morgan stanley is up there with them the reputation is not damaged. >> morgan stanley made changes goldman did not. right? as a result, morgan stanley is more diversified they did a lot of -- you're right. they did a lot of m&a. you get capital markets and if you believe it's troughing, which i do, you can own goldman sachs. it's cheap enough. you get that with morgan stanley and wealth management which also is probably in the troughing area >> goldman would tell you -- >> their returns are far superior than goldman sachs. goldman sachs expects to get to 15% rotce. morgan stanley is already at 15%. their goal is 20%. they're much better -- they're a better -- >> a bigger player in wealth management a year from now than today? >> they're not going to be close to morgan stanley. >> i don't see how they could. >> just go back to what worked for them which is catering to the elite whether it's consumer or corporations. you're right, steph. morgan stanley has won that broader game but the consumer business was never a good idea. they didn't execute on it well. >> they are leaning into asset man

morgan stanley up 60%, goldman sachs up 450%.he rest of them, jpmorgan, citi, bank of america, they're flat prepandemic they've done a good job. this is a step in the right direction. more needs to get done >> i mentioned mayo. i want you to hear what mike mayo thought about investor day. he talked about the challenges they're facing. >> they did have a terrible fourth quarter they are likely to miss their targets this year and next i personally asked a lot of questions around that. but, you know, just like in sports, as in wall street, winning cures all. if they can get to their targets, then all this other stuff will just be noise >> one of their targets, joe, is to, you know, grow their asset management biusiness, which is the reason you're bull irk on morgan stanley over goldman sachs. that's the stock you choose in the group. >> of course and i've wanted for years -- everyone wants the asset management, the wealth management business right now. it's so incredibly important you're seeing a lot of the big players going out and

do you agree with morgan stanley that the risk premium is in the death zone? that's a fairly dramatic statement, isn't it? >> i've been pretty skeptical that the relative resilience of equities can continue. one of the building blocks for that has been that the u.s. economy, and a lot of economies as well, have ended up being surprisingly strong after four percentage points plus of rate hikes. and so far, too, part of the problem for bonds is that resilience is extending. you look at the services pmi overnight. the problem is that means the fed is going to go higher than anybody expected. it's going to stay there for longer than people expect, until it is sure inflation is back in the bottle. for the moment, the economy is giving it a number of green lights. go for it. take rates as high as you think you need to, because the economy is not rolling over yet. now the difficulty of equities is that you have bond yields popping up. so that magic, or not so magic, 4% level. that means equities need to factor that in to their discount levels. that is what is causing

morgan stanley clear decided to get out front. jonathan: cpi will get the attention but retail sales will be interesting because the take away is that this economy is far more resilient and we thought it was 12 months ago and will we see any cracks in things with the consumer retail sales? lisa: the mastercard consumer spending survey and also a bank of america survey, the result is they are all spending tons and re-accelerating purchasing and have purchasing power and are willing to use it and it does not speak to the slowdown or lack in momentum. jonathan: no landing is something i've heard so much about. loosely defined and we are trying to define that more clearly in the coming weeks. tom: there are three schools, rates are going higher, is over, disinflation, and back to this no landing, strange economy take your pick. jonathan: price action has been more surprising that economic data so far. tom: mine was the ad agency of where they move back in. jonathan: unchanged on the s&p 500. more to come out just around the corner. le

which it has lived for years i think so >> do you like it better than goldman or morgan stanley?ht have a double here >> glad i asked that question. thank you. joe? >> i will reiterate on uber, also 1:00, big ten-year treasury auction. >> you're buying uber. that does it for us. we'll see you in a few hours "the exchange" is right now. hi, everybody. i'm kelly evans. here is what is ahead this hour. time to play offense that's the big argument today from one of our guests but how long can that strategy work when the economy is slowing? we'll ask. and all eyes on disney ahead of their results tonight. what is the plan now we'll ask one of the biggest bulls on the street what he does and doesn't want to hear and why he thinks the stock should rally 40%. and when investors are getting ai a solid d, we have an e

we got economic warnings from home depot and walmart and a report from morgan stanley that us stocksave entered the death zone. that doesn't sound good. one of my least favorite zones. i spoke with mike wilson, the chief investment officer of morgan stanley, that is a mountain metaphor. stock prices look too high relative to the yields on bonds. he doesn't think bond yields will come down anytime soon and earnings estimates are too high. put it together, us stocks could fall 25% in the first half of this year before rebounding later in the year. on friday, the personal consumption expenditures price index, that is the preferred inflation measure. it rose a little bit. whether or not you believe stocks were on the death zone consumers were stuck in this sticky inflation district. that's not a mountaineering term. jack otter: you could find a bear that says death zone type things. what does an investor do? jack hough: stick with healthcare and stables, there's a fresh money purchase list on the short side but some names include coca-cola and verizon. i spoke with alistair pindar, he sa

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former chair of morgan stanley asia and is out with a new book called "accidental conflict.good to have you back on i look forward to reading the book it does feel whatever these objects are, one was a balloon we don't know what the others are and we don't know where they came from. a lot of talk about china. whatever it feels like we're creeping down a bad road with our largest competitor and adversary what's your take >> well, first of all, brian, happy valentine's day do you i would be remiss if i didn't offer that >> thank you >> it feels like early stages of the second cold war. i'm reminded when the former soviet union shot down the u2 spy plane in 1960 which ushered in the most dangerous part of that cold war. the rhetoric escalating on both sides from the u.s. and china with denials and allegations going back and forth and breakdown of communication is -- has all of the trappings of the very worrisome escalation in conflict between, yes, our largest trading partner and the world's second super power look, in the last five years, we have gone from trade war to tech wa

stephen stanley of santander. mike mckee is our now castor. tom: road trip to stanley to spain.us. jonathan: that works great. lisa: happy valentine's day. tom: let's go to mike mckee. is there any value to this madness as we are six minutes and 25 seconds away? mike: not really. some investors making an investment decision might think so but to follow up to what stephen was saying, they teach you in economics school that you give a date or number but you do not combine the two. [laughter] tom: but these revisions are serious. we have great respect for what you are doing and the rest of it. not casting is like betting on the super bowl. the chiefs, do they have a chance? mike: any political poll is a snapshot of the day people were asked. it does not tell you what they are going to think down the road. we look at the atlanta fed gdp number all the time. given the data they have, in january, we don't have any data but they still put out a now cast. jonathan: what will you look for immediately? mike: we will look to see what energy prices did because that was probably something th

>> the morgan stanley chart booked today takes a look at overall household balance sheets they have come given what's happened to equities and housing values but still, way ahead of where we were pre-covid, going back even a little bit further than that and that's the cushion that people are counting on you know, if, in fact, the labor market softens, there's still going to be something left in the nest egg at the average household. >> which is the problem for the fed. and then there's the citi note that currently caught our attention today, expecting a less hard landing. a story there, they expect global growth to slow at a roughly 2.2% pace. it's a quarter of a percent up from projections last year it's basically been what the market is telling you. i hate the no-landing scenario, but -- because i don't really know what it means, but the idea is it's a less-hard landing scenario and that's what citi is expecting and a lot of the economies are now expecting and what the market has been saying. >> in fact, joining us this morning with more on that note is, in fact, citi's global chief ec

i have been researching stanley works. this is black and decker, and we have not bought it yet why not? because i said to myself, i want to buy it under 80 i can probably buy it there. i don't know if i am in wilson's camp, wieeiss's camp. >> you asked if i would be going down 20%, and -- it is a bear market or do we need to redefine bull market, and that might be what we need to do if we are not visiting the october -- was it the lows, and we have been crawling out of that hole, but if we define bull market for what we experienced for the last ten years, which is raw, raw, raw, party, and then we don't have a bull market, and maybe the bull market is not down that much or slowly creeping up with bullbacks we need to look for idiosyncratic positions. you can be patient and wait. >> you answered my question that gets more to the heart of what we're talking about, whether it's time to start fading what's led you here, right. wilson goes there, too, right? tech that's what i am eluding to. he says it has been broadly disappoi

-powered search is five times more, according to morgan stanley, for alphabet.e're going to be faced with higher costs, and are we going to get the revenue to offset that from ads? there's a transitional period here are we in that period? >> the question is, penalty to the stock is saying, okay, costs will be higher or they'll lose share or both, but this idea, this hype around a.i., as if a.i. did not exist at all in google or anything else, i mean, if you think about google search, image search, things like that, that's all a.i. we have this giant catchall phrase that is worth billions of dollars. i agree with you that microsoft was just way overhyped, came back in. google did not at all. you know, i like it. i think that a lot of fear is priced in. i think we're going to have a lot more clarity on some other issues that face alphabet before that, including we have 230 coming up whenever the court decides to rule on that, and we have semantic trust, so those weigh on it. so, you know, it's big position for me i still like it. i think we're not going to get som

stanley in the past. but i think whether that's going to be the future and, you know, we'll have to wait and see goldman can get back into that business and crush it. i think the consumer business was a distraction, totally off brand from what i know about goldman, and if they were going to do it they needed today it at a higher and prestigious level than they did. >> did you hint you don't think we should, you know, take it to the bank the idea that wealth management is the future for goldman? >> i don't think it's the only thing that's going to bail them out here they need to do more than that goldman could get into wealth management and do better at it than just about anybody else, but then what happens within, you know, other things become more important and the investment banking business comes back they can't get rid of the core businesses and the things that make this organization great, while they try to figure out ways to increase revenue in a tight marketplace. you have to -- your strategy has t

. >> i was going to say, some of the more short-term certainly survey work, i know morgan stanley thisk did a piece on what they call the worry-free chinese consumer who basically say, we have no concerns about our household finances they think real private consumption goes up 9% plus. but you're saying, even if that does happen t will be short-lived? >> short i mean, structurally there's been talk for years and years about this structural transition from investment-led economy to consumption-led economy. yes, you've seen less investment but there's been nothing done to structurally incentivize to empower consumers in china you'll have a better quarterly number going forward because you'll come off all these lockdown and draconian covid zero controls. so it will look better in the coming quarters but you're not changing the dynamics of china households are suppressed, private sector is suppressed in order to benefit the state and china's economic model so going forward you have no real change in the forward projection chinese consumption has always been weak and will continue to be wea

tom: let's go to mere mortals like stephen stanley at morgan stanley. or steven ricchiuto.e answer is this is january data we are wrapping up the end of february and all anybody cares about is where we are march 31. can they make an informed guesstimate now about this present quarter? michael: i do not think you can because there is so much still outstanding and the data we have is just for one month. the fed has until march 22 so there will be a lot of data between now and then that will give us an idea of whether the january strength was the kind of thing that will be maintained or whether it will turn around and whether the inflation numbers are going to ease off or not. it is interesting to see all of the trading in the bond markets. the idea that everybody is moving yields up, that is based on what happened a month ago. tom: the yield revisits where we were the other day. the 10 year and the 395, mi on the 4% watch, i'm not sure? lisa: people have been on the yields at the highest level since 2007. what you make of the fact that economic data has been surprising to the

the rook is already beaten, the second was on h1 stanley very easy mr. can cross mr.n is cheating again. allow me to consider subsequently, two such errors would be much more significant. well, you know that we still have years of our germans from belgium. well, okay. what do you advise me? no way. how's a friend? just in case. once, on a wonderful day. you will just go deaf. what are you back for? robert caught it already at the exit and issued an urgent task. who are you? do you know what? please send me a book. if by some miracle you manage to get rid of me. the same envelope will end up in the lubyanka , just stalingrad is just an unfortunate exception. we will win. it's just a matter of time. who we are your german friends i have no german friends. now it is? mr. burton asked me to make you coffee told you again i had to stay late. thank you thank you, goodbye. good evening again i had to stay late, as usual. so this is for you too. nothing on our military plans for the summer last year we lost all of our german agent. i know i'm talking about other sources. i do

for example, a morgan stanley we predicted 25 basis point move in march. for the u.k., the market was expecting a dovish message from the ecb. the initial read was, this could be a hawkish decision. we had seven moves of 50, and then all of a sudden you get the message that was pretty dovish. i would say the market is catching onto the kind of change in inflection in inflation and labor dynamics in the u.k.. that is what the bank of england wanted to temper. alix: guy was right. guy: that's never happened before. alix: is it the same case when it comes to the ecb? did they say the right thing and are the markets getting this one right? bruna: on the ecb side, the message was they will do another 50 in march. is slightly behind the fed when it comes into restrictive territory. there is a bit more to go. the market reaction looks a bit strange considering they are pre-committing to another 50. the tone of the messaging was not as hawkish as the message given a december when they wanted to make the market aware that they are going to be more aggressive than w

liz: not 3,000 like the morgan stanley guys think? >> no. we don't see a hard landing or severe recession that would take us down to levels like that. i think the thing that was interesting about the target story is they're not going to be raising prices as much this year. when you think of the flip side, that means inflation could come down and and profit margins are going to get squeezed which is one reason why equities are not our favorite class. liz: not the favorite. i'm getting that from scott too. thanks, guys, we'll see you. >>> two of the richest men in the world are diving into the a.i. arms race in an effort or to become arms dealers and capitalize on the hottest tech trend. the cofounder of waze, uri he e screen, up next to tell us what mark zuckerberg and elon musk see in chatgpt and why it may not be as disruptive9 as the two billionaires believe. by the way, the last time uri was here, the segment became one of our most popular ever. uri is back in a fox business exclusive in just a moment. closing bell, 49 minutes away. dow i

we're joined by morgan stanley family wealth advisor george machete, george. thanks for being with us tonight . so the smallest increase yet is this enough? do you think to tamp down high inflation? well, julie, everything's reversed. now. small is big. i mean, if you get hit with higher interest rates because of this 25 basis points raised today, it materially affects you. but it really tells us today when the federal reserve raised the lending rate by 25 basis points that inflation is stubborn. yeah and so their real target is, uh, 5/5 percent. they're not there yet and more can stanley we don't believe that they're going to go there. we think that there's enough signs. there's inflation thing is starting to trend down slowly. so the federal reserve will probably keep the lending rate at about 4.54 point 75 and not have any cutbacks. so this will be all year long, so that won't be easy for people that are borrowing whether their consumers or corporations. george we want to take a look at how wall street responded today. stocks ended the day on the plus side,

what do you get from the morgan stanley client experience?than talking, and a personalized plan ♪ to guide you through a changing world. ♪ the first time your sales reached 100k was also the first time you hit this note... ( screams in joy) save 20% with the lowest transaction fees and keep more of what you make. with a partner that always puts you first. godaddy. tools and support for every small business first. - life is uncertain. everyday pressures can feel overwhelming it's okay to feel stressed, anxious, worried, or frustrated. it's normal. with calhope's free and secure mental health resources, it's easy to get the help you and your loved ones need when you need it the most. call our warm line at (833) 317-4673 or live chat at calhope.org today. >>> so, the kansas city chiefs taking home the super bowl win last night in that comeback victory that came down to the final minutes. fanatics, the e-commerce sports merchandise giant, says kansas city products are on pace to be the second best-selling championship gear ever joining us now, a

what do you get from the morgan stanley client experience?onalized plan ♪ to guide you through a changing world. ♪ lomita feed is 101 years old. when covid hit, we had some challenges. i heard about the payroll tax refund that allowed us to keep the people that have been here taking care of us. learn more at getrefunds.com. the eagle has landed. to keep the people that have been here taking care of us. that's one small step for man... hey, what's up? uh... houston... we have a situation. how did you get here? you're characters in our video game! video game? yeah, it's what we do with xfinity 10g. it's like, you know, the best network imaginable. what the heck is that? those are the bad guys. are they friendly? the 10g network, only from xfinity. one giant leap for mankind. >>> welcome back to "fast money. we have an earnings alert on shopify. the conference call until way, let's get to kate rooney with the latest. >> hey, melissa. 2023, revenue outlook falling short of expectations for the full year shopify's forecasting high teens revenue gr

what about morgan stanley, their reentry into the etf market, why now?is is really important, morgan stanley coming to the market was six etf's. this is their first modern-day entries into the etf industry with their own funds. -- when you think about their other investments, they have 5.5 trillion dollars worth of assets. that is a lot of money that could go into their etf's. in terms of why now, that's a conversation that i had with their global head of etf's. at this point we have $7 trillion worth of assets in u.s. etf's. this came from clients. it's not a conversation about whether it is etf's are mutual funds, this is an either or. they are investing in products for different reasons and this is what their investor base wanted. alix: what kind of etf's do they want? >> it is all esg. they bought a couple of years ago in the acquisition that they got the calvert rent which is a pioneer and esg. it's a legit print to have. it's an interesting time for esg because there has not been a lot of love when you look at the flows. their point is we are comin

now they face another team who they played in the stanley cup final, the stars back in 2020.s, what a year it's been for him. a thousand points going to play in his thousandth game. jamie benn and the dallas stars quietly in first place in

and if it fails to do so, morgan stanley won't be able to do business in china. god forbid anybody from the mba mitt -- mentions -- the nba mentions anyone from hong kong or the uighurs, they are bounced out of the league. if they make a movie about tibet, none of their movies will ever be shown in china. as a result, we are not going to see a movie about to bet or the uighurs. china controls what we see on our screens. and then a little problem with covid, where china's obfuscation and lack of cooperation led to hundreds of thousands of deaths around the world, but most significantly is the millions of jobs that we have lost as we've seen our industry hollowed out. the result is a decline in real wages over the last 30 years of americans without college degrees and the fentanyl crisis as well. all of these offenses deserve a major response, and we cannot limit that response to the response of just this balloon. and like a balloon, we cannot allow this to all blow over. i have five modest proposals. first, we should sell identified weapon system to taiwan, includ

it's you mean yet what that the door breakup with, which inquisitive, gnashing ignatius stanley, i'm a fan, u. s. a . just do not promote that. i don't work with no one just in the more liberal limited i'm with well, you didn't you no problem. this does because you get what she wants to leave it up with some all anything that i will not all down with about that i'm money that i need. oh yeah. i'm just with a a, a y a i got that la. my mom la la la bought it back or maybe a little more tv. a family or maybe keep i am busy down by 3 out of a cloudy sea. come with us. it is a little our love level rose it is it open for them? i didn't know about it, i love it. i learned a lot . and then it was a problem. of course, just look, you don't get done to look to them and knock it down me. ah, ah, what happens when you make digital games with actual physical sport solving like digital? the answer is yes, because on is preparing to host the 1st ever gains of the future, the cyber context, with a physical dimension. one of the innovators you go to study at all is on the verge of redefining sports

charles stanley, reaching the world with the gospel of jesus christ through sound biblical teaching.knowing holy god." dr. charles stanley: what is it about god that causes people to shun him, avoid him, detour around him, distance themselves from him, become angry with him, hostile toward him, and even hate god? how could somebody feel these things when we say that god is a

we've got michael kushner from morgan stanley to join us in a moment. you may do not get both rolling over. perhaps you reintroduce upside inflation risk. tom: -- at j.p. morgan took the fourth quarter up to a 3.1%. i did not see the readjustment. alexander at morgan stanley was here friday with a cautious view on first-quarter economic growth. that is a sudden deceleration. jonathan: the reports on fed funds, they are looking at reports. steve is going to join us in 45 minutes looking for reports, maybe in march. tom: i think it is open to debate. my answer is, they are data-dependent. i need to get to valentine's day. jonathan: that has been your answer for a while. we will talk about waiting to get to valentine's day. lisa: [laughter] jonathan: plans this year? tom: arnaud -- anything from arnaud? jonathan: equity futures down by -- yields higher by seven basis points. 10 year 3.59. euro-dollar 1.069. big turnaround. we have been talking about maybe breaking down through four on a two-year, now back at four. tom: 30,000 feet below the balloon or what

morgan stanley, jpmorgan trade about 1.7 to 1.5 times versus goldman's one. the street is telling you they have always outperformed when it comes to trading i would argue they really had to make a push into that consumer finance business when you look at themultiples, stone, sofi were getting for having a fintech spin, i think they would have been remiss to miss out on that opportunity jpmorgan got the same type of criticism. for all of that revenue that was f forgone. but when things fell out of bed, they came out shining. i think it's a similar story there's an argument to be made they should stick to their core competencies >> part of the article was that some of the choices that led to the downfall choices like doing credit cards out of the gate. doing things like consumer loans out of the gate. and he cited this former credit card executive who went to goldman sachs, a lot of experience in credit card industry read the apple agreement and said who drew this up? we're giving away the store at this point so you've got to wonder, mike, for investor, saul wa

i'm invested for capital markets towards morgan stanley morgan stanley knows who they are and the wealthve been additive to the bottom line. i don't see that as a sell the news event i think you can buy goldman sachs if they're going to message to the investment community they're returning to who they are no one is better at what they do >> guys, let's throw up shares of apple, because there are some interesting headlines that are breaking from "the wall street journal" that i want to call your attention to as we pay attention to that stock. "the wall street journal" is reporting, according to sources, the justice department has, in their words, ramped up work on a potential apple antitrust complaint that justices examining whether apple has favored its own products, focusing on the mobile operating system and studying whether a top antitrust official can work on an apple probe. all of that according to sources from a report by "the wall street journal." but it really goes to the heart of that controversy about third party apps in the app store for apple, joe when you see a headline like

that's what you get from the morgan stanley client experience.g, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ the first time your sales reached 100k was also the first time you hit this note... ( screams in joy) save 20% with the lowest transaction fees and keep more of what you make. with a partner that always puts you first. godaddy. tools and support for every small business first. 92% still active? seems high. seriously? it's just a bike. wait. they make a treadmill with an intuitive speed knob? yeah. want to try? 92% stick with it, so can you. rent a peloton bike or bike+. terms apply. >>> all right, we're back. nvidia surged more than 50% to start the year, helped to drive the recent rebound in the chips space. deutsche bank, though, still slightly cautious on that stock. they say the fundamentals remain challenged shares are fully valued. we've made it our "call of the day. josh, you own it so much optimism around it including from you

i'm not in the morgan stanley cap of s&p 3,000, so on weakness i add to the names that i find are being dislocated on that day that i own, that i like or i want to start to put money in. it's ridiculous to say, okay, i'm going to wait until july 1st to buy stocks because you're going to miss the opportunity to build that portfolio for when they start to take off in july. you want to be there before. you don't want to be chasing it in july when everyone else is trying to chase it. liz: yeah. and, david, equities, are you one of those guys who is waiting? if. >> yeah, equities are still expensive, yes, because they've yet to price in the if lower earnings we've already seen and the lower earnings we will continue to see as the economy goes into recession. so last year the market was being driven by higher inflation and rising interest rates. this year the dreier's going to be recession and lower earnings growth. you just cannot have severe economic consequences from the largest decline in the money supply we've ever seen. that's going to happen this year. i don't think you have to sit out

stay the course we can do 2 more races, but they may morgan stanley. we don't think there will be another race really. i think the whole very, very strong on their lending rate to 4 and a half to 4.7, 5%. that's percentage they charge. thanks for money in the banks course market of test. but if the hold strong on that, which is expensive and that probably not till the end of the early start to discount the rain a little bit. so it's going to be, you know, higher for longer to get this inflation thing down. people still find it, though. they're still spending money. they're saving rates are coming down and a credit card balances are going up. >> so georgia, every week here, we're hearing about more and people in the tech industry laid off. thousands of people laid off over the last 2 weeks is a matter of fact. so what does that do to the broader economy here in our region since we rely have relies so much on tik, how does it affect everybody else? >> layoffs yet put in perspective. okay. the numbers that we're seeing on the screen right now really aren'

. >> another sign of the continuing strength of etfs, morgan stanley getting into the business tony,re an old hand at this they brought you in to shepherd morgan stanley into the etf business and launched your first suite. why now? they're the last big hold-out in the etf space, the last really big firm not in it now you are. what's the reasoning now to get in >> the logic, bob, thank you we launched six etfs from calvert under the brand last wednesday, four indexed, two active and listened to our clients and have institutional investors we serve and financial advisers and they wanted the etf wrapper in the investing methodologies that we manage within morgan stanley so we listen to our clients and work backwards. i will tell you this, bob, it is an active etf platform as we look forward and focused on, you know, the first suite from calvert to begin trading >> we'll talk more about that. i want more from the ri. s and what they're hearing lots of outflows from the mutual funds but there's still big inflows into the etf space this year it just keeps winning year after year but active

with sara eisen on the new york stock exchange dan niles calling for rates to rise to 6% as morgan stanley pushes its first rate cut prediction back to early 2024. >>> bob iger's second first 100 days as ceo. michael nathanweighs in. >>> exclusive with affirm ceo max levchin with shares down 70% over the past year, the company cutting a fifth of its workforce earlier this month. >>> the final day of february ending with a bit of a whimper s&p unchanged. some strength in services and materials. the nasdaq outperforms by just a bit but it has been a down month for stocks the dow leading 4% on the month. investors searching for a turn in sentiment consumer confidence declined again in february. of the 420 companies that reported in the last week, the number of companies lowering guidance doubled the number of those raising. this back drop leading morgan stanley to say they now see the fed delivering the first rate cut in march 2024. previous estimates was for that to happen in december '23. let's bring in cnbc senior markets commentator mike santoli. the cuts get pushed out, but i think consu

what do you get from the morgan stanley client experience?ning more than talking, and a personalized plan ♪ to guide you through a changing world. ♪ the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies? [together] the chookie! manage all your sales from one place with a partner that always puts you first. godaddy. tools and support for every small business first. >>> 3% of our business is large deals, almost $50 million. some people love that. some people don't. i like it because it means we're a little more recession-proof. then you have a tale of two stories, tale of two cities. the average revenue size went from 6.5 to just over $5 million. so it's decreasing it's decreasing for exactly the reason ryan says, because we're doing well in the u.s. most u.s. commercial customers don't buy $50 million contracts. they buy $2, $3 million contracts. i think we'll see a lot more on that. >> after the company posted its first ever profitable quarter, beat on margin, g

. ♪ at morgan stanley, we may seem like a contradiction...and we are. ♪ ♪ at 87 years old, we still see with the wonder of new eyes, ♪ helping you discover untapped possibilities ♪ and relentlessly working with you to make them real. ♪ partnering to unlock new ideas, ♪ to create new legacies, ♪ to research, innovate, collaborate, ♪ and build the way to transform a company, industry, economy, generation. ♪ because grit and vision working in lockstep puts you on the path to your full potential. ♪ >>> welcome back to "fast money. amd surging after yesterday's earnings nvidia coming along for the ride, up more than 7%. semi stocks up more than 22% already this year. karen, how do you feel about the gains? >> kind of frothy. you know, we talked about yesterday when amd reported and it was good. you know, it wasn't the greatest outlook. i thought there was maybe a little bit of conservatism there. why not, right it traded well in the after market, up a couple of bucks this extra seven, i'm not sure why that -- i mean obviously because people think, you know, the fed is going to turn around, t

will walker—arnott from charles stanley, thank you.raine, and since russia started its invasion just under a year ago, the world has unleashed a raft of unprecedented economic sanctions, seeking to cripple the kremlin�*s war machine. led by the us, the eu and other g7 nations, russia's economy has been left isolated with its economy expected to decline of nearly 3.5% in 2022. to what extent though have sanctions been effective in diminishing president putin's war effort? to discuss this i'm joined by yuriy gorodnichenko, professor of economics at the university of california, berkeley. good to have you in the programme. president putin will be giving a speech to his parliament today. he will be talking about what they describe as a special military exercise in ukraine. in your opinion, have the sanctions imposed on russia had an impact? imposed on russia had an imact? , ., _ impact? let me start by making an observation _ impact? let me start by making an observation stop _ impact? let me start by making an observation stop if _ an obs

i find what you on that particular said what stanley said about economic is absolutely correct.hould do as much sovereign stuff we can that makes economic sense . and then makes economic sense. and then beyond obviously we should beyond that, obviously we should go and get where it's cheaper. and i and we agree nuclear, and i and we agree on nuclear, which only easy, which is the only easy, sustainable solution . there we sustainable solution. there we go. like see it ending an go. i like to see it ending an agreement. yeah. it's agreement. yeah yeah. it's always good . i thank you very always good. i thank you very much. good to stanley johnson, citizen of the conservative network and also catt, a physicist and engineer that they're still fighting you with me. i've done that. this is dvd on tv online and on digital radio. coming up, we'll continue with that great british debate this hour , asking is it time to this hour, asking is it time to take back toll of energy and water use is the thoughts of my panel water use is the thoughts of my panel. christine hamilton and also dann

"worldwide exchange" will be right back that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ >>> it is 5:30 a.m. in new york. we are just getting started on "wex." stocking seeking fresh momentum. the one sector that is quietly trucking along. >>> the invasion of ukraine one year on. we dive into the bread basket. >>> and going, going, back to cali elon musk and the california governor looking to the state despite the criticism. it is thursday, february 23rd, 2023 this is "worldwide exchange" on cnbc i'm frank holland. thank you for waking up with us. let's check off the futures. futures in the green s&p up .50%. nasdaq up .30% we want to watch the bond market with the 5-year note at 4.15%. >>> let's turn attention to the state of industrials this market is booming over the last month up 19% one of the trucking names that is booming as investors are trying to figure out if the freight marke

that's what you get from the morgan stanley client experience.ng more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ >>> welcome back time for the "wex wrap-up. the justice pladepartment lookig to block the deal from adobe >>> boeing says there is no safety concern for 7876 dreamliners. >>> and the used carmaker carvana stock down as you see on the chart 92%. >>> flight attendants for jetblue and spirit airlines are divided on the merger. asking officials to block the deal due to anti-trust violations. >>> and warner bros. posting a losses and revenue miss as the industry contends with a soft ad market ceo is forecasting improvement this year. warner bros. discovery down this morning. >>> and the end is near for the family season four of the series "succession" is the last one he wanted fans to know the end is approaching i want to enjoy the new episodes come on. there is a season five >>> gearing up for the trading day ahead, a s

lisa shalett will join us from morgan stanley.there was a direct hit on westminster hall and a window was torn out in 1941. there will be a discussion of war in the same historic call where the funeral was for cream elizabeth. jonathan: this is an interesting time because zelenskyy did all the tours of parliament and at the time, they all got a ton of attention. it is getting less and less attention at the moment. the focus we will be focusing on is how much unity there will be to support this war effort. because his check after check after check. the republican party is looking at more oversight. lisa: especially after reports of malfeasance around leadership in ukraine. how much longer can the eight keep coming when fold to me is saying this is the key time to get ahead of the russian offensive? tom: maria said get out the calendar. like every other war, including world war ii, there is a spring offensive in spring is upon us. jonathan: i can't believe it's been a year. you've seen this a conflict after conflict, the longer it g

we will tell you about it coming up that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ >>> welcome back let's talk interest rates and business markets and best entrepreneurs. i spoke at a conference for tiger 21 a group of high net worth families and business owners and people who built and sold business we spoke with founder and chair michael sonnenfeldt. we talked about the fears and the economic slowdown. >> brian, we have so many mixed signals in the economy some pointing to a 15-year event. on the one hand, 16% of members think we're going into recession. on the other hand, they feel they reduced cash 5% to 10%. if you add private equity and public equity, it adds up to 70%. our members are more heavily invested than anytime in 15 years. how do you be heavily invested and be concerned of recession? >> i'm assuming, michael, these are -- to be an entrepreneur, to be a longer term o

and he himself sees himself as stanley. and that is probably the most spooky thing about now use you mentioned had put in the criticise, germany's promised to sent main battle tanks or to support the ukraine, the leopards. let's listen to what he said and you get a yup. no, no fuck. it is unbelievable. noah, but it is a foreign mia scheme. duncan, we are a gang threatened by german lepper tanks with crosses on this side sort of previously with the way we have not sent our tanks to their border, but we have something to answer with this. and the use of armored vehicles will not be the end of it on yet. yeah. everyone should understand this, sir. those in that at that when you might arkansas in what do you think he means when he says russia might have something to answer with? well is as usual, put in the results to this implicit attempt to threaten with nuclear weapons. i am sure he has been told many times during the last year and we are nearly are a year from the beginning of the full scale invasion that the west will not

morgan stanley 25 cents on the dollar.chs, a lot less, 17 cents on the dollar. how do they get that ratio up? sri: the amazing factor, if you look over five years, if goldman sachs were to make $400 billion in revenue, morgan stanley were to make $350 billion, there still get chance equity investors would value that more because visits -- because it is much more predictable. as much as 2022 was bad, and some was the fact they did so well in 2021 may go against them. tom: i think about sanford bernstein who wrote a black book on goldman sachs, if they did that right now, could they develop the persistency of cash flow of the modern global wall street ship? sri: when you go back to 1999, the goldman sachs ipo prospectus talks about the need for building stability in earnings, talk about how asset management will play a key hold. 25 years later, we are still talking about that. it is about execution. goldman sachs has been trying to do that in the last five years, focusing effort into their asset management business, into bui

mystery chart revealed on "worldwide exchange" when we return that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ rail vision is at the forefront of an evolution in train safety. to guide you through a changing world. using advanced sensors, ai and big data technologies rail vision is taking rail into the future, making it safer and more efficient, reducing railway accidents and downtime saving lives and money. billions of dollars are expected to be invested in rail safety in the coming years. rail vision has the solution today. learn more at rvsvinfo.com. rail vision is at the forefront >>> welcome back a sentiment shift appears to be on wall street a survey shows retail traders are back in full force this time it is not gamestop and hurtz and amc on the shopping list joining me now is caleb silver what shift are you seeing? >> maybe the bulls are running too early. when you look at the aai s

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