it could have been worse. honestly, some of the numbers were ok. what are you looking at? vincent: we've known for a long time that the china numbers just a bit inflated, perhaps. the conference board some seven or eight years ago presented us with then behind all -- with then, the handle on china growth was 5%, and get use to it. so we just sort of take this in stride. it does play into the tra

shale drilling schlumberger took a 12 points are due to the slowdown in the u.s. shale drilling schlumberger took a $12700000000.00 impairment charge related to its north american business around $7000000000.00 impairment charge related to its north american business a rather dramatic slowdown that led to an. $11400000000.00 loss for the magic of the large low just as in them that led to an $11400000000.00 loss for the quarter the largest in the company's history. pumping because that's the best sizable right down from pressure pumping business that's just you just the states held knows north america you know a market of being profit even more pork or not sanford and the paddock it being pretty poor said anish founder of oil and gas consultancy from a cap and energy to the cost of via found oil and gas consultancy from a cap and energy if the cost of getting a barrel of oil in saudi arabia the gal our oil field is like 2 bucks getting a barrel of oil in saudi arabia the gal our oil field is like 2 bucks yeah in america you get a barrel of oil you know going to get

shale drilling schlumberger took a $12700000000.00 imperiled out in the u.s. shale drilling schlumberger took a 12 point $7000000000.00 impairment charge related to its north american business a rather dramatic slowdown that moment charge related to its north american business or. rather dramatic slowdown that led to an $11400000000.00 loss for the quarter the largest in the company's history led to an $11400000000.00 loss for the quarter the largest in the company's history quote that's a sizable right down from pressure pumping business that just tells you the state of quote that's a sizable right down from pressure pumping business that just tells you the state of north american onshore market being pretty poor said anish founder of oil north american onshore market being pretty poor said anish founder of oil and gas consultancy firm a cap and the cost of getting a barrel of oil and gas consultancy from a cap and energy to the cost of getting a barrel of oil in saudi arabia the galois oil field is like $2.00 yeah in america to go to arabia the galois oil fi

shale drilling schlumberger took a $12700000000.00 impairment charge. related to its north american business or rather point $7000000000.00 impairment charge related to its north american business a rather dramatic slowdown that led to an $11400000000.00 loss for the quarter the largest matic slowdown that led to an $11400000000.00 loss for the quarter the largest in the company's history and the niece has a history. of all run down from pressure pump pumping business in a business that's that's just tell just those tells you this is the state of north america working on american author months markets were being marked pretty putting work pretty support and supported and. found that around. and get folks asked to confirm it's all to be kept safe and from jim bacon of how to cook it all centers of the cost of getting a barrel of oil about saudi arabia l.-a for. oil. the galois oil fish don't like like 2 bucks in america to get a barrel of oil you need to borrow 20000 bucks to borrow 20 in america to get a barrel of oil you need to borrow 20000 bucks to b

schlumberger is one of the better performers in the s&p. guy, what you have? to talk about the chinese growth numbers. this was a point made earlier and worth dwelling upon. we are obsessed with these kinds of lines in the sand when it comes to the chinese economy. 6%, 7%, 16%. in the yellow line, we have the chinese official gdp growth. interesting here is you have to think about the mathematics of percentages. are theom bar charts size of the chinese economy. it has been growing significantly over the last few years, steadily since 2008. that number has accelerated. in terms of its valuation, in terms of the size of the chinese economy, 24 trillion is thou the number we are looking at -- is now the number we are looking at in terms of the size. his 6% of four a bigger number than 60% of five? we have been concerned about the slow down we are seeing in the chinese economy. it is worth reflecting that the perimeter of chinese growth has continued to expand, as a result of which, the power of the chinese economy, even with a relatively slow growth rate, has inc

and how about schlumberger, and action alerts.com name how about kohl's, they have been a millstone andd with the 5.3% yield, stocks cannot get real lift last week, i pointed out that dividends protect the stocks of safe consistent companies in the environment. think utilities and nonreal estate investment trust. everything else is not putting up much a defense. they are all perceived as being growth challenge and schulmberger is going to miss the challenge. and nobody wants to catch a falling knife, even if it has a big dividend, and same for pipeline and partnerships, that have yields, but no growth and then, no buyers. utilities are doing great. their earnings are consistent, not episodic, and it's the stock that lets you sleep at night, now that they closed on their deals. nothing like a merger in utilities that will give you a growth that stock is a buy. right now, my favorite is -- it's merging, and again, because they have only have a few more years of patent protection, they assume abbvie is going to run out of growth. abbvi bought allergan for a $63 billion addition to stock. t

. >> it's schlumberger, nice litt. >> see you back here tomorrow. "mad money" starts right now. >> my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to cramer america, i'm trying to make you some money. my job is not just to entertain, but educate, put it in context, call me, 1-800-743-cnbc, or tweet me at jim cramer no other stock in this market has more pin action than apple except for maybe jp morgan our american express or honeywell, or union pacific that's right where there are more pluses than minuses, because the stocks are generating pin action, are a lot more powerful than when the stocks generate negative pin action dow advancing 57 points, s&p, nasdaq jumping there are plenty of down beat stories out there, and the economy is slowing, chinese, whatever, averages, call it whatever you want, the brexit, the tragic, 737 max plane crashes. we are now learning boeing may hav

charles: earnings from coca-cola, schlumberger, just to say a few. tech stocks are falling out of the gate. the fed may end up being less accommodative. how should investors reconcile all the diverging trends? phil blancato and jack ablin. all this anxiety is exacerbated near all-time highs a the love things going on. start with the earnings picture so far? happy with it? better than anticipated? >> yeah. expectations were probably as low as a limbo stick. the fact is analysts have been calling for an earnings recession for the last three quarters. so we come into q3 with a negative 3% growth rate. what will likely happen is, that we'll adjust up close to zero. analysts will lower their forecasts for next year. charles: here is the thing, phil. big names have delivered. also i think, i find it important to remind the office we're comparing to the best year perhaps ever in earnings. pullback is not the worst thing that can happen. >> i'm not worried about flat earnings. if we go negative does it impact the labor force. i'm concerned about consumer sen

. >> it's schlumberger, nice litt. >> see you back here tomorrow. mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to cramer america, i'm trying to make you some money. my job is not just to entertain, but educate, put it in context, call me, 1-800-743-cnbc, or tweet me at jim cramer no other stock in this marke

a couple of other names would be schlumberger is up a percent and a half. it was up as much as 3% earlier. and kansas city southern in the railroad sector which has been beaten up quite a bit, is up 5%. so it's not like it's wholesale selling by any stretch of the imagination. liz: i will say, too, we will be talking with robert wolf in a few minutes about what the fed is going to do october 30th, but i will say the third quarter china gdp numbers, i told our folks about three days ago, i told our viewers watch out for this number, it came in at 6%, slightly lighter than expected. we would love third quarter gdp at 6% but i will say that was the weakest pace in 30 years for china. gentlemen, have a good weekend. thank you so much. >> thank you. you, too. liz: i know those traders are doing something we all should do. that is keep an eye to the news flow over the weekend and the brexit headlines that could affect markets on monday. but this boeing story, we're not just going to let this go here. it is extremely important from both an aviation and investment

have you looked at schlumberger and halliburton, have you looked at what chevron and exxon are givent says, given the macro backdrop you want to be exposed right there. if you want to see another dip lower in global data, crude oil will be leading the way. >> energy is one of the worst-performing sectors of the day. let's turn now to general electric and the company's plans freeze to freeze pensions for 20,000 workers >> ge will freeze pensions for 20,000 u.s. workers and offer pension buyouts to 100,000 former employees the plan does not affect retirees already receiving pension payments the goal here is to further derisk the company's balance sheet and shore up capital as the ceo tries to restructure the company. ge says this plan will cut its pension deficit by up to $8 billion. bank of america analysts believe it should be accretive to earnings, although the stock is unchanged right now, it also comes as a number of companies offer pensions continues to decline as more switch to 401(k)s, as they are seen as a more cost effect iive option for employers. guys, back to you. >> seema

performing we had tom on yesterday from kdw talking about 15-year lows >> i'm not saying they're, like, schlumberger it is barely up. can you imagine? these are, like, bear markets, curry as we talk but i don't trust the banks. but, look, the good news is they're so depressed take goldman sachs, okay please goldman sachs is trading -- i can't believe this, it is trading 2 -- now it is up to -- trading 7 bucks above tangible they have a card an apple card that may already have 5 million users they have spent the money that they need to make it work. they have a good story to tell will anyone listen will anyone listen i don't know >> that stock is up 22, 23% for the year versus morgan stanley, a terrible performer versus the -- >> first quarter, remember when james gorman -- he was objected, yes, i didn't have a great quarter. he's very self-effacing man. but i've got to tell you that the yield curve is not right to tell the story the one that is most interesting to me is, believe it or not, wells fargo. and here because it yields 4, sells at the lowest multiplier i can ever remember and charlie sharp

reportedly has been stopped energy stocks higher on news oil as well exxon have mobile chevron schlumbergerwer airs vulnerable to wildfires pg&e ceo apologized for poor communication incorrect outage maps also said future power outages are likely governor gavin newsom slammed pg&e calling the situation unacceptable pg&e higher in premarket. >> flying cars may be sooner than we think boeing, porsche partnering to make electric flick vehicle boeing testified aerial car four people place to 50 miles, porsche wants to become leading brand for premium mobility could mean moving into third dimension of travel georgia malif you lying strangerer things going to like this georgia mall up for sale whole mall price a mystery, bill reportedlies concludes shomg center is in deluth. >> in fact no one notified a body was left there two weeks -- i know, if you love the show -- that story was for you. even though big monster kind of blew up the mall in the show besides that. maria: we have breaking news the fox is about alert president on the ground object of mexico telling nancy pelosi he itself confident

morgan stanley and honeywell on thursday friday, amex, schlumberger coca-cola.ve, s&p earnings are slated to decline by 3.2% over the same period last year. technology, which has been a leader in terms of earnings growth and the market, are seen having earnings drop by 7.6% and the big issue facing a lot of these companies and the outlook going forward is how important is that global trade uncertainty specifically between the u.s. and china how much will that weigh that's a quick preview of what we should expect, joe, out of earnings season as we start and kick things off tomorrow with the big banks. back over to you, joe. >> has anyone seen wilf, dom have you seen him? >> i have not because he's probably in a hole somewhere trying to prepare for all of these things that are going to happen with the banks this week. >> i wonder if he's excited, anxious? >> i bet you he's excited. i bet you this is like the most wonderful time of the year. >> probably a mix. >> he shows it in such a cool manner. >> he does but he -- he gets -- i mean, i guess it's his job but he