how are things going for morgan stanley? things are going fine. there was some over exuberance as to how people are doing. overall theme is only marginally up on the year. we are getting in increased share on that. i don't think this is a significant pick up in activity. erik: can we put a number on it? jamie dimon says sales were up 15%. brian talked about a year and increase. have a crystal ball and the quarters not over yet. it's hard for us to compare ourselves to the fourth quarter of last year. we had a weak fourth-quarter with fixed income. erik: you had a very good third quarter this year. colm: the sense i am hearing seems right. erik: the business should be up about that much? the only reason i press you on exuberance, iover just want to get a sense of what's going on inside your firm. colm: i think business is improving. the degree has been overstated. i think the equity markets are not improving anything like that . we are the number one equity trading house. we see what's going on. mean the dowh you has no business being here 20,000?

including morgan stanley reported $9.5 billion in gaming companies. the proposal may spark a bidding ar for cap corp. activists moving from the hong kong legislature for abuse plan to take their appeal to the city's court. they say they need to raise $200,000 for the hearing and fromdy have 56,000 raise crowdfunding. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. let signal to the markets. afternoon trading getting underway in hong kong and china. it is a mixed markets. a sideline move as we await the fed. this is bloomberg. ♪ emily: i am emily chang in this is "bloomberg technology." another day of records high for u.s. stocks, but tomorrow investors turn their attention to the fed meeting. plus, googles self driving car unit hits the road and gets a new name. we will bring you the details. in a senate fight looms over president-elect trump pick for a prominent diplomat. we will dive into the impact. now to a story we continue to watch. alphabet is announcing it is separ

airbnb's value has tripled since morgan stanley purchased the company. it had to sell off a lot of its stock. it did sell it for lower value than it is now. that is because airbnb got to set the price. emily: as far as your reporting goes on some of these of the country companies we are talking about whether it is dropbox or spotify, doing anything more concrete about their plans and as they are honing in on next year? ex: spotify will come next year. if you look at their last capital raise, it was a convertible debt round where the longer that that round is outstanding, the longer it takes them to exit and convert that debt to equity. more the holders of that security get paid back. bit of a ticking time bomb intended for spotify to go out because the cost of capital for that money goes up over time. we did report dropbox had brought in advisors to consider what 2017 would look like. this becomes a valuation question for them. will they be able to fetch the valuation that they had privately in public markets given where the comparables lightbox are trad

. >> dave, start with you, check comes from the morgan stanley foundation. tell us about that. >> the foundation for over 50 years has been a proud supporter of healthy starts for children and also a solid education. this partnership with the alameda county food bank is an extension with that effort. >> it's a sizable check. $50,000 coming from the foundation. and it's -- thank you very much. that's very generous [ applause ] >> our pleasure. >> it's for a specific cause. it's for children. tell us why. >> yes, sir. so right now one in six children face some type of food insecurity and so for morgan stanley and the foundation our passion is for the children and certainly partnering with feeding america and the food bank all across the country is a way for us to help fight hunger. >> certainly appreciated, juan. i know you can tell us how this is going to be put to use. >> this is incredible. probably provide over 100,000 meals with $50,000. thank you to david and morgan stanley. we serve 16,000 children and families every month. so thank you very much. >> re

morgan stanley put it out the election results were a big positive for the analysts. they said bb&t had less cost savings acquisitions. national penn they snapped up for $1.8 billion. we liked all that stuff on our show. how about bmo? they downgraded bbt after trump's victory. they raised the target from $43 to $45. now it's just under $47. they argue "bbt has run out of catalyst to outperform in the new rate environment." the stock has run up 10% since the election. all i can say is, oops. bb&t is rising another 12%. it's up more than 9% since the downgrade. these guys missed the fact this market is seeing a wholesale what's known as rerating on the financial sector. all the banks are ready to roar in advance of this week's fed meeting. pretty much everyone expects a rate hike that will let the group make even more money. turns out this market doesn't care about nit-picking when it comes to the bull market and financials. this is one powerful move. how about fifth third bank? the ohio-based bank has 1,200 locations in the midwest and southeast. like bbent t got hit

gary: to get some answers chris toomey joining us now from morgan stanley. you and your partner manage $3.5 billion. you are going to be talking to your clients his week and early after the new year and telling them to reflect on what has been a difficult year even for long-term investors. what are you going to tell them? >> if you look at this year, we had two referendums, u.k. and italy which threw out two heads of state. we had 40 different elections. we had a huge election here in the united states. all sorts of concern and pressure on the market. yet we are basally where strategists thought we would be at the independent of the year. we are up 10%. if you want to look at what happened in 2016, you have to look back to 2015. oil prices and china drove 2015. we had a supply side correction. we had a lot of production primarily driven by opec and saudi not cutting. we saw a situation where oil prices dropped below $30. and we saw china initiate a hard landing. they cut back only corruption and lending. they let their currency devalue and that created an in

guy: those comments are supported by morgan stanley's president. the thrust of the reforms have been very good, and he believed there will be little regulatory relief. >> i don't expect much initially. first of all, i don't expect a significant rollback in dodd-frank. if you remember some of the republican alternatives were in many ways just as unpleasant as a prank. you will want a tuning of it consultation. guy: geritol are still with us. it does not have to -- jerry fowler still with us. you change the marginal little bit to give the advantage once again to those that operate in the united states. >> i think you have got to try to understand the rationale of why might they be talking about deregulating banks anyway? it is probably just stopping the progression of regulation which is ongoing for a few years in terms of increased requirements. you are considered systemically important at a certain threshold. what trump wants to do is make mortgages available to more people because at the moment, the credit score you need to get a mortgage is actua

>> i can't afford to shop because i work at morgan stanley. >> we saw earnings. >> you may not work there any more after this. >> i think an aggregate collective market you have to have some exposure in that group. our friend dana, $92 price target on lulu. i like that one better. >> prices are soaring. >> i have no stake in the game but let's get an update in six months. you have to give whoever that is a chance. >> that comment you made you're going to get a race. >> took it to a sell last friday. >> i am a value shopper. >> i understand. >> and i got out earlier so we talked about that a couple weeks earlier. i bought around $40, i sold around $60. i still made money. i never saw a bad day making money. make sure you have your price target and i think you will see some institutional investors getting out between that $70 and $92. >> growth is decelerating rather than accelerating. >> wow. >> how do you do that? judge, it's decelerating, how do you make that claim? >> let me reiterate what i read to you. >> that's a long pause there. >> i may have to play referee. oh, boy. they're going

how are things going for morgan stanley? >> things are going fine. i think there is a bit of exuberance about how well people are doing. if you look at the underlying flows, yes, they have picked up particularly since the election, but the overall fee pool that relates to collector's fees is marginally up on the year. we are getting an increased share of that, particularly in fixed income, but i don't think this is a significant pickup in activity since last quarter. >> you just returned from europe. what did you pick up there? is in a i think europe sad place, low growth broken , banking system. the sad thing about continental europe is that 80% of it is completely the inverse of the u.s. where you have a fiery -- very vibrant capital market. there banks are not capitalized or have not gotten rid of nonperforming loans, they have acted as a drain on liquidity for the economy. there is some real sense of resolve, particularly in italy, to solve the banking issues. unicredit's are involved in this. clients want to buy into the club sector now, they se

how are things going for morgan stanley? >> things are going fine. i think there is over exuberance about how well people are doing. underlying, the flows, yes, they have picked up since the election, but only marginally up on the year. we are getting an increased share of that, particularly fixed income, but i don't think this is a significant pickup and activity since last quarter. >> you just returned from europe. what did you pick up there? >> europe is in a sad place, low growth, broken banking system. 80% of lending and continental europe is inverse the u.s., where we have a vibrant capital market. there banks are not capitalized or have not gotten rid of nonperforming loans, they are a drain on liquidity for the economy. there is some real sense of despair as a result, particularly in italy, to result the banking issues. clients want to buy into the sector and see a way ahead, so you are seeing a repair of the bank balance sheets. the downside is that probably because of brexit you won't see development from capital markets for a while. >> wha

morgan stanley >>> sporting morgan stanley with the trust cohort because this bond market alternative stocks could get a lot less attractive than the federal reserve raises interest rate tomorrow. something everybody is expecting. and commending a few places to hide this environment and some could work better with higher rates. doesn't matter. i'm talking about the data center reads. that's what they singled out. these are the fastest growing reads out there and building real estate under them is a good one. this is it. the in the last six months it's been difficult which brings me to digital trust, dlr. a company that owns and manages 156 data centers and four different continent and there aren't enough data centers out there to meet the demand from businesses that want to he is secure places from digital information particularly now that everyone is embracing the cloud. whenever you hear that some piece of software is in the cloud and that is in the data center and that's among the reasons why they've been buying up property hand over fist. and in the position of a eight european da

morgan stanley will continue. >> i sound like a broken record. we are talking about records. they are not up by that much. them onough to bring the record. the s&p has the distinction of rising for six straight sections -- six straight sessions. continuing be this positive sentiment surrounding growth. reading.hat confidence it is not just records for these guys. there are sub indices. it is amazing. the dow jones transportation average also touched a high before pulling back to some extent. we are watching the dollar-yen. of course it is lower on the year. month high as 10 the dollar continues its tear higher. this is one to watch as well. for now, they are rising together. bloombergk in on the first word news. courtney has more from the newsroom. courtney: president obama has told intelligence agencies -- the report will examine what they may have had. senate republicans will conduct a similar probe. there is very little doubt russian interfered with the election. president-elect on trump has downplay talks of trump -- downplay talks of involvement. it was a wide range of i

including morgan stanley reported $9.5 billion in gaming companies. the proposal may spark a bidding war for cap corp.

morgan stanley and goldman sachs were trading at 80% as recently as june. with this move morgan stanley has gone from 23 to 43. it is trading at 1.3 times. that's not outrageously overpriced but gone from being objectively cheap to fair value. sometimes things go from cheap to rich stopping only briefly at fair value. at this point i don't see how you can say banks are cheap. >> what would you say? >> i think bank stocks make a lot of sense today. i am bullish for three reasons. one is the potential for regulatory improvement, rolling back of dodd-frank or limiting regulatory exposures. banks are offering a lot of products at a loss because they can't invest the assets with the fed bumping interest rates up and committing to doing it more that could be a big improvement to banks, as well. >> and you don't -- to charles point you doint hg that is already in the stock and then some right now of the financials? >> we had a big move since november. if you look at a longer chart most banks are where they were in early 2014. i think there is potential for improve

morgan stanley >>> welcome back. general motor outlining plans to manufacture and test autonomous cars in michigan. our phil lebeau has the latest. >> reporter: kelly, gm is testing the volt in michigan. the company now plans to be the first mass market automaker to roll out autonomous vehicles. on the topic of whether or not general motors is the target of a price fixing investigation in china, mary barr said she would not comment on that. on the topic of donald trump, remember, she is on a policy board that will advise him, she has not yet talked with donald trump. and i asked her how she feels about the president-elect's penchant for calling out companies on twitter. here is what she had to say. >> i respect his decision on how he wants to communicate. there's a lot of new tools in communication these days. i think working constructively to resolve issues, to raise issues, resolve issues, to seize opportunities, i'm fine with working with the president-elect to do that. >> reporter: still unclear when mary barra m

at morgan stanley, we think it will be two. one in september and one in december. it is contingent upon the economy. with president-elect trump with his promises, if that's delivered on, that's going to hit the economy and maybe cause the third increase. >> these are things that the fed wants to do to stop the economy from heating up too fast. >> yeah. the fed is responsible for the supply of money. so if they're too liberal, that creates inflation. if tour too conservative, that slows down the economy. the fed is like a big train going down the track. if has a raise and another raise, it is hard to pull back on it. they are cautious. unlike the stock market which is euphoric right now. >> if i'm looking to buy a house in the next year or two or need a vehicle, should i speed up my purse. >> rates have been low for an incredibly long time. the party is over. we have time. but we're going to start to see the increase. especially if the economy gets more stimulated. we're not in this recessionary time now. >> but george, last time when they raised it, the mortgage ra

morgan stanley. >>> we're back on "the halftime report." we said dr. jay was watching the options market today. unusual activity? >> yes. apparently because stephanie was out there last week. take a look at mgm, june 32 calls, 11% or 12% out of the money. unchanged when the guys came in and started buying them. however many folks there were. but one of the blocks was over 4,000, 400,000 share equivalent. that's a big print. i bought. i think this thing will be on for several months. and i'm going to be chasing right in there with them. >> house always wins. is that right? >> i'm not a gambler, but this place was mobbed. las vegas was mobbed last week. >> money never sleeps. >> give us the final trade. >> so navistar, terrible number, but talking about improving customer orders, activity, definitely a bottom, sometime first half of 2017. >> i'm -- >> you want to own cummins instead? >> i think it is a better play. >> nike, i like a blue chip name that is going through a tough year. that's laying the ground work for a recovery next year. i would be a buy

morgan stanley. >> all right. thanks. let's do our trader blitz. first up is oracle. they reported a mixed quarter. disappointing crowd growth. jimmy, it's all you. >> a little bit of guidance that disappointed going forward, but ultimately i think this stock, like a lot of the old line technology, intel, microsoft, qualcomm, i this he these are very honorable here. safe going into the new year. this is a buying opportunity on the dip. >> okay. give me the scoop on adobe. it beat on the bottom. stocks down 1 3/4%. >> i think there was a lot of enthusiasm in the name already. >> this is the one cramer was mentioning. remember, i said what he was talking about in this rotation, right? adoiby goes up and then it goes down. >> you know, it could be a big seller that's being cleaned up, and a couple of traders piling on, and that could go away in a second in the stock and be right back up. i tend not to want to fade companies like this. i continue to beat and have good news. >> anadarko, they boost their five-year view. >> they close the freeport deal, and then they raised

host: morgan stanley president says it is too early to declare a lasting rebound on wall street trading revenue. global investment banks on pace for the first annual on trading revenue increase in 4 eyars, after donald trump's surprise election win sparked a massive shift from fixed income to equities. morgan stanley shares slipped after colorist -- shares flipped after he spoke to bloomberg. >> yes, the low picked up since the election, but the overall seed pool related to fix equities is related on the margin each year. i don't think this is a significant pickup inactivity since last quarter. host: one rate hike on wednesday, two the most next year. that is what the fed expects to announce after a two-day meeting wraps up. could the expectations of a trump spending boost change that timeline? bloomberg's kathleen hays is more on that. there is certainly uncertainty. >> there are signs that some entities are taking donald trump seriously. it is a done deal. meetingwraps up its hours from now. janet yellen said the case for a rate hike has continued to strengthen. other fed speakers has

bankers like morgan stanley to help takeover, after publisher was approached by media investors. this one, half of all 30-year-olds earn more than their parents did. enormous decline from early 70's and rapid economic growth will not do to reverse the trend. finally, scientists have discovered 99 million-year-old dinosaur tail feater trapped in amber. look at that, it's widely accepted that some dinosaurs, nicole, did have featers, now you know. >> we used to only do 350 pair a week and now we are doing 2,000 a day. nicole: keep those boots handy. snow blankets much of the nation. fbn:am, keep it right here daisy is six years old and she is my very best friend. i couldn't live alone without her. i spend a lot of time in my backyard. i feed the birds and the bees. i love my flowers. the color in my garden keeps the pink in my cheeks. i was very independent and thought i could take care of myself. i fell and i had to have meals on wheels. i love them. they're my savior. and i look forward to the volunteers because they've all become my friends. my name is lola silvestri. america, l

morgan stanley. >>> welcome back. as promised art cashin stopped by and show market shows imbalance of $700 million to the buy side. i don't think that will put us over the top but it could happen. >> there is some buying. >> we have an update on the barclays story. eamon javers back with that. >> we told you the department of justice is suing barclays saying they caused billions of dollars of losses to investors. now we have a comment on that from barclays. they say barclays rejects the claims made in the complaint. considers the claims made are disconnected from the facts. we have obligation to shareholder to defend ourselves against unreasonable accusations. barclays will defend the complaint and seek dismissal at earliest opportunity. >> eamon javers with the latest. >>> joining us now to discuss their thoughts on the markets is chief investment officer who joins us along with jeremy hill who is here. welcome guys. so what do you think about the fact that we are not closing with 20,000 but trying to hang on to 19,

morgan stanley said that while higher oil prices are good now, it will lead to more investment, which down the road might lead to further instability and oil price this time next year. haidi: while opec was putting the finishing touches on this deal, indonesia suspended its membership in the group. what happen this time? >> indonesia was a longtime member of opec. in 2008, it suspended its membership saying we are no longer a big oil exporter. then last year after president -- came into office, they came back and got to this meeting and saw again, realizing higher oil production cuts come higher oil prices benefit them, so they decided to bow out again. long time coming to the reunion to only last a year, but indonesia back at the net importers table instead of the net exporters table now. haidi: thank you so much for that. the oil priceurse has gone up so much, energy companies are on a tear. let's get the latest. juliette: it was the first cut in eight years. you are seeing australia's energy sector have its biggest 7% inn eight years, up the oil and gas sector, the best gain in the

morgan stanley >>> welcome back. time for our must reads. my pick in the "washington post," written by john podesta, former chairman of hillary clinton's presidential election campaign. titled something is deeply broken at the fbi. podesta linking what's happening with russia and the alleged hacking of our election and the comey e-mails. podesta writes finally -- he calls on congress to do something. congress should more vigorously exercise its oversight to determine why the fbi responded overzealously in the clinton case and insufficiently in the russian case. if if there was a case of intense public interest, this is it. what's broken in the fbi must be fixed and quickly. sharply worded. people will take it as parten it. we hear from president trump on this saying why weren't they talking about this before the election. i think podesta is saying why weren't they talking about this before the election too. >> the word i agree with him on, all of these scandals is clarity. i find it surprising that little bits of information have been leaked

morgan stanley >>> welcome back to "worldwide exchange." let's get you up to speed on what's happening with the market. u.s. equity futures mixed. s&p looks like it will open about flat. dow jones off by 4 points. not that much at all. nasdaq up by 2 points as well. very much a wait and see ahead of this whole dow 20,000. oil prices showing some gains on the heels of private industry data. ice brent crude futures, $55.54. a third of a percent to the upside as well. >>> as 2016 draws to a close, cnbc is breaking out the 2017 play book. looking at ways you can make money in the coming year. this hour we'll focus on social media. with that here's julia. >> reporter: now that social media is a destination for streaming video, even nfl games and played a critical role in the election. here are three predictions for the next wave of social in 2017, snapchat will expand ad offerings, making it easier for brands big and small to spend reaching growing user base, making it a serious competitor to facebook and google. second, twitter will find a buye

morgan stanley. >>> welcome back to "worldwide exchange." now to our must read stories catching our attention. my pick is in the "usa today." do this now if you're a yahoo user. it's not really an op-ed, more a useful list of tips after it was revealed yesterday that a yahoo breach a separate one from the fall, puts 1 billion people at risk. if you have a yahoo account, users need to think about passwords and security questions from other accounts on which they gave the similar or the same information used for their yahoo account and possibly change them. once hackers have access to id and password information from one system, they try the same combination against multiple other platforms to see which ones work, an easy automated process. >> terrifying. >> good tip there if you have a yahoo account and you use your password for other accounts as well. all sorts of recommendations, like change your password, do the two-step authentication process. this is becoming way too common. >> the scale is worrying. >>> my pick is in the "wall street jo

morgan stanley >>> dow up 81 off the highs, but still on track for its best quarter since and best quarter ever. we're back after a short break. there are many things you don't want in industrial strength- (smash!) like an administrative assistant. your 3 o'clock is here. but there's one thing you do. it's called predix from ge. the cloud-based development platform that's industrial-strength strength! >>> hello, everybody. i am sue herera. syrian television broadcasting footage, which showed the vast destruction of aleppo as government forces are expected to take the last rebel holdout. it would be president assad's biggest victory in the civil war. >>> bill cosby back in the courtroom for his sexual assault case. he smiled, nodded, wave aid little bit as he arrived at the courthouse. his attorneys are trying to limit the number of other accusers that can testify at his trial. >>> cuisnart is recalling food processors, blades can crack over time, causing small metal pieces to break off into food. there have been 69 reports of those types of incidents. 30 mouth lacerations or tooth injuries

morgan stanley >>> welcome back to "worldwide exchange." two of our must-read stories, my pick is in the financial times. it has been a brilliant year in politics, written by paul nuttle, the leader of the new uk independence party. the kind of people who have had their world shaken to the foundations by the eu referendum result and the surprise win by donald trump are the kind of people who needed to have their world shaken. those inside the out of touch westminster bubble who have been ignoring the frustrations and dissatisfaction of the rest of the population for decades. important point of view to take on board. mainly focused on the uk and brexit, but mentions the u.s. and the trump victory. framing it as a super positive year. and he also picks apart various commentators who start their end of-year pieces by saying, oh, it's been a terrible year. surely next year can't be as bad. >> there's a lot of that. >> saying this has been a positive year. and saying those people inside the elite, both in the press and politics are already missi

vonnie: that was morgan stanley president colm kelleher. nine: next guest says years of misery does not go away in months. this is bloomberg. ♪ vonnie: this is "bloomberg markets." david: time now for the bloomberg business flash. we start with air b and be having completed its first major investor share buyback, repurchasing $94 million. nb having completed its first major investor share buyback. morgan stanley did not immediately respond to requests for comment. setlue says the airline is to reduce annual costs by as much as $300 million by 2020. the couple's efforts to boost revenue have done better-than-expected. tothe company's efforts boost revenue have been been been inspected. nordstrom is the first to offer an electronic giving service. andomers can order items recipients can accept the items or exchange the merchandise. nordstrom that's the new options will help it win over last-minute shoppers looking for convenience. that is your business flash update. vonnie: let's head over to julie hyman who has our chart of the day. julie:

morgan stanley. >>> welcome back. more china news today, the chinese government promising to return an underwater u.s. naval drone it seized last week. donald trump saying the move saying let them keep it. how do rising tensions between the u.s. and china impact your portfolio? let's get to seema mody, here on set with more. >> sharp rhetoric by both sides. trump bears no sense of how to lead a superpower. the big concern here for wall street is that so many american firms for a long time had benefitted from stable relations between china and the united states. and that any setback or retaliation that we see could hurt some big companies that either do business in china or lie heavily on their consumer. companies like walmart, according to facts that deride over $50 billion in revenue from china over the past 12 months, that proposed tariff by the president-elect could hurt walmart's bottom line and result in driving up u.s. retail prices of chinese made goods. but the sector with the highest exposure to china is the

morgan stanley 25. citi 20. >> i own bb&t. i will stay with all of those. signature bank is a name that sbny i think you could add to that. strong dollar rising rate environment, yield curve looking good, regulatory tail wind. everything about it suggests owning them, and then if you pull it back and you don't look at the performance since november, you look he performance the last five years, they've massively underperformed. >> how can you not look since november? >> so i took profits about a week and a half ago. basically you stopped seeing yields going higher and you started to see the financial start to sort of trade sideways but i'm bullish on the financials. i'm just waiting for better levels. i want to wait for one of two things in order to get back in them. one is lower prices and then secondly if we start to see some of the regulatory talk really become action and we start to see, you know, better regulatory environment for the financials, then i'll get. either a catalyst or lower prices but i still like them. >> it's a key point. now given where

morgan stanley. >> remember when i told you that this market has not one but two fangs? not just my acronym for some of the best products around, facebook, apple, netflix and goggle. it trades under the symbol fang. today they gave us a secondary offering, something that's become a pattern with these production places with the company selling 10.5 million shares of the red hot stock for $97 each to pay for acreage in the permian basin. it's still one more stop for an oil deal. while these have all worked out so far, including this one, which closed up four points from the offering price, if you got in, you know what? i think we need to be a little more wary. a little more sir couple spec. oil has had such a big run. i don't know how much more upside it will have. diamondback are buying and shrewdly priced its offering down 13 points from its highs and down 4 bucks from yesterday's close. they gave you a nice discount. it's a part of a 2.4 billion deal to buy 76,000 acres, making diamondback a bigger player in the permian when people see the chinks in opec's cut agreement

morgan stanley. >>> we're back now with the billionaire investor carl icahn. carl, thank you for taking the quick break. do you want to answer that question now about how investors should be thinking about that very topic? >> well, look, you know, nobody can pick what the market is going to do in the short term. too many variables. i do believe that this market has been very surprising in that it's run ahead so quickly. i think the s&p interest that night when donald was elected is up over 10%. so, you know, i would tell you that you have to be -- i believe that you have to be very wary because there are so many uncertainties around now. indeed, i was waiting to go on and i watched art cashin speaking a bit and i think he said pretty much the same thing. that obviously if you have a trade war with china, by definition, i remember the day something like that would really knock the hell out of the market but maybe if you're going to do it you should get it over with, right? and so that's a consideration. i mean, you have to just make up your mind if this is what

morgan stanley. >>> final trade, tim. >> christmas attire, tune in. 20-day, taking some profits in the letter f. >> fire xpi for all the reasons we talked about. >> tlt, i'm still long, a great way to hedge your portfolio. >> guy? >> pete turning 53 today, i know you're watching. tesla, tesla! >> i'm melissa lee. thank you for watching. see you back tomorrow at 5:00. . "mad money" starts with jim cramer now. >>> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to make you some money. my job is not just to entertain but to educate and teach you. so call me at 1-800-743-cnbc or tweet me @jimcramer. hey, what's the deal here? isn't the market always supposed to go up? how come stocks are breaking down instead of shooting higher? dow backsliding 23

morgan stanley. >>> we're talking gold. >> the miner, gdx. just talking on futures now about gold and the fact it was getting pounded to the downside. look at the january 19 calls. 25,000 were purchased today. maybe there's a bermuottom here. >> doc? zwl>> i like it miners are goino move faster. faster than the commodity itself. >> gold's been off favor to say the least. >> gold is at a ten-month low. looks atrocious. maybe 1,000 is the floor. i'm staying out of this one. >> before we do some final trade, let's mention the stocks. pete, microsoft is bumped up to 70 bucks today. >> this is a company we talked at the top, transitional and they're doing everything right. part of that meeting yesterday with mr. trump. i think the stock has plenty of room to the upside. it hit 63, it's bounced a couple of times. >> we mentioned some of theodis in the financials and visas ander card of world. josh. gets their upgrades today to buy both of them over bank of america. >> reason why these stocks have been b such home runs and probably continued to be b

morgan stanley girl: you're going to need me. you're going to need us. all of us. you're going to need our help with your water... your air, your food. you're going to need our determination, our compassion. you're going to need the next generation of leaders to face the challenges the future will bring. and we promise we'll be there when you need us. ♪ deutsche bank says it reached a $7.2 billion deal with the u.s. department of justice. italy looks to backstop its troubled lender. >>> the march to 20,000. will santa claus come to wall street. >>> amazon counting on a final flurry this holiday season. it's friday, december 23, 2016. you're watching "worldwide exchange" on cnbc. ♪ >>> good morning. welcome back to "worldwide exchange" on cnbc, i'm sara eisen with dom chu in for wilfred frost. >> happy holidays. this is the procrastinator's time to go shopping. it will be because i will be doing some. >> the national retail federation found that most people wait until december 23rd to buy their last gift. >> the whole super saturday thing, that was last weekend,

the those things will get better like morgan stanley. they are following the right playbook. >> bank of america versus city or -- >> yes. however -- >> morgan -- what singled out. >> j.p. morgan trades of its book value. that's why i prefer bank of america. when you look at city, it has for more international exposure. you're getting an american bank. it's not wells fargo but it's a monster bank. >> pete, what do you think about the fact interest rates going higher could be the same thing that knocked so many mortgages on their butts and you can see people really recoil. a lot of people are living paycheck to paycheck or floating in terms of mortgages and this isn't going to help. >> if we start to see it because you got to remember what level we're coming off of i think and morgan stanley had a piece saying if they raised rates by 1%, that would be 6.5% towards earnings for a bank of america. what happens is people start to flood the markets and after hemming and hauing and not jumping in, they finally start to accelerate. >> now is the

morgan stanley this is my retirement. retiring retired tires. and i never get tired of it. are you entirely prepared to retire? plan your never tiring retiring retired tires retirement with e*trade. i'm in vests and as a vested investor in vests i invest with e*trade, where investors can investigate and invest in vests... or not in vests. sign up at etrade.com and get up to six hundred dollars. >>> he head toward the close, to use a football term, the dow started the day in the red zone. about 25 points away, to put us in the end zone. hasn't happened. it's been a very narrow day, as a matter of fact, narrowest trading days. you look at the s&p talk about tight trading ranges. for much of the day we've had the tightest trading range since 1992. for much of this day it was a very tight day. leaders lately were lag guards today. goldman sachs, which we've already established has been carrying this market on its back since the election was a lag guard today. up to 103 for a time, today we pull back at 102.97 right now. the ten-year yield has been going up lately, as they sold

morgan stanley downgrading. in august, they had upgraded the stock. expected their business to stabilize. also thought they'd sell a bunch of stuff. helping hand iing value. since then, hasn't happened, so they say okay, they no longer believe that shares can outperform. suggest moves the shrines while they wait for future corporate updates. they've lowered the target from 17 to 25, which would be upside from here. 13.53. ceo coming up today, p 3-:00 p.m. eastern. >> i did math, we're down to 87% a year. if the stock went up 10 to 15% for a decade, every year. you'd still be well down. yeah. wow. last stock, clcd. your under the radar name today. bio tech working on a treatment for migraines. it's a big deal. barclays starting coverage of the buy rating and a $45 target. about 25% upside. they see the possibility for 700 million in sales from last minute to end, their migraine drug. that is $40 for the currently orally delivered version. another 5 bucks a share if the company can can create an iv. i'm sure you know people, i know people. >> i get them

morgan stanley . >>> welcome back to "fast money." biogen announcing that michael -- >> easy for you to say. >> michael taking over as the company ceo. meg tirrell no doubt practicing the last name joins us. worst i've ever done, meg. >> that was amazing, brian. michelle vonanza joins us now. thank you so much for joining us. >> my pleasure. thank you for having me. >> we realize you're joining us minutes after the news of your new appointment. we thank you so much for that. we have to ask you, as biogen is in an uncertain time right now with the rest of the drug industry for biogen specifically, questions about the future of your multiple sclerosis franchise and the highest risk, highest reward pipeline assets. what is job number one for you as new ceo? >> allow me first to say, i am so honored to be the successor of the helm of biogen at this point in time. such a great company. and coming back to your question, you know, we have a very strong ms franchise. we have a strong leadership position. we have supeepering sue pittsburgh ass

morgan stanley >>> welcome back. tech ceos representing more than $3 trillion in market value meeting with president-elect trump yesterday afternoon. want to get over to john harwood with more on this story live from outside the trump tower. good morning to you. >> reporter: good morning. you had the potential for conflict in this meeting given the fact that some of the people in attendance, including tim cook of apple, jeff bezos of amazon among many others had tangled with donald trump during the campaign, but that was not the donald trump who showed up. campaign is over, he moderated some of his rhetoric on some issues, and donald trump praised the tech executives gathered around that table as the best in the world and promised to have open lines of communication with them. here's donald trump. >>> they're all talking about the bounce. right now everybody has to like me at least a little bit. we'll try and have that bounce continue. and perhaps even more importantly we want you to keep going with the incredible in

morgan stanley ♪ >>> attention shoppers. there's two days left until christmas. for the executive edge let's bring in dana telsey from telsey advisory group. good to see you. >> good to see you, too. >> it's busy. >> yes. it's busy. what is wrong with retailing stocks. got hammered yesterday. they did so well in the wake of the election, boom. underperforming dramatically. what's going on? >> fears of border attacks coming is driving retail stocks down. our retailers, they produce a lot of goods in asia. you can't bring things over here to the united states. you can't give consumers a 30% to 35% price hike when we've had pricing on apparel come down. competition from the international fast fashion retailers, h&h, prime mark all in the u.s., their prices are competitive. we have to be competitive. >> the border tax, the house gop plan they want to change the way we do corporate taxes in america. no longer on profits, want to do it on cash flows. and if you export, you get all your taxes back. so you get a tax rate of zero. >> yep. >> if you import, if they go to 1