weakness in asia but again it looks like germany and france are turning things around at this point. okay. we'll talk about ebola this morning. the first case of a person contracting ebola on u.s. soil has been confirmed. a health care worker treating thomas eric duncan who died last week contracted the deadly disease. we are joined this morning from dallas by meg tirrell. meg? >> reporter: that's right. good morning. this health care worker was taking care of thomas eric duncan. on friday she started to feel ill, went to the hospital to be assessed on saturday and tested positive. yesterday the cdc confirmed it was ebola. now we know that as of yesterday her condition was stable. one of her contacts has been proactively placed into isolation. the cdc director tom frieden said it is unknown exactly how the health care worker was exposed. >> we don't know what occurred in the care of the index patient, the original patient in dallas. but at some point there was a breach of protocol and that breach in protocol resulted in this infection. >> reporter: she was not one of the 48 contacts of mr. duncan's being monitored, none of whom show any symptoms. and all the health care workers involved in his care are being monitored. because if she was exposed, others could have been as well. now, the hospital said it's putting its emergency department on divert saying patients are not being accepted into the emergency department now. there was change in the communication last night where they said they were accepting them again and changed it again to say they are not. all this raising a lot of questions about the hospital preparedness in the u.s. and the training in the u.s. about health care workers. in a survey of 1900 nurses, national nurses united said 76% of the nurses have not said there's any policy transmitted to them about e bo bola admissi. a lot of questions are being raised on whether or not the hospital has enough gear and this personal protective equipment. guys? >> thank you, meg. as we do so often, we'll switch gears entirely here. and we'll go to the banking sector, england's top banker. steve liesman is here with the latest. thank you. crisis in the bank of england. mark carney remains a much watched figure in markets around the world. he sat down with me in an interview to sound more dullish since he thought england would be the first central bank to hike. carney expressing concern about global economic weakness and low inflation, but i'll begin by asking about the recent wild market storms. >> we have to accept that as this process moves forward, as some economies emerge, from a period of exceptional, unconventional stimulus there, will be greater volatility. and that in and of itself should not influence the path of normalization monetary policy. the real side factors, external demand pressures of the developments in the labor markets are certainly influence the business. >> we'll talk about the latest developments globally. weakness not just in europe but around the world. how does this change in your outlook in the u.k. for the economy on policy? >> well, we have had a strong recovery over the last 18 months and are now in an expansion. it's driven by domestic demand, it's reasonably broad-based much more than consumption. the business investment is growing more than 10% a year. we have had a housing market that's picked up. there are other components to it. we have to take into account, clearly, a more modest global recovery, particularly if that's the case in europe. and in addition with that domestic focus, we really are concentrating on what's happening in the labor market, which is as important as expersonal developments for the past monetary policy. >> when you say take that into account, you have been saying up to the end of september that the day of interest rate rises is getting closer. is that still the case or still what you're saying? >> well, that referred to -- we make forecasts a year as the mpc. and from forecast to forecast, the point of normalization implied by the forecast was moving closer. we're about to make another one in november, so i can give you and update after that. >> is one of your concerns after the global deflationary impulse that's going around right now. >> there's distant inflation in a couple major companies of the g-force clearly coming through. the commodity outlook is in some commodity spaces a product of sharp increases in supply, certainly the oil market, the shale revolutions in the u.s. is material. but yes, there is weaker global demand relative to global potential that is reducing, that is producing a very benign global inflationary environment. and that's something we do take into account. >> i'll be back at 8:00 with more including what carney thinks of the central bank policies, the french downgrade and tough talk on regulating banks. and the big question joe asked during the tape, why doesn't he have a british accent? he's canadian, born in canada. and the first time i saw him i said, mark, i want to see if you acquired a british accent at all, and he said, you tell me. it doesn't appear he has. >> we have seen a lot of great actors on a lot of different shows and you wouldn't know they are necessarily -- great english actors can have any accent they want. >> i have seen him do southern accepts. carney may be one of the greatest. >> i don't think it is easy for american actors to do english actors. >> there's epic fails there. >> madonna did it pretty well. >> i think -- >> madonna was good. she was indistinguishable. >> the imf meetings are talking more dubbish about the policy. stan fisher said over the weekend this is going to affect u.s. policy and now carney's going the course of draghi as well. >> i don't know what they are saying, oil is 42 this morning? we'll have a guy on who is going to tell us, the oil market has just been, it's just so wrong. it's not doing what dan dickerson says it should be doing. >> how was scotland? nice to see you. >> are you ever going to change? we'll get to you in a second. >> such a tease. >> i went home friday, it was 3:24 and came in this morning at 3:18. >> yeah. >> oh, you're talking gas. >> yeah. i heard on the radio it is under $3 in new jersey. >> it is on the way. we are looking at oil prices we have not seen in a long time. the level of gas prices i'll tell you in a moment. the levels of gas prices are up credibly low. see you in a bit. we'll take a broader look at the markets this morning. we have been watching the futures, still looking for some direction after the huge moves that we saw last week. right now you can see the dow futures are slightly lower. down by 12 points. the nasdaq futures are down by 12 points. and the s&p futures are down by 3 points below fair value. if stocks have you feeling down over everything we have been seeing the last few weeks, there's relief at the pump as we have just been talking about. the lumberg survey says the average price of a gallon of gas dropped by 12 cents to an average of $3.26. and in new jersey, prices have been seen as low as $2.90 a gallon in some places. lower gas prices have been a direct result of falling oil prices. and again, check out the board we have seen on this. you'll see at this point, wti, 84.57. that's a decline of another 1.5%. also, we have been keeping track of the ten-year note. the bond market is closed today, but it's worth paying attention to because the yields at this point are sitting at 2.305%. if you have been checking out the dollar to see what's happening there, you'll see the dollar is down across the board. it's trading with the euro at 1.2684. the yen is at 107.33. and gold prices finally we'll take a quick look at that, gold prices up by $7 to $1,229. and crude oil is down over the last few months, so should investor bs worried or excited to fill up your gasoline pump for so much less? dan dicker is a contributor at "thestreet.com. is there a point when you say all bets are off, this is different? >> somebody has been saying that long speculative positions are at the lowest level in ten years some i think what has caused -- look, it's take up me by surprise, too. i really never expected oil prices to make it below -- it has. >> i know, we have been arguing with you all the way down. >> you're right. believe me, i'm bleeding here about that. i'm an oil trader and have positions. >> what did you miss? because you were never in doubt, in terms of being -- here's what we would ask you. we would say, listen, all the entire world is exploding and we can't even budge above $90. are you sure that supply and demand characteristics, or isn't there something happening, which is putting down the price. and then have you written off the share? >> i haven't written it off. look, i can explain to you the fundamentals of oil on a cocktail napkin. the price for marginal barrel of oil continues to go up. the demand for oil continues to go up. unless one of those two things change, the price trajectory for oil inevitably has to be up unless one of those two things change. now, something clearly has snapped inside the oil market. there's absolutely more production right now than the global market can take right now. becky pointed out the last time i was on about shale production. but let me tell you what is wrong with prices sitting under $90. if they go lower, some analysts call for under $80. those marginal shale players who have been greatly leveraged into the eagle literally cannot main taint or survive with oil prices that main taitain themselves on dollar. if you are worried about the oil going lower, that oil production will slowly decrease. >> where are we, 80, 8 a? >> even here, it's been said the average price for oil shale here in the u.s. is 70. that's the average price. some are so leveraged into debt that they need much higher than 70 in order to survive. >> or they need to sell more. which is what we saw in saudi arabia and others. >> shale is a different pace, you're right about that. >> they have a responsibility and budgets. and at 84, how much more do they have to sell -- >> are you talking about the saudis or the united states? >> the saudis. >> they decreased in august. decreased 300,000 barrels. normally when they change the selling price, they increase production. with it, my guess is they didn't do it this time because of the opec meeting so close on the heels. but they have done it twice during the summer. i expect the opec meeting to be very fierce and for them to look for a production reduction. i think the saudis may be ready to have a production cut for this meeting. >> okay. so, dan, ultimately you said you have lost a lot of money on this. >> yeah, i'm out. >> have you switched up at this point or taking the other side or staying clear of the market? >> look, on the leveraged oil companies there are prices in the market i thought we would never see again. if the oil stocks are well financed and are at levels that should be bought. oil itself, you know, i've been in the markets too long to call a low. there is a moment where the payment will be too much and i'll get out, but right now i'm hanging in there. >> when is that? >> when is my pain threshold? i don't know, it's hard to say when it is just enough and you have to bail, but clearly there are a lot of people who say enough already. when speculative positions get this low, it's usually a great sign to start the buy. and that's where we are right now. >> saudi arabia told opec to raise its oil production in september by 100,000 barrels a day. >> and in august by 300,000 barrels a day. >> and it has yet to respond to the drop in oil prices by cutting production, so it's not trimming. uh and also today the word from the saudis is that the oil market is getting used to lower prices like 80. >> is that an official wording? >> it could be down to 80 for as long as a year. >> i'm interesting in the official statement to that effect. mostly it's been analysts implying that inside of the official price cuts. >> everybody is going to -- you have been wrong for a while. >> everybody has been right. that's the point. you're right, joe. look, i give you credit. you saw the market -- >> no, i didn't. i just question people that come on with definitive markets. >> the market is getting hurt. >> it was funny to see the people say the market is not acting correctly. it's not adhering to what i think it should do. >> i didn't say that. i have been in this business for a long time. >> last time you were on, there were three reasons it was definitely wrong and headed higher. i can't remember what they were. >> and when i'm eventually right, it will happen. then i get to come on again. >> dan, thank you for joining us today. up next, one of the world's most famous tax loopholes could be soon coming to an end. that story, plus a european nation is blaming apple for its economic woes. the iphone and ipad are bringing them down. find out which country it is, next on "squawk box." welcome back the ceo of luxottica resigns after two months on the job. he reportedly disagreed with the ceo's son after he stepped down. it was a move to give him a different role. >> you are so lucky. >> i would have done that. >> i was frantically trying to get through -- >> we have producers that i'm sure when assigning certain -- at this point, i think they -- >> they should know. >> i think that was the luck of the draw. and i am surprised i made it through. so there. >> if you see cavatorta, you can do it siyllable -- >> i can't. >> i hope they put up the next names for you. >> finland's prime minister. >> i can only imagine what this name is. >> nobody knows. i just -- i just say it as definitively as possible. >> that's what he said on "miracle of ice." just go with it. >> i try to do it but then you -- >> i do not. finland's prime minister is pointing fingers at apple. see, i can get this. alexander stub is developing this after the fall of two key industries. the iphone is taking out nokia while the ipad cut into the paper industry that has fallen on hard times recently. tablets and e-readers are seen as direct competition to traditional newsprint stub that remains upbeat about the industries saying the country will make a comeback. and tango is still very big. >> yeah. >> and that's not stub hub. >> it might be. >> that's a question i would read. >> that's a question i like. stub hub. it is almost stubhub. let's talk about the tax loophole that could be closing. big u.s. tech firms could be paying the price. ireland is expected to announce changes to its tax code tomorrow including one that could end the so-called double irish. it's not a drink but a tax loophole to allow companies to funnel payments for intellectual property to a subsidy to another based in a country with no corporate income taxes. and it will effectively allow companies to legally ship billions of dollars. facebook is among one of the companies to use this similar structure. it is unclear how long it could take for this to take effect, but a grandfather period of three to seven years is expected. so it will impact the bottom line of some of the companies immediately. when question come back, young money and what are millenials doing with their cash? it turns out they may be tighter with their wallets than first thought. and parents spending huge money on youth sports on a chance to land a scholarship for their kids. but are they just throwing away that money? "squawk box" heads to a break but take a look at last week's winners and losers. ♪ breath in. . . and . . . exhale. . . aflac! and a gentle wavelike motion... ahhh- ahhhhhh. liberate your spine... ahhh-ahhhhhh......aflac! and reach, toes blossoming... not that great at yoga. yeah, but when i slipped a disk he paid my claim in just four days. ahh! four days? yep. see why speed matters at aflac.com. [sfx] duck snoring (receptionist) gunderman group is growing. getting in a groove. growth is gratifying. goal is to grow. gotta get greater growth. i just talked to ups. they got expert advise, special discounts, new technologies. like smart pick ups. they'll only show up when you print a label and it's automatic. we save time and money. time? money? time and money. awesome. awesome! awesome! awesome! awesome! (all) awesome! i love logistics. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. good morning. and welcome back to "squawk box" here on cnbc. a morning show with morning show music. i'm joe kernan along with becky quick and andrew ross sorkin. in the headlines this morning, unfortunately we were waiting around, and did you -- i was thinking maybe that we had dodged a bullet. but it didn't happen. unfortunately a dallas worker has become the first in the u.s. to contract ebola on this soil. the unnamed worker was among those treating thomas eric duncan. of course, he was the ebola infected person who died at the texas hospital last week. the hospital blames a breach in protocol. but if you think about it, if she was fully in hazardous suit garb, but definition it's a breach in protocol and doesn't tell us anything. >> they don't know what happened. >> even if some family members were in the apartment with him haven't gotten it yet, which is good, but also surprising. >> but this is the same thing that happened with the nurse in spain. they were wearing full medical gear, and we thought the reason it spread is because people weren't wearing the proper gear. this could be they with respect taking the gear off properly, but this is a meticulous individual. somebody was monitoring her own temperature every day. so they was not looking at things lightly in my of the protocols. elsewhere, again, it should say to me, switching gears every story. gasoline prices fall to the lowest level in the lumberg survey putting it down 12 cents in three weeks. and chrysler is makes its return to the u.s. financial markets with the debut of fiat chrysler automobiles. the sheriff will trade under the ticker fcau. fcau. >> let's get a check on the markets this morning because after the rough ride we saw last week with the stock market, you're going to see this morning that the futures are still seeking some direction. at this point, the futures are weak we are the dow futures down by five points me low fair value. the nasdaq futures are off by ten points and the s&p futures are off by two points. the broader market including oil, the prices there this morning start under pressure once again. believe it or not, oil pressure down one more time. this looks to be down to $84.62 for wti. the ten-year bond market is closed today for the columbus holiday. but the yield is 2.28%. the dollar this morning has been showing some weakness. we'll see at least at this point there are -- the dollar is down across the board. the euro trading at 1.2686. the yen at 107.316789 and go. and gold is trading right near 1,226. andrew? let's talk about generation y and investing 20-somethings don't have a reputation for being financially conservative, but according to a study by ubs, my lillenials are as tight with their wallets as those during the great depression. we have a principle portfolio manager here and author of the new book "millenial money: how young investors can build a fortune" which is out tomorrow. first of all, congratulations on the book, patrick. >> thank you, andrew. >> why are investors so tight? >> our brain is twice as sensitive to losses as they are to the opportunity to gapes. we have been through two terrible stock crashes. a housing crisis to bring financial ruin to those we love. so we have this impression and a very low level of trust for the stock market in general. we prefer very so-called conservative things like cash. look at millenial portfolios, we are in the 20s and 30s, it should be aggressive, but it's 50% in cash depending on the survey you look at. >> do you think it changes? and if it does, what is the tipping point? >> i think it will have to change over time. i think that slowly my lep yill build trust in the market. even after a five-year bull run, still a ton of skepticism. there was a portfolio survey out there other day that said one in four my lillenials trust no one. it's still there, that skepticism, but it will abate over time as the market continues to do well in the long run. >> different question, do you think quoupg people will ever be calling up their brokers on a daily or weekly basis saying, buy this, sell this, do this, do that. i just got research on this. sort of the -- my grandfather's generation, maybe they won't be on the phone. maybe calling your broker isn't what you do, but going online and doing it then. >> i hope not because that kind of activity is very bad for long-term returns. one of the things i talk about in the book is a focus on the automated solutions. a lot of the best things happen behind the scenes without you knowing it. typically when human beings get involved, bad things happen. so hopefully not. hopefully it will be with a lot of the interesting new companies that automate the entire investing process. >> do you buy those that automate this whole thing? >> yeah, i do. >> not just the old traditional company that is have sort of -- not just buying the index, but those who go online and tell them some of your characteristics and then it's off the risks. >> i think a bad solution while not perfect is better than the alternatives of individuals going out to pick stocks. because that's very hard to do. we know how hard it is to beat the market, even for professionals, so this is a better solution than individuals just taking stocks for themselves. >> the point would be, number one, that would say that eventually inflation is going to come back because you can't hold cash for inflation, but the way it's been recently, you have not been hurt holding cash at this point. >> if you weren't in the markets, you were -- >> but they haven't felt it much because they are up a bit above where they were before. that will say that we'll have years of sort of decent stock market performance and filing or finally bringing these people in. >> millenials tend to think of risk in absolutes. but risk is evaluated as we are very young. so risks for us is very different. >> if you could go into equities long-term when you're young, that's the way to do it. you're set. rule 72 on any type of return. or a conservative return, suddenly you've got something. >> that's a big part of reason for the book, there was a lack of education. i took four years of french and photography and didn't learn about compounding in the market. >> how much do you worry that this millenial generation when retiring won't have enough to live. >> it's no different than the baby boomers or any other generation do. you think this generation is worse off or the coming of age every generation has? >> i think there's some of that, every generation goes through the same process but they are not worse off than the baby boomers were. i think it is just good if we are more financially self-reliant because nothing bad can come of that. >> do you think in general some of these individuals have a visceral dislike for investing in a corporate -- i think they do now, we have had six years of the administration that hasn't liked the private sector really. and every movie, the media at this point, there's the power and the ceos and then everybody else. and then you sort of have to get over that, the narrative that we have heard since the financial crisis. >> it doesn't help that four of the most hated ten brands for millenials are the four major banks. there definitely is some of this -- >> it's a pendulum swing. >> it does. >> millenials will age, too. >> anti-corporatism was around with the vietnam war and another sort of -- it seems to me, again, this is a pendulum swing that you see. >> okay. >> we're going to leave the conversation there. patrick, thank you. congratulations on the book called "millenial money." >> you have time, get with it. >> dollar cost average? >> buy now. i'm not a millenial. >> well, i am. >> how old are you? >> 29. >> you're 29? get out of here. >> thank you for being here. big money in youth sports. you look like a good republican 29-year-old with a lot of hair. parents are betting on their chance for their kids to get a scholarship. we'll go through sobering numbers for mom and dad. and if you missed nbc's sunday night football, wow. the eagles are for real shutting out the new york giants 27-0. jim cramer is very happy. i don't mind the giants, but i certainly have a lot of loyalty to any team based in philadelphia. but wherever cramer is right now, it wasn't the only big story this weekend. more next on "squawk box" as we head to a break. a quick check on what's happening in the your mean market right there. ♪ the all new, head turning cadillac ats coupe. it's irresistible. ♪ my golden years will not just be gold plated. i had 3 different 401(k)s. e*trade offers rollover options and a retirement planning calculator. now i know "when" i'm going to retire. not "if." it's in this spirit that ingu u.s. is becoming a new kind of company. one that helps you think differently about what's ahead, and what's possible when you get things organized. ing u.s. is now voya. changing the way you think of retirement. welcome back. after being down on friday, when it was all said and done, it was the last couple of hours, but it was not that horrific given -- by the way, when i was out, did you say that i'm out, the world was ending? i said, what were you doing supposedly while we were going up 400 points every day? >> the world missed me, that's what happens. they get very anxious. >> your liberal buddies were meeting in san francisco talking about glosbal warming or something. >> now we are back. things will get better. >> how did that go? it was the inaugural of -- >> i'll give you the whole lowdown. >> we'll do that when we get a chance after some of the news. parents are spending thousands of dollars year after year on sports for their kids. in many cases, it's about trying to get a scholarship. you have to spend money to make money. but the odds of landing a spot on a college team are kind of slim. the ncaa tells high school athletes the chances of getting a scholarship in many sports is about 2%. and this is worse than the odds of getting in to stanford, harvard or yale. here to take us inside the numbers, we have a cnbc special report from kelly holland. and we have dave brigs of nbc sports who broadcasts to literally millions of viewers. >> literally millions. and dozens at the same time. >> i have seen you do it. you were great. >> thank you, joe. >> i have e-mails from him. >> my friend, becky, e-mailed me. >> your teeth are so white, they go, ding! >> is this joe's way of a compliment? i feel tremendous right now. wow. >> 2% of people who try to get scholarships, explain how the 2% works. >> if you look at all the kids playing a high school sport and then the percentage of those that wind up with a scholarship at an ncaa school, it's around 2%. if you look across all the sports. >> girls and boys? >> girls and boys. >> there are more for girls right now. >> there are more for girls right now. but more -- this is more for, how does that split in terms of gender at this point? >> at this point girls get slightly more scholarship money than boys, but the odds are not good for anyone. there are tiny things like es e equestrian and bowling. >> bowling scholarships? >> bowling is one. but not much of one, no. the other thing is that in most sports, the scholarships are split up. there are several sports where, as you know, that if a college has a scholarship to give, they have to give the full amount, but there are a lot of other sports where they can divide it among other athletes. the average amount of scholarship is not that much. >> it's really scary. if you're planning on putting your scholarship into a career in professional sports, it's another, what, 2%? >> another 2 to 3%. that's pretty bad. >> the increase in private coaches and parents spending thousands upon thousands of dollars is through the roof today. but most parents are not delusional and realize, they are just giving their kid the best opportunities to succeed. i spoke with a couple parents mo do this over the week and they said, look, i don't think i'm getting my kid a division i scholarship but giving them the best opportunity to succeed in that sport. >> that's great. >> a big return on the investment out of the equation. don't do it. >> the return on investment is terrible. if you're doing it because your kid loves the sport, that's great. sports are a terrific way to spend your youth. there are a lot of worse things you could be doing with your time. you learn time management and you're healthy and it's terrific. just don't expect to land a big scholarship. >> joe, you mentioned those fortunate enough to go on to play pro. i spoke to a kid who played little league ball who went on to make $50 million playing the game. without the private coaches growing up, any chance you would play pro ball. he said, no way, no chance without all the private coaching day after day, no way i would make it two college let alone the pros. so, again, it's one in a million. but you give your kid a better chance to succeed. >> you do give your kid a better chance to succeed, but it adds up. i spoke to a team manager who spent thousands of dollars on his daughter's soccer, he spent $18,000. which is more that you would get on a soccer scholarship. >> don't i want my kid to be playing an outlying sport, though, like fencing or something in order to make it easier to get in. >> well, the odds are better, but it is hard to know the count. because when you look at a lot of those sports, they have kids participating outside of their high school. a lot of riders have an outside stable or gymnastics. kids will play with a private gym and they don't get in the number. so it looks like the scholarships are easier to get, but they are not that much easier. >> we should point out, it does help your odds of getting into a school if you are committed to a sport and are very well in it. that's something you can add on as part of your -- >> there is that. and you may be able to get into a better school than otherwise, but the odds are low. you're spending a lot of money to make that happen. >> and if you can afford it, the parents, they hire these private -- talking to a guy hiring private coaches with his 6-year-old in baseball right now, i'm guilty as charged, but if you can afford to do it, do it. if you can't, look, don't. shaun white, the most famous athlete on the plan et, arguably the gold medalist snowboarder, his parents lived out of a van supporting his career. they paid $20,000 a year to support him and he makes $9 million a year. without that support, no way he would make it. so both sides there. >> how many shaun whites are out there? >> not many. one in a million at best. >> right. >> buy a lottery ticket. >> if your child loves the sport -- >> buy a lottery ticket, a much better investment. >> a much better investment. also hire a tutor, a better with a way to spend your money. in addition to maybe some other stuff over the weekend, we'll switch gears to get more on action on this weekend's nfl action. you want to start with goodell or you moved beyond that sports industry, haven't you? how long did you spend on that, a couple weeks? what if someone, god forbid, does something in the nfl, then he's got to go. >> if you would give me a chance to speak, i would have said the games always win with the nfl. >> you guys are like white on rice, aren't you? >> the investigation is not yet finished. if it to bring it up -- >> no, i don't want to bring it up. >> i never suggested roger goodell should go. it's his job to make the owners rich. >> there's a feeding frenzy with your type, was there not? >> my type. >> you sleazy sports guys. what i was saying all along, i still can't wait for the great game. so dallas goes in and empathies, what were they, 5-1 already? >> they are 5-1 now. >> so they are 4-1 and playing beyond their -- their defense couldn't have gotten better in one year. that was unbelievable and i saw the whole game. loved it. >> this was atrocious defense a year ago. not mediocre but awful, arguably the worst defensive team in football. they were 15-1 in seattle. no one game him a chance. they had basically one play. >> there's tony romo. >> there's williams touching the feet down there, but three straights years, they are the definition of mediocrity. and now 5-1, it's great for football. >> and when jerry jones -- he has a birthday today. >> he comes on the show and i like him. i have a soft spot for texas deep down in the heart of texas. >> it's good for the game. >> tony romo who catches so much flak and then the statistics show yesterday in the fourth quarter, or when it is crunch time, he's thrown 70 touchdown passes and 20 interceptions or something. >> and that looks to be and awful quarterback when in reality he's very good in the crucial moments. it shows that the nfl is still, on any given sunday mentality, anyone can win any given day. oakland almost beat san diego yesterday. dallas goes in to beat seattle. >> the jets didn't willing that bad against the rays' quarterback. i saw it. it was closer than it looked. i don't know, i thought the giants were starting to get better. >> payton mappieyton manning, b he will probably break three touchdowns next week sunday on nbc. >> i wanted to watch last night but it was on too late. >> it was not only on too late, you could have watched one quarter and been set because the giants never showed up. eli manning was sacked three times in the first quarter and that team went from looking excellent a week ago, tremendous two weeks ago to awful. out of the football game, no chance. they losechance. they lose victor cruz to a torn patella tendon. they looked completely lost. >> heisman man -- >> prescott. mississippi state is number one in the country. >> they look like -- do you know how to do this? >> beyond. >> you don't know how to do the land shark? you don't do that. that's just a rooster. >> you're just clowning me aren't you many. >> i am. >> i'm not falling for it. go ahead. >> i do have a say congratulations to andrew ross sorkin who completed a tough mudder over the weekend. >> thank you i'm in pain right now. >> who knew this guy is such a hard core dude? you thought he was soft, joe. >> i know. >> i could take you next year. >> when i said i was going to do an ironman over the summer, people thought -- i meant cumulative. how many miles? >> over the course of three months. i'm going to do an ironman. >> what do they call that? lightly jogging? >> one last thing. how about next week, florida state/notre dame. the defense doesn't look like they could contain florida state. they've served it up to north carolina. >> did you see the piece on -- you know, you want to go back to coddling football players. you see the piece on florida state and how anything they do down there, cops don't do anything. >> that's every large college town in that part of the country. tallahass tallahassee, so on and so forth. tonight you've also got baseball. your love, you could be looking at royals/cardinals. >> see, you love this. i say you're on the big network. you get like 18 seconds. this is bigger for you. >> this is a big network. >> it's quality and quantity. >> and this is quality. >> you're right. it is. >> thanks for coming in. coming up next, universal parks about to break new ground. we'll the you where the wizarding world of harry potter is headed next. 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i'm new ensure active clear protein drink. clear huh? my nutritional standards are high. i'm not juice or fancy water. i've got 8 grams of protein. twist my lid! that's three times more than me. 17 vitamins and minerals. and zero fat! hmmmm. you bring a lot to the party! yay! new ensure active clear protein. 8 grams protein. zero fat. 17 vitamins and minerals. in delicious blueberry pomegranate and mixed fruit. ebola in america. a texas health care worker becomes the first to contract the deadly disease on u.s. soil. what is the next move for the cdc? a fresh week for wall street. the markets prepare for a wave of earnings reports. will it sway the action between the bulls and the bears? and new chapter for the chrysler storied history. returning under an italian flag. what does the future hold for this brand? second hour of "squawk box" begins right now. good morning, again, everybody. welcome back to "squawk box" here on cnbc, first in business worldwide. i'm becky quick along with joe kernen and andrew ross sorkin. and yes things look different this morning. we have a brand new look. you're going to see more of it today and from here on out. let's check the futures. after last week's steep slide to push the dow into negative territory, you see things have turned around for the s&p and dow futures. at this point dow futures up about 14 points. the nasdaq is down by just over five points. also been watching crude oil prices. they continue to fall this morning. west texas crude falling as well. you can see right now down by 1.4% almost. 84.65. with these prices under pressure, the indications are that key middle east producers have no plans to cut production. that had been the concern that maybe saudi arabia would cut production. hospital emergency procedures are in question after a health care worker treating that recently deceased ebola patient in dallas, well, she apparently contracted the disease. meg tirrell joins us from dallas with more. hello again, meg. >> good morning, joe. that's right. that health care worker was caring for thomas eric duncan, the patient who was being treated here at texas health presbyterian. she is the first confirmed case of transmission in the united states. her condition is stable. one contact of hers is being monitored in isolation. and now of course all of the health care providers who cared for thomas eric dunn con are being monitored. >> unfortunately it is possible in the coming days that we will see additional cases of ebola. this is because the health care workers who cared for this individual may have had a breach of the same nature of the individual who appears now to have preliminary positive test. >> now, they're still gathering official numbers of how many people they're monitoring, but it could be about 18. cdc's dr. tom frieden says they don't know how she was exposed but they're looking at a couple things when she patient wisconsin intubated. they're also looking at procedures for taking off the personal protective equipment. they're also making recommendations for stepping up training of health care people at hospitals saying that in ebola care, they should keep a number of people treating patients to a minimum, keep the number of procedures to what's absolutely necessary and designated one person in charge of infection control for the entire health care system while treating an ebola patient. back to you guys. >> meg, it brings up all these questions when you talk about a breach in protocol. it sounds like they're blaming the workers themselves. that has to have repercussions for the workers dealing with this on the ground. >> i'm sorry, could you repeat your question? >> sure. just what kind of implications does this have when they're essentially blaming the workers for not following some procedure the right way, that has to have implications with those people who are on the front lines, the health care workers dealing with these patients when they come in. >> certainly. i think, you know, we have to be careful that -- i'm not sure they're blaming the health care workers, but saying something could have happened where maybe procedures weren't followed as closely or just people weren't as careful as maybe they needed to be. maybe there wasn't a buddy system. all of those things need to be examined. i don't think any blame is being put on anybody in particular, other than saying that hospitals need to be a lot better prepared here. and we have been hearing from the nurses union saying that hospitals have not been educating them as much as they would like and they need to be on ebola procedures. huge percentages of those nurse who is responded to a survey saying they don't have any policies in place at the hospitals in terms of treating ebola patients. so there's a lot of questions about whether regular hospitals who may get people coming to their emergency departments can deal with this. we have four biocontainment hospitals in the united states but they aren't accepting them initially. that's the concern. >> thank you. in me meantime, let's talk about what needs to be done to prevent more cases from popping up in the united states. we have the director for the center for disease at the university of minnesota. listening to that report, what she said is there are four hospitals that can actually handle this. what worries me is the others aren't really prepared at a all. is there a way to funnel all patients to those four hospitals at least in the short-term or do we really have to have -- i know in the state of new york, for example, there's ten hospitals that are supposed to be ready for this but they've never done this before. >> well, first of all let me just say that what's happened in dallas continues to be a lesson learned situation for the entire country. and i predict that within the next several days you'll see a revamp of how we deal with ebola in the united states. every clinic, hospital needs to be prepared to see a patient with ebola because we don't know where they'll show up. once that happens, we want to minimize the hospitals that have the number of expertise to deal with the patient but also to prevent any additional transmission to the health care workers. we'd all agree we don't need 8,000 hospitals in this country prepared to treat an ebola patient right now. >> there's a fascinating peace in usa today that talks about the cdc -- we just saw the head of the cdc on the air. they give press conferences and whatnot. and you think the cdc is in charge. what you realize behind the scenes is there are the cdc and then the states and the hospitals themselves. how much can we blame or put responsibility on the cdc and how much responsibility drol we have to put on the various states and hospital systems? >> well, i think we'll have plenty of time to go back and look at who should have done what when and where. i'd like to think it's not so much a blame as much as it is an unfortunately a fast learning curve. as noted in that piece and i was quoted in there talking about the fact public health is a states rights issue. there is no federal authority for doing public health. so today any time a public health event occurs in the 50 stays or territories, the cdc has to be invited in to provide that kind of assistance. what we're saying here is all 50 states are not equal. i feel very fortunate living in the state of minnesota where we have an outstanding public health system. but that's not true for the country. i think you raised a good point. we need a national standard for response here is that has a way of making sure every patient is safely accessed into health care. but then where they're treated, how the workers are protected may very well be a very regionalized issue with one or two institutions that are capable of doing that. >> doctor, that's a fair point that we don't need 8,000 hospitals trained to deal with ebola, the problem is you don't know where these cases are going to show up. you can't assume an ebola patient is going to go to a hospital that is prepared. already in dallas last week a deputy showed up at an urgent care center after showing signs of he was exposed to thomas duncan. i mean, that to me, was hard to get around your head where he went to an urgent care clinic. you can't expect every hospital to have this, but you could see ebola show up anywhere. and those immediate people who deal with it in an emergency room will be exposed if they're not properly trained. >> again, just to say you've raised a good point and the point i made earlier. today i would propose they should be given a number to call if they have any signs and symptoms whether they're traveling from out of country or whether they were exposed. then find out exactly where you go and have a limited number of locations. if you don't have that number and you do go to a location, we have to assure those people at least have enough information to safely intake the patient and to find out if it's likely they have ebola. then i would move those individuals to a very limited number of institutions that are regionally located. they don't have to be just those four. but whether you're in minneapolis or new york or philadelphia or miami, there should be at least one institution if not two who are well trained, well skilled at caring for the patient. it's assuming that something is not going to happen overnight. we won't train every health care worker how to safely deal with ebola. we can train those who need to know. >> we're grappling with how contagious ebola is. one of the thing that's fascinating, in the dallas case 48 at least thus far of the people that patient who passed away came into contact with, at least so far have not reported that they have been infected by the disease fm. some of whom were family members in that apartment with him for days on end. yet here we have this nurse who was apparently covered head to toe. how do you explain that? >> well, first of all, let's just all admit that we're learning a lot here. and that anyone who has suggested to you they have all the answers, they don't. i can tell you that many of us who were evaluated in this very same situation were hoping no one would become infected but if anyone were to be infected we thought it was the family members in that apartment. we're still not out of the woods there. we have to hope over the next seven to ten days they do not become infected. but you're right. this was a surprise in a sense to many. it's not as if it was a pixie dust virus that moved from somewhere to somewhere else. i'm sure we'll find out later exactly what the likely source was or why the breach occurred that we talk about. but you're right. we don't know completely. i want to come back to one important message here and for every business person watching this show today, don't keep your eye focused on the u.s. your eyes have to be focused on africa. until we get that under control and until we have a vaccine there to shut this down, we're going to continue to have a worldwide risk for this to continue. keep our eyes focused on africa. every week we focus on dallas, we're missing that point. >> that's an excellent point, doctor. >> we'll leave the conversation there. we hope no to not continue this conversation with you, but i imagine we might be. thank you. >> there was a story on the front page of "the times" this weekend laying out some of the cases how bad things have gotten there in liberia. that was horrifying and puts things in perspective. he's right. we do need to watch what's happening there closely and help however we can. >> yeah. the nobel prize is out for economics. andrew, it's a french economist. but unfortunately not the one you nominated. it's no pickty. >> what happened? >> i mean, if there was a shoe in for really -- >> who won? >> it's some other guy. he's won for his -- >> what'd he do? >> i'm sure you'd like his research. on how to regulate these really nasty companies that have a lot of power. he defined how to understand and regulate industries with a few powerful firms. research on market power and regulation. >> i'll have to take a look at that. >> only one. normally it's shared. not this time. but in france, i think he'll get to keep like 20 or 30 bucks when it's said and done. we will see a rebound on wall street after a tough couple of sessions. we're going to kick off the market discussion next. and surviving a chip wreck. the semiconductor sector taking a hit. more when "squawk box" returns. welcome back to "squawk box," everyone. we've been watching the futures this morning. while we started things off in the red, you have seen some changes over the last hour or so. at this point it looks like both the dow and s&p futures are in positive territory but just barely. dow futures up about five points. s&p hanging on by a thread. never mind. they lost the thread. obviously we're watching this closely after all the volatility last week and big pressure that came even on friday too. another well known retailer has been victimized by a data breach. sears says its kmart chain was attacked and likely resulted in a loss of credit and debit card numbers. it was at the kmart branch and supposedly nothing from sears was stolen. it has been an interesting three weeks for the stock market. the s&p down more than 5 prst in that time period. the nasdaq down 6.5% in the same period. the dow also falling about 4%. so where are we now? what should investors be bracing for in the days and weeks to come? joining us now is a strategist from raymond james and chief u.s. equity strategist at citi group. jeff, in the past, the semiconductor group has been interesting in terms of being a leading indicator for technology in the past. but i can't imagine it still is. do we ascribe anything to the recent breakdown in the chip sector? >> yeah. i think the microchip news when they coughed up a hairball on friday cast a pall over the entire group. trading at a slight premium to the market. but not as high as it did in 1999. i think with the cap x cycle starting to pick up, it is a pretty decent place to be. >> at this point, do we eventually get to the 10%? or is it another one of these situations where people are waiting for the 10% and next thing you know we're back to up for the year and they don't get in again. what do you think? >> the s&p was down at some critical levels and very over sold on a basis. you were testing the 200 day. you were a ls testing the recent reaction low at 1904. so it's a logical place to try and rally here. i think it's a bull trap. i think we get a rally attempt here. i think stocks go lower. >> you think this might be the time we finally get that pause of refreshes in terms of the break. >> i do. >> you do. okay so maybe we're in the -- we have seen tobias, some bigger moves than we've been seeing. tripling digits still don't even mean it's 1%. but we have seen some 2% moves sort of violently. one day one went way, one day went the other way. what does that indicate? >> we've been predicting volatility for awhile. you never know the trigger, but it is interesting to watch. i'm not a technician, so i'm not looking at support levels necessarily in the market, but i am looking at top 50 names in the s&p up to 50%. that's a selling herd. when you get that high you want to inch back into the market. that's a hard one for anyone to look at. what interesting is sentiment. about four or five weeks ago, we were right on the border of yew forya. we have fallen back pretty sharply. with the semiconductors, we downgraded a week ago. our concern was orders are up 26%. that's usually a bad signal for the stocks. i know that sound contrarian, but it does suggest there is excess capacity coming into the industry and it tends to be kind of a signal the stocks may weaken. it's not a bad sign for the market, bad for tech, but it could suggest the stocks start to underperform. >> jeff, there are some positive things in the backdrop like oil prices, for example. interest rates which are going to stay low. doesn't seem like we're in any type of an area where there's financial stress, necessarily. however, a lot of companies could miss based on a slowing economy here or abroad. those are the kind of things that we can handle, i think. 2008, that was something that we don't know -- the end of the world is coming. we can handle a time where prices are just too high based on earnings. maybe we disappoint a little in multiples a little high? >> i don't think multiples are all that high right now. >> but there's no systemic overriding -- or is there? is there a bubble that the central bankers have created? >> i don't see it, joe. i think the forces forward are transformational. i think the drop in gasoline prices bodes far decent holiday selling season. i think just raised their forecast last week for the holiday selling season. no, i think the forces forward are too powerful. the energy independence, the manufacturing revival. oodles of creativity in this country. and a bunch of capital on the sidelines. i think we're in a secular bull market that has years left to run. >> you said you don't think multiples are all that high. how do you match snup i know you're both looking at the same multiple. >> no. he's looking at the k shiller which is high. there's an aberration there. it's ten-year backward looking. >> not just k shiller. >> the housing thing. >> the shiller ten-year thing, he was not talking about that. >> he was just talking about -- i don't know why anyone would say 16. >> yeah. >> we're trading at about 14 times next year's s&p bottom up operated earnings. that's not expensive. and. >> and no way we get a recession anywhere soon? >> it's unlikely. i agree with jeff's comments about the kind of long-term positive trends. we identified that in a report in 2011 called the raging bull highlighting all these factors. but i think the things that i watch most carefully, the idea of are there animal spirits rebuilding in the sector. hiring intentions. i don't know care if you look at the high intentions numbers. all of them indicative of improvement. if you look at the capital spending numbers. we track over 7 hurkss companies. they're accelerating, not decelerating. if any you look at the other, all would suggest ceos are feeling more confident. those are not the conditions you generally look at the economy. especially when credit is so easily available. >> okay. jeff, 10%. then we go back up. you don't know, tobias, about -- you don't even care if we go up. >> i would buy. >> all right, gentlemen. there's a lot of high def things going on. knew music, high def things. almost looks like he's sort of shaded, doesn't he? >> looks good. coming up next, ben affleck trying to stay on top of the box office with "gone girl." but four new challengers hitting the big screen last friday. the box office winners and losers. we'll tell you about them when we return. 3w4r57 when change is in the air you see things in a whole new way. it's in this spirit that ing u.s. is becoming a new kind of company. ing u.s. is now voya. changing the way you think of retirement. health can change in a minute. so cvs health is changing healthcare. making it more accessible and affordable, with over 900 locations for walk-in medical care. and more on the way. minuteclinic. another innovation from cvs health. because health is everything. so ally bank really has no hidden fethat's right. accounts? it's just that i'm worried about you know "hidden things..." ok, why's that? no hidden fees, from the bank where no branches equals great rates. ghave a nice flight!r bag right here. traveling can feel like one big mystery. you're never quite sure what is coming your way. but when you've got an entire company who knows that the most on-time flights are nothing if we can't get your things there too. it's no wonder more people choose delta than any other airline. . welcome back to "squawk box" this morning. ben affleck beating out "dracula" over the weekend. "gone girl" the top this week. bringing in $28.6 million over the weekend. when we come back this morning, where are crude prices headed in snex can we expect to bounce back after the recent slide? stick around. "squawk box" will be right back. welcome back to "squawk box," everybody. let's get you some of the stories that are front and center right now. the stock market is open today, but trading is likely to be lighter than normal because of the columbus day holiday today. the bond market is closed. also chrysler automobiles makes its wall street debut today trading under fcau. first on its own and then part of chrysler. more on this story coming up in a few minutes. and another so-called inversion deal in the news. u.s. based medical technology is buyed synergy health. the combined company will be headquartered in britain. also a little bit more relief at the pump this week. that's according to the lundberg survey. gasoline dropping nearly 12 cents in the past two weeks to an average of $3.26. joe looks like he's very happy about that. new jersey prices have been at a low of $2.90 a gallon in some places. never gets old. never gets old. >> crude oil gets crushed lately. hitting bear market territory now. down from its high this year. energy stocks have been down more than 15% over the past three months. we forget about that. sometimes big selloffs and the averages are actually because of things that can be pretty positive for the rest of us. anyway, meantime, global growth fears adding fuel to the dollar strength. we have matt smith from snyder electric. eric lauera at wells fargo. it seems both of you gentlemen are responding to things happens because of the same cause. our eventual exit, hopefully, by the fed. isn't that true, matt? that has to do with what's happening with oil and the dollar. >> in part, yes. but why we're seeing weakness at the moment and specifically today relates to opec, joe. we know saudis are aggressively looking at selling oil into asia. they're trying to do that into europe as well. looking into discount into there. they've had meetings where they're willing to take a price below $90 even as low as $80 at the moment nap is driving prices down when otherwise you'd expect to see a bit of support here around 85 on wti. >> funny the way it works. because we forget that. they have bills to pay, don't they? a lot of the opec countries. >> yeah. >> as the price comes down, you've got to sell more of it to pay your bills. then that just causes more supply. >> well, you've got just over this weekend iraq coming out as well and discounting their oil to asia. on the other end of the spectrum you've got iran asking for the key producers to cut back on production. you've got venezuela saying that perhaps we should have an emergency meeting. and so you have this situation where the oil prices are really being dictated going on in the ca cartel. >> but what has changed just in the last six months? has it been that demand globally has not been growing as quick as before? because it's still growing, isn't it? or is it that we continue to bring on new supply that we didn't think we would ever have domestically? >> it's a number of different factors, joe. it is that tempering all demand growth. it was expected to be above a million barrels a day this year. in terms of supply here in the u.s., yes it's up to 8.8 billion barrels are day. but that's no real surprise. that's just meaning that we're mitigating imports into the u.s. and so they are looking for other places to send their oil. also to do with dollar strength coming through as well stymying that crude price. and so there's a different myriad of influences. >> we had a british central banker on with total american accent. if we ask you just so speak like wee do, matt, are you able to be totally american? >> oh, my gosh. i have two little american sons. i live in louisville, kentucky, and they have southern accents. so when i tell them to have a bath. that say it's not bath, it's bath. so i have to say bath. >> what do you think it was? it's a bath. >> it's a bath. >> your kids are right, matt. i hate to tell you. your kids are right. you're wrong. >> no. it's not true. >> eric, matt was just talking about the dollar. can you -- >> see you cannot do that accent. you are terrible. >> it's because i'm from cincinnati which is right near louisville and i take a bath. i haven't had a bath in a long time. eric, we just heard about the dollar. and what is your view now that -- these fed guys in this country, they didn't seem too hawkish in the last couple of weeks. relative to the rest of the world, it's now have keep the dollar strong? >> we have seen some sizable and pretty quick gains in the dollar over the past couple months. we think in the near term, we could see a period of consolidation. the fed remains dovish. maybe when they do start to tighten, the pace could be quicker. that probably isn't going to happen until the middle of next year. and with that expected, we're seeing continued subdued u.s. treasury yields. and without those higher yields, the dollar doesn't really have that yield support. >> except our yields are higher than everybody else's in countries that should have much higher yields than us. >> right. but when we look at the bond spreads between the u.s. and some of these foreign currencies and when we look at the growth efforts it is supportive of dollar gains over the longer term. just that in the near term we would expect some consolidation and pullback. because the positioning looks stretched. and we could see a little bit more subdued in the coming quarters. >> i think i could have made a lot of money if i traded currencies. i could have been like soros or something. we've talked about it a lot. why isn't it a par. at this point you would cover if i had done it at 1.39, should you cover at 1.26. should i take a step back right now? yen too. cover those shorts? >> weld think that foreign currencies could be a sell on rallies. u.s. dollar could be a buy on dips. because these trends are -- we still expect them over the longer term. growth in europe is weak. it's almost non-existent. growth in the u.s. is still pretty solid. in japan, economic trends have been sightly disappointing. so this still supports monetary policy expectations where the fed is -- and the ecb in europe and is the bank of japan in japan are still taking this easy stance. because of that we would still expect the dollar to strengthen over the longer term. but given the recent moves, the size and pace of the recent moves, we think there could be some corrections. again, looking at buying dollar on dips. >> yeah. i mean, you could have made so much money. at 1.30 i'm going back in. >> are you? >> in my mind. i'm going to do the imaginary fantasy things. >> you called a few things in your mind pretty well. >> yeah but whenever you fill out an order form, if you were meant to put buy, just put sell. that's the way it works. eric and matt, thank you. >> thank you. >> thank you. >> that's why i do this now. >> i get it. when we come back today, it is a very special columbus day for chrysler. chrysler, of course, is part of italian automaker fiat. the listing back on the new york stock exchange for the first time since 2007. the ceo in town for the big event. we're going to talk about the new chrysler and the industry overall right after this. right now, though, as we head to a break, take a look at the futures. okay. so we're right around the middle. we haven't decided which direction we're going to head this morning. dow down about five points. 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go. right on time. right now, over 20,000 trains are running reliably. we call that predictable. thrillingly predictable. sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. welcome back to "squawk box" right here on cnbc. the ceo of eye ware maker lasada has resigned. lennar doe delvecio. joe giving me the high sign i pronounced it correctly. thank you for that. the company now considering a co-ceo model. also the oakley and ray ban brands makes eye wear for others. >> aren't they the ones 60 minutes -- >> they did that great piece. >> mow nnopolies if you can do it -- >> they work well. >> but they also create opportunity for the parkers of the world. >> it sounded like it -- >> i interviewed the founders. they made up the name because it sounded like a person. >> i bet there is one in the world. >> like the guy that bought arm and hammer because that was his name. we'll see if there's a warby parker. it's like when bart calls the bar and says is there a hugh jazz there. in the meantime, while we're looking that up, the world's seventh largest -- start over. fiat, the seventh largest autogroup is set to trade. joining us right now to talk about this turning point is the detroit news and also our own phil lebeau. phil, we want you to walk us through the day ahead and also tell me what is the correct pronunciation. it's a marchionne? >> i've asked sergio, his answer is how do you want to pronounce it. >> how does he do it? >> as long as you do business with me and you're respectful and everything. i've heard both. but that's really a side issue. the real story here today, becky, is that we're going have a listing of chrysler on the new york stock exchange for the first time since what? 2007, 2008. before chrysler was sold. and then you have for the first time in a long time people are going to be looking at chrysler and they're going to be saying what are the growth prospects for this. and sergio marchionne on a global scale, the expansion, the growth of sales by roughly 60% by 2018. a five fold increase in profits. that's the projection for their five-year road map out there financially. there's a real aggressive plan in place. this really allows sergio to say i've got everything where i want it to be financially in terms of where the company is. in terms of listings, headquarters, where the tax base is going to be set. now let's focus on the business and expanding jeep. >> this is a huge milestone to actually see chrysler trading again. >> first it was gotten rid of. the company was basically put up for sale for a year. the obama administration didn't know what to do with it. ultimately gave the company to fiat. during the bankruptcy in 2009. over 50 months of sales growth. but they've got to convince wall street that this plan phil talked about, spending over $50 billion over the next five years and dramatically increasing sales of jeep and its other luxury brands, there's still a lot of questions not to mention the weakness in europe and whether it's going to be able to resolve some. >> i'd seen a story last week that laid out issues with jeep trying to increase the sales there and change the model up a little bit so it would be more aluminum like what you were talking about with ford last week. they said they can't continue to produce them in ohio and toledo. >> well, this is sergio being sergio. i brought this up to a number of people in the auto industry. they all say this seam thing. you can build an aluminum vehicle anywhere you want in the world. but sergio says it is going to be capital change yoer. if we're going to do this in toledo, we're going no need help from state and government entities. it's what any smart ceo would do in this position. i think they'll get something worked out. look at the expansion they've gone through in toledo over the last four years. ohio doesn't want to lose those jobs. they'll come to the table with package. >> you think he's just getting ohio to pay for the changes he would have to pay for otherwise. >> sure. why not? from his perspective and a lot of people are critical of him and say, look, this guy is forcing ohio or toledo or suppliers. this is what you want your ceo to do. you want him to give you the best possible profit line possible. and this is the best way for them to move forward with this. >> david, let me ask you. we're talking about the resurgence of chrysler. makes me think of the resurgence of detroit. give us an update on how the city is doing overall right now. >> the city is hopefully wrapping up its bankruptcy stay on the chapter 9 filing it had in july of 2013. it thinks the city could be out in the next 30 to 60 days. going to wipe out $7 billion in debt largely thanks to this grand bargain with the state government, private foundations and others putting about $800 million in to soften the pension cuts and some of the cuts to big investors. but there's only one major entity out there still trying to settle with if they are successful could essentially speed the exit and detroit could get out. then the real question is will other cities follow because no city has filed for bankruptcy since detroit in 2013. >> phil, can i switch topics on you? tesla stock on friday fell after the announcement thursday night about the new car and some of these new safety driving features. was that mind blowing to you? i didn't see you on friday. >> i was not in california for the unveiling of the new features that they're going to be rolling into the model "s." it is mind blowing from the perspective of how fast this vehicle will go. i talked to jane wells and she said there were people that came out from riding in this vehicle and said i nearly peed in my pants because of how fast the vehicle went. that's not made up. it's honestly how some people reacted there. i think these features are critically important. but let's put this in some perspective here. this is important features that have been added to the model "s." it is an important addition for tesla in terms of making these changes and adding on these features. they're going to get top dollar for these features. >> that's the quote that jane had. she had that sound bite. everybody loves it. the wee-wee in the pants. >> we're very sophomoric here. >> we are. phil, there are certain analysts if you ask any question that even has a tinge of non-belief or skepticism about the government or state subsidies or about the ability to ramp up production without any issues on -- you ask them and they look at me and say you are -- you obviously don't understand what you're talking about. that's when i get scared about -- that's where i think they're tesla-sarians or whatever it is that they believe it made sense it goes down. like you can't even ask a question about elon musk or tesla. >> there is no doubt the fan boys are out here. dave hears this too. any time you write a story and you say the slightest thing negative or even let's take a measure of skepticism about where tesla is, they swarm on you. and they immediately say you are wrong, you are a non believer. how yould you think this way? >> seen it before. that's what scares me. it usually ends badly for shareholders. but this is a totally different case, i guess. >> phil, you could argue that other automakers would have put a press release out. they wouldn't have had a big thing. that's why the stock was down 8%, i think. they've only built 50,000 cars in ten years. >> all right, guys. thank you. how do you say lebeau? it's like lebeau. >> right. up next, the chip dip. semiconductors down from last week. find out if you should be buying or selling these names. at the top of the hour, jeremy siegel telling us if the bulls are in danger of losing the market. "squawk box" will be right back. i love having a free checked bag. with my united mileageplus explorer card. i have saved $75 in checked bag fees. priority boarding is really important to us. you can just get on the plane and relax. i love to travel, no foreign transaction fees means real savings. we can go to any country and spend money the way we would in the us. when i spend money on this card i can see brazil in my future. i use the explorer card to earn miles in order to go visit my family which means a lot to me. ♪ welcome back, everybody. the semiconductor stocks getting slammed last week after microchip sent a chill through the chip market. some are rushing to sell. others are looking for bargains in these stocks waiting for the dust to settle. joins us is the u.s. semiconductor senior analysts. it's great to see you today. >> thank you for having me. >> microchip scared everyone because they said they're the first ones to see a real turnover in china. do you believe this? do you think this is the first of the beginning? >> microchip has been good at signaling these things in the past. they've been known a bit as a canary in a coal mine. they tend to recognize the revenue through. so they can be quicker and recognizing when the customers are changing their demand profiles. >> would you be with the people who are trying to sell everything at this point? >> i don't know i'd be trying to sell everything, but i wouldn't be rushing in to buy the dip just yet. i think for two reasons. first of all, i was already in the late cycle camp. even though they've dipped on friday, they're not screamingly cheap just yet. a 5% to 10% cut. to bring those multiples back. so i don't think things are super cheap yet. i also think because of the nature of microchip's announcement where they're the first to see this, everybody else is going to come later. i think semiconductor is going to be not eager even tho buy good news. because they'll be worried about further downside or further announcements to come later. the worst time to hold semiconductor stocks is before a big cut in numbers. i wouldn't be jumping in just yet. >> what are we even talking about no now? for neophytes or novices that don't follow closely. i hear the biggest thing coming down the road is the internet of everything where everything has a sensor or something. who makes those things? i mean is intel without pcs around, am i still buying intel? >> so couple things. microchip right now is primarily very broad industrially. >> commodities, yeah. >> not necessarily kmcommoditic but broad. that's why people get nervous. because they have a very sort of broad view of the industry. if you're talking about internet of things, many players make products that could go into that market. there's not much of a market yet right now. >> i'm sorry, stacy. i wish we had more time. that was a broad question because it's moving so fast and we don't all know as much as you. but we appreciate it. >> thank you. when we return, what can you expect into the heart of reporting season. plus jeremy siegel. tdd# 1-800-345-2550 [ male announcer ] your love for trading never stops, tdd# 1-800-345-2550 even on the go. tdd# 1-800-345-2550 open a schwab account, and you could earn tdd# 1-800-345-2550 300 commission-free online trades. tdd# 1-800-345-2550 so when a market move affects one of your positions, tdd# 1-800-345-2550 schwab can help you decide what to do. tdd# 1-800-345-2550 with tools like free live-streaming cnbc tv tdd# 1-800-345-2550 that give you the latest financial news and trends. tdd# 1-800-345-2550 and bubble charts and price charts that let you see exactly tdd# 1-800-345-2550 how market activity is affecting your positions. tdd# 1-800-345-2550 so when the time comes to decide whether to scale in tdd# 1-800-345-2550 or scale out you can make your move, tdd# 1-800-345-2550 wherever you are. tdd# 1-800-345-2550 and start working on your next big idea. tdd# 1-800-345-2550 ♪ open a schwab account and you could earn tdd# 1-800-345-2550 300 commission-free online trades. tdd# 1-800-345-2550 tdd# 1-800-345-2550 call 1-877-729-2379. tdd# 1-800-345-2550 or visit schwab.com/trading. tdd# 1-800-345-2550 schwab trading services. tdd# 1-800-345-2550 your go-to for trading know-how. tdd# 1-800-345-2550 ♪ tdd# 1-800-345-2550 your go-to for trading know-how. when i'm working, things can get so hectic. so sometimes i need to find an easy way to express what's most portant to me. like, with my crew, i use shorthand to talk to them and tell them what i need... and when i need to talk directly to my fans... but the most meaningful shorthand of all is the one i use when i'm about to drive: "#x." it's an easy way to tell everyone that i'm about to drive. and i do it every time before i get behind the wheel. use #x to pause the conversation before you drive. because no text is worth a life an eye on earnings. jeremy siegel will tell us if the bulls are losing their grip. ebola in america. questions this morning about the so-called protocol breach by the health care worker as the cdc is put under a microscope. plus a ratings blunder with billions of dollars at stake. as the final hour of "squawk box" begins right now. welcome back to "squawk box" here on cnbc, first in business worldwide. i'm joe kernen along with becky quick and andrew ross sorkin. the futures at this hour are indicating i would call that a flat situation at this point. we'll have an entire sort of an ill-liquid day today. bond market closed. >> you're not going to be looking too much at he 2.25% return for the 10-year. >> yields sitting at their lowest levels in a year. you know who the grand marshal is in that guy we have on sometimes. frank bisignano. things have now turned positive. germany had one of the roughest sessions on the continental friday. and it is rebounding the most today. up about half a percent right now. and the france up 3.4%. >> no, it's still not good. >> which am i better at? >> english. >> i can do hick pretty well. >> but that's still english. >> that's natural too. >> i could bite into that too. i could. >> he can't. >> i can't do it. checking the stories that are making headlines at this hour, oil prices are on our radar once again this morning as traders consider a weak global economy. there's no indication that supply is going to be cut any time soon of the lower oil prices making an impact at the pump. gas prices now down another 12 cents over the past three weeks. and the average price now $3.26 per gallon. also we should tell you a texz health care worker has now become the first to contract ebola in the united states. she was one of the people treating thomas eric kduncan, te fellow who died sadly of ebola last week. blaming a breach in protocol. also the downdraft for stocks around the world surveying as the backdrop for the start of the earning season. there will be a parade of results that begin this week. we've got citi, jpmorgan, google, and ge just to name a few. joining us is mike thompson, managing director of global intelligence at s&p capital iq. thanks for being here. >> thanks. >> what are the analysts expecting? what do you think we'll see in terms of earning growth? >> if you look at the most recent revisions and the way the behavior is there, i think the trend comes in between 9% and 10%. >> so analysts have slowly been bringing up their expectations? >> yeah. >> we know there are some major currents. some head winds. some of the global national companies. like the strong dollar can throw a wrench into things. the weaker oil prices can help consumer stocks, but those probably aren't things we'll see show up in the last quarterly results. >> i think so. and i think this earning -- the issue here, what does this corner mean going forward? you have to kind of level set this. where are we right now? first of all, based upon four quarters looking forward, the pe is not that high. it's just over 15 in line with historic norm. profit margins, expectations around 9.5%. 6.75 growth official. probably close tore 9. these are all pretty good things. we have not one negative sector in terms of earning growth. and what's really interesting is the next three sectors look like they go into double digit earning. potential fed activity. slowing economies in europe. but there has to be offset or countered by the fact that you have some really powerful domestic drivers which is it looks like the u.s. economy is growing. and you know where you see it? you see it finally with top line for the s&p 500. 4% plus this quarter. and it goes up from here. this is good news. this is really good news. >> what sectors will be performing the best under that scenario. >> it's really interesting. your point, i'm not really focused on this sector. health care is creaming it right now. double digit earning growth, double digit profit margins. so it looks like that's come together. but what happens next quarter is really interesting. if you look at the way the s&p 500 is kind of constructed, it's financials, info tech and consumer discretionary. every one of those is expected to have important double digits earning growth. which would be kind of a perfect situation for a broad based strong market. i think you're going to have the bulls come out to see that. because it's just going to be really powerful. i think you'll get a boost and potential for an earnings driven rally. >> i read a piece by an analyst who i read frequently. over the weekend he said it's not going to matter. ebola makes earnings not matter. do you think that's the case? or is earnings what the market is going to continue to focus on? >> i think that is correct. i'll tell you what. the thing that would derail the market, i don't think the earnings issue is a good thing for the market. what will derail this market is baghdad going to isis. it will be ebola -- if something terrible happened with ebola in the u.s. something like that will potentially be the derailer. but earnings are the things i'm not sure we have to worry about. i think the market looks good and earnings look good for them right there. >> we'll take that. thank you for coming in. >> my pleasure. let's move on now to one of our own "squawk" market masters for a take on what's going on in the market. joining us now is jeremy siegel, professor of economics at wharton. and we know where it is. it's university of pennsylvania. anybody what doesn't know that doesn't watch "squawk box" where we have smart people. so last time you were on, we already were giving you the 18,000 that you predicted by the end of the year. we said we're on our way. meanwhile, market has turned around and is back down to 16,500. we need about 9% to hit your target. i have some advice. number one, don't pick the way the market's going to go either up or down along with duration or time. do one or the other. and i'm not going to hold you to the 18,000. you may still be right about that. but what do you -- we were on our way. now we're flat for the year or down a little bit for the year. still we don't have the 10% correction. what is your thinking now? >> well, you're right. we were at less than 5%. now we're about 9%. you know, i said -- mike has said it all. just your last guest. the earnings look really, really good. i came back from the jersey shore yesterday. first time i got gas under $3 a gallon in a long time. now, that's going to hurt the energy sector. and while that has taken a hit, that's going to help the pocketbook of the american consumer. i think we're going to see a good holiday season because of the drop in energy prices. so the initial impact of a strong dollar which is lower energy prices, material prices, foreign dollars -- foreign currency a little bit lower is going to be offset i believe by stronger consumer spending in this fourth quarter. and that's going to give a boost to the market in november, december. i'm sticking with my 18,000 prediction for the dow. >> all right. i know you read jesse livermore and you know the quote about the diabolical intention of the market to move without letting people know what it really wants to do. i think if we are in a bull market, if we're going to be at higher prices a year and a half, two years from now, the market doesn't like to give people a 10% discount on getting in. usually it goes toe other way where people who aren't in find themselves sort of with the sick feeling. because they never buy when they're supposed to. so when we go down 4% or 5%, those are the people saying i'm waiting for 10%. they usually don't get it. you don't think we'll get a 10% correction if -- >> you're exactly right, joe. on that. i'm going to wait for that 10%. the market's going to go down 8%, 8.5% and then turn on the dime and you're going to be flat footed again not getting in. the market does act just like that. listen, when we looked at the top a month ago, did you feel that euphoria that everyone was talking about how the market is up, everyone was, you know, getting into the market. i didn't see it. i don't see that that was a top. the market doesn't turn right on a dime like that. so my feeling is this is a pullback between 5% and 10%. i don't think we're going to hit that 10%. november and december is going to be good. all my colleagues said you're crazy for predicting the market over the short run. but, you know -- and true. i'm certainly not going to bet my life on these short run predictions. and most certainly, the biggest positive is what we just heard. p.e. ratio. in line with historical market averages. in an extremely low interest rate environment. and listen, these low energy prices, what do we hear? stanley fisher just said this may delay the tightening of the feds. we're going to have 2.5% to 3% 10-year bonds. where are they going to go? where are people going to go for in the market? >> there's a reason when people buy options, something called time premium. the people who buy november options, november calls. that's just stupid. for you even december calls. that's why there's no time premium. that's why you don't do things. so i'm with the people that tell you not to be quite so much. >> explicit. >> i didn't look at your notes either. and i think we obviously think very similarly about how people wait for that and they don't get in. then they've got that sick feeling that the train has left the station. that's characteristic of bull markets. now, there may come a time when we're not in a bull market. and then i would certainly see that we go down 10. that's when people will buy that dip down 10. then it will go down 20. that's when there is a change. but it doesn't seem like we're there yet. >> absolutely. you're right. the market will trick the majority of the people most of the time so those people that are waiting for that 10% correction i think are going to be disappointed. you know what? if we do get it, i think it's a great long-term entry position. i think a year or two from now you're going to be happy you own stocks. >> don't you teach millennials? they're all in cash. if we're going to have to suck some of them in. don't you think? >> and so many people my age that got out in 2009 to 2011, they're still not in. when they say my cds are zero. i tell them we've got a lot of stocks there yielding 3% with dividend growth of 5% and 10%, i like that. >> and you're feeling good about the eagles, too, aren't you? you're swaggering this morning. >> i was at the game last night. the i wish the market were doing as well as the eagles. but i'm happy. >> i can hear it in your voice. >> he went to the beach and to the game. >> that's right. >> and cheap gas too. it's going your way. all right, professor. thank you. >> good weekend. thank you. when we come back this morning, is mario draghi the right man to save the european economy? steve leisman brings us a rare interview with marc carney. we'll get his thoughts on draghi and more when we come back. and later, big financials remains up over 11% for the year. we'll find out whether the strong dollar will hurt their bottom line. "squawk box" will be right back. it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. centurylink your link to what's next. it's a fresh approach on education-- superintendent of public instruction tom torlakson's blueprint for great schools. torlakson's blueprint outlines how investing in our schools will reduce class sizes, bring back music and art, and provide a well-rounded education. and torlakson's plan calls for more parental involvement. spending decisions about our education dollars should be made by parents and teachers, not by politicians. tell tom torlakson to keep fighting for a plan that invests in our public schools. welcome back to "squawk box." the bank of england holding rates steady in its last meeting. but it's closely watched and is monitoring the eurozone as signs of a slowing economy in germany. steve leisman caught up with bank of england governor marc carney for a rare one-on-one conversation. steve? >> thanks, andrew. marc carney's words followed around the world. formerly the governor of the bank of canada. spent 13 years at goldman sachs around the world. also seen as a tough bank regulator. in part two of our conversation, i asked carney for his thoughts on what the european central bank needs to do to address the slumping economy over there. >> i have full confidence in the governing council and draghi. the framework that draghi set out which made it clear this isn't just about monetary policy. it's going to require fiscal policy and structural reforms. it's the right one. the instruments they're putting in place, one which is based off a very successful program in the uk. it's actually an improvement on funding for lending in terms of the design. these are sensible things to do. they get directly to the transmission mechanism. i wouldn't presume to dictate exactly what they should do beyond that. >> the french downgrade this past week. this could be back in an area of risk around deficits and the fiscal side that you had just so many years ago. >> it's still a work in progress. the fiscal consolidation in europe in some of the core economies. france included. this is the subject of intense discussions over the course of this month as you know. this is a chronic phase of the european adjustment. this is not the acute phase. we're not back into that period of a couple years ago. >> two senior bankers said they were resigning because of rules that were proposed by bank regulators in england regarding the idea that they could be held criminally liable if the bank failed. is that going too far? >> o couple things. first were overall we certainly believe in personal responsibility, responsibility of directors, the chairman, the cfo, the audit committee. and that's absolutely clear. and one of the lessons of the crisis is that those individuals in countless institutions didn't feel that responsibility. and were not subsequently held to account. so if you believe in the market, you believe in personal responsibility, these measures make sense. the last point is that it is a big deal to be a director of a major global, globally systemic bank. it requires time, focus, expertise, and a sense of responsibility. so we make no apologies for implementing a rule that was passed by the uk parliament that goes to the heart of both personal comportment but also to the heart of market discipline. >> andrew, you have a quizzical look on your face. >> -- board member of a financial company ever now. i'd be scared. saying you can go to jail. >> first of all, his hands are tied. it was a law passed by the uk parliament. not much he could do about that. he's supporting it in the sense that he says you're not just the director of any old bank or company. you're the director of a bank. and the bank has global risk. >> it's one thing to do something that's illegal. it's the other to make a horrible, horrific business judgment and then be criminalized. >> although it's what we did with the ceos and cfos have to sign and say we completely agree with this. no one was ever brought up from the financial crisis. if you want to put some of these guys and go after them with a hard case, a criminal case, you could have done it. >> that's absolutely right. there are two conversations on a loop with the financial crisis. lehman and why wasn't anybody held criminally liable for the financial crisis. my guess is such a crisis if it were repeated, this would give regulators and prosecutors t ability to do it. the whole thing is online. we'll have the transcript up shortly as soon as i get rid of the canadian stuff. >> give him about ten minutes. it'll be on cnbc.com. when we come back, a texas health care worker testing positive for ebola. we'll get the latest from dallas after this break. in the meantime, let's check on the futures at this hour. undecided which direction the market is going to head. "squawk box" will be right back. today could be the day. the day we give you hope. relief. a cure. today, we believe every life deserves world-class care. as one of the top four hospitals in the nation, over 100,000 people from around the world come to cleveland clinic for care each year. and we're ready for you with a second opinion or a same-day appointment today today today and everyday. call today, for an appointment today. welcome back to "squawk box" this morning. a breach of protocol to blame for the ebola case in texas. meg tirrell joins us now with more on that story. >> good morning. that's right. this health care worker was treating thomas eric duncan here in dallas. she is the first case of ebola being transmitted in the united states. now, the cdc saying they don't know exactly how she was infected. of course the first to be transmitted anywhere was in spain and that was a nurse as well. so clearly health care providers on the front lines and are some of the people most of risk. the nurse's union saying they're not receiving enough training on how to deal with patients. >> we're seeing that caregivers who are not being adequately trained are being blamed. we're hearing that they have not followed proper protocol. when we have been asking our hospitals throughout the country to provide us with training that allows us to ask questions with training about how to put on the proper and optimal level of personal protection equipment. >> now, questions are also being asked about whether hospitals that are specifically designed to handle ebola cases like nebraska and like emory in atlanta should be the ones handling these cases. and of course nebraska is treating ashoka mukpo. his condition is improving. as for the patient here, her condition is stable. joe? >> okay, meg. we got to go. but anyway, thank you. wondering how do you defeat the virus? i guess your immune system -- eventually you're able to -- >> eventually you can slow it down if you maintain hydration through the entire process and your system doesn't shut down. most of the time when you die, you die of shock. they've been using blood from the people who survived as a way to help others. when we return, what you need to know when the banks report quarterly results. what can you expect for the remainder of the year? then the booming business of pot when we return. when change is in the air you see things in a whole new way. it's in this spirit that ing u.s. is becoming a new kind of company. ing u.s. is now voya. changing the way you think of retirement. i research. i dig. and dig some (trader more. search. because, for me, the challenge of the search... is almost as exciting as the thrill of the find. (announcer) at scottrade, we share your passion for trading. that's why we rebuilt scottrade elite from the ground up - including a proprietary momentum indicator that makes researching sectors and industries even easier. because at scottrade, our passion is to power yours. welcome back to "squawk box" this morning. front and center at this hour, like lig to be a lighter session than normal today with the bond market and many businesses closed for columbus day. u.s. stock trading on a normal schedule. also tirole is the winner of the nobel prize for economics. he won this for his research on market power and regulation. joe says it's my favorite. >> you were worried about the last name. >> i do what i can. >> you do. >> we should tell you full operations have been restored at the aurora, illinois, air traffic control. they suffered significant damage from a september 26th fire. joe, save me from myself. >> okay. that music. what i want to know about the music. we used to bump in and out with different songs we'd suggest and stuff. is this what we want? >> welcome to the first day of the rest of your life. >> what i really want, the music itself, is there a video of those studio musicians all like in like just a studio and they're all playing and there's like the dorky guy in the glasses playing the guitar. i mean, is there a studio recording of this? do we have videos? >> voiceover guy was faceless and nameless. we finally got to meet him in person. the ten year anniversary you will meet these guys. >> what if i can find a video of the studio musicians putting together -- because they're probably just -- what are they call snd you know, that they've been doing it their entire life. never got famous. journeymen musicians that are now famous from being on "squawk box" in our morning show. >> you're going to hear that every morning playing in and out of break. >> in the meantime, check out this video. if you think tough mudder races are difficult, try doing it with another person on your back. 50 couples competed in the north american wife carrying championship over the weekend. competing couples don't have to be married. >> oh, my gosh. >> and check choose their carrying technique. the most popular style is the estonian carry where the wife hangs upside down from behind. helmets are optional. but seems a wise choice. this year's winner took home the wife's weight in beer. and five times her weight in cash. i don't know what they mean by in cash. probably coins. if it was paper, it'd be -- >> i did a mini version of this yesterday. i carried my wife. that's part of it. i had to carry her. not for the whole thing, but one of the obstacles is you have to carry somebody else. no joke. >> no, i was talking about the people in my ear are telling me we really have a video of this studio group that -- >> oh, great. we should see it. >> when are we going to play it? we're going to do it now? oh. very nice. >> that's not. that's yoko ohno. >> see, now this -- this i understand. this i would have picked rather than -- do you think they'll let us substitute for the morning? for me it's very close which one we stick with. >> i think you'd like to torture andrew and i with this one every day instead. >> the greatest thing about this is john pretends to act like he's into it. he's like i love her and i've got to do this, but this is just awful. anyway, that was not the studio. >> there are people who work at the -- you know, it's a small ride world have to listen to that song all day every day. >> they do. >> so we're lucky. >> even saying that song is enough to get it stuck in your head. i'm moving on. it was a pretty rough week for the banking sector. the xlf falling nearly 3.5%. third quarter earnings set to be released from citi, jpmorgan, wells fargo, and morgan stanley. a lot of numbers coming up. a lot of things keeping us busy. joining us now is anton schutz. thanks for being here today. >> always a pleasure. >> so what are you expecting? are you looking for strong numbers for the group overall? >> i think, you know, you're going to have a mixed bag. i think numbers will be decent. i think the currency volatility save this day. and really helps a lot for the guys who are trading oriented. and we saw some really decent growth on the consumer side offsetting some commercial growth that wasn't as big as last quarter. i think the difference will be we're not getting higher rates for the banks. >> we have seen a lot of volatility recently. i wonder what that means. the volatility for their trading. >> clearly the volatility on the concer currency has been good. volcker or dodd-frank, typically the banks would have sucked up a lot of that. the volume would have positioned things. today it's really customer driven. it's not leading to their bottom lines as much. >> in the end what does the volatility mean for these guys? >> the currency side is going to save the day. clearly you had some very good stuff on the equity side. alibaba was giant fee. and the advisory side is also still pretty robust. a lot of people are predicting its death. but it's still good advisory fees out there. >> i know you own citi and bank of america. what are you expecting out of those two in particular? >> citi will be interesting. they continue to bring down citi holdings. they're going to ipo either their subprime consumer unit or they're going to sell it. that'll tell us more about that we hope. also clearly credit continues to improve for everybody. and i think cost cutting continues to be a big thing for citi, bank of america, the whole industry. because maher gins are just too tight. competition's too tight. so cost cutting continues to be a story as well. credit is benign and continues to be vl strong for the economy. >> one of the huge head winds have been all of the regulatory settlements, the fines that have been imposed along the way that's made it hard for people to figure where the stocks should be trading. do you think we're through the worst of that at this point? >> you know, we keep hoping that. there was first that $25 billion settlement a few years ago where we're like, great. the big banks have it behind them. then the additional settlements and eric holder drove a couple of giant ones recently. he's now gone. we'll have to see who comes in and replaces him. but there's still a couple of elephants in the room. there's the case that hasn't been resolved yet. there's some currency trading cases out there. those still have not been sis closed as to who they're going after. so that still exists. unfortunately from a popularity perspective, banks place last and politicians have found it expeditious to go after them. it's been good for the popularity. so they keep going and they keep winning. one of these days one of the banks will sit there and say we're not going to pay. we'll see you in court. some of these settlements have been unbelievable. >> they have been. anton, thank you very much for joining us. it's good talking to you today. >> a pleasure. coming up, a fond farewell to a ferrari favorite. the chairman stepping aside after 20 years at that company. but not before he unveiled the most expensive car ever made. details after the break. and then later, high times in new york. the east coast cannabis expo taking place in times square. the big business of pot in just a moment. welcome back to "squawk box." we do have a bit of breaking news for you right now. jcpenney just naming a new ceo. marvis ellison is going to take the ceo post from mike awlman as of november 1s. we're going to get some more on this from courtney reagan. >> this is interesting because just earlier this week i guess on wednesday or thursday of this past week, jcpenney had an analyst day. we asked mike allman what the plans were for his succession. he said it wouldn't be appropriate to talk about a board matter but i'm prepared to stay for as long as necessary. when hi a private conversation with him later, i asked if the fs a short-term plan or longer term plan? did we get it wrong when he did come back to jcpenney. he said i told my wife i would be back for three months so shows how much i knew. i think it was always a moving target. but now we know and do have more definitive dates to see his successor come in. i think from the outside from home depot. as we also know there's executive changes going on there at that retailer. >> okay. >> all right, courtney. thank you. we're calling this is bittersweet weekend for ferrari. this is why the car maker unveiling the most expensive production ferrari ever built. but at the same time some leadership changes for the automake p automaker. we need someone who loves rich people. there he is. there is robert frank. >> i just love ferraris, guys. >> you do that too. but only rich people drive those. that's for sure. what's the cheapest one now in production you can buy new? can you buy one for 200? >> you can get into the new california t for a little over $200,000. that's the entry level. they go way up over $300,000 per vehicle. now, this weekend was kind of amazing here in beverly hills. they had more than 1,000 of those pricey ferraris to send on the town to celebrate the company's 60th anniversary here in e the u.s. many of these wealthy ferrari owners and dealers a little concerned about the future after a big management shakeup. now, as of today, sergio marchionne, he actually has the title of chairman of ferrari. he hinted at big changes but he said he wouldn't do anything to damage the brand's history. he didn't want to comment on plans for an ipo or spinoff. but he did say you could increase production without affecting quality. let's take a listen. >> the fact that i've come over at chairman it is of significant importance to us. the business itself is in good hands. >> now, guys, the big point here is he says the number of rich people in the world has exploded. ferrari hasn't kept pace. he also said he's not going to do anything to change the history and that this increase in production is a big change from the previous chairman. he capped production at 7,000. and some worry that if you actually exceed 10,000, 15,000, you could actually become a little more like porsche. we talked to a lot of these collectors and dealers yesterday. here's what some of them have said. >> it's something about ferrari with the limited production, the exclusivity of it. we worry if they increase production, it's going to be like porsche. and i love porsche, great engineering. but it's everywhere. >> and, guys, the most fun of this, i asked sergio about his own ferraris. he owns seven. the favorite is the 458 which he said is the best driving machine that god invented. this is like a cult this weekend. >> are you on the facility on wilshere? isn't there one there? where are you right now? >> you know it all too well, joe. i am at ferrari beverly hills on wilshere. these guys are the largest dealership in the country. behind me you see that's the most expensive model. behind that the 458, the greatest car that god ever invented according to marchionne. >> all right. and we sent you out there. he's got a cool job. all right. thank you, robert frank. >> thanks, guys. >> he should probably pretend he's going to buy one to test drive a few. >> he doesn't need to. >> they let him probably. >> they probably let him drive anyway. coming up next, rating software glitches screwed up tv ratings for months. and as we head to a break right now, check the futures. dow looks like it would open up higher 22 points higher. back in a moment. tomorrow on "squawk box," earnings central kicks into high gear. wells fargo, citi group and jpmorgan kick off the results. plus we hear from johnson & johnson. the fun begins at 6:00 eastern time on "squawk box." profit from it. in a world that's changing faster than ever, we believe outshining the competition tomorrow quires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. with centurylink visionary cloud a brinfrastructure, and custom communications solutions, your business is more reliable, secure, and agile. 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(all) awesome! i love logistics. we are learning more this morning on the nielsen ratings glitch. for seven months the company inaccurately reported ratings for major broadcast networks. the technical malfunction is raising questions whether the system can be trusted. david bank at rvc capital markets joins us now to figure all this out. is nielsen -- i mean, how upset should the networks be at nielsen? abc apparently was the beneficiary of all of this. but everybody else seems to have lost. >> first and foremost, i know your burning question is going to be the cnbc ratings. not to worry, this is a broadcast-only network issue. not the cable networks. so the answer to your question is about 98.5% were sort of completely unimpacted. right? about 1.5% of ratings were, i would say, marginally impacted. so the issue is less, the impact of the mistake than the fact that quite frankly there was a little bit of a mistake. will it be material to the financials of any of these companies? probably not. but you know, with the privilege of being the monopoly, the responsibility is perfection. and i think they took a little tiny bit of a mulligan on this one. >> a tiny bit? david, there are a lot of people who question ratings overall, when you get the actual confirmation things aren't perfect what does it do to the underlying idea kneel nielsen's perfect? is there another system. >> the fact these guys were transparent enough to disclose what is a basically immaterial mistake gives them additional credibility, right? but at the time when people are calling, you know, ratings overall into question, the way we're measuring viewership generally, it is, you know, it poses an interesting question, does the existing system work? is it the one we should stick with? >> nielsen doesn't attempt to measure cnbc, the screen behind you, obviously is not measured. no out of home measurement, how does that make sense when trying to measure cnbc? >> well, i think -- i think -- i think in fairness to nielsen, they are working very hard on, you know, changing the way they measure online, cross platform. this is like turning a battle shipship, right? you need cooperation of networks. >> cable operators in the boxes, why that's not used more in a way that actually measures -- >> comcast knows all of this stuff. >> i'll give you an answer to the question. >> like an entrenched industry that's almost like it gets protected somehow and you can't -- to replaced. when you left for work, did you turn your cable box off? >> which one? i've got like nine. >> right. so, that's kind of a flaw, isn't it? when you went to sleep last night, did you turn all nine cable boxes off? it done mean that box data isn't really useful and there are things we should be doing. >> do you get paid to get -- to program a nielsen box? >> yeah. >> to be a nielsen home? you do get paid. >> how much? >> i think you're doing it for the thrill. >> hi how many cnbc with $30 make a difference to their $30 a month would they -- >> a handful. a handful. >> but, david, why doesn't somebody else emerge? the question is, why is there no competitor? remember when the networks would get together? why doesn't that happen? >> well, i think it's -- i always -- what i tell investors is, there are different ways to measure things, right? just like different currencies in the world. if you had a dollar and went to france to spend it it's not counterfeit, it's a real dollar, you can't spend it because -- you need a euro, right? the way that the system's set up, the plumbing, it's set up for nielsen software or metrics. you need a multilateral change on an unheard of scale for the advertisers, networks, media buyers, agencies. >> david according to nielsen, no one saw you appear. so it done matter what you said. it's meaningless. there was zero people -- >> i won't take it personally. >> nonetheless, commercial break. thank you. when we come back this morning, thousand attending the cannabis expo in new york city, from pot for pets to treatment for serious concussions, a place for those to connect in the industry. kate rogers will join us after this. it's monday, a brand new start. with centurylink visionary cloud infrastructure, and custom communications solutions, your business is more reliable, secure, and agile. so i can reach ally bank 24/7, but there are24/7branches? it's just i'm a little reluctant to try new things. what's wrong with trying new things? feel that in your muscles? yeah... i do... try a new way to bank, where no branches equals great rates. welcome back, amazon and google, hope you're watching this, birds are taking back the skies. a red tailed hawk didn't like that a drone was in his neighborhood in massachusetts. the drone's owner notices the hawk circling, started to lower the clawed copter and cut the motor avoid harming the bird. the hawk attacked, and the drone crashed. >> score one for the hawk. >> the video's gone viral. here we are. >> well done, hawk. >> love that. love that. we should tell you east coast cannabis business expo wrapping up in new york. kate rogers is there checking 0 ut one of the fastest growing industries in the country. kate, good morning. >> reporter: andrew, good morning to you. that's right, here at east coast cannabis expo in new york city. there's about a thousand people here over the weekend. i know we've covered the big business of pot a ton on cnbc, today we're looking at smaller, entrepreneurial stories behind the green rush. up first, we chatted with a company called hemp meds, taking cdb, extract of the hemp plant, and putting it in pet food and treats. but don't worry, pets will not be stoned. >> the found in the cannabis plant, it doesn't get your dogs or cats high, tremendous benefits and potential to help with seizures, anxiety, and all other benefits regarding neuroprotection. >> but hemp meds products are not yet to market because they're trying to navigate the regulatory environment. >> for animals, it's moving much more slowly. sometimes regulation for animal is more stringent than people. you wouldn't believe it but bizarrely enough that is true. >> reporter: well, today we're going to be looking at all kinds of entrepreneurial stories. cannabis-based beauty products. find out what the bud tender is, a marijuana robot. on a serious note, talking to a company, cannalife sciences, helping athletes to deal with traumatic head injury, a huge issue in the nfl. back to you. >> guys? i don't know. going to feed your -- you have dogs. i don't have dogs i'm can't speak to this. i don't have animals. >> goldfish? >> no pets. >> i had a turtle as a child. i had a little bird but i wouldn't be -- >> is your entire -- it's very neat there, isn't it? i mean, pets -- is that what it is? >> what do you mean? >> you're very neat. pets, you worry about -- why don't you -- >> allergies? >> no. >> as originally in the city, i worried about having a dog in the city. i felt bad for the dog. >> get one like carl. >> like a pet rat he has, lucky. >> lucky's cute. it's not a pet rat. he's a cute puppy. he's not a rat. >> do not let -- i mean, talking about getting a hawk, but if you let lucky out and there's a hawk, that is toast. >> that's why he keeps it close, to protect him. >> haven't your kids been bugging you? >> we've got to roll. >> join us tomorrow, "squawk on the street" begins right now. good morning, welcome to "squawk on the street." i'm david faber along with sara eisen and simon hobbs. live from the new york stock exchanging carl's on assignment, and jim has the day off. a look at futures now. of course, we are beginning a week after what was a very poor week, at least if you were long the market. you can see we are setting up for a higher open at this point, though on friday we similarly had positive signs early but saw the s&p end the day down over 1%. for the bond market, well,

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