Boeing just a few minutes ago putting out a statement confirming that there was a fire on a dreamliner saying were aware at the 787 event at Heathrow Airport and have boeing personnel there. Were working to fully understand and address this. Keep in mind. Ethiopian airways was the First Airline to have a retrofitted 787 battery system put in after the faa cleared the retrofit design that was supposed to fix all of the battery problems with the dreamliners. We believe that this plane that caught often fire was the first one to receive a retrofitted battery system. Because it remains to be seen what caused this fire, even if its battery related, shares of boeing not only being hit hard but any supplier linked with boeing has also been hit. Take a look at spr or pcp, precision cast parts or hexal, hxl, all taking a hit within the last hour as boeing shares tumbled down, and were also going to show you shares of general electric. Ge has the engines that are on this 787 dreamliner. Again, we dont know if any of this fire is related to those ge engines. In fact, we dont know the exact cause of this fire at this point, but because of the battery problem, sue, thats the reason that shares of boeing have tumbled 7 . It will be interesting to see what the at least initial report is in terms of where the fire started, what was the cause, et cetera. Were waiting on owl of that information to come out of heathrow. Hopefully well get that relatively soon. Boeing shares down about 7 as we speak. Sue, back to you. We should note that although arrivals and departures at heathrow are suspended, they are starting to open some of the runways. They closed them after the fire occurred. Well keep you posted as to when they do start taking arrivals and allowing departures out of heathrow in london. The drop in boeing stock is responsible for the loss on the Dow Jones Industrial average, and it is weighing very heavily on the dow at this point. We also have stock analysts j. B. Groh on the line and hes watching this story very carefully. Welcome. Nice to have you here. Thanks, sue. You have a neutral rating on this stock. Does it change your rating . No, i think it wouldnt change for an event like this. I think at this point we obviously dont know what the cause is, what the source is and how long it will take to rectify the problem, whether its related to the prior problems with the 787. Theres just a lot of uncertainty at this point, our neutral stance on boeing real stems from the fact that youve got a pretty significant military exposure and thats really the the long and short of our neutral stance on boeing. From your standpoint, with the 7 loss in the stock, given what you just said to me, a selloff in the stock overdone today . Well, i think the market reacts to these things pretty violently, especially with Something Like this where its, you know, noteworthy given the prior problems with the program. In terms of where we would put a buy point, it would have to be a good 15 , 20 below our 105 target price. Thanks so much, j. B. , appreciate it. My pleasure. To josh lipton with more on the fallout. Watching boeing dropping hard at a result of the 787 boeing fire and drag other names down with it. You mentioned phil with it. Three names that are all levered to the 787 and give a hat tip here to jon najarian, pcp with a lot of content like fasteners and structural problems, spr, formerly part of boeing makes sections for the 787 and hxl, a composite manufacturer all in the read. Tyler, back to you. Thank you very much. Of course, the big story this morning and still really looming over the markets and in a pretty good way. Big bank earnings, in focus. Jpmorgan and wells fargo kick off for the financials, both beating on the top and the bottom lines. A profit at jpm rising more than 30 as the bank bounced back from that massive trading loss in the Second Quarter a year ago. Now it reported a 19 rise in profit, despite flat revenue. Credit strengthened while home lending orange nations and applications rose from the first quarter. Lets take a look at the boards there, and can you see them both edging higher. Jpmorgan by a third of a percent and wells fargo by more than 2 at 42. 80, but it was a major exclusive you could see only right here on cnbc, our jim cramer sitting down earlier today with jpmorgans chief jamie dimon on squawk on the street, and he spoke about the impact of rising rates, the state of the economy and regulation. Lets take a good listen here. The American Economy is getting slowly getting stronger so the lending will come back. They will start to do more capital investing so were kind of confident that youll see growth over the years as america recovers. Its pretty clear that when rates go up, you will make a ton of money, even at these levels of original nations. I think youve got to separate, when rate goes up, all things being equal, it may knock down mortgage original nations, but if you have a healthy economy, that will filter through all our business, all things being equal rates going up is a good thing as long as the economy is growing. This is a quarter where i did not see you viewed as much as a consumer bank, even though you have a tremendous amount of capital. The big money was made in trading and fixed income. Yes. Equities. This is something i didnt expect and the street didnt expect. Our folks on the Trading Floor did an outstanding job, of course, all products, that affects rates, commodities, securitized products, emerging markets because its more volatile than most, you know, that we built a huge flow business and a lot of clients around the world so youre right, tell me more. Were proud of how they did. Mortgages. 7 original nation on the decline. Im on the wells call. You know youre friends with the ceo. Is he just outmortgaging you . I love john stumpf. You admit that someone is doing better than you . Absolutely. Doing better for a long time. We are bear stearns and wamu, new Management Team in place and at the end of the day well have a great mortgage business. We believe the way john does, a really good product, really good at production and servicing. It seems like he wants to make the loan and you dont . Our share has gone up. Weve gone from like 9 to 10 to 11 . I think youll see our share go up over time. They are the largest. They are close to 30 . How much of your decision to lend not lend has directly to do with the fact that i dont know if the government wants you to lend or they want you to hoard. Youre talking about on the balance sheets. We have a new Regulatory Environment so all banks have to adjust to it, and that doesnt mean you need to hold more for liquidity or capital. Eventually youll be back to business as usual. That may take another year or two, and these are global requirements, so the requirements in 60 countries around the world, not just the united states. So it eventually means youll have enough capital or eventually means that you think things are going to soften and the regulators wont be so antibank which i think you know they are. Were getting to the tail end of basel three, capital ratios, leverage ratios and by the end of the year well know what they are. They have buffers and the ccar is new, and all those will determine how aggressively banks can grow, return dividends and capital, but the most important thing were Building Client businesses with great franchises. Of course, all of our businesses. Thats what were in business for. Jim cramer fresh off of that interview is here to talk about that interview with jamie dimon for a power lunch exclusive. Whether you like jamie dimon or dont like him, hes a breath of fresh air in answering questions in such a direction fashion. Many things were said and i love the fact that you ran. Hey, yes, john stumpf did a better job. Yes, i do like jamie dimon. What makes him credible is he said wells has done a better job at this but what also makes him credible is he did not beat his chest saying we killed it in trading, they did, but he didnt say that. Right. Nor did he sit there and say you know what if the government just got off our backs. Well deal. He also said failure youre allowed in america to fail, that theres no crime to fail, but if someone actually does something wrong, they should be punished for that, but i think he made a very interesting point that wall street doesnt often acknowledge, that not every trade is a winning trade. Right. And not every trade longer term is successful. Thats okay as long as longer term you fulfill the mission. And we got rid of the people. We got rid of them, and i know the people have been with him for a long time, and he was just very blunt, they are gone. We have you know, weve got delivering alpha next week. Right. I asked him that question about the indictments. My case, well, jamie dimon is saying someone should have been indicted, just no one in his bank. Right, that could be. That could be the way it is. People have to listen to that because i think jamie dimon is saying there was wrongdoing. You can pick him down on that next week, jim. I will. Two quick things. One made me chuckle when you asked him about the fed position. Had to. And you also asked about tapering and he basically said, listen, when the economy is healthy enough, the taper will occur, and thats not necessarily a bad thing. And he thinks that thats when they really make a lot of money. Mortgages, they could slow, but he said thats a very small piece of the pie. You know what, im not going to take away from something he wished i did more of, he thinks america by far is in aascending strong position, and are you still worried about the democrats . No, its not about that. He says america is in much better shape than everybody else and he made that point. Been down on our luck and you want to play america. Go ahead, ty. I would like to burst in, if i might. Thought it was very interesting where he thought it would be a different Regulatory Environment, it will take a couple of years to adjust to that and then i think well be back to business as usual. What does it mean to say business as usual, sand that a good thing for the american taxpayer . Is it a god thing for all of us that jpmorgan and the other big banks will be back, to quote, business as usual. I think when he says business as usual, what he means is hes going to take your deposits, and hes going to lend hem to people who actually want to take some risk and do something and thats not going on right now to speak of. Now, he would tell you, listen, still a lot of lending going on. They are making a lot of money, but making a lot of money doing some trying and lending, but i think he envisions a world when we get gdp growth and a yield curve, hes going to make money and youre going to make money and thats not the case right now. Not what has been happening the past four or five years as the banks have been in hoarding mode and not making loans. Could we turn your attention to the story we began the hour with and thats the fire on the boeing dreamliner. A couple of weeks ago you had jim mcnierny of boeing on, and you asked him specifically about the Dreamliner Program and where it is. I want to roll some tape and then get your thoughts. Did you ever worry that the battery could not be fixed, that you would lose orders and you would owe a fortune to those who stuck by you. Never. Never . Never worried about it. This was a solvable problem, a difficult problem, one that we regretted having, impacted our customers, but the response of the people of our company was to roll up their sleeves and go to work and solve the problem. Now, we dont know, jim, whether this fire on the Ethiopian Airliner on sort of a sideway runway at heathrow had anything to do with a battery or something completely different, but my question is has the dreamliner become kind of a star crossed product . Its a great question, because obviously in that interview he did, he would put the problems behind him. Learned two things. Dont bet against jim mcnortheasterny. He has a long, long game. And second, if it is a battery problem, it is fixable and now we dont want to hear any problems, and i dont want to sell boeing here, and if it comes down more on this, its a little you never know whats going to happen. Right. And i want to find out the whole story, but im not betting against boeing either. Were going to bring phil into the conversation as well. We dont know and phil has pointed that out, that we dont know why this particular fire happened, but as we look at boeing down 6 , would you step into it because you have said, mr. Mcinerney has a long game plan for boeing. The only plan i have is the greatest stock in history. It should be down on a down day. Im going to give it a little room because its just been an unbelievable stock. Going out last night with the mad money crew, and one of the people i work with, fabulous guy, jim, is it ever going to go down i . Said i dont know, its been an unbelievable stock, so, you know, its profittaking. Its coming off its lows. Phil what, have we been able to learn so far . Not a whole lot, sue, but a couple of important things to keep in mind. First of all, heathrow is saying that this was an internal fire so this was not a fire that started outside of the plane. Thats an important distinction. The other thing to keep in mind, if you take a look at pictures at where the Fire Fighters are spending the most time, its in the crown of the plane, up by where the crew sleeps. Now, that is not where the new battery system and the retrofit is taking place. Thats down in the belly in the aft of the plane. Doesnt mean that this is not batteryrelated. It simply means its not where we saw the fire in boston when its jal, not the problems with ana out in japan. Just something to keep in mind as we try to piece together exactly what happened at heathrow. Again, the pictures show that its in the crown of the aircraft, not down in the bell and the aft section of the plane. Phil lebeau, thanks so much, well continue to follow this developing story. No conclusions to be drawn against boerks belieing, believ jpmorgan and jamie dimon, two Great American companies. A deeper look at the banks, and what we learned from mr. Dimon today. At 6 00 and 11 00 p. M. Eastern only here on cnbc on mad money. And wells fargo chief executive officer talks earnings and the companys outlook for the bank today on the closing bell. Ty, down to you. Thanks, sue. Pain at pump. Gas prices spiking all across the country. How much higher are they likely to go . Were going to go live across the way to the nymex, and well have more on that Ethiopian Airline 787 dreamliner this apparently had a fire incident on it at Heathrow Airport. Well talk with former continental chairman and ceo Gordon Bethune about the risks of this aircraft. Well be right back. More now on that breaking news out of london. Theres been a fire on an Ethiopian Airlines boeing 787 at Heathrow Airport. That is the dreamliner. Lets take a look at the plane, if we have it. The same plane that was grounded, the 787 for battery issues, and joining us on the phone is Gordon Bethune, the former chairman and ceo of continental airlines, also a former boeing 757 and 767 pile. Mr. Bethune, always good to hear from you. My first question is would you feel safe putting your mother, your daughter, your girlfriend, your wife on these planes. Yes, i would. I was looking at the pictures on the nbc on the web. The pictures show main cabin doors open and not the aft Service Center and theres no indication that they were a servicing the battery electronic compartment. I dont know what to tell you the origin of the fire could be. It feels, gordon. You know from having run an airline how frequent these kinds of incidents. This one appears to be relatively minor, but who knows, really . Right. How frequent these incidents are and whether the 787 is any more prone to them than the 757 and the 767. Can you fill us in on that . Statistically thats true, tyler, the short life of the 757 has had an abnormal amount of electrical issues. I think 90 of them are behind us. This may be an anomaly or it may be in fact something tied to the original battery type of fire, origin. Nothing here that i can see and im speculating that thats where the foam would apply. It all looks like it came from the cabin so i dont know if somebody is cooking there or left a fire on, hard to say. You always help us out. Appreciate it greatly. Sue, back to you. And more breaking news, this time concerning hulu. Josh lipton has the details. Josh . These headlines just breaking on hulu. 20th century fox, Nbc Universal and disney right now announcing they will maintain their respective ownership positions in hulu and together provide a cash infusion of 750 million an order to propel future growth. The president of 20th century fox saying they believe the best path forward for hulu is for a meaningful recapitalization that will accelerate its growth under the new ownership structure. Lets bring in Julia Boorstin who covers this beat for us and is on the phone with us right now. Julia, your reaction to this and the implications of this decision. Reporter thats right, sue. Now this, comes as hulus bidders had narrowed down, interested in purchasing them outright, directv which had made a bid as well as a joined bid made by peter chernins company, the hollywood veteran in, conjunction with at t. Those are two companies who wanted to buy flat out. The third bidder was time warner who wanted to take a Minority Stake in the country. The fact that hulus owners have decided to not sell say they werent interested in the bid. It was the only truly independent offer but the bid came in too low. I think whats happening right here, were seeing the Media Companies decide that they dont necessarily that they want to align themselves with one of their distributors as they have sold to time warner cable, directv or even at t. All three of those companies, they have relationships with and i think this says that they really want to go it alone and make hulu an independent Strong Company and this company will help you do that. 750 million cash infusion from the parties involved. Would you have expected it to be more or how do you feel about the cash infusion level that the co