jim: stanley now with a putt to win it. ian: chance for a second victory on the pga tour for style school -- kyle stanley. jim: a chance to get into the masters. a chance to see it all happen. of course he made his debut on tour in 1978, the year that he was born. what have you got here, dottie? four or five feet? dottie: i would say a good four. the best part about this putt is for a clear one and it's uphill. you don't have to baby it. go ahead and hit it. jim: there it is! kyle stanley a winner again on the pga tour. ian: a nice par there, but he made a great par at 17 from way right of the green. jim: yes, it started in the downpour and then made the putt after they resumed play and then made that great par in regulation here at 18. so three memorable pars, as it turns out, to win it. kyle stanley, a second tour victory. this is a young man who was an outstanding amateur golfer. two-time runner-up in the ncaa's. won the hogan award out of clemson. dottie, let's hear from the champ. dottie: kyle, you've come back from a

. - [studio person] so, stanley, tonight. - [stanley] yeah. - stanley's doing a pbb tonight - [stanley] warriors? from the warriors. - [stanley] yeah. - [studio person] i don't know that it's going to be a full blown package for you at eight but he will try. - [man] is he gonna be live? - it's just a little tight. - [studio person] no he's not going to be live. - [stanley] you know, me, man, any way i can, how you doing, serge? - [man] not too bad, thank you. - so, how are they treating you today? - [man] alright, not bad at all. - alright, so i'm gonna be out here, you might go and hear some people go what the (beeping). but i'm here and you know what i'm here for. - [man] what's your gig today? - [stanley] people behaving badly, you know. now, give me some of the rules out here for what's allowed and what's not. - [man] no smoking or drinkin', this side of the road, you know. - [stanley] so, anything past this yellow cone here, no smoking, no drinking. - yep, yep, that's all the plaza, so if you want to smoke or drink, - back there. - yep, over there. - alright. - not supposed to be

-- kyle stanley.a chance to get into the masters. a chance to see it all happen. of course he made his debut on tour in 1978, the year that he was born. what have you got here, dottie? four or five feet? dottie: i would say a good four. the best part about this putt is for a clear one and it's uphill. you don't have to baby it. go ahead and hit it. kyle stanley a winner again on the pga tour. ian: a nice par there, but he made a great par at 17 from way right of the green. jim: yes, it started in the downpour and then made the putt after they resumed play and then made that great par in regulation here at 18. so three memorable pars, as it turns out, to win it. kyle stanley, a second tour victory. this is a young man who was an outstanding amateur golfer. two-time runner-up in the ncaa's. won the hogan award out of clemson. dottie, let's hear from the champ. dottie: kyle, you've come back from a pre golf. five years from your last one. how much does it mean on such a difficult tour to win on again? >>

much more next on stanley earnings. for the financials ahead, as morgan stanley is up in the premarket. this is bloomberg. ♪ jonathan: investors are awaiting hits from mario draghi on tapering in tomorrow's policy meeting. the current expectation is for an announcement in september or october despite ecb staff reportedly evaluating options for winding down qe. they are said to have a limited appetite for policy line which change. turning us now is january. always great to catch up with you. get a set up for the policy decision tomorrow and the news conference that follows. >> we are expecting very little from the ecb tomorrow. you could leave the popcorn at home. to expectation is no change the wording, no change to any of the policy variables. really, we are looking to september for announcements and we are expecting that announcement to be that tapering begins in 2018 and lasts around six months, in the qe program. so the real action is more of us news. jonathan: you use the word tank wearing -- tapering as if it will

how did morgan stanley managed to do better than goldman yet again?ra: looking better picture -- bigger picture, you have morgan stanley always battling goldman income,d in fixed again, you have goldman sachs reporting yesterday 40% down. we have morgan stanley, who was really the best in the group, still down, but 4% only. one of the things we were highlighting in the tories we were writing is the commodities sector. -- stories we were writing is the commodities sector. goldman sachs in exactly say we had a terrible loss in, -- in commodities. julie: didn't they say it was the worst quarter ever for commodities? loss, not good. one of the things morgan stanley talked about is they got rates that were not good for them, but fx was something that often -- offset that. julie: did we hear anything about the outlook whether it is trading or anything else because volatility was really what hurt last quarter and volatility hasn't picked up? laura: james gorman was talking much about predictions of the future, but he was asked by one of the analyst's, will y

liz: we have breaking news on morgan stanley.isse just raised the price target on morgan from 47 to 49 and right now morgan stanley is at $46.70. and look at goldman. it is down about a quarter of a percent. goldman always sort of the crown-wearer, certainly when it came between market cap between the two but just moments ago morgan touched the same level when it comes to market cap. charlie gasparino, now it is slightly below but what you does this really mean? >> what do we talk about when we say market cap? the market value how much your company is worth based on shares and what the price is. this is a big barometer of a company's wealth. just a few minutes ago we checked it was morgan stanley having, with a market cap of 85.7. goldman sachs with a market cap of 95.9. liz: morgan has gone up to 86.3. goldman, 86-point. it is neck-and-neck. that was the first time in a decade that morgan stanley pete goldman in market cap. they have not been that close over the decade. since 2006, particularly in 2006, right after the financial

so we go to a playoff between charles howell, iii and kyle stanley in green. they play the 18th in a playoff and stanley would make this par putt and he wins the quicken loans national. he makes $1.3 million for this week's work, not too bad. i had a chance to catch up afterwards with the champion and asked him about his first tour win in five years. >> it's last win. i'm thrilled.

. >> let's get to morgan stanley better than expected quarterly results. trading revenue down one jp morgan down 14 and goldman down 17. >> let's revel in what james gorman has been able to do the mojo is clearly back here. they have quadrupled wealth management it's up from $1 billion a year to $1 billion a quarter. he joined in 2006 and they were doing $300 million pretax in wealth management. do you know they now do that in four weeks this is a model that works. >> that sort of helps. it's not like it's all been organic. i'm just saying. the strategy is one you're clearly applauding it's being rewarded in the marketplace. >> i am applauding the fit was good it was only down a little less than goldmans and david, i think that you have to -- the higher multiple is coming this should not be at 12 times earnings you're going to say they're going out the door every morning in the elevator. >> right they have been talking about this higher multiple for a long time. recurring revenue from wealth management and it's deserving of it but they still have a lot of

we really like morgan stanley still.reat storyy have a around earnings as they benefit from higher acid levels. i think that's a name we would focus on. more broadly you'd have to be picking your spots after some nice moves. ryan, i want to show our viewers something particularly exciting. it's a new function we have on the bloomberg. typeu look at equity and gp tv you will see a list of stories related to that particular company. check in on the first word news. here's emma chandra. >> president trump had a second meeting with vladimir putin at last week's g20 summit. said they hade previously undisclosed conversation during a dinner for global leaders. said theia group's meeting lasted over an hour and the only other person present was prudence translator -- putin's translator. >> never have i seen two major countries with a constellation of national interests that are as dissident while the leaders seem to be doing everything possible to make nice and be close to each other. that's what people don't understand. >> pre

and the fact of the matter is that instead of taking moves the way morgan stanley clearly did, the way citigroup did, the way a number of other large bankers have, this company has simply gotten more and more insular it is a private company that's running under a public -- if you will -- name this stock sold at $250 back when lloyd blankfein first began there. it's selling at $30 less today that's ten years which company can you find out there that has a record as consistently bad as this one where everybody loves it it is not a phenomenal franchise if the company can't grow earnings >> over the last five years the stock price at goldman sachs is up 135%. if if you look at the key metrics of management performance and profitability, return on equity, nearly doubled over the last five years operating margins, near the top of the group second only of the major firms to jpmorgan. the way that blankfein guided goldman through the crisis the is there a better risk manager i would take jamie dimon first, if there's babe ruth, i'd take gehrig second. what about those metrics don't they accoun

. >>> do you remember flat stanley? flat stanley is a character in a kid's book.d into a pen pal project where you print out flat stanley and you color him in, stick him in an envelope and mail him around the world, see where he ends up. so like here's flat stanley at wrigley fields, here's flat stanley, yes, with george w. bush. i do believe plant stanley has also gone to space. so you remember flat stanley. this is 3-d rob portman. he is a republican senator from ohio. a real live grown man. you cannot fold rob portman and put him in an envelope and stick him through the mail. i have to tell you that we learned tonight that flat rob also exists. flat rob portman and he's here portman needs to answer to all isaac hou has mastered gravity defying moves to amaze his audience. great show. here you go. now he's added a new routine. making depositing a check seem so effortless. easy to use chase technology, for whatever you're trying to master. isaac, are you ready? yeah. chase. so you can. one laugh, and hello so i tried always discreet. i didn't think protection thi

morgan stanley was the heed underwrite for snap, responsible for taking the company public. back in late march, the first analyst gave it a $28 price target shares only down 30% since then. shocking the proukt is not evolving quick enough. they got competition coming from facebook who tried to acquire them a while back. no doubt they're under facebook. setting up for an interesting trading opportunity here, no question the company on the street, numbers down, they couldn't blow q2 if they blow the first two quarters, it's lights out. you look at the morgan stanley downgrade today, is it catalyst for shares to go lower it's a set up for buy into earnings when they report on august 15th. when is the lock up expiration in august? >> in my opinion, less of a threat here. the threat is the lock up comes off and you've got a disappointing q2 they need to make sure they beat street expectations. >> some say the card that will sin was blowing q1 >> yeah, that's a bad one. high profile one like that and come out of the gate because you could see it though in the s1, some of the metri

i do believe flat stanley has also gone to space. you remember flat stanley.is 3-d rob portman. he is a republican senator from ohio. he's a real live grown man. you cannot fold rob portman and put him in an envelope and stick him through the mail. i have to tell you, though, we learned tonight that flat rob also exists. flat rob portman, and he's here next. your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember. theso when i need to book tant to mea hotel room,tion. i want someone that makes it easy. booking.com gets it. and with their price match, i know i'm getting the best price every time. visit booking.com. booking.yeah! you give us comfort. and we give you bare feet... i love you, couch. ...backsweat and gordo's everything. i love you, but sometimes you stink. ♪ new febreze fabric refresher with odorclear technology... .

. >>> do you remember flat stanley, flat stanley is a character in a kid's book.e morphed into a pen pal project where you print out flat stanley and you color him in, stick him in an envelope and mail him around the world, see where he ends up. so like here's flat stanley at wrigley fields, here's flat stanley, yes, with george w. bush. i do believe plant stanley has also gone to space. so you remember flat stanley. this is 3-d rob portman. he is a republican senator from ohio. a real live grown man. you cannot fold rob portman and put him in an envelope and stick him through the mail. i have to tell you that relearned tonight that flat rob also exists. flat rob portman and he's here next. ♪ i love you, basement guest bathroom. your privacy makes you my number 1 place... ...to go number 2. i love you, but sometimes you stink. ♪ new febreze air effects with odorclear technology cleans... ...away odors like never before. because the things you love the most can stink. and try febreze small spaces to clean away odors for up... ...to 30 days. breathe happy with new f

the pressure was put on stanley and this is again, and stanley will make his par putt for the win.his second career pga tour title. >>> coming up at 11:00 p.m. we'll take a look back at patrick's career. he's a hall of fame player and a person and he will be missed. >> hard to see heroes get traded. >> too old making too much money. kansas just like it was hard to see you get traded. >>> stars this weekend in the box office. the voices of the minion'sb&p >>> noon on nbc 7 news at 11:00 we may be getting at peek fire season but one residence in bay county has lost one of fire station. >>> and a fourth of july in one town, residence have been putting out chairs for months to save their spots for the prayed. >>> the minion's latest movie brought minion in the theater. the franchise is still a force on opening weekend earning $75 million. baby driver with jaime fox came in number two, followed by trapz former, wonder woman, and the former, wonder woman, and the house, (lively music) - [announcer] it's the michelle meow show, your a to zero, covering the lgbt, lmnop, and everyone in bet

happens to be at morgan stanley.eporter: former lawyer, now banker at morgan stanley. happened to be joined by david rosewater. thanks for being here. global head of corporate defense at morgan stanley. a good day to have you. with the news that nelson pelt looking to get a board seat at procter & gamble. the largest committee company ever to face a potential proxy fight here. i'm curious, is this a trend or the targets just getting bigger and bigger? do we expect the targets to get bigger and bigger among the top activists? >> i think so. it's one of the trends we're seeing in recent particularly year or 18 months. the targets are getting bigger. if you look at the activity level that we're seeing among large companies, it's at all-time highs on an annualized basis. you just see very, very large companies, you had potential activist situations at g.m. and that was a full proxy contest. you had at bristol-myers. you see necessarily. lots of other ones. so big -- nestle. lots of other ones. big companies have been vul

stanley roberts goes out to see how train collisions can be avoided.tion of people behaving badly. the roles you play in life are parlet's dance grandma! you. and you're not going to let anything keep you sidelined. come on! that's why you drink ensure. with nutritious calories 9 grams of protein, and 26 vitamins and minerals. that was the best one ever! giving you the strength and energy, to get back to doing what you love. and finish! from the number one doctor recommended brand... ensure, always be you. ♪ [brother] any last words? [boy] karma, danny... ...karma! [vo] progress is seizing the moment. your summer moment awaits you, now that the summer of audi sales event is here. audi will cover your first month's lease payment on select models during the summer of audi sales event. outside...sutro tower. dave spahr is here with your weather forecast. (dave) a region-wide cooling trend is underway as the marine layer has deepened and onshore flow has increased. while some inland areas will remain above seasonal averages today, temperatures will moderat

stanley roberts explains from pier 39. you got me stanley! what are you doing (hysterical laughter) you know better right (hahahaha) he know better he does that all the time ahh does he?if you build it they will go around case in point pier 39 parking entrance on beach street in san francisco you are permitted to turn right but not left nats: ambiancein fact there is a barricade and a no left turn into garage sigh, and since it's a commercial district u-turns are also not permitted infact just 250 feet away is the entrance where left turns are permitted.nats: ambiance so based on all the information i just supplied there is absolutely no reason whey anyone needs to turn left . so let the games begin nats: ambiance what is it about a barricade that makes people want to go around it lets asksee that sign right there you just turned in front of what does that say no left turn into garage (wasn't the car in front of me doing this) yea you followed him that why that's the way were doing see the sign no left turn see those barricades so apparently

stanley: sure. it's never an inability to understand the requirement.k at the problem and say, we got all the challenges communicating, we can't make decisions are we make decisions and we don't implement them, people don't buy it. it is the daunting nature of a cultural change in an organization, because i can tell you to reorganize your firm and you say, no problem. we will bring in a new computer system. if i said, york to change the culture of how decisions are made and how elements interact, suddenly you back off and go wow, that's really hard. it's a constant process that must be led by leaders, but has to be embraced that every level. david: you wrote this book with a couple co-authors, interacting with evil from different professions. from different professions. do you think that approach could be brought to the armed forces in the u.s.? do u.s. armed forces consulted enough with people outside that particular realm of expertise? stanley: i didn't know how to answer this couple years ago. the answer is no. the military does certain things very w

stanley roberts explains you got me stanley!at are you doing (hysterical laughter) you know better right (hahahaha) he know better he does that all the time ahh does he?if you build it they will go around case in point pier 39 parking entrance on beach street in san francisco you are permitted to turn right but not left nats: ambiancein fact there is a barricade and a no left turn into garage sigh, and since it's a commercial district u-turns are also not permitted infact just 250 feet away is the entrance where left turns are permitted.nats: ambiance so based on all the information i just supplied there is absolutely no reason whey anyone needs to turn left . so let the games begin nats: ambiance what is it about a barricade that makes people want to go around it lets ask see that sign right there you just turned in front of what does that say no left turn into garage (wasn't the car in front of me doing this) yea you followed him that why that's the way were doing see the sign no left turn see those barricades so apparently if

he is killing it at morgan stanley as well so we are looking at morgan stanley earnings to come up and. james gorman is very unpredictable. that is how i would put it. tv , we are bringing it up for you. isyou have a bloomberg this how you watch tv live but way more important than watching my ugly face live, you can come over here and you can click up francine lacqua is killer chart on chinese steel production bonus round. you can steal francine lacqua's brilliant chart. i say you could steal them. this is bloomberg. ♪ tom: bloomberg surveillance. banks derby. here is the bank chart. we have shown this for 10 years, the collapse of for banks down to the same place. what a difference in recovery. this is something bloomberg has followed for years. the late great mark bittman giving us guidance on the mortgage debacle. jpmorgan of here in white, wells fargo stagecoach in yellow, citigroup can barely get it going with no lift and i will give brian moynahan some credit with the lift up here. christine harper joins us now, executive editor and someone who has given us great guidance to

here's flat stanley at wrigley fields. i do believe flat stanley has also gone to space.stanley? this is 3d rob portman. he is a real live groenl man. we learned that flat rob portman also exists. he is here next. courtship then. courtship now. even though courtship has become less strict, we remain strict as ever when it comes to our standards. made with premium cuts of 100% kosher beef. hebrew national. we remain strict. start by taking care of families for 70 years. earn the trust of 32 nfl teams. be there for america's toughest and help, when help is needed america's #1 isn't a status earned overnight. it's earned in every wash, and re-earned every day. tide, america's #1 detergent when this guy got a flat tire in the middle of the night, so he got home safe. yeah, my dad says our insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance. atmore than one flavor, oruch texture, or color.ing. a good clean salad is so much more than green. and with panera catering, more for your event. panera. food as it should

goes to a playoff with kyle stanley. first playoff hole, howell needed this putt to put the pressure on stanley. misses again. stanley will make his par putt for the win, his second career pga title. we are going to miss patty marleau, great shark, great man, great guy in the community. >> when you got traded to the cardinals, fans went through the cardinals, fans went through the same at at&t, we believe in access. cardinals, fans went through the same the opportunity for everyone to explore a digital world. connecting with the things that matter most. and because nothing keeps us more connected than the internet, we've created access from at&t. california households with at least one resident who receives snap or ssi benefits may qualify for home internet at a discounted rate of $10 a month. no commitment, deposit, or installation fee. visit att.com/accessnow to learn more. >>> these pictures in. a large fire blocked off doolittle drive north of the airport. an abc7 news impeesz she could smell it in san leandro. >>> t

stanley was very conscious of having a grandson who was half black, and stanley went out of his way to introduce his , barry, at the time to frank davis. frank davis was really the first adult african-american male who he knew. again, someone the age of a grandfather, they never became as close as barack did to jeremiah wright 20 years later, but barack as a young man when he is in high school and college is writing poetry or trying to write poetry. there is no question that frank -- have somef formative impact on barack. he no more news that davis had been a commonest -- communists in the 1940's than he knew that bill ayres, a good friend in chicago had been involved in planting bombs. barack in neither instance is a ,eflection upon who barack is what people had done years earlier. >> do you remember if frank marshall took photographs of barack's mother? >> that's an allegation that is out there. i believe it is without foundation. >> there are pictures on the internet. those photos are 500% fake photo shops. life lived a very colorful . he published a sexual autobiography under a pse

we'll show you how our stanley roberts faired in the competition.teve) new details are coming out about a plane crash in the north bay...(pam ) that crash killed a college professor .... and injured three others on the plane. the plane went down in schellville yesterday afternoon ... shortly after taking off from the sonoma sky park airport... officials say, it came down in a remote field about one- thousand feet from the runway. authorities say, goldman died upon impact .. the two children on board were airlifted to the benioff children's hospital in oakland... and the nanny was taken to 'queen of the valley' in napa. witnesses say, they tried to help the victims as quickly as possible, but the terrain made it difficult to get to them. investigators say, they will be out at the scene for the next few days... hoping to determine the cause of the crash. (steve) the man who died in that crash has been identified as the member of a prominent family of san francisco philantropists. kron4's maureen kelly reports that william goldman was continuing that t

we are expecting morgan stanley earnings later this morning.o far whenever we have gotten the reports no matter what earnings have been, for the most part they've been good with the exception of a couple lines of misses within various earnings reports, the stocks trade lower. >> what you said is correct. the financials are beating and we're seeing positive growth, especially in the banks and in the capital markets. the consumer finance is under pressure overall the earnings are good. so investors are reacting negatively to that i think financials are a great spot to be in. we have not seen tax cuts. we have not seen the trump agenda taking place. when we do, i think financials are going to be a great spot >> let's assume the trump agenda doesn't happen it's hard to trade on the promise of policy, especially in an environment which we're seeing now taking that out, all the reasons that have lined up, c-car with 90 billion there buybacks to come, what are the reasons to be here, the stocks are faltering on the release of earnings >> well, the ear

goes to a playoff with kyle stanley.ff hole, howell needed this putt to put the pressure on stanley. misses again. stanley will make his par putt for the win, his second career pga title. we are going to miss patty marleau, great shark, great man, great guy in the community. >> when you got traded to the cardinals, fans went through the at at&t, we believe in access. the opportunity for everyone to explore a digital world. connecting with the things that matter most. and because nothing keeps us more connected than the internet, we've created access from at&t. california households with at least one resident who receives snap or ssi benefits may qualify for home internet at a discounted rate of $10 a month. no commitment, deposit, or installation fee. visit att.com/accessnow to learn more. >>> these pictures in. a large fire blocked off doolittle drive north of the airport. an abc7 news impeesz she could smell it in san leandro. >>> tonight on abc7 news at 9:00 celebrating july 4th by getting down. we'll take you to take

scarlet: so of all the things we can look ahead to, we have morgan stanley results due out tomorrow.he goldman results suggest or is that not a fair comparison because they focus on different parts of trading? guest: i dig is a fair comparison. it is worth noting the commodities business, morgan stanley has largely gotten out of that or they have gotten much smaller there, so you probably won't see that showing up tomorrow. in the first order, morgan stanley have higher revenue from fixed trading than goldman for the first time since 2011. you could see a second straight quarter of morgan stanley outpacing that quarter which has a lot of wall street talking and there is some schadenfreude and we will see. all of the bond trading businesses on wall street are not doing well. if goldman was down 15% or 20%, no one would he talking about -- we would be talking less about it. much.t: thank you so fora: coming up, a slamdunk king james. his restaurant stock in blaze pizza is heating up. this is bloomberg. ♪ scarlet: this is bloomberg markets. let head over to abigail doolittle for today's

vonnie: morgan stanley has reason to celebrate.ders posted more fixed income revenue than goldman sachs. the smallest drop among the top five u.s. investment banks. how did morgan stanley managed to better than goldman? >> one of the things we were highlighted in the choices of writing was the commodities sector. this is something morgan stanley has largely gotten out of. interestingly enough, goldman sachs did not exactly say we had a terrible loss in commodities. >> they said it was the worst quarter ever. >> maybe not a lot, but certainly bad. that could be one of theforwardg on a very narrow things. one other item that morgan stanley talk about in terms of fixed income was they had the rates, they are not good for them. >> the bank of japan. as expected, they took no steps to downgrade their aggressive program. >> to central bank acknowledged it was the being too optimistic with 2% inflation target. >> the date for when they will hit of the 2% target around april 2019 which is pushing it a year. their quantitative easing, their

in pittsburg and antioch stanley roberts kron 4 news if you have a comment or story idea for stanley,mail us at 'people behaving badly' at kron- four-dot-com ... still ahead...it's day 2 of the g20 summit. who the president met with today... and the demonstration s that went on outside. plus an american tourist is beat to death while on vacation in greece. 8 people have been arrested. we'll explain what led up to the violence. ♪ [brother] any last words? [boy] karma, danny... ...karma! [vo] progress is seizing the moment. your summer moment awaits you, now that the summer of audi sales event is here. audi will cover your first month's lease payment on select models during the summer of audi sales event. breaking news- part of a road is shut down in vallejo because of heavy police activity. neighbors heard gun shots just moments before officers arrived. kron4's spencer blake is live on santa clara street working to get details. (jr stone) president trump wrapped up another international trip as the g-20 summit marked its second and final day in hamburg, germany. and while many of the w

stanley was an amateur poet himself, a man who enjoyed dirty limericks.e and frank davis would hang out together and stanley was a very conscious of having a grandson who is half black and stanley went out of his way to introduce his grandson, barry, to frank davis. and barack, for barack, frank davis was the first adult african-american male whom he knew. again, the age of a grandfather. they never became as close as barack did to jeremiah wright 20 years later, but barack, as a young man in high school and college, is trying to write poetry. there is no question that frank davis did have some impact on barack. but, barack no more new that frank marshall davis had actually been a communist in the 1940's than he knew that bill ayers had been involved in planting bombs. barack in neither instance -- it is not a reflection on who barack is, what people had done earlier. brian: frank marshall davis took photographs of barack obama's mother. david: no -- that's an allegation that is out there. i believe it to be entirely without foundation. brian: they are pi

but first...stanley roberts is back.us how buying a new car...could help you avoid paying bridge tolls in the bay area.people behaving badly is next. ((catherine))this may sound like a joke but it really happened.an off-duty c-h-p officer walked into a car dealership to buy a new car. the salesman then told him how to avoid paying bridge tolls - by keeping the new car paper dealer plates on the car....which is against the law.((steve))and when laws are broken, kron's stanley roberts is on the case. he finds out that in fact, this practice is very common. dude you riding dirty huh (what) i said you riding dirty huh hahahah apparently he drove through the richmond san rafael bridge with no visible fastrak and this paper dealers plate on the back the driver bought the car about a year ago and has been commuting across the bridge ever sinse is the license plate on the back of the car according to the driver the plates were far far away you said there at home it turns out the plates were not at home, they were close by. very

i don't know with morgan stanley, but we will see.lk about what we hear from bank executives in earnings reports from financial corporations see in a positive impact the fed's announcement to rate hikes again. the announcement back in june. your normal mainstream people are not seeing more return on their checking accounts. right now it's 100 bucks they have in the checking account. when will they see more of her return for what they have? >> it's awfully tough because the interest rates came down so close to zero that the gap between for money and what they provide and pay in interest. do we have to see interest rates return to a more normal level, which is what the overriding monetary policy right now is normalization, which is a little bit higher in short-term rates. lea: thank you for your insight this morning. good to see you. >> good to be with you. lori: coming up in sports, los angeles dodgers barely beat the white sox and the new york yankees. we will tell you that they got. british make her french's mustard -- [inaudible] a

morgan stanley topping its biggest competitor, goldman sachs, for a second straight quarter. in one of wall street's most hotly contested arenas. a new bloomberg poll finds that fewer than one third trust bank executives and billionaires. in politics, president donald trump trying to rally republican support at a lunch with senators taking place right now. could the health care impasse leave the president without any legislative victories for 2017? let's get up to speed here. two hoursts close in time. >> we have the s&p 500 and the nasdaq trading at record highs. the nasdaq up for a ninth day in a row. some bullish action for the major averages. the dow up the least, up .2%. near session highs. some bullish action as earning season is getting underway. stick to the tech heavy nasdaq and the nine-day winning streak. cap tech -- the month of july has been very kind for technology and for the nasdaq. that pullback has been erased. june being the first down month for the nasdaq in eight months has also been erased. the certainty and bullishness for the highflying sector back on.

fleur used to be a professional hockey player won a stanley cup and the moment the girl who was living the dream was to success had a dark side. the time i was fourteen to sixteen i was raped the hundred fifty times by a cold one i was more us in a dark room and so you know every time i close my eyes or from sleep after many years of silence he speaks up and unites with other victims so you are going from toronto to ottawa walking and walking to the victor walk us through create awareness and from oh she'll you're on the subject of child sexual abuse this type of behavior is absolutely unacceptable because of the sentences that are handed down through the justice system. about your sudden passing i've only just learnt you worry yourself in taking your last bang turn. up to you as we all knew it would i tell you i'm sorry i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each. but then my. feeling started to change you talked about more like it was still some are fond of you those that d

analyzed morgan stanley. let's start with you.

on the last would have handed him the title, but it went to a play—off with fellow american kyle stanleyme hole had a putt for par this time which went slightly wide of the mark, allowing stanley the chance to make his putt and lift his first trophy in five years, having not tasted success since winning the phoenix open in 2012. top seed andy murray says he is fit to defend his wimbledon title. the 30—year—old, who has also announced that wife kim is expecting their second child, has been hampered by a hip problem. despite looking less than comfortable in practice, the two—time champion has declared himself ready for monday's centre court opener against alexander bublik. it's been sore for a little while, now. you know, with each day that i was practising, it was feeling a bit worse. and it was hampering my movement, and therefore i wasn't getting loads out of my practice sessions. so i had to make the decision, with my team, you know, to take the few day's break, to allow it time to rest. and hopefully spending a lot of time with my physio, that is loosens up a little bit, and that it e

ante un juez juan francisco lÓpez sÁnchez, el inmigrante indocumentado detenido por la muerte de ken stanleyÁs informaciÓn. luz: asÍ es. precisamente esa maÑana los defensores pÚblicos de lopez sÁnchez llegaron al palacio de justicia de san francisco pensando que el juicio comenzarÍa hoy, sin embargo, esto no fue asÍ. ya han pasado dos aÑos desde que sospechoso de homicidio francisco lÓpez sÁnchez, encontrarÁ un arma en el muelle 14 de san francisco y matarÁ a la joven kate stanley cuando precisamente una de las balas rebotara en el pavimento. >> es una pistola con un gatillo de menos fuerza que fue fÁcil para disparar, pero no sabemos en quÉ condiciÓn estaba. luz: los abogados de lÓpez sÁnchez estaban listos para comenzar el juicio tras la oficina del fiscal del esta ciudad dio mÁs tiempo. >> la defensa ha denunciado el derecho de tener un juicio rÁpido. todavÍa tenemos investigaciÓn presente. luz: los defensores pÚblicos permitieron que el agente federal que dejÓ su arma de fuego en un maletÍn adentro de su auto se presentara ante un juez ya que quieren investigar el historial del arma en

. >> morgan stanley has reason to celebrate. the second straight quarter the bond traders posted more , fixed income revenue than its larger rival goldman sachs. ,they also reported the smallest drop among the top five u.s. investment banks. how did morgan stanley managed to do better than goldman yet again? >> one of the things we were highlighting in the stories we were writing was the commodities sector. this is something morgan stanley has largely gotten out of. interestingly enough, goldman sachs did not exactly say we had a terrible loss in commodities. >> they said it was the worst quarter ever. >> maybe not a lot, but certainly bad. >> not good. >> yeah. that could be one of the things. one other item that morgan stanley talk about in terms of fixed income was they had the rates, they are not good for them. but fx was something that did offset that. >> the bank of japan. as expected, they took no steps to scale back their aggressive program. they are looking for the exit. >> the central bank did acknowledge it was the be

that's something but we do at morgan stanley is balance that risk. of the funds, we strip at that interest rate component and isolate the credit component. in some cases, when we look at spreads and yields, they can be attractive for a. period of time. jonathan: d.c. the risk around it. ? guest: when i look at high-yield, you are taking fundamental credit risk. that's how you lose money. longertter to have a duration risk in height yields because it is not in the risk of rates. 360 basis points, which i don't think is coming and when you look at the default rate at 2%, that is a low risk market. you are gain paid to extended duration. jonathan: i get the rest of the last 10 years has been interbank policy. his central bank still your friend? guest: they are certainly going the wrong way to be good friends. with the federal reserve tightening, the next step the ecb tightening. about they unclear next step for the boe. the only front we have is over in asia, the bank of japan, for the most part right now. that said, whether a central bank is supporting

this is something morgan stanley has largely gotten out of.ly enough, goldman sachs didn't say we had a terrible loss in commodities. anchor: wasn't of the worst quarter ever for commodities? reporter: right, maybe not a loss -- anchor: but not good. reporter: one other item was that they've got the rates that did offset that. ♪ the bank of japan, as expected, took no steps to dial back their aggressive monetary stimulus program as other central banks around the world are looking for the exit. anchor: but the bank did surprise biotechnology it was too optimistic on achieving its 2% inflation -- did surprise by admitting it was too optimistic on achieving its 2% inflation target. risks.e are a number of there are the tax hike schedules for 2019. it is pretty bad timing. i think it would be best if the government delayed the consumption tax again. another is much bigger, much more important, the ability of prime minister oabe. we have seen the decline of prime minister abe's approval. is that goes, there goes the support for the bank of japan. c

i did i did i did i actually did stanley's comic-con in l.a. . a few months ago several months ago but yeah i'm a consecration yeah it's crazy crazy it's a big deal stan is amazing that he's got all those facilities were all he sharp as a tack there was attacked. is it true that viola davis is is true she's just second cousin and as have you traded industry advice you've talked to have a smoker to know that's hard to believe well this is of this is a small town it is hard to believe but i but you know i'm sure our paths will cross that's all she know your her first cousin i'm pretty sure i'm pretty sure she knows of second thoughts a second cousin yeah she gave a powerful speech at the oscars were you watching yes or do you think i thought it was you know it was something that it was movie and i thought it was something that you know she deserved i think i think her career and everything she's been doing up to this point has been so well received but there's so many things that go into to awards and i'm so glad she got her to just do she's amazin

. >> por fin luego de 8 largos s meses stanley se reencontro con su familia estaba tan feliz quien oia bajarse de los o hombros de su padre mientras g jugaba con dos peluches >> al pprincipio no me reconoci pero estamo con nosotros >> el pqeequeño llego a el sal salvador desde nueva york aco a acompañado por oficiales cons a consulares >> gracias a dios esta con nosotros >> stanley de 2 años y medio fue separado cuando ambos se ente g enteregaron en la frontera u estadounidenses >> ahi el juez deporto a vlad i vladimir y dejar a su hijo bajo la tutela de una tia, esto des a desgarro a la familia >> decepcionaecepcionado >> ¿como trarme a mi hijo? >> los padres intentaron mant mantener la comunicacion busc buscaron asesoria migratoria con la cancilleria salvadoreña que corrio con los gastos >> esta sano, se le da todo el cariño y proteccion >> en medio de todas las emoc n emociones, entre sus planes ya n no esta intentar entrar de forma ilegal a estados unidos >> por eso habia decidido irme p pero a que le voy a dar a mi i chiquillo toda la vida >> el pequeño y sus padres co i continu

still with us from new york, our guest from morgan stanley and wells fargo. talking about this, the story of covenant light in the junk bond space. walk me through it and whether we should be concerned about appeared -- about it. >> it is the kind of protection that the bond investors get, so over the last several years we have seen a gradual deterioration in the quality of the covenants and today in the high-yield bond market and alone market, quality deterioration is substantial. for example, the covenant light is a big what is. and what you pointed out, the moody has a quality index that has reached the weakest point in june. without a doubt, quality has deteriorated. what are the implications? one when you weaken the covenant, the likelihood of default. default occurs and it gets pushed out further. when the default does occur, postyou have in a company, default recovery is going to be lower than fully recovered bonds. the prospect for recovery, in the event of default, remember we are talking about high-yield companies so their frequency for default is o