that could be bob mansfield's new challenge.the wall street journal" now reporting that apple has chosen mansfield to lead its secret electric car initiative, code named project titan. mansfield joined apple in 1999 and worked as a top exec under ceo steve jobs. during his time at the tech giant, he led the engineering teams that helped to develop a range of products, including the ipad, the imac, and mac book air. he has now been adviser at the company since leaving the executive team three years ago. the journal saying earlier this month employees at apple noticed in the company directory that all the senior managers on that car project were now reporting to mansfield. apple's investor investors, of very focused on any potential growth areas like the car, that as the company's traditional hardware is under pressure. tomorrow, when apple reports q3 results, the street is expecting iphone sales of 40 million units. that would be a drop of 17%. apple, by the way, declining comment for this story. guys, back to you. >> thank you,

we heard that they hired bob mansfield, former engineering head, to run this project.are you reading into this? gabe: i think cars are complex. and whether it is google or apple, they realized getting into the car business might be harder than they thought, and partnerships will ultimately be very important. apple has done an amazing job of keeping this project titan completely under the radar. job have done an amazing keeping people buttoned up on it. but the fact is, they are building a vehicle. they see it as an extension of their services, competing with google. with google feeding a lot of the china market, apple sees this as a big potential in and win for them. apple's investment in didi, it gives a for middle competitor to uber, and elon musk has a plan to take on uber as well with self driving tesla s. who stands a better chance, uber or tesla? gabe: in this world we live in, we are used to a winner takes all situation, whether it's amazon or uber or facebook with social media, and with transportation i think it will be different. i don't see a winner takes all

dow jones reporting that apple has tapped bob mansfield to lead that secret car project co-named projectitan. apple declining comment on that story. and that would represent drops of 25% and 15% respectively. apple is thought to sold 40 million iphones as the tech giant struggle with the tough comparisons. question for investors is how much of that bad news is now priced in with the stock down more than 20% over the past 12 months. beyond the june quarter we know investors are focused on the iphone 7 expected in the fall. it's assumed it will only boast incremental changes but even small improvements could motivate a lot of people to upgrade. >> the key piece that we think investors are missing is that there is a large pool. we believe about $2275 million units. when your phone gets to be older than two years you have a high probability of upgrading. >> the risk is that people put off buying that iphone 7 because they're just too excited about that 10th anniversary edition of the iphone due out in 2017. they put it at a low risk arguing there's too many people waiting to upgrade. back to

>> well, brian, you might not know bob mansfield, but you probably know the products he worked on. he worked in cupertino for a long time, joined apple in '99, worked as a stop exec under steve jobs. during his time he led the engineering teams that helped develop a range of products including the ipad, the imac, now an advisor at the company since leaving the executive team about three years ago. but now he could be taking on a much bigger challenge according to recent reporting developing that icar. back to you. >> josh, thank you very much. let's now talk more about that big sell call on shares of apple. cowen and company does not agree putting out a bullish note on the stock today. let's bring in the analyst managing director at collin and company. your response to that cell call. >> look, i think that the idea that the upgrade rate for the iphone 7 is going to be the lowest of sort of any model before. it's not new. the install base today is 13% bigger today than it was last year. so even if you had flat units, or, you know, down a bit year over year, the, you know, upgrade ra

i remembered bob novak used to say the hardest interview ever had on meet the press was with senator mike mansfield because he asked him a question, he said yes. he'd asked him another one and he'd say no and he run out of questions and easiest one was hubert humphrey. one question and he talked for 30 minutes. >> you don't get in trouble for what you don't say and i think there'snothing wrong with being cautious about your comments . i certainly don't mind talking but i usually like to know what i'm talking about. before i ventured down that path. >> you're not socautious in your book. there's a lot of unexpected material in there. there's a polio, will talk about that. his fight with edema grew . your vote for lyndon johnson in 1954 over civil rights and then when it gets to professor obama and senator harry reid, your democratic counterparts and the senate conservative fund, you don't hold back there and i think most people would be the price to learn that you're an all-american tailgater at the university of louisville, will talk about that but why don't we start with polio? it's 1944. you're t