It would take more than a modest show of economic strength for them to begin taking their foot off that gas pedal. Weve got names set before the bell. Those include at t, boeing, bristol myers, and a few other stocks to watch. Put this in the Bad News Bears reporting. Revenue falling short, though, and the Company Announcing plans to cut 5 of its work force and close 20 plants, part of a Restructuring Program aimed at countering the slowing Global Economy. Andrew liveris will be joining at 6 30. Facebook reporting after the bell. Shares rising on that news. Up now 22. 14. Zinga is laying off 5 of its fulltime work force. Ynga is la fulltime work force. Zynga reporting after the bell today. Well keep an eye on those shares. Shares at s. A. P. Getting a boost in early european trading. The German Software company is posting better than expected earnings. And says it plans to grow its market share. One of the companys coceos is going to be joining us at 6 00 p. M. Eastern. Joseph . You mean the s. A. P. Guy . Mcdermott. Absolutely. Thats the guy. The other guy. Uhoh. Will that hurt mcdermotts feelings . That will be okay . All right. Are we going to head to columbus now and becky, where im sure they have a real Football Team there, becky. Oh youre welcome are stealing my thunder this was my lead. My question was going to be ohio state, notre dame, and rutgers, what do they all have in common, joe . Nothing. They are all undefeated. They are all undefeated in this football season so far. Are you putting rutgers in the same category as notre dame and ohio state . I am. Are you kidding me . They are three of the seven teams that are still undefeated. In a fantasy world. Three of the seven teams that are still undefeated. Fantasy world. This is from coach. This is not the rutgers song. By the way, i notice that both joe and andrew have new haircuts. Very nice, gentlemen. You can tell . I can. Not just a new haircut. A new haircutter. Thats true, too. Jonathan. Very fancy. Let me see. Jonathan did a good job. I like both of your hair. Andrew went short. He didnt do anything to the eyebrows. He went long on the eyebrows again. Can i admit something . I dont know. Im nervous. He offered, though i said no. On eyebrows . Yeah. He offered to trim the eyebrows. Shes a smart, perceptive guy. Ive offered. We all have offered. Stop. I like andrews eyebrows the way they are. Becky, do they actually have to be touching us before you decide a little trim . You stand your ground. Theyre always trying to pluck mine, too. Stand your ground. Nobody really offered to touch my eyebrows before. Eyebrow. Oh sorry. Gentlemen, let me tell you why im in columbus. Were at the ge middle market summit in columbus today. We are at Ohio State University. This is a conference, a summit that is funded by money from ge capital. This is the second year that theyve been talking about this program. It focuses on a really important segment that we never spend enough time talking about. Those ared my size firms. Those are companies that have anywhere from 10 million to a billion dollars in revenue annually. Were always talking about Big Companies. We talk a lot about the Small Companies and what it means for the Small Companies that are the job creators out there. But the mid size Business Market is much bigger than people realize. They employ 40 Million People in the United States. They make up 1 3 of the private sector gdp. If you just look at these companies, they are the equivalent on their own of the entire economies of both russia and india, so this is a huge burgeoning market. If youve been looking at the downturn, 2007 to 2010, it was a really difficult time for Small Companies. Large companies were laying off people and actually shrunk jobs by about 3. 7 million jobs over that time period. But during that very same time period, mid size companies were growing. They added 2. 2 million jobs. Just over the last 12 months, they were adding jobs at a rate of about 2. 2 . But some concerning things in the survey that is just out, from the National Middle market summit here. They talk to a lot of these different companies. By the way, this is a huge report, and it takes a look at some of the concerns that are out there. At this point, they say they still have some confidence concerns. Confidence remains muted. A real huge issue are challenges that they foresee. They are most worried about health care costs, something highlighted in both the surveys in the first and Second Quarter, but theyre worried about the cost of doing business. These are some very big issues. Were going to be joined by guests about how they can maybe overcome these challenges. Warren buffett will be joining us at 7 00 a. M. He can talk to us about what the economy looks like from the Big Companies perspectives, too. Hes going to give us an update on where he sees things standing right now. Weve heard so many concerns over the last few days from the earnings that have been coming out about how theres a real uncertain Global Market out there. Buffett can talk to us about what hes seeing, everything from the insurance businesses to a lot of reach into the Housing Market, to the consumer market, and what hes seeing just in some of his investments, too. Obviously Big Investments in Companies Like american express, wells fargo, ibm. Well get the chance to talk to him about that for two hours today. Well also be joined by the chairman and ceo of General Electric, which owns a 49 stake in nbc universal. Theyve been putting together this study, and a lot of their suppliers, General Electric suppliers, are actually companies that ared my si ed mm companies. Hell be joining us at 8 00 this morning along with buffett so they can talk about where theyre hoping to see jobs head from here. We have a big show lined up, and pretty excited about everything were going to get to talk to them about today. Yeah. Well, immelt, he looked really good there. Yeah. I saw him last night, actually. They did a fire side chat, immelt and buffett in front of about 2,000 people. Maybe a thousand people or more from these mid sized companies, but 800 or so students from ohio state. They both were fired up. And this will be the first time weve gotten a chance to speak with mr. Buffett since the treatment he was undergoing for Prostate Cancer. So this is his first time back out on the spotlight, too. Well get a chance to talk to him about how hes feeling. Well have liveris on, cutting jobs, closing 20 factories. Warren, he avoided chemicals, didnt he . I was trying to think whether i could ask him. At one point, he did loan some money to dow. I think he gave him three billion dollars. That was like a loan, though. It was a loan that he made out to them. Yeah. But i dont think that hes dabbled too much in the chemical business. I wouldnt expect him, too. Wow. Chemicals is a rough business. Dupont yesterday, the 1,500 jobs theyre talking about laying off, too. Becky, 243 points yesterday, which was i mention that labor day indicator. Nobody likes when the market goes down, obviously, but jim stack and blake wrote about this. Jim stack, 25 out of 28 times over the last 100 years, a 90 been right 90 of time. The inconsumer bettkucumbent is. Really . 25 out of 28 times. Where was the market on labor day . Ive checked it out this morning. Were like 15 points away from being down. Which is bizarre. On labor day, it closed on the 31st, i think, and then i think labor day was september 3rd, and i think it was at 13,090 something and now its 13,102. Very weird. So even that indicator is just as close as all of the polls that are coming back in. Did you see in trade . Huffington post wrote a piece during the debate, the monday night debate, that in trade is rallying. It had gone from 62 to 64. You know where it is this morning . Where . 54. 54 points, down ten points. Are you kidding . I wouldnt kid you. I wouldnt kid you about that. What swung overnight . I was surprised not to have seen more action after the first debate. Drudge had a headline that said its going to take a miracle. Then it showed gallup had a sixpointer. And then suddenly youre seeing both candidates go into states where they werent going before. Buying advertising. Where they werent spending money. Everythings up for grabs again. Romneys in maine. Ohio is a big, big state. This is ground central for this whole campaign. Yeah. You okay . Youre beside yourself. Im fine. You sure . Im fine. You got a goodlooking haircut. And theres more to life than a lot of this other stuff. You got your twins. Youre right. They just whispered in my ear. I forgot lubrisol. He cant throw cornell in. But we should talk a lot about colorado, right . Colorado. Oh, my undergraduate school. They may turn that into a Football Club now i think instead of an actual thats what i would do. Just try to compete. Intramural maybe. Okay, becky, well come back to you in just a moment. Right now its time for the Global Markets report. Were going to go across the pond where Ross Westgate is standing by in london to give us an update on whats going on over there. A little bit of a setup to what might happen here in the markets after a couple of very rough days, ross. Yeah, andrew. And falls yesterday for the European Markets, ftse doing a little bit better. You see here we are weighted on downside at the moment. Advances a little bit more than five to four on the Dow Jones Stock 600. We hit the session low here about an hour into trade this morning. That was after we got data out of it, which wasnt particularly good. The flash pmi numbers for the eurozone coming in at their lowest level for over three years. Economics is suggesting a quarterly contraction, could point to a quarterly contraction. We have rebounded slightly since then. Ftse 100 is flat. Were fairly flat for the ibex. There are a number of stocks in focus here as well that are fairly mixed. Volvo down 4 this morning. They have missed their Third Quarter expectations. Peugeot down 4 as well. They are close to agreeing to a state financing package. S. A. P. We spoke to jim earlier, as well up 4 for the software company. Their fouryear revenue outlook has been hyped. This is a mobile chip designer, still benefiting up another 3 today following on from the gains yesterday. Some mixed performance. Yields on spanish and on italian debt are higher. Spanish yields up to 5. 68 . We started this morning on these yields around about 5. 59. They are slightly lower than where we were post that data, and that data just dragging the euro dollar around 1. 29. But the economic fundamentals in europe are certainly not getting any better. The data is the opposite. They are getting worse. Thats where we stand. Back the you, andrew. Mr. Westgate, we appreciate that. Thank you very much. Now joining us bob dowel, a black rock senior adviser. Hopefully give us a little bit of sense of what to do. I was talking with a wellknown Hedge Fund Manager yesterday who says youve got to play through the pain, youve got to buy on the dips. He thought this was a dip. I also talked to somebody who was up big time for the year yesterday who said look, were getting out early this year. Were just going to lock stuff down and lets not worry about it. So what do you do . I think you have to look back and say weve had quite a year in the markets in the face of a pretty mediocre economy, and be thankful for where we are. The Revenue Growth pattern for Corporate America has gotten pretty sloppy, while corporations are reporting Third Quarter earnings above much lowered expectations, the topline is not so good. Most of the weakness is coming from the nonu. S. Portion. I think that weakness is likely to cause earnings to be soso. On top of that, you have Fourth Quarter estimates, and next year theyre probably a little on the high side. So i think the indigestion is probably going to stick around for a while. Not to mention all the political uncertainties. How much indigestion are we talking about . Jeremy segel, i saw him make some comments. Still bullish. Hes a play through the pain kind of guy. Thats where im going to come out. My comments a second ago were all about the short term. Most people underweight risk assets. I would look at it as a chance to add positions, believing that were not going to have a global recession, that equities are not expensive, and therefore this stop start economy leads to markets that generally grind higher, but its never a straight line. Were just digesting the great gains weve had since early summer. So grind higher. Give me a number thats say, i dont know, 12 months out. I still think the 1450 number is what we should target. Every day were down its a bigger mountain to climb. Youve got to give us a better economy and better earnings. Muddle through economy, grind higher equity market. We appreciate your perspective this morning, making us feel a little better and worse at the same time. Were going to send it over to becky. When we come back, we have a parade of corporate leaders. Up next, s. A. P. s boss on why the German Software giant is confident enough to raise its guidelines. Coming up at 6 30 eastern time, Andrew Liveris tells us about his cost cutting plans. At 7 00, Warren Buffett. And then coming up at 8 00, we will add General Electric ceo and chairman jeff immelt into the mix. You dont want to miss a minute this morning. Squawk box will be right back. S. A. P releasing Third Quarter results. Bill mcdermott joins us now from waldorf, germany, to talk about the quarter. We said it was the other ceo, and we said hes not welcome here. Must have rushed you over. You tell this story better than anyone else. The other guy, doesnt he speak german . That wont work for our audience, bill. They knew i would have missed you too much if i didnt do it. So here i am. How are you . Like wise. Good. Youre from over here, so you must watch things like dupont and 3m and a lot of these i mean, even google. A lot of disappointment over here. And were all blaming it on europe. You should have a really good insight into the European Market in general. What are you seeing . Portugal, greece, well publicized. Its pretty rough. When you look at some of those geographies, its pretty strong. So its kind of a balancing act in euroright now. We were flattish in europe in the quarter, and if you look at north america, were up 37 . I think europe is the more difficult operating environment. Youre actually able to raise your outlook for revenue. Why . Its real simple. We have an analytics almost three years ago, we sent the company to go on a new strategy to go after the cloud, mobile, and data base that was in memory, so it would be truly a Realtime Data base in something we invented. These emerging businesses are all growing in triple digits, when you combine that with core, you have a real double digit growth story all across the world. Today we reiterated our guidance at the upper end, and we look at our pipelines globally, and the company is in really good shape. I must say, though, there is a structural change in i. T. As well, because a lot of the companies in i. T. That havent done as well are very hardware centric. Thats changing the process, thats driving the outcomes. Bill, is the organic Revenue Growth positive . I mean, without ariba, what would it be . Its ten to 12 with the acquisition . 98 of our revenue right now is organic. Ariba, we just finished the acquisition and we will get. 5 percent of 1 of growth out of areba between now and the end of the year. When you think of our growth, it is 98 organic. Krr you make any comments over whether china is becoming more positive . Theres no doubt everyone is speculating on 7. 8 growth in china, but its still a lot. If they catch a cold, it affects the Global Economy pretty severely. For our business, selling into china, its a really good growth story right now. Which is why we announced a year ago that wed invest 2 billion. We see tremendous opportunity. Would you say you feel better about the prospects for the eu staying together, greece staying in, everything vag mohaving a m positive outcome. Do you feel more positive 1992. Ive been all across europe in the last six weeks. I think overall theres a Strong Political will to keep the eu together. Certainly germany has played a center role in that, but its not limited to germany. I do feel better and i do think things overall in terms of the commitment to the e. U. Are stronger than they were six months ago. I would say probably the more mixed opinion would be greece. But overall, id say its a little bit better, joe. Great. Bill mcdermott, we appreciate your time today, coming to us from waldorf, germany. Watch how do. This seamlessly, were going to head out to columbus, ohio. This is unbelievable. Weve sent signals up there. And then we see becky. Becky, whats coming up . Well, we have liveris, we will talk to him in just a moment. Also at the top of the hour, we have Berkshire Hathaway ceo Warren Buffett. Hell be joining us for two hours. Well talk markets, the economy, politics, and much more. Big day today. Stick around. I dont know. Is there actually a rutgers . Its ohio state. Ohio state. Makes sense, beckys in ohio. Want me to see