jpmorgan beats held by strong mortgage loan growth. wells fargo mean time also books a beat. is this enough to propel financials beyond the 20% gain they've posted this year? >> first it was intel, this time amd. amd taking down its revenue forecast as the pc market sees its first decline in shipments in more than a decade. dell and intel trading near 52-week lows. >> best buy on the defensive this holiday season saying it will match internet competitors' prices and deliver out of stock store items for free. and we've got some ipad mini breaking news here. reporting the unveiling, taking place october 23rd, three days ahead of the microsoft tablet, two days ahead of earnings. >> jpmorgan chase reporting better than expected third quarter profits of $1.40, including the debit value adjustment. then there's wells posting q3 earnings of 88 cents, a penny above. but revenues missed street expectations. a lot of discussion, guys, about to what degree the top and bottom line really mean. anything here, jim. also some comments from dymond saying the housing turned a corner. >> when i go over the two different quarters, it's clear that wells fargo is not making much -- i'm going to schlag my own position. very clear that wells fargo is not making enough in the interest margin. down 25 basis points, 3.66. that's a dramatic turn from where they were. they were 3.91 last quarter. the average deposits are up big. but people focus on the interest margin. jpmorgan, no such degradation, a strong quarter, can't find any flies on it. ran a great deal, so people want to take profits. jpmorgan came out good, wells fargo has got explaining to do. and that's a very unusual position, given the fact that wells fargo sells at a premium multiple. >> i'm glad you mentioned the net interest margin for wellsing forra. the cfo said he expected a decline, and came out with a 25 basis point decline. and so that's just a difference of a matter of weeks. so what happened in those weeks, and why are we seeing this big decline, because this eats away at the profitability of banks making loans theoretically. >> also, commercial loans down $1.5 billion. growth and commercial, industrial not that great. it's very interesting to see this, because this is at the crux of the debate. wells fargo is a small business lender. i want to hear from wells fargo. i don't like to take down companies until i know exactly what went wrong. but it's going to cast a pahl on the group. it's not supposed to make mistakes. not supposed to. >> jpmorgan did not make a lot of mistakes this quarter. there was a lot of focus as there tends to be on the reporter call which i was on. london trades. they are not the story any longer. it was a strong quarter for jpmorgan across its different business lines. there was a reserve release of $900 million in the mortgage business. importantly, we did have jamie dimon on the record now saying we believe the housing market has turned the corner. of course, his voice added to a chorus of many who said the same. we'll see how the stock reacts. as for a buyback, if you recall, that was speuspended, they want permission for the first quarter of next year, applied for that, but then they need to start over again for next year as of the end of march, and so it's not clear they're going to be buying back any stock until let's call it the second quarter of next year. pending approval. >> they did miss the bottom in the buyback. had a chance to buy all. went in 34.36, but weren't allowed -- >> weren't allowed to. >> so dimon had a great opportunity wasn't allowed to take it. government still in charge. >> have financials topped out for the year, jim? >> no. look, i think what's going to happen is, people are going to come back, the group is this the group -- historically inexpensive. if we get more sprints and more work days, we get more global business coming back, i think people will say, wait a second, why did i get rid of the business? wells fargo, by the way s going to own america's mortgage market. is there a point where you have 40% of the mortgaging services and don't make a lot of money? 30% of the mortgage market, never supposed to happen. the founding fathers are rolling over in their grave wells fargo was able to get 30%. they're rolling in their grave -- yesterday i was talking about land's grave and mal's grave, and now the founding fathers graves. >> go wherever you need to go. >> thank you. >> you're welcome. >> wells was disappointing. i would love to see wells was great but then i would be dissemb dissembling. >> the financials is a group trading a 20% over the market. to your point, despite the run, trading at a discount to the markets. the question now, though, turns to technology, jim. and there's been some troubling signs in tech land. you know, we've seen the run in technology, as well, a 20% gain in tech overall. >> horrendous. advanced micro, to me, that's just an -- put it with the other $2 companies. throw in nokia. there's no growth -- obviously, this is like saying negative yardage in the nfl. i've got to be careful, because negative yardage means they lost yardage. you're losing in the pc business, getting smaller. western digital, sea gate downgrade, very important, because not just pcs. the tech trade didn't happen. the fourth quarter tech trade didn't happen. you're sitting here thinking the two largest groups in the s&p. >> right. >> and they're not doing well. finance is inexpensive, tech looks like a value trap. >> not good. not good. >> no, not good. >> i've seen a little nuance -- >> periodically, like you, i'm constrained by the facts. you're 100% constrained by the facts. meaning that i think that when the federal reserve is printing money, you're betting against -- >> there's no constraint. the truth will set you free. >> i hope it isn't our bite -- let's go into it one particular way to look at this. the federal reserve wants you to buy dividend stocks. these groups don't have good dividends, although intel finally does. and the federal reserve is in charge. there's a lot of people -- the purists will say that's ridiculous. purists, there's no room for purists. i mean, there's only room for the federal reserve telling you to go buy. you don't like this one, then just go buy drug stock. the federal reserve wants you in, the cd rates -- look at the cd rates these banks are offering. >> i know. >> it is what controls. >> it is. it's shocking. >> it is shocking. >> in a lot of ways. >> you're making nothing. >> it's still shocking people are not leaving in droves. all sorts of fixed income instruments. >> look, there's someces of paper -- there's a ge piece of paper that yielded 6%. people -- master limited partnerships, i have one last night, yielding 7.2%. i don't understand why -- what are you doing? federal reserve is telling you to buy. the federal reserve, what they have to do, when i worked at goldman sachs, they put on a buy list in the morning. i think bernanke has to give us a bottom -- here's the one he's trying to buy and you should go along, and maybe even front -- geithner gets the buy list. so everyone has got a big buy list. >> 90% of the calls were from fink. that's what david weslake reported. >> really bizarre. >> what percentage -- >> maybe he'll take a job at blackrock. >> you don't know that. how dare you make that charge. >> i have absolutely no idea. >> i just wanted to be outrageous. >> i'm operating in a nonfactor -- >> see what it's like when you're out there like me? >> i'm starting to sweat. >> you regain your come possession, david. let's talk amd. the shares down sharply this morning. the chip maker cut being its third quarter revenue guidance, weaker than expected demand will cause revenues to fall 10% from the previous quarter, so a sequential decline. the news comes as the big arrival, intel trading at near 52-week lows and a month ago intel issued its warnings and we're getting negative data points reinforcing the idea that the pc market is in a sequential decline, down 8%. the first decline we will see in 11 years in the pc market. >> pcs are -- bring your own device world, this is the byod. remember bric took over, bric. you're bringing apple. of course, apple is part of the tech cohort, opens every day -- when you come in at 6:30, 7:00, then goes down. i don't think anything involved with pcs, i don't like hewlett-packard, dell, nothing in the guts of a pc. it's not working. people are talking about ipads, the new ipad, they like devices that supplant the pc. these are going away. listen, we're putting 500 million out. it doesn't matter. they were putting 80 million nokia -- remember when nokia customers -- rimm customers. it doesn't matter. this is not a winner anymore. >> small with a key board. >> oh, you mean the ultra next whatever book? listen, not reading books and not reading notebooks. i feel strongly anyone trying to catch a bottom in the pc world is dreadfully wrong. the only reason -- let me go so far as to say during the case against intel, what was intel's hope? that advanced micro stayed alive so they wouldn't own 100% of the pc market. intel has got to be worried again. can amd stay alive? >> intel should be worried about itself at this point. >> the fault is not in the stars, mr. intel, it's in yourself. because they missed -- they couldn't beat samsung. once again, i refer to the bible of business, which is the steve jobs book by isaacson where he just slags intel. of course, intel -- apple would rather buy chips from its biggest competitor, samsung, than buy from intel. >> can you be a hater of the pc and everything related to pcs but still like microsoft? >> well, microsoft is inexpensive -- no, they're going to have a shortfall. everyone is saying they're going to have a shortfall. >> cutting estimates for the quarter. not standing up to what it was going to be. >> if it's in a pc, i prefer to buy general mills. >> what? >> i'm just giving you -- >> does yours run on cheerios? >> trying to give a complete nonsec which at your. >> what's amazing, the uniformity. there is not one positive data point in the last couple weeks to offset all the hp negative activity, intel negativity, all of the amd -- there is nothing -- >> shocking, no. that's why you've got to go back and say, listen, i want to be in another sector. >> yeah. >> this sector -- i would actually literally go to an improving bank over any tech, other than perhaps -- still some clout. >> while you're on it, let's save time. i do want to get to apple, too. best buy is taking aim at ama n amazon.com. trying to match internet competitors. shoppers are browsing gadgets in stores, only to buy them for less online. i guess the only choice they had, guys, was to say will you showroom, yes. how can you get around that fact, jim? >> no, i just bought a tv for my father, 61-incher. >> 61 inches, wow. >> big tv. >> what brand? >> aquos. bought it from best buy and didn't get advantage of the free shipping. and i apologize, dad, i didn't drive a good deal. >> so you didn't go to costco. >> i went to costco this week to buy a 41-incher for myself. hd. >> that's small. >> well, bedroom. and i felt to put that 60-incher -- it's a sense of wrong kind of vegas-like message. >> it's a little much, i agree with you. >> i disagree. you can't go big enough. >> even in the bedroom? 61 inches? >> my wife and i have this discussion all the time. i'm looking for the san sonic 103. >> 103? >> we're not going to get it, but it would be nice. >> the cost -- how great. here's a guy, you said so great. build businesses where -- i'm for obama. and i'm thinking, does anybody understand how shocking this is to have maybe the greatest business retailer, the steve jobs some say of retailing, saying i'm going for obama because he's better, better for the country, better for business? and steve wynn this morning saying the complete opposite. two great business people reaching different conclusions. >> when it comes to best buy, you've got to remember shall there is that continued possibility of a buyout of best buy from its founder, richard schules. we'll see. that would be a difficult deal to accomplish. but weeks are ticking by, and we'll see whether they can come up with the private equity cash they need to make that happen. don't forget, there will be a large component of financing, even though we have a generous high yield market, that may still be not the easiest thing to accomplish. if you even do get there on the equity check, which is very much unclear. >> i don't know. i would rather buy jp hunt. >> really? >> i think there's going to be a shift here. i think one of the things happening in our market, technology is too big a percentage of the s&p. >> falling out of favor. >> i think that's shrinking, oil and gas can be a bigger part of the s&p. i think health care can be a bigger part of the s&p. and what we're trying to do is readjust technology. we were speaking to a tech the other day for background about the notion of the shrinking pe and tech. i go back to the 1983, '84 murder when we first started thinking of tech as a class. and there were people saying, no, it's not. because you see there's sodas and autos. there's consumer package goods and natural resources. and people started -- but fidelity was saying no, tech is a -- tech is a thesis, it's a way, it's not dug burrows, not union vac, not ncr, not honeywell. and it feels creative. >> speaking of tech, let's talk apple this morning. a published report saying apple is likely to unveil its new and smaller ipad october 23rd at a special invitation-only event. that happens to be just three days before the street date for mike soft's new surface tablet. also two days before apple releases its own earnings. and the rumor had been that the invitations would go out on october 10th. that came and went without a peep from apple. but, of course, the timing of it is interesting. a lot of apple watchers, jim, up in arms, because october 23rd is a tuesday and not a wednesday. and apparently wednesday is the day that they always unveil products. and so that's outrageous. what does this mean at the end of the day? >> look, apple is trapped in its own personal momentary bear market. a lot of people -- talking with stephanie link, "fast money" -- discussing the idea that maybe the best thing to happen to apple, it goes down ahead of the quarter, so you will not have a negative surprise, so to speak. this ipad mini, it's not a big deal right now, because apple is caught in this vortex where people come in and short it every day, and been rewarded. and until they had their head handed to them, keep doing the trade because it feels like an annuity trade. >> what happened to the people who said if only i could get it for 10% off? right? you've heard that, jim. >> i think apple is a zero sum game. look, i think the pc is challenged, because of the ipad and because of the iphone. but i really do. look, people still use -- they need these. they need some device. they just -- this device to them is not what they want. >> right. my point is, for all those who wanted apple, a little bit cheaper and said they would get in then, this is the time. and they're not jumping. has that mood changed? is. >> unfortunately, that's human nature. people like momentum and want to shy away from something going down. and we've had lots of different peaks and valley apple trades over time. it's been right to do. but people like to buy hot. apple is not hot. i've been doing this series on "mad money." it's like, look, do you want to know what's hot? deago is hot. sherwin williams is hot, johnnie walker red. >> so you can drink it and put it on your walls. >> you would be blind for three days. >> we're buying you the blue for the weekend. >> smooth, but i prefer the single -- >> end where we started. quickly, something we talked a lot about here is the lack of ability to actually borrow when it comes to buying a home. and jamie dimon talking about that moments ago on jpmorgan's conference call saying mortgage standings are high, we need a stronger economy to loosen credit. and he also said the basel capital requirements are a huge incentive not to lend to anybody who has less than a 680 credit score. >> i think that's right. the national association of realtors putting out that -- the way a lot of deals get killed, if you're in the real estate market, what you're trying to buy doesn't appraise. what you're trying to buy for more than the last comp. -- obviously the last comp. housing wasn't doing as well so you're struck with previous figures. this is now -- we were buying houses 120% of loan to value, and all the people who did that are gone. so now you have people who are serious lenders basically saying, look, we'll give you the money, provided you have the money in the bank. >> right. we talk a lot about incredibly low mortgage rates but not seeing what we have anticipated. >> right. we ought to wrap this up. >> all right. >> we could keep going. only 20 minutes. >> i wanted to always do this. i don't have what's known as an ifb on "mad money." and there's always these people saying jim, stop, stop. like regis did. stop, stop! >> we've got to stop. one of the most anticipated tech ipos is on a cloud. workday was founded by the two former ceos of peoplesoft, o sell to oracle in a takeover. this morning, workday is going public on the big board. we'll talk live with one of its co ceos. and congressman paul ryan didn't sweat last night. we'll get reaction from the man behind the fitness regimen he swears by, tony horton of p90 x. don't go away. we are back. of course, jpmorgan reporting better than expected numbers this morning. the conference call involving jamie dimon, of course, the host and analyst asking questions so they could figure out what the numbers really should be is continuing. housing has been an important component, not just of the earnings, but of the question and answer during the call. we talked earlier about dimon saying we see lending standards loosening a bit, but it will take time and regulatory action, as well. he also said they have lowered pricing on jumbo mortgages, auto loans, probably won't change student loans, credit card or commercial corporate loans in terms of pricing at this point. that's the key here. we can talk all we want about free money, but if the banks aren't actually given giving it, then others are not able to take it. melissa. >> all right. last night on "mad money," cramer highlighted his hot list for the fourth quarter, and he's just getting warmed up. get ready for his mad dash ahead to the opening bell. and ipo excitement is building as cloud computing firm workday is about to make its wall street debut at the big board. one of the company ceos will visit us after the opening trade. let's look at futures once more as we head into the final trading session of the week. we're looking to add to gains across the board. much more "squawk on the street" straight ahead. smart comes with 8 airbags,r3 a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. with the blackish-blue frame and the white dots and the splattered paint pattern, your lights are on. what? [ male announcer ] the endlessly customizable 2013 smart. ♪ i've got to testify come up in the spot looking extra fly ♪ ♪ for the day i die i'm gonna touch the sky ♪ ♪ four and a half minutes until the opening bell. first, of course, the mad dash with jim cramer. watching linkedin, and what appears to be according to evercore some kind of new chapter. >> blowing the numbers away. i wanted to include this, because we mentioned, is there anything in tech working? google is working because it's on your handheld device and linkedin as a way to get jobs. so there is some internet-related te