Decision just hours away. Will they or wont they hike . The ceo of mylan takes the hot seat on capitol hill today where shell be grilled on the companys epipen price hikes. What to expect today and the highlights from yesterdays heated wells fargo hearing. Shares of fed ex higher after better than expected earnings and raising their guidance. Well take a look at what drove that quarter. First up, the bank of japan surprising the markets by introducing a zero rate target for its government 10year bonds in an effort to stoke inflation. The boj saying it will purchase bonds if yields begin to rise, lend money at a fixed rate if yields move much lower. That all comes ahead of the feds latest policy statement at 2 00 p. M. Eastern time. Fed chair Janet YellensNews Conference half an hour later. Yen had a run and then the narrative began maybe this is an admission theyve reached the logistical limits of accommodation. Look, i find them flailing. I just find them look, they surprised because they flail a different way than they were flailing before. Lets just i like it because were in football season. The nfl team, they dont have any talent, so they can shuffle the talent all they want. But in the end they dont have any talent. So they can put these guys as linebackers, no, make them as defensive backs, front line, corner, safety, in the end the dogs wont eat it. Theres like nothing here. They need population growth, they need immigration, they need formulation to be able to merge a lot of companies to become more powerful. And all i see is just, okay, target this, target that. Lifes not that simple. I mean, youve got countries that are in growth mode where theyre really being kept back by a government. Here, a governments trying to do everything it can but the countrys not in growth mode and it doesnt matter. They have a 53man roster with no talent. Right. Theyve had deflation for a long time. Kuroda came in saying were going to generate 2 inflation, thats been the goal for a number of years. They havent met that goal. No. They keep trying to come at it from different ways. Whether its buying every asset in sight or targeting the 10year rate as opposed to shorter term. I think these are all instances, what do they want in the end, they want to take our market share. They want to stimulate go listen to a remarkable call last night the kb homes call. What are they talking about . Theyre talking about tremendous household creation, formation. Sure. Fed ex, go over that call with a fine tooth comb. The fed ex call by the way these were both incredible calls. But fed ex is talking about how there are 156 million unique addresses in the u. S. great stat here. Great stat. And what is it growing by each year . 2 . 900,000 a year. So youve got formation of unique addresses growing at 900,000. I read this and i said halleluijah. This is what every other country wants. Its just natural growth. Organic growth. Not stimulated growth. Not well target the yield curve or target the currency, no, they should target addresses in japan. Unfortunately you cant trade demographics like you can carson. Exactly. Thats really what it comes down to. You cant make up the pure oxyg oxygenated growth, oxygen growth, that kb homes has where the growth in jobs in california is extraordinary. And you cant recreate the addresses we have. Thats like three cheers for capitalism that call. So turning to the fed here, and see larry somers with a big tweet storm saying we should be overshooting 2 target. Do you expect a dovish hike or a hawkish hold . I expect a very strong statement which says, listen, guys, this is what were going to do. We did it last year at this time, were going to do it again. We got to raise rates by december unless theres some calamity. Because there are too Many Companies themselves, not the aggregate data, the ism data is terrible, retail sales data is terrible, companies in the mall, unless theyre saying, listen, weve looked at the earnings and maurices and justice and ann taylor are bad, were not going to raise rates. I mean, the aggregate data from individual companies does support the ability to raise rates in december, even as theres been no real increase in pay. They can do it, if they really want to, they can do it. I dont want the dollar to zoom. The euro is still very cheap, 15year low. But im saying we can handle it. And theres plenty of stocks to buy whether it be visa, mastercard, paypal, fed ex, whether it be this amazing quarter from adobe that we got to talk about. We will. Theres things to buy. Im not going to say, listen, our season is over. You know, were 03 and never make the playoffs and do not if we get a strong statement. When somers says total hours worked is down over six months, Inflation Expectations are falling, economys weaker than the last take. Im with somers, but im saying we can handle it. Im with somers. Somers is look, i like somers, hes a bit of a bull its not a china shop because china holds up much better than a lot of things hes a bull. We run ad all the time about dangerous alpha, paul singer. You know, sing, when you hear him, its like, okay. I remember when i was growing up we had fallout shelters. I was jealous of all the people that had fallout shelters. I would say they have a place under their house with cans. She said we dont have a basement. I want a basement. I want the cans. But theres another way to look at it is we didnt need the fallout shelter and we needed to put our heads in the cubbies which wouldnt do that much with an hbomb situation. And i dont think its represents the way it will be. A day after wells fargos stumpf faced grilling on the hill. Its Heather Breschs turn. The mylan ceo will testify before House Oversight today as her companys under fire for hiking the price of the life saving allergy drug epipen. In her prepared testimony she says she wishes the company had better anticipated the magnitude of rising prices for some families. But says price and access exist in a balance and i believe we have struck that balance. Thats coupled with a number of reports about her mom and mandating purchases in certain states, be a lot to talk about today. Yeah. I think theres a great story underneath here. Which is that were not going to be talking about john stumpf today. No. Great for john. Plenty of people are still speaking about stumpf. Its people at night. Youre right. I met people for cocktails. Yeah. People say stumpf people wanted to talk stumpf. I was at the conference yesterday. People wanted to talk stumpf. In particular they wanted to talk about Elizabeth Warren and stumpf. People liked her. For the first time i actually picked the phone up and did some reporting too and talking to people who run similar units at big banks. Yeah. I dont know where you went there, jim. Thats just showing off. Jet black no, i cant get to jet black, not until december im sorry. Cant you just use the watch . You got that thing. Adam shefter told me to pick up dak prescott yesterday. Right on the watch. No, but guys, what theyre talking about with stumpf is whether or not he can keep his job. The consensus now seems to be moving towards no. Really . Yes. Or at least the chairmanship or the whole shebang . In speaking to people the questions, well, if customer complaints are a key thing here at a bank like wells, why wasnt there a review every month of those, or even employee complaints . If so, did you do a deep dive to understand what was going on . Why did you have targets that conceivably were unachievable as opposed to targets that perhaps were . Why is opening accounts the right incentive . Why is that the incentive . Starting to hear a lot more questions in terms of accountability, in terms of the decisions made over a long period of time at wells fargo while they knew this was going onto some extent and whether or not that is ultimately going to force this boards hand. There are two people who matter here, and neither is on the board. Warren buffett. And dick. If he were to come on and say, look, i dont like the term happened here though you could argue some of these were put in play, then i think hes gone. If Warren Buffett says he should go, then hes gone. That board itself i dont think theres anyone that would stand up to stumpf. Elizabeth warren is not going to get a ceo removed. David mentions the exchange between stumpf and Elizabeth Warren. If you missed it yesterday, heres that sound. Im not asking about regional managers, im not asking about branch managers. Im asking if you have fired Senior Management . The people who actually Led Community banking division, who oversaw this fraud or the Compliance Division that was in charge of making sure the bank complied with the law . Did you fire any of those people . No. No. Okay. So you havent resigned. You havent returned a single nickel of your personal earnings. You havent fired a single senior executive. Instead, evidently your definition of accountable is to push the blame to your low level employees who dont have the money for a fancy pr firm to defend themselves. Its gutless leadership. On the heels of that, today jpm takes it to a neutral on what they say are going to be increasing training costs, the prospect of going back through all those Credit Scores and making some of those people whole, who knows how. That i thought was overrated, the latter part. Because i think they actually were very good at trying to figure out they have one pers person, two is bad. Stumpf is an indefensible character in light of that testimony. Do you want to come to his aid . Im saying people are going to run. I am going to Say Something positive about it. They scrubbed it. There were too many accounts that were questionable. They were going to make restitutions. But the fact is under his breath there was the name carrie tollston, she oversaw the division. He said we went in a different direction. Why couldnt he have spoken more forcefully about that, i wonder . What is a clawback for . What is a clawback for . Its to make it so that the executives have to deal with some accountability. Jim, when it comes to wells itself, nobody thinks that massive deposit base is at risk whatsoever. The only area is perhaps somebody opening a new account or going to think twice about doing it. Wells is very powerful. Look, i use wells. Okay. So do i. Theyre my guy. I dont even know how to make it so theyre not my guy. I wouldnt even know how to unwind that process. You get a rate hike today and people are going to be talking about mylan. Epipen time you get a rate hike. Youre going to say, wow, i can still get in wells because there was some discussion yesterday about gutless leadership. Warren buffett has to come out and say this is not the man in charge and theyve got to change their practices and if practices were additive to 5 to 10 cents a share, which he would not say, its a nasty situation. So you are calling for stumpf to be forced out . No, im saying if Warren Buffett said he should be forced out. Ive been calling for clawbacks. I dont think he should make anything. Say listen, give back my salary, were going to give back every bit. Thats what he has to do. And i think he should do it. And then we move forward. Right. I just think he should do it. I think its a smart thing to do. I mean, i mentioned, i asked him three times to do it. Why dont you just give it up . Give it up. Carrie left in july after so many years, just claw it back. Hey, these are really rich people. When youre really rich, you can give that money up. Im not saying go to jail. Do not pass go. Im saying give up the 200. Except its more like 200 million. It is, that is exactly the number warren cited at least. 200 million. Theres a little room there, say listen, i want to set it up for community banks, were a community banker, give 200 million back to the community. You know what would happen . The dialogue would change. It would. Maybe. Its not like a save the whale situation with jamie. Theres like people here. Understood. Because its funny. Live long and prosper. I got the star trek reference, the whale reference i thought that was good. I got the sea world reference, i got references you werent even making. Put in the ear wing in your ear, i had nightmares about that for months. Did you . Yeah, check off, check off. Anyway. When we come back, European Competition commissioner Margrethe Vestager talks about the apple, and sarah eisen has that first on cnbc coming up. Also ahead, nba legend Kareem Abduljabbar coming up, hes not pulling punches on certain issues in his new book. Look at the premarket, s p moved less than one point two days in a row for the First Time Since 2014. Back in a minute. Guyhey nicole, happening here . This is my new alert system for whenever anything happens in the market. Kids a natural. But thinkorswim already lets you create custom alerts for all the things that are important to you. Shhh. Alerts on anything at all . Not only that, you can act on that opportunity with just one tap right from the alert. Wow, i guess we dont need the kid anymore. Custom alerts on thinkorswim. Only at td ameritrade. Bacteria can hide in food and make you ill. Wow announcer but you can keep bacteria from ruining your day with 4 simple steps clean, separate, cook, and chill. The roadchip to food safety starts at foodsafety. Gov. Welcome back. Want to share some breaking news involving viacom, of course a company we follow closely here. Certainly i have. In addition to cutting its dividend, the more Important News this morning, and bear with me as i read through the press release that just came out, the company has ended the process of seeking minority investor in paramount pictures. That is not news if youve been watching us and our reporting on this. We told you weeks ago that that was not happening or going anywhere. More importantly though is specifics regarding what will happen in terms of new ceo tom dooley. He will stay on as the interim president and ceo through november 15th to allow the board to conduct an orderly succession process. This according to tom may having taken over for Phillippe Dauman. Sherri redstone says shes been energized by the passion and commitment put forward by the newly expanded board. Theyve added five members to that board and viacoms senior team. Tom dooley, who is now stepping down again as of the 15th of november, say this was a difficult decision, has great admiration for the new board and feels theyll best be able to execute the company in the hands of a new president and ceo. Certainly this raises some questions. Ive actually made calls previously this morning but dont have insight at this point in terms of what viacom, whether or not mr. Dooley is acting of his own volition or in part to clear the way for a potential successor. There have been any number of potential names out there, and a key question has been, well, could you attract somebody if in fact the strategy for the company also involved potentially examining the idea of merging with cbs. Now, nobody expects that as a nearterm option. Leslie moonves, cbs ceo also controlled by sumner redstone, national amusements, has made it clear a cbs deal is not something he sees as a possibility at this juncture at least saying most recently yesterday at goldmans conference that theyre always potentially thinking about other assets but this is not something they need to do. But more importantly the question is for viacoms future, who is going to be the new ceo of this company in about a month and a half. And what candidates will they have to actually look at guys. We should also mention they did say that earnings per share for the fiscal Fourth Quarter are going to be in the range of 65 to 70 cents. The revision accounting for a programming impairment charge and filmed entertainment. Reported earnings per share expected to be between 55 and 60 cents primarily reflecting severance expenses and the Settlement Agreement in part with Phillippe Dauman who got paid a big number on his way out. Geez, the stock was initially up on this. Theres nothing here that makes me excited about it. No, id love to get a sense as to who the potential candidates to replace mr. Dooley are. You have a board by the way right now is a huge board because it includes Board Members who will be stepping off at the annual meeting a few months from now and additional five members added to the board. Thats quite a big board you have at this point involving both the new and the old, but they got to figure out who their ceos going to be. Listen, there have been any number of potential candidates, tom stags. That would be a good move. Former c. O. O. Of disney. Would he do it. You can come up with plenty of names. The question is who wants the job, whos interested in the job. And can you attract somebody if, you know, you had this potential of selling the company to cbs in even a year or so. If they pay like theyre paying these guys now, theyll attract anybody, right . Maybe. I mean, geez, thats a get rich quick scheme you become ceo there. These guys are the highest paid ceos of the most underperforming companies. Yeah. Philippe dauman, i dont know, did well. Theres also this interesting impairment charge of 115 million related to the expected performance of an unreleased film, again, highlighting the challenges theyve had not just in tv but studio. At studio. Paramount has been an underperformer for a very long time. They were hyping that slate a few months ago telling us how great it was going to be. Saying the movie slates were going to be really bail them out. There are no shortages of challenges for viacom whether its at the studio or of course at the networks themselves. The idea also now is whats a mustcarry in this emerging world of over the top choices or even the skinny bundle. What is a mustcarry . And does viacom have any of them . I dont know. Twitter seems to have more. Twitters got news. Comcast has news. Well talk about that after the bell. Well get cramers mad dash, opening bell in a couple minutes. One more look at the premarket, which is positive though a lot of uncertainty coming this afternoon on this fed day. Were back after a break. These goofy glasses. Yeah. Well, we gotta hand it to fedex. Theyve helped make our ecommerce so easy, and now were getting all kinds of new customers. I know. Can you believe were getting orders from canada, ireland. This ones going to new zealand. Ne