-- a trader for morgan stanley.n: i became a salesman. david: did you want to be in management or did you want to be a trader or salesman? john: i like success. i thought the right way to go was management and that was what i wanted to do. david: he rose up and ultimately are offered the position of being the ceo of morgan stanley. john: well, yeah, eventually, but there are a lot of locks along the way to do. david: but suddenly you decided you need to do a merger with dean witter. why did you need to do that? john: well, dean witter was owned by sears, and they had decided to spin it off. morgan stanley got the order from sears to do this transaction, to raise money in an equity transaction, so we met with phil purcell and talked about all their salesman, their french offices. it became apparent to me and also to dig fisher -- dick fisher that this is the way to build a franchise because distribution is going to be more and more important and to have a connection with retail clients would be important. there was p

at morgan stanley.anese who came from that training program respected the culture of morgan stanley. when we were on the brink, they stepped up and give us the money to stay in business. david: it turned out to be a good investment for mitsubishi, because you're stuck is flourishing. after that happened do you think wall street learned any lessons? do you think this could happen again where you have a norma's liquidity problems and wall street -- enormous liquidity problems? john: the business of wall street has not changed much, but the scrutiny on capital is very focused. i think the fed does a much better job of paying attention to the liquidity of these investment banks. i think wards of directors have elevated -- boards of directors have elevated risk management. going through the near-death experience we went through and other firms did die, unfortunately lehman brothers. boards focus on risk management. it is not about what deal you did. it is about liquidity and solvency. david: after this happe

she started as an investment banker at morgan stanley, rose up to be the cfo of morgan stanley, and thenruited away to be the cfo of google, now the cfo of alphabet. in that role, she has enormous influence at that company and has done a terrific job at making certain that their balance sheet works well and that they really are much better-organized in the financial sense. i have no doubt that she's going to be a power at ahabet for quite some time. ♪ so, when google was first created--in the late 1990s, i guess, is when sergey and larry came up with the idea-- there were plenty of search engines alady in silicon valley, and many people said, "we don't need one more search engine," so what was it that was so distinctive about the google search engine that wiped away all the other search engines, more or less, and basically has kept them at bay? because you're still the largest by far. ruth: yeah, i have to say, i was one of those in the early days that-- "another search engine?" but it was the--it was the speed, simplicity of giving you what you want when you want and taking those simple

now, all the houses outside of stanley will have 24-hour power.still, they don't get the degree of services that we get here, so they have to be a very much more self-reliant community. (sophie fouron) i didn't think i was going to feed a little lamb today. i'm enjoying this. (mallory barnes) guys! come on! school time! - school time! - come on! - bye guys! (tanya clarke) say bye! quick, quick, quick! (sophie fouron) how many sheep do you have? - we have about 5500. and we're a small farm. - 5500? i was expecting a hundred. - no. - 5500. (shane) shane. (sophie fouron) shane. nice to meet you! not your first time doing this. (shane) i've done one or two before. (tanya clarke) you have to stay back. (sophie fouron) living out here, you need a wind turbine, and then a generator. (shane) a backup, yeah. - backup generator? - yeah. - if the generator breaks down, you can't just call your local electrician to pop out, so these guys have taught themselves to maintain pretty much everything on the farm. - so you're electricians and plumbers, and carpenter

stephen stanley joins us coming up.k, this is bloomberg. ♪ lisa m.: nancy pelosi said during a video shot during the insurrection that she wanted to punch donald trump if he showed up at the capitol. it shows her in her office as the capital is about to come under assault. she says "i hope he comes, i will punch him, i'm going to jail, and i will be happy." lawmakers want to question trump about the 2021 riot. it comes just weeks ahead of midterm elections that will determine control of congress. twitter's lawyers tried to learn again what elon musk told federal authorities who were investigating his attempt to take the social media company private. according to a letter, attorneys for twitter saw documents last week related to the mosque it -- musk investigation. he walked away from the $44 billion takeover. a new turkish law mandates jail time for what authorities describe as spreading false information on digital platforms. the measure was proposed by the governing ak party. the people there now face jail terms of up

morgan stanley's outperformed.ink this is a place where you're kboipg to see the emphasis on this higher multiple business be shining through tomorrow >> now let's change gears. tim tipd it off. wells fargo, the stock has been down 13% this year, but leslie, believe it or not, that actually makes it pretty much the best performer of the big banks this is a very different company. i mean, they don't have trading as much. this is like a mortgage company with real banking and some other stuff. what is the big story, macro story to watch on wells fargo? >> yeah, they're actually shrinking their mortgage business, but they are most rate sensitive. so the big thing to watch tomorrow will be their nii guidance, you mentioned nim, net interest income is a similar story. better than many of its wall street-oriented peers, but do they still see room for further growth in nii. related to that is the outlook for deposit flows. there have been, you know, some indications that deposits could be declining, higher rates, and of pa

i'm stanley tucci. i'm italian on both sides and i'm traveling across italy to discover how the food in each of this country's 20 regions is as unique as the people and their past. umbrian food isn't about expensive restaurants or tricky techniques, it's all about the skill and hard work that goes into producing its precious raw ingredients. from innovative farmers to noble hunters. and let's not forget the chefs and the butchers, preserving the traditional ways to cook these treasures of the land. and a note for any vegetarians watching, umbrians eat a lot of meat, particularly pork, like a lot of it. huge amounts of it. i surrender. to the pork. umbria is named after the umbri, one of italy's most ancient people. their landlocked homeland is right in the middle of the country. bordered on the west by its more glamorous neighbor tuscany, it's often overlooked. but while the landscape here is similar, the culture is very different, less fancy, if you will, and i hear the locals like it that way. they're

thank you so much for joining me, stanley.. the first episode you are going to the birthplace of your grandparents. what was that like? >> well, it was very exciting because my parents were able to come with me. >> that's cool. >> my dad is 92. yeah. my mom is 86 and it was great. they've never thought -- they've been many times, but they never thought they'd be able to go back and luckily they were able to. they're very fit and it was wonderful. it was very moving and i hadn't been there for 50 years. so i was there when i was 12, yes. >> wow. that's amazing. so did you know your grandparents? did you learn anything new about your family while you were there? >> i didn't really learn anything new. i just got to meet more of them and it was really just quite beautiful. the thing i did learn was i was able to go to my -- so both of them are from c alabria meaning both sets of grandparents. i was able to go to marci where my grandfather was from. i've been where my mother's family is from and that was really exciting to sort of

morgan stanley names it a top pick in i.t.ardware given what the firm says are greater insulations during a downturn. their sector view is not positive by any means. >> no, and you know, hp in particular, oh, my but the idea that -- look, i say, own it, don't trade apple but i would never say it's defensive. i would never say that in the end, it's tech. tech is not doing well david, there are some things going on in china that no one really understands there was a chinese company, semiconductor company, that apple was going to use, and they're not. and china remains just a tremendous sore point for everybody. i just don't know if there's any business going on in china do you know that the american executives, we're hearing, are -- you either have to choose to be a citizen or go? so, i think that apple -- i like apple. it's fine. it's fine. and own it, don't trade it, but apple freezes plan to use china's ymtc i don't want to see -- you can't have apple lose china. >> no, it's, what, 13, 14% what's the percentage? around that,

morgan stanley this is another one that we own for the travel trust and we got slammed today.he market overreacted i think there is a lot of knit picking. i can give another alternative for every line that was bad but a tough time to be an investment bank when you spent years pivoting toward as more consistent asset management based business model and really investment banking is a much smaller part of the operation. they reported a revenue short fall that was bad social security business includes investment banking and trading, awful their wealth management business came in worse than expected, too. while morgan stanley's net interest was up 22%, i like that, it's a much smaller piece of the pie for them than for, say, j.p. morgan or wells fargo. this was indeed a rough quarter. i think morgan stanley can eventually thrive once the market is out but until then, you got to be patient in this one. we keep holding it for the travel trust because we like the generous dividend that yields 4.1% and the big buy back, the biggest of all these we would have sold it a long time ago if

you brought up the mafia and the corruption, stanley.ow are they dealing with that? >> well, they deal with it in any way that -- in any way that they can. they do their best. they have started sort of cooperatives where they join together whether they're restauranteurs or farmers or whatever and they speak out as soon as there is a threat. they will speak out publicly about what is happening to them, and that has a tendency to shut things down, which is good. >> yeah, that's very good. so tell us where else that you are going to allow us to accompany you this season, some of the highlights of these trips. >> well, we went to calabria, we went to sardinia and we went to laguria. >> and favorite? favorites? >> well, sardinia was fascinating to me. it's like going back to italy 30 years ago burks in a good way, not in sort of like they don't have telephones or anything. i mean, it was kind of -- it was kind of amaziamazing. the food is extraordinary. and it's very much a land of contradictions because, you know, this is this island, the bi

we're going to talk about all of that with lisa shalett of morgan stanley.ast week's big moves now selling around 4% as the fomc plans to meet tomorrow and come out with the decision on wednesday. the bloomberg index higher for a third day. it is strong against all major currencies except the brazil royale. stocks up 1.4%. the former president is now the new president. does that matter at all or do investors only care about a peaceful transfer of power? we're going to check in at sao paulo for more. jon: looking forward to that. in terms of individual stock performers today, certainly the technology group has been lagging. within that group, some commentary on semiconductors off about 7% right now. a somewhat mixed outlook. that was the market reaction. we just got that update the ap report about a possible windfall tax on energy producers. there has been so much for the energy investor to digest on this monday, including the price of oil itself. we have seen some choppy trading in the names like phillips 66. it is one of the names we will be watching on ear

look at the banks here morgan stanley suffering its worst day since june after third quarter profits missed. we do have it down nearly 5% at the moment to $75.43. you see jpmorgan and wells fargo higher by two-3% a piece here. the real strength for morgan and that be investment banking has steadily worsened this year, so that's the problem with morgan but remember, jpmorgan and wells fargo beat their profits did drop from the year ago period. why are the banks not capturing what should be the crest of a wave courtesy of higher interest rates to charge more on their loans? we have rbc top banking analyst gerard cassidy coming up but first let's show you rates. bond land is showing serious bend here folks the 10 year treasury yield look at this up six basis points at 4% right now if it closes here that be the first close above 4% in 14 years. flip it over to the two year. two year yield this is the shorter dated duration here two year yield hit 4.5% right there right now that is a fresh 15 year high and by the way, the yield curve inversion, that's the gap between the two and 10 year a

aaron, i guess i say congratulations on the morgan stanley call it's great to talk to you.d luck this week, thanks for the time >> thanks, man, appreciate it. >>> meantime, some comments from new york fed president john williams hitting the tape. williams saying tighter monetary policy has begun to cool demand and reduce inflation nar pres pressures. inflation could fall to 3% next year and close to the 2% target in the next few years. let's check the market, dow just off the session highs up 868 s&p still a stone's throw from 3,700. still to come, john kilduff will join us. we'll talk about the surge in oil. first though, today's stealth mover could be a real treat for investors. we're going to reveal that name next check out some of today's top searched tickers on cnbc.com the ten-year treurishe tasy top spot followed by tesla, apple, the two-year and the s&p upworkg process is fast and flexible. behold... all that talent! ♪ this is how we work now ♪ wait, i don't do tai chi. i don't do most of the things you see in medicare health insurance commercials. cut! all the ads

morgan stanley is the loser today, down5%. wells fargo one of the winners, up 3%. we'll talk to the cfo in a first on cnbc interview in just a moment from now. also the man at the center of the big deal news. ceo rodney mcmullen is here to tell us about his $24.6 billion agreement to buy albertson let's break down the reversal in the markets are our senior markets commentator mike santoli and his dashboard. we're not giving back all the gains from yesterday. >> no. >> but still, it's an ugly turn. >> high compression and high emotion market and when you have the moves that shuttle from low to high in a hurry like we saw yesterday, it shows you it's kind of a quick money easy come and then, you know, kind of quick to discourse i'm not saying it's all mechanical and technical but that's a certain element of t.yesterday ehlo in the s&p 500 was 3500 so we're above 100 s&p points above where we were and 200 points from yesterday morning's low to this morning's high and now we've given back, you know, let's call it a third of what was gained, so it's not comfortable, but

there's been some questions, as there have been all along, about morgan stanley, right?eading this $13 billion financing. the bank's face -- depends on your math. all the banks, seven or more banks, could face as much as $850 million loss as a result of where rates are now, and the flex that they have and the financing they offered, and the fact that they obviously will not be able to sell it down at that rate. but nobody i've spoken to at this point indicates in any way that those banks are not ready to step up to their commitment now, you call james gorman and morgan stanley, and so far, he hasn't called me back. he would say nothing there either he was on with you last week >> yes, and i asked him. he goes, you know, i'm doing my job. >> jim, we're still sitting here waiting for something from the court. the deposition that we've all been led to believe at this point, and obviously, i don't speak directly to elon musk, was frightful for him, because it's the only real thing you can look at and say, what caused this it has been delayed, but it may be as little as a day

worse than the overall s&p 500 and as for earnings expectations, morgan stanley's bank analyst says strap in for a rocky ride joining us now, the analyst behind that report it's good to talk to you don't hear from you that often so what do you mean? roc rocky ride what are these earnings going to look like? >> thanks, sara. happy to be on the show. appreciate it. the reason for that title has to do that there will be pushes and pulls in the earnings. on the positive side, we have net interest income improving because of rate hikes. but on the other hand, we have pressure in fees we have pressure in expenses and we have pressure in credit quality. not really aggressive at this stage, but we do see pressure in credit quality building and we think we'll start hearing about that this quarter. >> clearly, the market's been worried about the turn in the credit cycle my question is how much of that bad news stuff is already in the valuation? >> right so on the consumer finance side of the stocks that i cover, it's more priced in you've got stocks trading in the consumer finance league we c

morgan stanley just releasing results. details. >> just digging through these numbers here, it appears to be a miss on both the top and bottom lines. they reported net revenue of 13 billion. the street was expecting 13.3. eps came in at 147 that was shy of about two cents compared to analyst estimates. revenue for this firm has beaten consensus 16 out of the past 20 quarters a rare miss for morgan stanley you can see shares ticking down slightly there digging into their individual businesses, this firm stands, they have half in wealth management now, half in banking. wealth management added 65 billion in net new assets which is a bright spot mirrored with what we saw yesterday. they also purchased $2.6 billion worth of shares during the quarter. investment banking revenue down 55% from a year ago. no surprise there due to lower levels of completed m&a transactions underwriting volumes, ipos have been basically nonexistent throughout the course of the year net revenues were down 14%, that's been expected although it slightl

stanley 100 plus first quarter, that is, the first of next year 100 plus guaranteed gonzah also 100 plus. here is yubis, we take the forecast there 110 and implement it, guys, 10 will be back in minutes. i was taken to the team for a specific stop. i had to influence the results. if someone finds out at least something, what are you kittens today at 21:20 on the russia channel, this is lena and she has just found her dream apartment, completed all the necessary documents for the purchase. and now she became the owner of the apartment in a nine-story building near the park, because an apartment is now being bought for maguru. the weather is great, let's go to the park. yes, something hurts the joints to the rain from pain in the joints make-up, long yellow local, analgesic, inflammatory and anti-edematous action. although every day we will walk, of course, cream, long for a long time. enough german quality at an affordable price care from pyaterochka discounts for you small cake 1390

morgan stanley had the weakest of that business.iggest drop in that business that you saw of the big five firms that tend to compete in the space. consumer. this is one of the most memorable goldman has ever had. investors are listening, rivals are listening, employees are listening because you are listening to him talk about what he calls a purposeful shift in the consumer banking business. the relationship with apple extended and amended. the vine for deposits still meaningful for the bank. the fact this is not a profitable part of the firm. he does say it is that money-losing business but does not say by how much. what he tells investors, it will keep the bank on target for its targets. that means you have to look for where the efficiencies are elsewhere. i will be speaking to him and about 10 minutes and i will let you know. alix: i am looking forward to that. thank you. appreciate it. she pointed out earlier 10 times the high yield -- this year. for more, chris kotowski joins us now. he personally owns the stock. let's start wi

now you need the performance to from behind that i'm maintaining my position in morgan stanley and bankamerica. looking elsewhere outside the banks to get exposure. looking at insurance companies like met life and also have my eye on berkshire hath away that would probably be the one name to financials i would add in the coming week >> both getting downgraded today by atlantic equities shannon, over to you you have a lot of exposure jp morgan down 2.5% right now. black rock down about 1.5% >> if you think about making sure we position ourselves in areas continue to grow as more and more retail investors frankly retire and rollover their assets onto their platform, black rock a leader in asset management, really offering a complex and deep set of solutions so from our viewpoint, you know, financials always kind of kick off earnings season, i think but, you know, for us looking at our financial exposure we can pull several levers, and we can see, you know, some transparency in terms of those being able to grow even against some of the headwinds that joe so susingtly described just now twi

morgan stanley and wells fargo calls are under way right now.n's ended about 45 minutes or so ago. so far both calls with regard to jpmorgan and morgan stanley, their q&a em ck encompassing die morgan stanley said the highest inflation in 40 years meant, quote, the fed had to move >> my opinion is they moved late but they moved they're going to keep moving you know, rates are now around 3% they're probably going to go mid-4s that remains to be determined. with that there will be consequences so far we haven't seen clarity around inflation abating my gut is that we will see that clarity and it will be more evident certainly by the middle of next year and i think the fed will be successful in this journey. that's a gut from all the numbers i'm looking at but doesn't mean i'm going to be right. >> and jpmorgan's call last hour jamie dimon spoke about how inflation will sdmreet consumer checking accounts bit middle of next year, which would strain future numbers noting his probability is tied to a soft landing versus something more adverse haven't c

next week big friday, banks, morgan stanley, citi, jpmorgan, wells fargo. what do you think in a phrase or two? >> i'm calling it super friday i think we know that all of these companies are going to benefit from higher net interest income, net interest margin, that's because of interest rates but then you're going to see very mixed results in investment banking and sales and trading and mortgages. so i think the companies that will benefit from higher rates plus a good expense management, i think they are going to act better out of the four names, morgan stanley, citi, jpmorgan, and wells, i prefer wells into the print s print. >> thanks very much, stephanie link. >>> shares of credit suisse have rebounded after falling sharply on word the company is trying to reassure investors and employees about its financial position leslie picker has been following this story very closely. she joins us now with the latest leslie >> hey, tyler. quite a volatility name, credit suisse executives seeking to dispel this notion that took fire on social plat fforms over the

look at morgan stanley down almost 5% on an earnings report that went the opposite direction. leslie picker tells us why the divide, what the results tell us about the health of these banks and, i don't know, leslie, what does this say about the looming threat of recession? >> oh, yeah, the "r" word was on display today especially on the earnings calls, but as you mentioned, jpmorgan, citi and wells fargo, able to notch beats in the third quarter thanks in part to rate hikes driving boosts in so-called net interest income a profitability metric defined as revenue from loan making minus what banks pay out for deposits for the most part those ni, figures and guidance came in better than expected for firms more exposed to volatile markets and investment banking like morgan stanley the quarter was tougher because of their business mix morgan stanley posting a miss and declining top and bottom lines thanks in part to a slump in investment banking and muted equities trading in particular recession as i mentioned top of mind for the bank executives who spoke on the calls today here's

>>> stanley tucci is back with a all-new season ?tock fish, chintnova style. it is similar to the baclava and tomato juice i grew up with. >> see. >> >> thank you for joining me. and i'm excited. the first episode, you are going to kalabria, which is the birthplace of your grandparents. what was at that like? >> it was very exciting. my parents were able to come with me. my dad is 92 they never thought they would be able to go back. it was wonderful. it was great. moving, and i hadn't been there for 50 years. i was there when i was 12. . >> did you know your grandparents. did you learn anything new while you were there? >> i didn't learn anything new. i got to learn more of them. really, it was just quite beautiful. both are from calabria. i never been there before. >> and it was exciting to wander around the town, as my dad tried to find the house that my grandfather grew up in. we don't know if we found. it was really, moving. the whole thing was moving, to be with my mom's family. >> of course. >> again and you know, to sort of ma

. >> i'm stanley tucci. i'm italian on both sides, and i'm traveling across italy to discover how the food in each of this country's 20 regions is as unique as the people and their past. caught between a rock and the sea, the calabrese are notoriously tough. >> but this is a place where southern hospitality is a way of life. >> oh, my gosh, look at the size of it. >> you should open a restaurant. >> and in this poor region -- >> all right. >> -- every meal is a celebration. >> oh, wow. there's like a million different flavors in there. ♪ >>> calabria sits in the toe of the boot of italy, connected to basilicata in the north and separated from sicily in the south only by the narrow strait of messina. it's a region of rugged landscapes, dramatic mountain ranges, and some 500 miles of incredible coastline. >> it doesn't have that infrastructure. it's still a lot of abandoned buildings, a lot of poverty, a lot of corruption. it's really unfortunate because it is magnificent. >> like millions of calabrians, all f

that's not been the case at morgan stanley, and brian monaghan has been very positive.s has, by the way, larry fink, who's under pressure at blackrock but is that because he's too green if you're going to pull a billion, because he's too green, let me tell you, you're giving him a hundred billion because he's not too green he has been saying, i think what the policy of the country has become, which is, we have to go brown to green slowly so we don't become germany >> that's the wrong black -- we're talking blackrock, guys, in the control room. that is a great alternative asset manager, blackstone, that i'm happy to talk about. but here, we're talking about blackrock. it's been interesting to see, this gentleman comes on "squawk box" all the time, raising a lot of money, what is it, stribe or something like that, with the anti-esg platform. there is a real battle going on here you have a number of states that are now wanting to withdraw funds from anyone who's following an esg >> i think that going into larry fink and his -- it's so wrong-headed mr. fink has thought more

. >> i'm stanley tucci. i'm fascinated by my italian heritage, so i'm traveling across italy to discover how the food in each of this country's 20 regions is as unique as the people and their past. >> you really want it to be like that? >> need to be like this. >> despite being such a fertile region, puglia is also one of italy's poorest. >> it was nicknamed the shame of italy. >> located in the south, a place the italians call il mezzogiorno, or high noon, because of the intensity of the midday sun, poverty and hardship are very much a recent memory in this part of the world. >> get out of here. >> but today, puglia is coming into its own. there's a newfound sense of pride for its gastronomic roots. >> is this lung? >> it's a lung. >> and an appreciation for its rugged landscape. >> this is what farmers do, like caressing their children. >> so i want to find out how this region has seemingly gone from rags to riches. >> this is poverty and nobility. >> history in a bite. >> and turned its humblest ingredien

take a look. ♪ >> stanley tucci is back in italy.different flavors. >> are they as good as mine? >> i'm not answering that question. >> man, incredible. amazing. wow, wow, wow. >> the food is amazing. look at that. wow. come on! that is [ bleep ] amazing. ♪ ♪ >> stanley tucci searching for italy, new season premiers tomorrow at 9:00 on cnn. >> you can stop filming. we are just going to eat. >> the all-new season of the emmy award-winning "stanley tucci: searching for italy" premiers tomorrow night at 9:00 on c.j. we'll be right back. moving his money into his investmentnt account in real time and that's... how you collect coinins. your money never stops working fofor you with merrill, a a bank of america company. what's the #1 retinol brand used most by dermatologists? it's neutrogena® rapid wrinkle repair® smooths the look of fine lines in 1-week, deep wrinkles in 4. so you can kiss wrinklesoodbye! neutrogena® u won't take a time-out. one dose of ubrelvy quickly stops migraine in its tracks within 2 hours. do not take with strong cy

. ♪ ♪ i am vince lumia, head of field management at morgan stanley.ement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable things a financial advisor could provide to a family. i am vince lumia and we are morgan stanley. the new subway series menu. the greatest sandwich roster ever assembled. tony, the new outlaw's got double pepper jack and juicy steak. let's get some more analysis on that, chuck. mmm. pepper jack. tender steak. very insightful, guys. the new subway series. what's your pick? uvalde massacre. a texas state trooper has been fired. the public safety department won't say why they let go of juan mal

charles stanley: you can have a strong body and have a weak life.e a strong life and a weak body. or you can have a strong life and a strong body. all of us know what constitutes a strong body, but what constitutes a strong life?

okay that's a gigantic position as well as morgan stanley for our -- the charitable trust. why? well, because we think that banks whether it be morgan stanley which is a gatherer or wells fargo can do terrific. make deposits and j.p. morgan does everything everywhere, same thing. banks are tricky rates hikes but with employment red hot, grprogressively this cn do higher with better rates. club knows we'll give total break downs of every one of these and better break downs than you get from anybody on wall street. we'll get the best from the health insurer, which is united health this is a machine that almost never misses i prefer human thata now. it might pull back on less than a perfect quarter. i want you to think about this the real pain in this market has been in technology and the worst areas of tech are pc and gaming. unfortunately, these are very large subsectors when will amd and nvidia come back i was asked that all week. is it time to dig into the non-p.c. tech stocks or maybe the down and out retailers or the beaten up industrials? after this week, no, no, after these

. >> i am stanley tucci. i am italian on both sides. discovering how the foods in each of these -- is unique as the people in the past. >> how are you? good. >> surrounded by wetland. these beepers are hunters and gatherers. >> that is perfectly balanced. wow. wow. >> vc -- the c brought him to the -- ♪ ♪ >> venice is the capital of the -- region. it is flat, versatile and damp. sheltered in the west by the dolomites, and in the east, by the -- sea. 117 islands sit in the salty back, the lagoon. venice is the largest. no food is grown here. it all comes in from the outside. ♪ ♪ i want to eat what venetians eat in the places they go to eat it in. a friend from here says i can do it just two minutes from the bridge. >> let's go. >> my target is a wine bar, open for breakfast. okay, first north, once full of wine warehouses. great priorities. take a right, and you are in a maze of alleyways. ♪ ♪ it would be easy to lose the way, but the rialto area is the fish market district. i could be hallucinating, but with my mouth the watering? ♪ ♪ >

stanley sending shares of gm lower. we've got the details next don't go anywhere. ending shares. details next don't go anywhere. i traded my taxicab for a food truck and a dream. i'm larry villalobos, owner of cachapas y mas, bringing venezuelan flavors to new york. people love our yoyos and cachapas. we've become a foodie destination. larry doesn't just create mouthwatering dishes; he creates opportunities. small businesses like larry's open doors for neighborhoods to thrive. support your community. support small business. >>> consumer discretionary lower today along with the broader markets. xly in negative territory led lower by three holdings, amazon, home depot and tesla, which is now down double digits over that period two other names in the auto group to watch today ford and gm moving lower featured in a new note from morgan stanley's adam jonas. >> a valuation call from adam jonas. he's upgrading ford from equal weight to overweight it's valuation that's driving this as you take a look at shares of ford, keep in mind it was at 15 bucks, a little over 15 bucks at the begin

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morgan stanley earnings are out.ngeles on it. >> morgan stanley reporting a beat on eps. $1.53 versus the expectation of $1.49 but the revenue was a little light. 12.99 billion. and the street was expecting a little bit over 13 billion. so you can see with the jp morgan numbers being positive the way they were earlier, morgan stanley trading slightly lower at the moment and of course we'll be back with citi earnings at the top of the hour. maria: i mean, the stock is moving fractionally here. i want to point out that for the most part, jackie, we've been getting some pretty good numbers on the banks. right? i mean, you look at the jp morgan quarter, better headlines, credit provisions higher than expected. nim higher. you also saw that in wells fa fargo. pretty good on some of these numbers although morgan seems to be one of the weak spots here. >> yeah. i think, maria, the market is going to be looking at these earnings but also understanding they're they're backward looking at like some of the other data we're gett

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susan: we're back up above 140 and earnings later on this month on the 28th, morgan stanley says appler top pick in a recession and the device intro coming and ipad pro and it's over a billion iphone users call the install base and cash costs $200 billion, which by the way is worth more than 90% of the s&p 500 so morgan stanley, which by the way is one of the top apple analysts on the street and where the $177 in their view is upside of 28%. it kind of makes sense too. you know how the mentality works on the bear market and they sell their favorite stocks last. that's kind of what's happening with apple. that's why it's more insulated than other stocks and down around 20% or so and in some ways outperformance compare to do the rest of the sector. stu: thinking about it now. susan: some would say cheap at roughly 25 times or 30 at its peak. stu: works for me. caught the story about mastercard getting involved with crypto. i got it. does anybody buy anything with -- do you buy pizza with crypto these days or a car? nobody does. susan: not yet. not for transactions and bitcoin is like a d

the economy turns and for jamie dimon for a place with recession in the next 12 months and morgan stanley missing on earnings and the investment bank navigates a difficult and uncertain environment they say. you have to remember that morgan stanley could stand to lose hundreds of millions of dollars on the financing loans that they're underwriting and that elon musk twitter takeover. things are not going the right direction and wells forgo making more money thanks to rates going up and more than $2 billion in costs and charges and past scandals at wells and fake accounts a number of years ago and the citi profit dropped by a quarter sales to beat and fixed income trading missing for citi group and this is a play since it's the worst performer amongst u.s. banks this year. that stock is down by almost 30%. ashley: all right, bit of a mixed bag. susan, thank you very much. take a look at futures and as we say, pointing again to a higher beginning at the start of the session, dow up 265 points now in the premarket. let's bring in kenny p p pulkarr good friend and how much it the banks puttin

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nice to meet you. >> hello. >> welcome, stanley. >> thank you. thanks for having me. the best this region has to offer. are we going to eat? >> yes, we can go outside, if you want, yeah. >> let's go outside. come on, let's go out. let's go out. >> okay. >> with views like these, you have to eat outside. what do we have? this is a -- oh, you're speaking french. all right, go ahead. >> this one is lard d'arnad. >> yeah. thank you. >> grazie. >> look at that, how beautiful that is. so this region, there are basically three different languages. >> but i think most of the population of our region is consider themself italian. >> italian. >> it's strange because we never see in the other side of the mountain, but we know who are in the other side. >> and if there's one dish that valle d'aosta's close neighbors are famous for its fondue. on this side of the mountains, it's call funduta. and over here, they make it a little differently. yeah. >> the difference between, for example, switzerland and france, they have fonduta with different cheese in france. >> what do they use?