Welcome to squawk on the street. Im Carl Quintanilla, david faber, jim cramer at the new york stock exchange. Get to wells in a moment. Premarket weak on the back of disappointing chinese trade data, renewing concerns about global growth. Europe down more than 1 . Yields here falling back to 1. 75. And oil still fighting it out just above 50. John stumpf said departure comes amid that scandal thats engulfed wells fargo. Tim sloan is now the new ceo. Sanger will be nonexecutive chairman. Jim, happened suddenly, tensely worded press release. Your thoughts after seeing that tape. Well, first, when i asked stumpf whether he would resign, that was regarded at that moment as a radical question. Almost idiotic. People said what are you kidding me . Jumping to conclusion. And i just felt that the way went through the crisis the crisis is a very simple lesson. You lose your job whether you know about what happened underneath or you dont. Now, you can say jamie dimon didnt lose his job, very dif
Difficult to figure out the overul direction where stocks are going to go. The dow finished down 45 after being down as much as 184 points. Nasdaq lost. 49 percent. Sometimes the stock market reevaluates the entire basis of companies we follow because of one metric. The metric of oil. You know, i have said to you over and over again we should never underestimate the power of the market to do stupid things and the most stupid is a rally based on the price of oil, which is exactly what we got when the averages uturn pretty much in sync with the uturn it crude. No matter the largely companies that would be better off if oil fell. Weve come to accept this loon ascy as gospel. But thats not the nutiest part of the stock market right now. I think its the kind of weird back and forth were getting of some of us Largest Enterprises thats really driving us craze crazy. The stock of the wells fargo after last nights resignation of ceo john stumpf because of whats now widely regarded as a massive
Good morning. Im wilfred frost alongside Courtney Reagan in for sarah today. Good friday morning to you. We made it. Its friday. Nice friday song in the background for us. Sarah will join us later this hour with a preview of her exclusive interview with treasury secretary jack lew. She canceled todays holiday for this interview. Well worth it. It shows shes willing to cancel a days holiday for jack but not me. Try not to take it personally. I cant, its impossible not to. All of our viewer also watch that later starting from later this hour at about 5 45 today. Lets check in on markets at this hour. Yesterday was a disappointing day for markets. Down about a quarter to a half percent yesterday. We came off the lows for the day. The week as a whole, the dow down about 1 . Yesterday the banks were the worst performers. As you can see, we expect a bounce this morning, relatively small bounce. The dow called higher by 41 points. The s p 500 by 3 1 2, the nasdaq by 7 points. The tenyear trea
No chit chat. I stay focused. Since this is when the fundamentals really come to the fore and direct the overall direction of the market like today where the dow gained 29 points. Nasdaq advanced 0. 02 . Unfortunately its not all earnings weve got to deal with next week. Whats your game plan . Let me show you mine. Ive been saying that the fed is prepping us right now for a december rate hike, a big reason why this market cant get out of its own way and feels so sloppy. More on that later. Now, fed vice chairman Stanley Fisher will speak monday, and hes been a major rate hike proponent. I bet his new speech will cause this market to get hit. Hes hurt stocks virtually ever time hes opened his mouth in 2016. But fishers words will help some stocks, notably the banks, and bank of america reports on morning. The stock has been advancing of late, was up nicely today. Even though its still dirt cheap, i have to wonder if bank of america has gotten ahead of itself thanks to the excellent earn
Of Bank Earnings. Wells fargo, j. P. Morgan, citi all beating estimates, but its not all good news from those financials. Well dig through the reports and hear what the ceos are saying. The samsung saga continues. The company saying billions more in losses are expected. And now some airlines are using fire containment bags for overheating phones. Like an airsick bag . Are you kidding me . Wheres the tsa . And honeywell ceo telling jim on mad money last night he was astounded by the Market Reaction to the companys presentation earlier this month. Well get the latest. First up, wells fargo out of the first Earnings Report since the banks unauthorized account scandal. Quarterly results beating the street despite drop in net income. In the companys Earnings Release new Ceo Tim Sloan says, quote, im deeply committed to restoring the trust of all our stakeholder including trust and shareholders community partners, we know that it will take time and a lot of hard work to earn back our reputat