ubs has come out today, they've pushed back this hour. we target 50% by 2015, by another year. >> i think it's really, really unlikely. i think the historic level of roes we've had, and they're still pacing, is all predicated on going back to high octane dealing. it's very unlikely. 13%, 14%, 15% is a big stretch for banks when regulators are trying to fill them. >> plenty more to speak to you about, jonathan. let's get up to speed with what's happening out there on markets. still the german market, the xetra dax is slightly under water this morning. we are seeing a bit of selling there and also switzerland, the spanish market, as well. it's just a slight push lower. you can see right across on the banking sector, these numbers are all disappointing today. deutsche bank has missed its proper forecast for the third quarter after taking a $1.2 billion litigation charge. let's get your reaction to this selling we're seeing on the open. >> actually, i would say analysts for a long time had been too positive about litigation charges for the ba

we talked about ubs and deutsche and lloyd's. a quick word about standard chartered, clearly been hit by tapering talk in emerging markets and one of the worst performing bank stocks in europe, as well. what's the outlook for them somehow >> so the outlook is this statement is showing improvement. tapering talk has hurt the business. we're seeing costs in line with this growth and expectations offer low to mid profit growth for the year which is obviously much lower than what we would have expected at the beginning of this year. so expectations are lower. >> we've also got this note that bad loans, nonperforming loans on european bank balance sheets are now up at 11.7 trillion bourls kwif lend. is the ecb stress tests come out in the next year, do you think we're going to uncover more ugliness than we want? i think it's a step along the process to try and get clarity on the issues. do you think that the npr issues we're seeing from the companies reporting them, specifically that the top tier european companies are improving. howe

and ubs executives research analyst, masterful tech analyst. we looked at these numbers as soon as they came out, pretty nice, little mixed but the market doesn't care about shades of gray. >> what people care about and what people care about less with google these days, what they care more about is the advertising revenue brokerage, operating margins for google which were better than expected and the fact that on a forward basis people moving numbers up or flash one year out for google let people get more comfortable, underperformed since the last turning. liz: did anything surprise you about the report that came out yesterday? >> clicks peer user were up 26% year over year. i was not expecting that. the cost was down but the fact that clicks were up so much was a big shock to me and shows investment in mobile, they're putting their energy into getting more mobile apps and doing more with mobile lad's has really paid off. liz: when you raise the number of clicks and the price goes down don't you come out kind of even? >> you do but in this cas

rice, analyst at ubs. a.j., welcome. what do insurers fear the most and who is among the most risk? >> i think what they do fear is exactly what you're talking about, that this ends up being a program where the people that have a lot of preexisting conditions that haven't been able to get insurance sign up, and those that are healthy relatively speaking stay on the sidelines, and you don't have a balanced pool. the people that are the leaders in putting these plans out there right now tend to be the blue cross plans. many of those are quasi nonprofits but well point among the publicly traded companies, it is one of the leaders on the exchange, and the 14 markets where they have a blue cross banner, they're out there aggressively offering product because historically the individual market and the small group market have been their strength. and that's the type of person that's ending up on these exchanges. >> so a.j., if people get so frustrated, they just give up and don't sign up, what's at stake besides for the insurers for the hospitals and also for consumers who are part of the

rice, analyst at ubs. a.j. welcome. what do insurers fear the most and who is among the most risk? >> i think what they do fear is exactly what you're talking about, that this ends up being a program where the people that have a lot of preexisting conditions that haven't been able to get insurance sign up, and those that are healthy relatively speaking stay on the sidelines, and you don't have a balanced pool. the people that are the leaders in putting these plans out there right now tend to be the blue cross plans. many of those are quasi nonprofits but well point among the publicly traded companies, it is one of the leaders on the exchange, and the 14 markets where they have a blue cross banner they're out there aggressively offering product because historically the individual market and the small group market have been their strength. and that's the type of person that's ending up on these exchanges. >> so a.j. if people get so frustrated, they just give up and don't sign up what's at stake besides for the insurers for the hospitals and also for consumers who are part of the pro

el nuwave oven pro ha sido probado y recomeo r el ub de cocina de américa y el ub nacional de salud y bienestar. llame ahora y obtendrá el asombroso nuwave oven pro por sólo cuatro pagos de $39.95. su nuwave oven proiene con la guía de cocina rida y fácil; el recetario nuwave,ue contiene más de 150 recetas que hacen deualquiera un chef; el dvd de cocina gomet y una membresía vip para un club exclusivo de nuwave en línea. además, cada horno viene conn año de garantía completo de pies a cabeza. y por ordenar hoy, eliminaremos un pago entero. eso significa que sólo hará tres pagos sólo $39.95. ahorrá 25 por ciento al ordenar direamente. pero aún no terminamos. ordene hoy y obtengal ki nuwave para pizza suprema. este kit de cuatro piezas es el accesorio perfecto para el nuwave oven pro hace cada vez.s y perfectas pizzas ipero,ere! ordene ahora y tbiénecibirá el nuwave twister y el nuwave party mixer. el nuwave twister tiene el poder hacer bebidas saludables y nutritivas y smoothies fácilmente, mientras que mantiene los nutrientes viles y vitaminas qusu cuerpo cesita. y e

pro se lava en lavajillas, limpiar toma segundos el nuwave oven pro hsido probado y recondado por el ub de cocina de amica y el club nacional de salud y bienestar. llame ahora y obtendrá el asombroso nuwave oven pro por sólo cuatro pagos de $39.95. su nuwave oven pro viene con la guía de cocina rápida y fácil; el recetario nuwave, que contiene más de 150 recetas que hacen cualquiera un chef; el dvd de cocina gourmet y una membresía vip para un ub exclusivo de nuwave en línea. además, cada horno viene con un año de gantía completo de pies a cabeza. y poordenar ho eliminaremos un pago entero. eso significa que sólo hará tres pagos de sólo $39.95. ahorrará 25 por ciento al ordenar directamente. pero aún no terminamos. ordene hoy y obten el kit nuwave para pizza suprema. este kit de atro piezas es el accesorio perfecto para el nuwave oven pry hace deliciosas y perfectas pizzas cada vez. ipero, espere! ordene ahora y también recibirá el nuwave twister y el nuwave party mixer. el nuwave twister tiene el poder de hacer bebidas saludables y nutritivas y smoothies fácilmente,

ubs saying it won't make profitability targets until 2015. deutsche bank, despite being in positive territory, 1.2 billion euros, one of the one-off effects, still able to trade higher on the session. the other major effect to come out of earnings today is the oils. and oil majors in that, as well. bp coming through, suggesting that a, profits haven't fallen as much as people feared. more importantly, it is boosting its dividend, and it is going to sell off more assets to return cash to shareholders. salpem is up, also, in italy, a lot of weighting, a lot of shorts knocked out of that today. are we going to see new skies for oil? back to you. >> we want to continue our talking about the euro and trade it right now, because it is hitting this crucial level against the dollar. we're joined by paul richards, the head of fx distribution north america, ubs on the phone. >> hey, scott. >> what do you make of the move and the culminating with 138? >> ever since we saw the october 17 washington resolution, we've seen nothing but dollar selling and eu

i'm maria bartiromo coming to you from the ubs wealth management conference in new york city. stocks back in rally mode today after a setback yesterday. hello, tyler. >> shares late in the nasdaq higher as activist investor carl icahn increases his stake in the company, steps up his effort to get ceo tim cook to launch $150 billion stock buyback. does icahn really own enough shares to get his way? we will talk about that and more. >> where is the growth? we are looking at growth and the economy, coming up. when i talk to former council on economic adviser larry summers. where he sees the u.s. and global economies headed as well as discuss some of the recent headlines out of the country's capital. >> meanwhile, maria, let's get you up to date on the markets. they are powering higher right now. the strindustrials up 113 pointt 15,526. about .75% higher. nasdaq moving up by 25 points. 3932. two-thirds of a percent. s&p 500 is at 1753. up seven points or a little less than .5%. maria? >> not a bad showing today with that triple digit gain on the dow. bob pisani, what's behind this

i'm maria bartiromo today coming to you from the ubs wealth management conference in new york city. market back in rally mode today. mo money moving once again into equities. d dow jones industrial average finishing just off the high of the day. standard & poors 500 index picking up 5 2/3 points. about one-third of 1%. a lot more on the markets in a moment with heather hughes and david fradman. plus an all star team lined up for analysis on microsoft, amazon and zynga. we'll get to those as we see reports on earnings. joining me now, heather hughes from sun america funds and alex freedman from ubs wealth management. good to see you. thanks so much for joining us. you had $15 trillion in the room next to us represented. >> something like that, yeah. >> you've got clients in the audience at this wealth management conference. tell me what you're hearing from all these asset managers and how you would allocate capital today. >> let me start with how we're allocating capital. which is we're overweight the united states in terms of risk assets. still like equities. mostly mid-market. more

ubs hot on amazon. we'll keep an eye on it. lori: one-stop shopping for all the working moms, right, nicole? >> is all good. >> thank you. >> another concern over the world's addiction to debt is coming home to roost. it is not detroit. we're looking south to puerto rico. if you don't think you have skin in this game, think again. more than 3/4 of municipal funds hold puerto rico debt. we have a on someone from volte capital markets. catherine, you say there is real reason for concern. i agree with you but in real simple terms, why should we worry? >> puerto rico is behemoth in the municipal bond market. as you mentioned more than 3/4 of municipal bond fund have it. oppenheimer, dreyfus, franklin templeton, goldman sachs have it in large quantities. adam: let's talk about that. i pulled one of them. franklin templeton connecticut tax-free income fund. sound very innocuous. sounds like they're buying debt of connecticut. buying muni bonds from bridge for the and somewhere in connecticut. the single greatest holding within that f

. >>> the number two trender, ub 45. >> hillary clinton received a resounding standing ovation as she walked on stage to speak at ub's alumni arena. >> hillary clinton avoids talking about 2016. >> perhaps you could describe for us what the ideal candidate for the presidency would look like in three years. >> i'm not as interested in what the candidate looks like as what the candidate stands for. >> but didn't take any bull at the university of buffalo. >> at one point a man got up and began shouting benghazi, you let them die. >> we have to be willing to come together as citizens to focus on the kind of future we want, which doesn't include yelling. it includes sitting down and talking with one another. >>> today's top trender, dose of hypocrisy. >> could, would you with a goat? >> i will do anything and i will continue to do anything i can to stop the train wreck that is obama care. >> while he fights against obama care, tez cruises on his wife's health insurance. >> now will the senator answer my question, whether his family is protected by the government administered federal emplo

ub two, "dawn of the dead" 1978. number one, "night of the living dead." b two, "dawn of the dead" 1978. number one, "night of the living dead." two, "dawn of the dead" 1978. number one, "night of the living dead." >>> the "the list" is on-line. ex exclusive stories. hottest viral videos. get caught up and clued in on thelistshow.tv. >> i'm matt gallant. let's get cooking. when i look at a recipe, it looks like the assembly to an ikea bunk bed. check out our list of two-ingredient recipes. >> you make it sound so doable. >> my favorite two-ingredient recipes are cheese and crackers and peanut butter and jelly. but chef you have some amazing two-ingredient recipes to share with us. >> we are kicking it up a notch. number two, onion almond dip. if you love hummus, this is perfect. blend it in the blender. >> it looks like a protein shake. >> a little bit. this goes into the refrigerator for at least 30 minutes. so simple. i like to dip it in just a couple of pretzels. >> this is low fat and tasty. >> yes. >> if you have the proper technique and fresh ingredi

the bedrock is made up of 70% clay, ub able to absorb as much water as other bedrock. friction from the quake generated heat reaching hundreds of degrees of celsius. water in the bedrock swelled and caused the bedrock to slide further increasing the size of the tsunami. >>> the head of the company in charge of the crippled plant plans to make improvements to prevent human error. recent mistakes at fukushima daiichi led to the leak of radioactive rain water and brief suspension of damaged reactor's cooling system. the president of tokyo electric power company told lawmakers that workers at the plant are overstretched. >> translator: we need to increase the work norforcworkfo. we also believe it's important to improve their working environment. >> earlier on monday, human error caused a partial power failure at the plant. tepco officials say a worker mistakenly pushed the stop button of a switchboard during an inspection. that cut power to a pump that injects water to cool nuclear fuel inside reactor one. a backup pump quickly kicked in. officials say the reactor's tempe

a nice high on ubs. adam: ups's cfo will take a closer look at the numbers and may be head wind people are talking too much about. lori: trying to put janet yellen's nomination as fed chief on hold. mrs. yellen is set to meet with senators on capitol hill next week. peter barnes is standing by with the latest. senator paul has some legislation he is looking to as a hedge in favor of. >> senator paul is a republican conservative from kentucky, leading fed critic in the senate and considering trying to block janet yellen's nomination with this hold as he pushes for a vote on his bill to get more audits to the fed and its operations. he said in a statement, quote, as part of senate consideration of the janet yellen nomination i will request a vote on my bipartisan federal reserve transparency act the american people deserve transparency from the federal reserve and the federal government as a whole and as you said this comes as janet yellen is about to head up here to the senate to start meeting with senato

>> well, looking at the dow jones ubs, that's not part of it. you might see more performance towards the end of the year. that's what i just mentioned was the top down story. so you look at what is the economy, what is the demand point doing? but if you think about it, many of the commodities have a decent supply side. then you need to be careful some of the prices you might see mony to sustain. so if you give me a total return outlook for the dow jones on a six to 12-month basis, then it's probably basically flat. so you shouldn't get too optimistic. you're probably taking some of the strength you see in the metals as an opportunity to exit. >> just talk about energy briefly. we've got the spread between nymex and crude. it's over $10 tl. we haven't seen that since sometime in april. big stock billed in the united states, could that spread get wider? >> thee receipt cannily, it could get wider. if the growth rate continues with an additional 1 million barrels growth over the next 12 months, where are you going to put all that crude? there's sti

her mother , from what i ubs, se is a real stage mom. she's probably proud as i don't know what because they're getting good reviews on bod way and now her daughter is cozy with orlando broom. at least cozy on theset. but you know sometimes what happens on the set gets transferred to off the set. so i'll have to keep following this story to find out exactly what's going on. watch it. >>> so the hip hop artist future just proposed to his girlfriend sierra. on the surface i'm really happy he gave her a 15 karcarat ring. i always wanted her to go to europe and get her a count because nobody is buying her music. while she's a beautiful -- come on. now are we going to talk real or are we going to phone any up. the girl can sing her voice off. nobody cares, nobody buys her music. so i think that a girl like this, she needs to be taken care of. and i think is count is perfect or even an nba player but one of the good ones or a nfl player, like a money guy. the future is very talented but we did our check. reportedly he's worth like $2.5 million

ubs of switzerland paid $1.5 billion. on tuesday, japan's financial watchdog, financial services agenc agency, ordered rabobank's tokyo branch to improve its business practice. several employees had suggested to their london colleagues that they should report false rates in the four years through august 2010. >>> businesspersons around the world are seeing opportunities and making money. with information that's available to just about anyone. governments provide all kinds of things on the internet from the locations of public toilets, to data on individual financial assets. some innovators are using this open data to make their businesses more efficient and to offer new services. >> reporter: open data is already being used by u.s. real estate agents. mark is an agent in seattle. >> hi. this is $330,000 house. >> reporter: this database containing detailed information about existing homes has become an essential part of his business. >> number one, here's a neighborhood and this shows you what type of houses are in the ne

amazon hitting a record high today after an upgrade by ubs to buy. ubs saying look, there's a the lot of momentum when it comes to revenues at amazon. people underappreciating the kindle business and advertising business. there is one notable sector left a little behind in today's rally and that's the semiconductors. and one of the big losers, did turn in a profit but forecast was disappointing and that is a theme we've heard from all the semiconductor companies this week, whether intel or cyprus or fair child. certainly a sector to keep an eye on and whether that weakness will it continue. tyler? >> sheila dharmarajan, thanks. the metals market closing for the week. sharon epperson is at nymex. >> metals a little lower, gold prices down ability $9, around 13.13. we're going to close. it's been a very tight range for gold here in the floor six, only about a $5 range or so. things, of course, after a big -- this, of course, after a big week for gold. gold posting its biggest weekly increase in about two month's time and many traders watching what happ

ubs, Ésa es la uniÓn de bancos de siria. >> 5millones de dÓlares. si es una venta de armas es muy grande, ¿quiÉn serÁ el comprador? >> sergei ivanovich petrovsky. ¿quiÉn es? >> mal sujeto. dirige un cartel dentro de la mafia rusa. vende drogas, armas e influencian a personas sumamente desagradables. ♪ >> en alguna parte del ala norte. >> ala norte, envÍa hombres. >> andando. >> ¿cuÁnto falta? >> no lo sÉ. hay 15 terminales accesando a programas de seguridad. ♪ >> tiene 15 minutos, encuÉntrelos y avÍseme. >> vamos. ♪ >> aquÍ estÁ. datos de la entrega, hoy a medianoche. son mil unidades para entregarse en baltimore. >> ¿pero mil unidades de quÉ? ♪ >> es el arma e.m. >> mil armas electromagnÉticas. >> ¿acaso estÁn locos? si esto llegara al extranjero >> surgirÁ una nueva era de terrorismo mundial. (alarma). >> lo tengo, piso 25. en la oficina de donahue. >> sepÁrense. jefe alfa, al ala norte. ahora! ♪ >> nos encontraron. estÁn borrando todo el disco. ♪ >> estÁn borrando todo el disco. ♪ (suenan disparos). (gemidos).

and bill featherson, managing director at ubs. we'll get to you in a moment, but i want to start with kevin. give us the overarching theme here. obviously it's that oil production is up. how much of that has to do with shale and the fact that we now have different technologies than we had many years ig and it's changed the oil picture for this country. >> everything has it to do with shale and the second item is rock. what you have is another 200,000 barrels per day in iraq coming from the field and another million that's realistically visible within a year and a half, two years ahead. two things happening that hadn't been happening before. one unconventional oil, the big story, and that's why the numbers go up so much but also, conventional oil that we couldn't get because of instability in iraq we're getting. >> what does that do to prices overall? is this fundamental change going to change for a longer period of time, the pricing point? >> well, let's talk a little bit about the number. 1.7 million barrels per day up against 1.

paul richards is the head of fx distribution at ubs, live on set, and he'll tell us why this is good, because many people think it will be real bad. >> it could be bad, scott. depends on your view of the political outcome. i think the market underestimated the situation back in september. we were so focused on the fed, we forgot about washington. so now, here we are one week into thing, absorbed by it, and we're in danger of overreacting, in my opinion. i think it will get slightly worse before it gets better. i think we go into friday, the weekend, we have nothing. come monday, you could have a brilliant buying opportunity for this market. >> which is why you call what is taking place and what could take place a perfect storm for risk. explain it. >> absolutely. well, i think at the end of the day, these are politicians, a lot of them have to get re-elected in 13 months' time. they are politicians. they're ghing to ultimately react to the polls and the polls are starting to look pretty poor for some of them. and i think that they have an obligation to look after their constituents an

his office sent letters to fidelity, and ubs inquiring what fund managers knew about safety of the islands bonds and when they knew it, whether before saling it to investors in the state. >>> joining us to talk more about puerto rico's looming debt crisis and how it could affect your investments is candice. welcome. how many municipal bond funds have put ricken debt in them and how has the most? >> well, thanks for having me. based on the latest numbers available to morning star, we found there are more than 400 open-end mutual funds with exposure to debt and the market value of that exposure is roughly $16 billion. >> puerto rico had trouble for sometime now so why would the funds buy that debt? i assume they are reaching for a yield, for an interest rate that is higher than they can get elsewhere, is that correct? >> that's right. puerto rico is facing pretty severe fiscal strains for a number of years and the economy contracting since 2006 and unemployment high but at the same time despite the strains, they have been able to maintain an investment grade rating, but have traded at relati

the government shutdown stretches into a third day, and as lawmakers fight over the budget, just an ub believable story, and northern california says they are putting her life at risk. >>> plus, they are absolutely ready to rumble. it is the battle of the barristas. the key to the making of the perfect cup of swroe. >>> we're seeing dry north winds on the increase now as we approach the afternoon. because of these winds from 10 to 20 miles per hour later today we're watching a red flag warning going up for our bay area hilltop. we'll tack more about that and much warmer weather on the way when we come back on the full seven-day forecast. >>> president obamas house speaker john boehner is the only thing standing in the way of reopening the government. he says boehner is prevent aing vote on a funding bill because he does not want to anger extremists in his party. meanwhile, boehner says the president is not willing to negotiate because of the government shutdown, but the labor department will not release the monthly jobs report tomorrow. >>> a young mother in auburn just east of sacrame

monday, the u.k's serious fraud office will accuse former traders and brokers from major banks including ubs, citigroup, and hsbc of rigging the london interbank-offered rate, or libor. in a separate suit, evidence shows barclays employees knew of the alleged rigging since 2007. sac capital has a tentative deal for a $1 billion settlement for insider trading charges. the deal still needs a judge's approval. federal prosecutors wanted a $1.8 billion penalty and a guilty plea. but sac's lawyers argue the government should deduct $616 million - for money sac already paid to the sec. the port of baltimore remains shutdown as thousands of workers strike. arbitration begins today between the steamship trade association of baltimore and representatives from four labor unions, including the longshoremen. two- thousand workers walked off the job this week over contract disputes. its expected the closure could hurt east coast auto sales. baltimore is a port of entry for cargo from mazda and bmw. in detroit-- number crunching shows the city has some cash on hand. in july, detroit issued the largest ban

it could burn not just a town like lithgow, but the western ub burbs of sydney. >> now the story of a 12-year-old who fled her home in syria just a year ago. we caught up with her again on assignment for america tonight. >> reporter: to do girl games, recess, but she has more on her mind than tag. she has been displaced from her home in syria. she has had four of her uncles die and her house destroyed. in her 7th grade class, she studies math with the other girls, but at the age of 12, she's determined to tell people what's really happening in syria. >> interpreter: i want to become a journalist or a lawyer, something to help defend my country's rights and expose the truth. to differentiate between the oppressor and the oppressed. that's the important thing. >> reporter: we first met her at another school near the border last year. >> i'm from syria, and we have been here for seven months. >> on her cellphone, she carried images of her relatives lying dead. >> we have seen everything. they have let little children know what a tank is, what an airstrike is, what bloodshed is, what terr

el nuwave oven pro ha sido probado y recondado poel ub de cocina de américa y el club nacional de sal y bienestar. llame ahora y obtendrá el asombroso nuwave oven pro por sólo cuatro pagos de $39.95. su nuwave oven pro viene con la guía de cocina rápida y fácil; el recio nuwave, que contiene más de 150 recetaque hacen de cuauiera un cf;l dvd de cocina gourt y una meresía vip para un club excluso de nuwave enínea. además, cada horno viene con un año garantía completo de pies a cabeza. y por ordenar hoy, eliminaremos un pago entero. eso significa que sólo hará tres pagos sólo $39.95. ahorrará 25 por ento a ornar directamente. pero aún no terminamos. ordene hoy y obtengal kit nuwave para pizza suema. este k de cuatro piezas es el accesorio perfecto pa el deliciosas y perfectas pizzas cada vez ipero, espere! ordene ahora y también recibirá el nuwave twister y el nuwave party mixer. el nuwave twister tiene el poder de hacer bebidas saludles y nutritivas y smoothies fácilmte, mientras que ntie los nutrientes vis y vitas que su cuerpo necesita. y el nuwave party xer usa m�

there's only one "s." >> it's probably right. >>> global bank ubs reporting, ubs reporting quarterly results this morning. we're going to have the company's cfo on. it's bmo -- no, he will join us next to talk about the quarter first on cnbc. >> there is -- >> no. >> the first one is brinkmanship -- >> don't go to -- no, no. ♪ norfolk southern what's your function? ♪ hooking up the country helping business run ♪ ♪ build! we're investing big to keep our country in the lead. ♪ load! we keep moving to deliver what you need. and that means growth, lots of cargo going all around the globe. cars and parts, fuel and steel, peas and rice, hey that's nice! ♪ norfolk southern what's your function? ♪ ♪ helping this big country move ahead as one ♪ ♪ norfolk southern how's that function? ♪ [ bagpipes and drums playing over ] [ music transitions to rock ] make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you open an account. >>> ubs reported improved third quarter profi

joining me now, jonathan murray, managing director for ubs financial-services. good to have you with us. is this, do you think, this performance today, basically everybody just sort of throwing up their hands and saying, we are not amused by washington? >> yes, i think that is it exactly. i think that the private sector has been doing great. we have things like nanotechnology and reprinting and a wonderful development in the private sector with regard to health care. everything is moving along just fine until washington started the politics and fluster. lou: what can we expect assuming that we are going to see the government shut down, the impasse struggle for at least, one might think, hypothetically for days. what do you think the market will do with all? >> in not think a whole lot. if you go back to history, and if history is any guide, and it is about the on the gatt we have, if you examine the 17 past government shut down as you see that the market basically shrug its shoulders at government shutdowns. we average decline of -- are you ready for this --. 7%

now, ubs is thinking outside the box bringing 3d printers to its store near how. how the latest technology could help your business. adam: all right. behold the future. the way you make custom goods is changing. you can see the 3d. it is in 3d. 3d print something opening new doors for individual and small business. ups stores are the first nationwide retailtory offer the service. they're doing it in six stores. we'll tell you more about that in a second. i visited the ups store in new york and spoke to them about small business technology and their leader dan, who showed me how all this works. >> we're watching the fox business logo printing with our 3-d printer. adam: the thing about 3-d printing, i don't know if anybody can see this it is in 3-d. you have six stores where 3-d print something available. who will use something like that? >> this is example after premium where we put a brand on to an item. it is used for engineering parts, prototypes. jewelers use them for design models. adam: take a look at this because all of these device, when you say engineerin

[disparos] ube, kevin. [grita] -voy a diverrme mucho con lo que voyacerdug. [gruÑe] -¡tiene el cono de la vergüenza! [voz aguda] -no permanezca ahí sentados. ¡ataquen! [rÍen] ¡no! !no! ¡dejen reírse! ¡quítenme esto! -eschame, perr siéntate. [todos] -sí, alpha. -¿alpha? yo no soy alpha. Él es... ¡uh! [jadea] -no canzo. -¡ruell! -¿eh? ¡w ca [ruge] ¡caw caw!ruge] -¡ dejen epaz al sr. fredrksen! [disparos] ¡oigan, ardilla! [todos] -¡ardilla! ¿dónde, dónde? -odio las arllas. [ riendo [ se besan ] [ locutor ] ibesa arcoíris! aborea el arcois! [ locutor ] ibesa arcoíris! [grita] -¡dug! -¡amo! [rÍe] -¡russell, por aquí! ¡vas! -¡sr. fredricksen! -!rápido, ken! isparos] [grita] -¡no! ¡no! ¡russell, salgan dehí! [disparo] ¡no! ¡déjelos en paz! [gta] ¡russell, sujétate de kevin! ¡no te vayas soltar! ¡kevin, chocolate! [grita] -¡eso fue fantástico! [rÍen] -ya deja de estarte columpiando, niño. con cuidado, russell. [rÍe] -oh, est lto parao estar en el aire. [rÍe] -sí, sí. -siento que perdiera casa, sr. freicksen. hi,

we ubs that. >> today state lawyers argue the law was properly followed, that the suit should be tossed out. lawyers will continue to press their case that the way the regulations were written, they should apply only to new clinics. and the attorney general trying to apply a different shat chut. the decision made by this court will not be the final say. this case will likely be decided by the virginia court of appeals. >>> lawmakers from the district, montgomery and prince george's county introduced a new bill to raise the minimum wage. the regional minimum wage would be $11.50 an hour. in d.c. it's a dollar more. if the regional minimum wage is passed it would go into effect within a couple of years. >> aids walk washington is only a few weeks away. today volunteers were posted at 12 different metro stations in the city spreading the word about the epidemic and a fund-raiser. the walk is scheduled for october 26th at freedom plaza in northwest. >>> doug is joining us now. you had down days. now you are the busy day in. >> i had my delete up for three or four weeks. we are waiting for t

art cashin, director of floor operations at ubs here. we haven't gotten a lot of economic data today. i haven't seen a lot of headlines out of washington. what's driving stocks? >> that is. we started out with great anxiety, the weekend brought a little bit more venom and vi vitriol, 1 to 1.25%, we started out that way but we haven't had any heads popping up on your tv screen, pointing at one another. making large claims. people are beginning to analyze a little bit better what the situation is that on the 17th we don't necessarily see capital dome turn into a pumpkin. >> what's interesting about that -- pumpkin -- is that you -- >> did you call art cashin a pumpkin? >> no, i'm laughing at the reference. you can argue it would be better if we had the drop dead deadline sooner rather than later? the longer it drags out, the longer we can go without a resolution, the worst potential hits the economy? >> well you, do need a deadline, that's the only thing that's going to get them actually working. in fact, the deadline could come sooner. le

charles: rates are going up, hardly anyone is signing ub, health care mess giving white house a ton of stress. charles: overseas market, australia and japan are open, and up. mamonster session here in ameri. the small caps way above all-time high, to radio host, gina lou laden, central to the - was obamacare. this is a big time problem. to a large degree obama administration got lucky in a sense that exchanges have opened, walk us through what happened. >> well, so far, people have gone to the web site, but half of 1% have ever signed up 1 they got there. this is a huge fail. if you think about they spend almost a billion dollars, i think, including remember having schoolchildren market obamacare to their parents, they can't market there to the american people. so that people want to take advantage of it, you have to ask yourself. do they really -- are people taking this seriously at all? and if you look at numbers, statistics before the shut down, you remember, that american public does not want this bill. -- tyrannical bill in the first place. charles: you think that a lot of people

it's joined ubs and deutsche bank in a commitment to help regulators expose alleged rigging of currency markets. if you're a bank lender, you can't get away from investigation. >> yeah. i think you're right and i think after libor, we needed a lot of other benchmark rates that were going to be investigated. and the disclosure we've seen today from barclay's is we knew they were helping regulators and they have their own internal inquiry. no new news about it's all about managing at barclay's. on the results, the numbers come down. when you look at the investment bank, that is down %. and the part of that investment bank that's hurting is up in like with the rest of the industry so rates, foreign exchange, and that's down year on year about 34%. so quite a big hit. but the bank is saying, look, we're doing well in equities and we've done well on the balance sheet reduction. he was saying not only are we on man, but we're on balance reduction we might overachieve and there will be more news about that. >> okay. i think they could rig the currency markets because they're so huge. and the f

ubs has ratings on morgan stanley, jpmorgan and citigroup. in my opinion, you've got morgan stanley, i like morgan stanley a lot. i think the results here today extremely encouraging. i think we're in the process of transforming the multiple. so personally, that's my favorite. jpmorgan is right now under pressure because of a lot of these legal issues. they've got a $23 billion reserve on the legal front. and so you've got to be increasingly confident in how they're going to be able to weather that storm. that's likely giving you a great chance to buy an ultimate franchise at a cheap multiple. with citigroup, you've got a massive capital locked up in that firm as they begin to release capital. then you're going to get the capital coming down, getting return to shareholders. it supports returns and leads to multiple expansion. i think they all work. >> thank you for joining us this morning. >>> we've got a quick programming note. don't miss james gorman, he's going to join "squawk on the street" at 11:30 a.m. eastern today. >> he really just a

ubs has made that break. credit suisse has made noises all year about moving towards that type on of model and has been very well rewarded by that by shareholders. now, that model is shown to be not working. it's been let down. >> i used a stat which was from you from earlier on to stephane. i was quoting. and talking about how santander had outperformed hsbc by 43% over the last three months. quite a significant performance. i mean, and this goes back to one of the earlier points i was making to another guest about how it seems that almost overnight, i mean, in the course of a couple of weeks that people suddenly are looking towards spain again and saying is there value to be found here? >> yeah, absolutely. and, you know, after you've outperformed hsbc by 43% in three months, the answer is there is no value. it's no surprise that it's stalled at that level. and i suspect now people will kind of look and say, well, hang on a mip. at what point are we going to get a double digit return from equity from saab t

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mike ryan is here with wealth management americas at ubs. he's here to give us an exclusive look at his findings. good to he sue you, mike. >> good to see you, too, mike. >> if 08 is the new 60, we're all going to be working longer certainly but what does that make retirement look like? >> it's really interesting if you think about how we've traditionally looked at old age, it's when we retired. those who are preretirees and retirees look at a three-phase transition. first is what we call the transition phase, when you go from the retired to semiretired, the second phase is called my time, when you think of it as the golden and classic years, leisure and travel, and then waltz, when people are dealing with how they are going to deal with their loss of independence. >> is that the main concern, your health and well-being? i know it's one of them. >> i think it's two things, sue. i think it's the need to generate income. one of the things we found in this study as well is while people identify the three distinct phases and recognize that they

>> i wasn't ub comfortable at all. >> nude yoga. sounds like a stretch. >> they provide mats. you bring a towel. >> can i borrow your towel? my car hit a water buffalo. >> it was a spiritual experience. >> was it hard? >> what about nude theater? >> what about it? >> are there puppets or something? >> to step on stage and say this is my body, it's okay to look. >> was your nude scene really small? >> no. it was significant. >> huge. >> thanks. >> how much money do you pay to go to brown? >> between $50,000 and $60,000. >> tell mom it's nudity week . >> this is jesse waters with the o'reilly factor. >> okay. >> did you know it's nudity week at brown, mom? >> okay. >> what, what, what? >> does your mom know you participated? >> they do now. >> say hi to dad. >> hey, daddy. >> do you ever watch oh reilly on fox news? >> i'm english. >> i'm english, i'm sorry. >> i have never watched on principle. >> you disagree with everything but you have never watched. >> i -- i think i just want to leave it at that. >> i love bill o'reilly. >> do you watch watte rs world? >> i do. >> this is

. >>> ubs execs are set to be grilled next month over the royal mail ipo. british lawmakers want to know why shares of royal mail were not priced higher at its offering and why the company was only valued little over $5 billion. the shares risen impressive 62%. public offering was just 20 days ago. good ine. >> in china, beijing police have helpful suggestions for women drivers on website for its cabbies. don't wear heels. make sure to release the brake before driving. oh, don't panic if you realize you're going the wrong way. that last one was especially money as it was part of an explanation that said it is easy for women to get nervous and their minds, they just go blank. take that gloria steinem. >>> up next, is it all bad news about health care exchanges? is it making your blood pressure rise? if you want to know how it will impact the care receive keep it right here. we have the prognosis directly from one of the companies navigating the government exchange. >>> plus, the redskins oers say the team's name is a badge of honor but critics call it a slap