Economic outlook grow. The two biggest drivers, strength in germany and france. Things are up slightly this morning in european trading. But there has been some interesting calls on this. And well talk more about what jim cramer had to say about europe a little bit later in the show too. An update from our colleagues in london in a few minutes. Jimmy saying europe is back. And thats a big story for u. S. Stocks. Corporate news, the former jpmorgan trader known as the london whale and regulators reached an agreement to avoid criminal prosecution. But two are expected to be charged as soon as today. The s. E. C. Is said to be in settlement talks with jpmorgan over disclosures of the trading losses. Number of activist investors in the news today. Lets start with carl icahn. Hes taking a large position in apple and says the stock could be worth as much as 700 a share. If ceo tim cook pushed for a larger stock buyback. In the tweet yesterday, icahn announced he has spoken to the apple boss,
You mean my honey wand . [ shouting ] [ splat ] come on. Matter of fact. [ rustling ] shirt. Shoes. Shades. Ah wow now that voice. My voice . [ autotuned ] whats wrong with my voice . Yeah man, bee got swag be happy be healthy thats gotta go too. Hey must be the honey [ sparkle ] sweet. Tonight. Another round of rain is moving through the bay area right now with serious downpours. Th is a live look from our exploratorium camera in San Francisco, and you can see the clouds over the city this evening. Here is a live look from our san mateo bridge camera. You can see the rain drops on the camera there. It is raining so hard you can barely see the traffic. And back in San Francisco along the embarcadero you can really see the rain coming down. Look at this. Im dan ashley. Im ama dates in for carolyn johnson. Check out this video just coming into our newsroom. Lightning and thunder in the east bay. This was shot just moments ago in martinez. It is looking toward pleasant hill. Dont see that
Will talk more about that in a moment. Another tough overnight session for global losses in tokyo and india. The road map begins with the retailers rallying best buy, home depot, urban, and they all beat handily expectations, but slightly different than penny. Missing expectations, but trading up as the investors conclude that it could have been worse and appears to be better for eli musk and tesla. After the retailer posts better than stronger earnings and mobile phones and appliances were the strong components of the quarter while gaming is weak. This stock is at a 2 1 2year high today, jim. It is up 2x for the year and a lot of discussion about huber joe l jolie, and if they have found the answer to amazon. Well, that is very good and the gaming is the going to be good in the Fourth Quarter and we have new iterations, and i like gme. This is a remarkable turn, and sometimes you have to say remarkable. Some people have gotten it right. Joey has gotten it right, and shows you how poor
Territory and the s p down 6 points at 1656, mandy. Lets talk more about the markets. Joining us now is our guest panel. Rick santelli who loves to jump in on every single topic. Lets start with you. Youre the lucky one next to me, right . Yes. The private bank. Yes. What are you saying to the private bank clients right now about the markets . Well, actually, we still like equities. We still think that the market is fairly priced. Its not cheap like it was a number of months. Valuations are reasonable. We think on a relative basis after the pullback over the course of august things have come back to what you think is a fair price . Off 3 , 3. 5 from the highs. Even after june after the initial taper conversation, we were down about 9 . Theres still actually relative to fixed income, relative to cash, closer to asset classes, we think a reasonable place to put money to work although volatility picks up in the fall with september and the news stories, the fed meeting. The german election
Why does this continue to elude people . Why do the talking heads focus on fed tapering or even syria when what matters is the recovery in the two regions of the world that used to produce terrific earnings for so Many American companies and thats why the market rallied today. Sure, it helped that maybe there will be no war with syria, but wait a second. This was about international. The dow gaining 141 points including many of the International Companies in the dow. The nasdaq vaulting 1. 2 . Nasdaq 100, highest level since november of 2000. Hallelujah lets acknowledge that china and europe are returning, please. Why is that so hard . Weve had so much fabulous news out of china, excellent stories about target and infrastructure spending. 128 last time and that was like a 10 move. Now on top of all of this, a fantastic chinese export number, 7. 2 growth versus the 6 people were expecting. Just when so many people had given up on china reaccelerating, and so many others started to belie