as phil lebeau reports, the questions came with the threat of more regulations to protect passengers. phil lebeau is in our nation's capital tonight. >> reporter: for airline executives, most notably the ceo of united airlines, oscar munoz, the message was clear. americans are fed up with the flying experience. >> i guess my first question, i was going to ask, why do you hate the american people? but i'm not going to ask that. i was going to ask how much you hate the american people. i'm not going to ask that either. >> we have a problem that shouldn't be as bad and unpleasant as it is. and you're the only people that can fix it. >> rep heari comes three weeks after dr. david dao was dragged off a united airlines plane because he refused to give up his seat on an oversold flight. united has since settled with dr. dao for an undisclosed amount. but oscar munoz is still apologizing. >> in that moment, for our customers and our company, we failed. this has to be a turning point for the 87,000 people and professionals here at united. it is my mission to make sure we make the changes we ne

first we want to get to phil lebeau for more on this ceo shakeup over at ford. phil, good morning once again. >> thank you very much. we will be talking with bill ford jr., or actually bill ford, the executive chairman of the ford motor company, coming to us from the company's headquarters discussing this decision in terms of dropping mark fields as ceo. he's being replaced by jim hackette. jim hackette, formerly the ceo of steelcase, board member at ford for a number of years and then took over the smart mobility business about a year, maybe a year and two months ago, and he now will be at the headquarters and we heard from him just within the last hour, saying look, we need to move faster, we need to make our decisions more unified as a company and as part of that, we are going to be talking with bill ford about what happens next for ford and about this decision, how quickly they decided the ford board decided because there's already reporting out there they have been mulling this over for some time as far as making a change. >> phil, we just heard from robert

phil lebeau as more. >> reporter: just as a record number of americans are preparing to get away this summer, the federal government is looking at tighter security in airports and in the air. as the secretary of homeland security says, the threat to commercial aviation appears to be growing. >> there is a real threat, numerous threats against aviation. that's really the thing that they're obsessed with, the terrorists, the idea of knocking down an airplane in flight, particularly if it's a u.s. carrier, full of mostly u.s. folks, people. it's real. >> reporter: because of those threats, the department of homeland security is looking to extend the ban on passengers carrying laptop computers on international flights. restrictions already in place for flights to the u.s. from some airports in the middle east. extending the laptop ban for all international flights in or out of the country would impact more than a half million travelers every day. carriers like united airlines, which have large international networks, are already making contingency plans. just last week, united's ceo oscar

phil lebeau, "nightly business report," chicago. >>> facebook, the last of the top five u.s. tech companies to report, and it may have been worth the wait. the company saw profits soar more than 75% from a year ago. its lucrative mobile ad business continues to grow, and nearly 2 billion people were using the social media service every month. but in after hours trading, investors weren't so impressed, sending shares initially lower. julia boorstin has the one key takeaway from facebook's numbers. >> reporter: facebook outperformed expectations as it continues to grow its user base and brands look to reach facebook's 9.4 billion users, which sheryl sandberg told me is driving the company's results. >> businesses know they need to reach current and future customers where customers are, and that's on mobile. facebook and google are the largest mobile platforms there are. we're experiencing a strong growth in users and a strong growth in advertising. i think those two things go together. >> reporter: sandberg also said while instagram is now a driver of the company's revenue grow

phil lebeau is covering the story for us from chicago, good to see you, phil. >> reporter: hi, sue. >> how unusual is this type of problem so close to delivery? >> reporter: whenever you stop flights, it gets attention. it doesn't happen very often. they're not changing the delivery schedule, if that were to happen you would see stocks taking a hit. people are a little cautious right now, but by all indications, we were out there for the first flight of the 737 max, that was in january of last year. by all indications, the first delivery, once they get done inspecting these engines, will be happening next week. this is an engine built by ge and its partner saffron. nothing happened during a flight, so they'll be inspecting these engines. again, they expect the first delivery to happen next week. also keep in mind, boeing is in the midst of ramping up 737 later this year. if that were to change, that would be an issue. >> this is their key aircraft. let's talk about another company you follow, ford. there are reports over the past couple of days that the ceo, mr. field, is coming under

phil lebeau, "nightly business report," chicago. >>> two private equity firms push for change at etsy. that's where we begin. after disclosing separate stakes in the website, tgp holdings and dragoneer said they would carefully consider all options to enhance shareholder value. etsy's shares rose 21% to $13.73. >>> vodafone recorded an annual loss as it suffered a write down in the value of its india unit. the company sees earnings for the year above street estimates and said it also expects its cash flow to improve. shares of vodafone rose more than 4% to $28.69. >>> h&r block's ceo is retiring this july. the tax preparation services firm said it is considering both internal and external candidates to fill that role. the announcement was taxing for investors. shares of h&r block fell 6% to $25.18. >>> one executive leaving, another returning. twitter's co-founder biz stone is coming back to the company full-time. the tech entrepreneur said its top focus will be the company's culture. the title is to be determined, i suggest cfo, chief feeling officer. shares rose a quarter. >>> the f

phil lebeau has our story. >> reporter: ford is the tale of two companies. its current business, selling trucks, suvs, and cars, just posted its second most profitable year ever. while earnings will be lower this year, business is still strong. then there's the other ford. the one spending heavily developing autonomous drive cars, electric models, and mobility solutions. ceo mark fields calls it one foot in today, another placed in tomorrow. and on the company's annual meeting webcast, he said the investments in the future of transportation will eventually pay off. >> we're going through this transition. we're embracing it. i think you'll see a lot more exciting news on this to come. >> reporter: fields may be excited about ford's future, but investors are not. ford's stock now hovers around $11. even bill ford, chairman of the company, admits he understands how investors feel. >> we're as frustrated as you are by the stock price. and a couple of people have said, does the ford family care about the stock price. the short answer is yes, a lot. >> reporter: t

phil lebeau has more on the change and future of ford. >> with ford shares hanging close to a five-year low, bill ford and the board of directors made a dramatic shift. mark fields, ousted less than three years after becoming ceo. >> we need to be quicker in our decision making. we need to have clarity in our messaging and communication. and we also need a leader who has transformed a company before. >> the new ceo is jim hackett, 62 years old. while his time at ford as a director and most recently running the company's mobility division have been limited, hackett has seen enough to know the automaker needs a fresh approach. one that echoes the winning formula of former ceo allen mullally. >> he did a special thing to get the company to be a community again, with this structure that he created. it worked really well. in fact, we're going to use parts of it in the way that we monitor our success. >> ford is not a lost cause. it's still on track for one of its most profitable years later. tesla and waymo are developing technologies like self-driving cars. the biggest challenge facing jim

phil lebeau takes us for a ride. >> reporter: in the world of pickups, change comes slowly. for years, gm, ford, and chrysler have led the market with heavy duty trucks that take a beating day after day and keep on rolling. so why does work horse think its new pickup can cut into the big three's dominance? primarily because it's electric. >> we think we'll save an average, over the ten years they might over the pickup truck, 35 to $40,000. fairly conservative, considering the gas. that calculates gas to stay where it is for ten years. >> reporter: for utility operators, construction firms, and other businesses where workers put millions of miles on their company pickups, saving money on gas could be a game changer. workhorse says its pickup will go 80 miles fully charged. with the gas assist motor, it could go over 300 miles before needing more fuel. the price, just over 50 grand. workhorse says it already has orders for more than 5,000 pickups. but cutting into the sales of the most popular trucks like the ford "f" series won't be easy, mainly because pickup buyers, includi

phil lebeau, "nightly business report," chica >>> if you were on this road this past weekend you may have noticed it was more congested than usual. even though gas prices are slightly higher than this time last year. jackie deangelis takes a look at whether the pickup in traffic is expected to continue throughout the summer. >> reporter: as americans celebrate the unofficial kickoff to summer they also spring into summer driving season. aaa is projecting the highest memorial day travel volume since 2005, even with higher gas prices than the last few years. >> 39 million americans traveled over the holiday weekend. and that's about 1 million more travelers than we saw last year. and it's the highest number in more than a decade. >> reporter: the price for a gallon of gas is 10 cents higher than 2016, but consumer confidence is also higher. >> we definitely are seeing that consumers are much more confident in where the economy is now. we see that personal income is up. we also see that the unemployment rate has dropped significantly. and so there is additional spending money in consume

phil lebeau, "nightly business report," chicago. >> and you can read more about airport security this summer onner on website, nbr.com. >>> general motors is being accused of cheating emissions tests. a class action lawsuit brought against the automaker by owners of duramax branded trucks alleges the company outfitted two of its models with devices that ensure the vehicles passed federal and state emissions standards. gm has responded by saying that the claims are baseless. >>> higher membership fees help results at costco. that's where we begin tonight's "market focus." the warehouse retailer also said strong demand in the u.s. helped same-store sales grow at a faster pace than analysts were expecting. profit and revenue also rose and they were ahead of street forecasts. costco shares initially rose on the after the bell news, adding to a 1% gain during the regular session where they closed at $174.73. >>> the cosmetics chain ulta beauty said strong sales in e-commerce helped same-store sales come in above street expectations, profit and revenue rose both beating street forecasts. sh

i'm phil lebeau in chicago where we are monitoring the tesla earnings call.t began a couple minutes ago. elon musk had a couple questions about production. they did mention that model s and model 3 might be causing some confusion with people placing orders. he said they cannot quantify it. they have seen cases where people believe the model 3 will be like the model s. only offered at a lower price point they are saying emphatically in the investor letter, that is not the case. it will not have the same level of sophistication or features that you will get with the model s. here's elon musicals talking one of the first questions was on the future of electric mobility and whether or not it extends beyond cars. >> there is not any segment of transport that will not be electric. in fact, i am confident that all transport will go fully electric with the exception of a rocket. >> all transports going electric except rockets. >> of course, not rockets, phil, that would be inane. in terms of the shareholder letter, tesla is one of these companies that has a different

phil lebeau, thank you very much. a wall street legend bet against the u.s. housing market.efore the crisis hit. now, steve eisman joins us in the "fast money" exclusive. steve, a pleasure to have you on "fast money." >> thank you. >> phil lebeau was just talking about auto loans and subprimes. we've seen the data trickling out of the crumbling of the used car prices, about lenders vying for fewer and fewer loans out there. how do you view this area of the market? >> look, subprime auto has gone very, very rapidly post-crisis, for some type of correction. i expect a tightening in the market. therefore, lower volumes. fewer used cars sold. used car prices continue to go down. not a calamity. but it's going to be a problem for the industry. >> when you take a look at the various data points, what tells you this is something that is tradeable now, or is this an event that will even worsen in the near future? do you have data points like 3.6 vehicle leases to expire this year, which indicates so many more cars -- >> i'm looking at the data showing higher delinquencies, higher lo

phil lebeau is there watching auto sales from ford, gm and others along with us, phil. >> reporter: and, i was just in that hearing room and heard what oscar munoz had to say. it was a preparedment it. the questions haven't started, they'll probably begin i'd say in about 15, 20 minutes. he said what we heard him say last week when he offered the apology, as well as a blueprint for how united airlines will remedy this situation, when it comes to customer service in the future. the real question is whether or not we see lawmakers which they have intimated during their opening remarks moved forward with bills or resolutions to further stipulate how passengers will be treated on airlines on these flights here in the united states. so i think what we're going to hear here in about 15 minutes or so, a fair amount of you guys should really be ashamed of how customers are being treated, but more what can we do to change the rules so that this doesn't happen in the future, not just what happened with dr. dao but we've seen the other incidents, altercations between flight crews and passengers, a

phil lebeau.all street calls you need to hear about today, your daily dose of street talk next. first to rick santelli at the cme for today's bond report. rick? >> reporter: we're matched up at the hip. and if you're looking for a breakout to the upside, look at the bund. 50 base points. right around the lows today. foreign exchange charts, the one year, certainly looks like 1.12 in the cards. let's look at 13-month chart of the euro versus the yen. the last time the euro was this highly valued against the yen. euro/pound. this chart doesn't quite look the same. if you look at the pound versus the dollar, it looks good. it's the dollar that's weak and the other currencies stable. "power lunch" will return. my business was built with passion... but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going

phil lebeau in chicago.e have a parallel, people don't believe at the end of the day gm did this. >> it's quickly, bk talked about this, a four-year low today, hertz is in a some sort of a death spiral. i hate using that term. until stocks at least find a flat ground or bounce, the auto companies can't afford the head winds. this is just noise. they are much larger than what we are talking about. >> you tack about 50 cents higher. which means the stock, can it go to 3150? which is some distance from here. what we don't hear anybody talking about is ford and xm. we started to have this conversation on friday or monday. about transportation as a service or their ability to disrupt the sector, themself, gm has this mamp they claim is going randly. all these places where they get involved in ride share. do you believe them? should they be involved in this business? absolutely. >> until we see some traction there, i think the number also are garbage, them coming out defending it vigorously, that's very important

phil lebeau and walter issacson joining us on a turnover day for ford. >>> heading into the close withminutes left in the trading session. gains across the board for the major averages, dow up 88 points right now. zblnkts up next, remember when they were a dvd distributed? i do. i remember the dvss in the mail. talking about the future of netfl netflix, marking the 15th anniversary since pricing its ipo. >> also ahead, a tech stock losing ground after a disappointing trial for a drug. that when kelly and i come back. with e*trade you see things your way. you have access to the right information at the right moment. and when you filter out the noise, it's easy to turn your vision into action. it's your trade. e*trade. we rbut we are not victims.ack. we are survivors. we are survivors. we are survivors. and now we take brilinta. for people who've been hospitalized for a heart attack. we take brilinta with a baby aspirin. no more than one hundred milligrams... ...as it affects how well brilinta works. brilinta helps keep platelets from sticking together and forming a clot. in a clinical s

phil lebeau in chicago. those pictures there waiting for president trump to step off air force one. we'll bring you his remarks as and when he makes them any minute now. >>> corporate news, huntsman and clariant striking one the world's biggest chemical agreements. shareholders will earn 52%. huntsman investors will earn the rest. it will be called huntsman clairent. huntsman ceo will keep his position in the new company. gaining significantly, 9% respect tiffly. >>> now to developments in north korea, the country announcing it has successfully tested an intermediate range ballistic missile indicating its advances in its ability to hit u.s. targets. according to the news agency, leader kim jong-un supervised the test for deployment in field action. >>> to must -read stories my pik is in the financial times, what president trump is doing over the weekend. titleded saudi-iran war of words keeps the region in a fragile state. he welcomed a warm extent to president trump when he arrived saturday. but how much th

phil lebeau in d.c. what do we do with these other stocks? a little silver lining. i've made at this time f-15 before but they're at 3.3, p. that's the most profitable sales to be clear until gm says it zbn reaffirm, they're north of six bucks. i think they're cheap. we have priced in this pullback and we priced in the fleets coming online. so to me, gm is the one to own. >> value stock or value track gm? >> i'm tracking it. >> i'm not tracking anything. >> you are right. it's simpler. i shared tim's thoughts. it's just that this phenomenon has been happening in gm a while, where people think, these are great, these are great, next year, next year, now this may not be that time. i don't know if we have to go through a whole bottoming out. i don't know, i'm very disappointed, though. >> gm was a $40,000 stock in 2014. the stockmarket has only gone higher. you can make the argument the auto industry has been maybe the best in their history, arguably. yet the stock is down 18, 20% from that. so my question has been and continues to be if the sto

phil lebeau joins us now.rd about the laptop issues in all these news stories. >> this is a little bit different. what the tsa told us is this is an effort by them to help their officers screen bags more efficiently. think of it this way. they want to us declutter our bags. if you're like me, you've got a little carry-on bag and you throw everything in there. you throw your kindle, your ipad. they're saying we're going to be testing out people taking out all of their electron, other than their cell phone, anything bigger than a cell phone, putting them separately in another bin and that should help the officers better detect if there is a problem. though this is strictly talking about electronics that they're testing out with the new screening procedures, they did tell us some travelers may be asked by tsa officers to put other items, we're talking about papers, perhaps if you have a bag of fruit, they might be asked to put those separately in a bin. those people will be asked to separate more items, the tsa b

phil lebeau joins frus denver with the latest. phil, that was quite a fight caught on video. >> bell lisa, i think that's what people are talking about today. this is video, let me show you from ft. lauderdale last fight, spirit canceled i think three flights. something smacked with one of the passengers, somebody said something to somebody else, you had a melee that broke out. three people were arrested after this fight in the airport. here's what the people that were there had to say about it. >> i cried, i'm not going to lie, i'm a cry baby. >> it was a chaotic. fights broke out. lines were two-to-three hours. >> reporter: so what's going on with spirit today? there is an update, a court said the pilots who have been engaged in a highly debatable work shoppage, they say it hasn't been a work stoppage, but there have been 300 flights canceled. the court said, you can't do that anymore t. pilot's union stated it will honor that ruling. there is another hearing on this matter that is scheduled for may 15th. in the meantime, when yo

we've got phil lebeau on that angle and dominic chu. dom, let's kick it off with you. >> the numbers are staggering with regard to why trump is focusing on germany. let's take a look at some of the numbers behind it. germany does have a sizable trade deficit with the united states. last year $114 billion of u.s. imports we buy versus $50 billion of stuff we sold the trade deficit about $65 billion. it's big but let's put it in context. some of the other big trade deficits made with other trading partners. 2016 trading goods, china, a whopping $347 billion deficit there. japan the second biggest at $69 billion. germany ranks $65 billion. third place and mexico is $63 billion. perhaps why donald trump is focusing a lot on those four countries in particular canada included although not to the degree that mexico, germany and japan do. now let's put it in context with the biggest trading partners out there. china by far in terms of total imports and exports added together the biggest, $579 billion. canada and mexico part of the nafta agreeme

phil lebeau is in denver with more on the state of the airlines. good to see you as always, phil. can you explain the disconnect? >> reporter: yes. the bottom line has not changed for the airlines. the planes are still full. the profits are rolling in. you've got lower jet fuel prices. all of those meaning we'll probably have pretty strong numbers posted for the airline for the second quarter and the remainder of the year as well. those high profile incidents and the threats of congress to have more regulations for the airlines, getting a lot of attention but so far not hitting the bottom line. investors say, great, keep the profits rolling. >> bottom line is one thing, frustration is the other. we've seen executives brut up to capitol hill. what is the likelihood of changes from the inside out or the outside in? >> reporter: from the inside, airlines are redoubling their efforts to make sure they're reemphasizing customer service. from the outside, as much as you'll hear talk in washington about let's have more rules for the airlines, that's unlikely. you're looking at a republic

given this is a $1 trillion global market investors, phil lebeau, are right to stick up and take note>> reporter: brian, it's worth paying attention to but we should point out that everybody we've talked with has said this is nowhere close to being a level of concern that we saw back before the auto crisis or the recession and the big auto problems back in '07 and '08 leading into '09. basically what you're seeing right now is that there is greater emphasis on whether or not people are able to make their loan payments. subprime make up one-fourth of the auto loans written. yesterday fed governor brainard said there's evidence the subprime borrowers might be struggling with payments which raises the question how many people are actually in default, delinquent on their loans. the most recent data from the fourth quarter just 2.44% of the loans are in 30 days delinquency and 60 days is less than 1% of all auto loans and, again, those are below the historical averages. the may sales rate coming in estimated at 16.8 million. we'll find out the official number tomorrow when all of the autom

phil lebeau in chicago.ing $1,000 per share, the one-time bookstore killer is new york's newest bookstore killer, opening another on the way, and it's not your father's bookstore. we're live there next. >>> also, babe ruth is synonymous with baseball and home runs. the swing eis a hot commodity, and historic piece with the days with the boston red sox is about to hit auction, investing in the babe is coming up. what's the value of capital? what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley >>> amazon hit an all-time high, 993 is where it closed, even a few bucks above that to the near $1,000 per share, and now the e-commerce giant opens its first bookstore in new york city. this is my dream assignment, but morgan got it. you're in the bookstore all day. i used to do that at a time warner center, and then

phil lebeau has more on the disconnect between what we're seeing and what we are actually experiencing when we get on a plane. >> oh, my god! >> the videos are shocking. from a passenger being dragged off a plane, to a flight attendant arguing with a different passenger. to a fist fight in the terminal when flights were canceled. the airline industry has become a punching bag. it's so bad, congress has called airline executives to capitol hill and is threatening to impose new rules to protect customers. >> seize this opportunity, because if you don't, we're going to come. and you're not going to like it. >> reporter: you would think americans are just as fed up with the airlines. but guess what? they're not. >> i mean, things aren't happening as frequently as maybe the media portrays them as. they make fantastic video for television. but that's not the average experience. >> reporter: michael taylor oversaw the survey of more than 11,000 travelers. and he says airline satisfaction in america is at an all-time high. >> well our survey tells us since 2006 airline travel has been a more s

as phil lebeau reports in this week's cover story, there are a lot of forces driving changes in the autondustry >> reporter: change at the top of ford is a big deal. jim hackett takes over the automaker after the company's board decided to oust former ceo mark fields. ford is hoping a new boss will push the company to move faster, especially when it comes to developing technologies like self-driving cars where the automaker is fighting the perception it's trailing competitors like tesla. >> the way we're going to win the hearts and minds of everybody is have great ideas of work, and ford has put a decade into the av development, and it's really coming along, and when we're ready to talk about it, we're going to be really clear about it. >> reporter: the pressure on ford reflects an industry on crossroads, from self-driving cars built by forecast firms to the growing popularity of ride share companies. many are questioning if consumers will soon be buying fewer car after hitting a all-time high last year, new vehicle sales have cooled off slightly. that's prompted automakers and dealers t

phil lebeau in chicago. 12 minutes to go here.s up 6 and everyone else in negative territory. >> minutes away from facebook earnings report. we will preview what to expect from the social media giant, and we have a bull/bear debate on facebook coming up. ♪ hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go! the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade i am totally blind. and i live with non-24, a circadian rhythm disorder that can throw my days and nights out of sync, keeping me from the people, places, and things i love. the people i love have always been there for me. and now, i'm there for them, too. talk to your doctor, and call 844-214-2424 to learn more. >>> art cash injust stopped by a moment ago. welcomed kelly back and said the market on close orders show minus -- a m

let's ask phil lebeau with the headlights. stocks did not perk up, bill. >> no. cast opposed to other annual meetings where you're there in person, and here's the questions heard from investors, basically comes down to this. look at the chart here, see what ford stock did since the ceo took over relative to the big three competitors, gm and fiat-chrysler, since july 2014. the company heard questions from people saying, well, what are you doing about the stock price? they are investing heavily in the future and believe not only they run the business of today as profitably as possible and second most profitable year ever last year, but investing in autonomous drive vehicles, electric models, and mobility solutions. they believe the future will pay off at some point, probably starting at 2020, 2021. here's mark fields talking about the era of transition ford is in right now. >> we're going through the transition. we are embracing it. you'll see exciting news on this in times to come. >> we want to show you shares of ford and what's it's done over the last year. we p

ford told phil lebeau, a bored decision, it's very clear the errors of fields depend on the country for lot of income and both are under a lot of pressure right now. ford owns 2% of the economic shares but shares 4% under the vote. the family's encouraged not to sell ford to anyone but each other. the family had a network of around $2 billion back in 2014. today there are no current members on the ford list knowing exactly what that are worth. that pie is being divided into a lot more slices, in the 5th generation you have cousins, second cousins and a much larger complicated ownership. the family pays its bills with the income from the dividends, while those are generous they yield 5.2% right now. >> we've seen situations like this at other companies. i'm thinking at dow jones and you and i both use to work. as the family age and increase in numbers this is something that can overturn a company. >> it can. but you can't underestimate the human factor is that this family cares about their legacy and this income from this company. and when family members and kids stop getting or that inc

phil lebeau just spoke with boeing's ceo. hey, phil. >> hey, scott, you guys were talking about the strength of the economy. here are some fresh comments from chairman and ceo of boeing talking about commercial airplane demand and the fact that the amount of traffic or the number of people flying worldwide is e exceeding expectations. >> big picture when you look at the 20-year look, is very positive. more than 39,000 airplanes needed around the world. traffic growth continues to be good and stable and in general, growing. first quarter this year, 8.8% up. so even over the longer term trend. so, traffic growth patterns the positive. overall, the market is very healthy. combined with the backlog we have of about 5700 aircraft, that gives us the able thety to wramp up production and do it in a productive, long-term way. >> one other thing to think about when you consider the comments from dennis. guy, remember, it was just three months ago ha the president was tweeting out boeing air force one contract, maybe we should rip it up

phil lebeau, do they know what caused the outage? >> reporter: they're say iing is because of a power surge and once that happened it caused them to scrap all of their flights and that's why you had scenes like this. hundreds of flights were canceled but a few yesterday as well. it's estimated 75,000 were impacted. here are some of them talking about their frustration. >> we're flying with virgin today. >> some kind of disruption but it wasn't until we were here. >> reporter: shares of aig, the owner of british airwaves took a big hit immediately after this happened. they have come back a little bit but, guys, it seems we're seeing this maybe once every two or three months that a major airline has some type of an outage and has people saying other industries upgrade their i.t. systems. why does the airline industry when it happens it basically leaves a lot of people stranded. >> any word on teresa may has said she hopes they will have some sort of compensation scheme for all the stranded passengers. >> reporter: it's required in the

phil lebeau has details. >> people may be skeptical.remely loyal to the pickups including construction firms, utilities. have a certain type of truck and like driving that truck around. get used to potentially seeing a change with the workhouse w-15. electric pickup truck. no fully. extended range electric truck means can go 80 miles fully electric and a gas assist motor kicks in extending the ride to over 300 miles. first delivery scheduled for 2018. we had a chance last week to drive the prototype you see here. a prototype. really couldn't put it through the paces. more than 5,000 of these pickups already ordered. they are targeting utilities companies, industrial fleets. construction firms. the kind of people who really beat up their pickup trucks and they believe that the fact this is an electric truck will make a difference to those corporate buyers. >> we think we'll save an average fleet over the ten years they might own their pickup truck $35,000 tos 40ds,0 $40,00. fairly conservative. calculating gas stays where it is ten years

see what apple delivers today. >> up 7% this year. >> thank you for joining us today. >>> back to phil lebeau, oscar munoz testified about the passenger removal incident, reaccommodation was the word used at the time. phil, you got to chat with him briefly. >> briefly. he listened to members of congress for three hours with a straightforward message, clean up your act, or we will. >> we have a problem that as it the only people to fix it. >> that should be the take away from today is seize this opportunity because if you don't, we're going to come, and you're not going to like it. >> time and again, the airline executives, including oscar munoz, asked to defend overbooking flights. southwest will stop overbooking flights next week. after the hearing, i put the question, are you worried about congress and washington fu airlines? >> the sense in the room was one of an admonition to get your collective stuff together, you, the industry, and you can avoid us, which i think is fair. if we don't do what we said, then we should be able to stand up to whatever they might offer for us. thank you a, ev

phil lebeau. less than 15 minutes to go here, dow looking at a decline of 38 points.t and a half, but still trading at 2814, and nasdaq down three, russell's down nine. >> bank stocks shot up, and possible dismantling of dodd-frank, but is it now time for investors to reconsider that? that debate is next. your muscles look good, but we should be seeing more range of motion. i'm fine. okay, well let's see you get up from the couch. i'm sorry, what? grandpa come. at cognizant, we're uniting doctors, insurers and patients on a collaborative care platform, making it easier to do what's best for everyone's health, every step of the way. you may need more physical therapy. ugh... am i covered for that? yep. look. grandpa catch! grandpa duck! woah! ha! there you go grandpa. keep doing that. get ready, because we're helping leading companies lead with digital. ♪ ♪ welcome to holiday inn! ♪ ♪ thank you! ♪ ♪ wait, i have something for you! ♪ ♪ making every stay a special stay. holiday inn, smiles ahead. whether for big meetings or little getaways, member always save more at hol

phil lebeau has more on that story. phil? >> david, let's set this up.ly comments that president trump made while meeting with leaders from european countries and a meeting yesterday in europe. it was reported by a german magazine that he said, hey, we're going not allow germany to import any vehicles to the u.s. we never heard that confirmed. gary cohn the chief economic adviser for the trump administration was very clear talking with reporters afterwards saying he didn't say that he hates germany or germany is very bad. he's just not happy with germany when it comes to german trade. so it brings up the question, what do we get from germany in terms of automobiles what do we export here in the u.s.? if you look at imports look at the dealers and look at the show rooms. the high end sedans or the high end cars that you see there, those are the vehicles that we're importing from german automakers. last year, 846,472 autos imported from germany. that's about 4.8% of the u.s. sales. again, they primarily focus on the high end models. well, what about the su

phil lebeau, here we are again, another day, another airline mess, and somebody has to be fibbing herethe airline is placing it on the pilot saying that they refused to take some of these open bookings, and these guys are in a negotiation for the contract, and the airline pilot association says, no, operational problem on the part of the airlines. what's going on here? >> right. well, it worked out, probably over the course of the next week. once the airline, any airline goes to court, usually in relatively short order, it gets worked up. the court says, look, you've got to have flights going as scheduled here, work something out, and, usually, when the things come up, not often, usually they get worked out within a few days to a week or so. that doesn't help the people who have been scheduled to fly on spirit flights cancelled. they are irritated. we talk about this before. flying is stressful enough for a lot of people, then you add to the fact you're scheduled to be on a flight, two, three hour delay, long lines, boom. just takes one passenger getting upset and you have what happene

phil lebeau in chicago. >> you bet. >> when we come back, disruption in washington.ion to russia. stocks shrugging that off although the dow is back to the flat line after being up better than 40 points. we'll talk about all of that in a minute. i count on my dell s business advisor for tech aice. with one phone call, i get products that suit my nes and i get back to business. ♪ ♪ whoa,i just had to push one button to join. it's like i'm in the office with you, even though i'm here. it's almost like the virtual reality of business communications. no, it's reality. intuitive one touch video conferencing is a reality. and now it's included at no additional cost with vonage business. call now and see why 3,000 companies a month are switching to vonage. business gde. peopleriendly. >>> record highs for the nasdaq and s&p today. are investors and markets ignoring down side risks including from washington as the economic agenda slows. steve eisman says no. >> there aren't any, in my view, systemic issues. citigroup used to be levered 35 to 1. that's like discussing the dis

phil lebeau has more. >> lost in the reporting in what we have done and others have done is the facts is different from other cutbacks that ford made over the years. typically, when u tauto makers e ford say there's a major job reduction, the reason is overcapacity and as a result, you see them shutting down plants, primarily hourly workers. in this case, ford is coming off the second most profitable year ever in 2016, and the profit, while they are down compared to last year, they are still relatively strong. there's decent demand in the market here as well as china, but this is a company feeling the pressure to justify the investment that it's making in the future when it comes to autonomous and electric vehicles, mobility systems, and that's why it's making the move in terms of reducing its salaried head count worldwide. >> i mean, is it nothing more complicated than just this is the response to the pressure they get from bill ford and the board to do something about the declining market share and the problems they face this year, last year notwithstanding? >> that's part of it. i

thank you. >> phil lebeau thank you very of.is jumping into the shark tank we hear from rohan oza in a couple of companies featured in his portfolio. plus the leak of classified information to russian officials last week. all the latest details on that story and much more here on "squawk box." finding time to get things done isn't easy. but we've got the digital tools to help. now with xfinity's my account, you can figure things out easily, so you won't even have to call us. change your wifi password to something you can actually remember, instantly. add that premium channel, and watch the show everyone's talking about, tonight. and the bill you need to pay? do it in seconds. because we should fit into your life, not the other way around. go to xfinity.com/myaccount ♪ >> grandfather i guess? you listening to this rohan? >> that was the music? >> i guess. >> i wasn't sure why the godfather. >> i think. i think, because the word father is in there somewhere. >> the grandfather? the godfather would match? >> creative is -- i guess

. >> sadly i think phil lebeau had that one in the bag.bit of tension with certain european leaders and president trump. one leader who so far within europe has had a better relationship was uk prime minister theresa may but a bilateral meeting between the two and some tensions because of some information leakages off the back of the manchester attacks. >> the "new york times" reported they have this photo, and the officials in the uk are pretty upset this got out there. the uk is part of the five eyes, the intelligence sharing arrangement. the deal with five eyes, it's supposed to be so secure, so consiste consistent, but you're hearing out of the uk that five eyes is not really that secure, and european agencies need to be more trustworthy. here's the problem for donald trump. this is the third revelation from the u.s. the first two from him in the oval office, he told lavrov, the foreign minister that they're getting great intelligence about an isis attack. may have outed out that israel was the source of that. he had a call with the pr

phil lebeau in chicago. >>> hererherera, cnbc headlines. >>> and mike pence defending president trump'sr comey saying it was not related into the investigation of possible contacts between the trump campaign and russia. >> president trump made the right decision at the right time. and to accept the recommendation of the deputy attorney general and the attorney general, to? for the termination to support the termination of the director of the fbi. it was simply the right decision. >> microsoft says a half billion devices are now running its latest operating system windows 10. that's up from 400 million, microsoft closed back in september. still far short from the goal of 1 billion devices running windows, 10, by 2018. >>> we end unfortunately on a sad note. the wife of longtime espn broadcaster chris berman that died. katherine berman was one of two people killed in a two-vehicle accident tuesday afternoon in woodbury, connecticut. the bermans were married 33 years and have two children. >>> that's the news update this hour. tyler, back to you. >> very sad news. sympathies to chris and h

is gm's vice president of urban mobility and the head of maven, julia steyn, as well as our own phil lebeauou both. this is an interesting product ott of gm. comes to new york as of today. you want to explain how it works. >> absolutely. maven is the new brand that gm launched. first of all, we hadn't launched brand in many years so this is exciting. this is a homecoming for maven because we started as an amenity with the real estate guys in new york to put maven cars in the high end buildings and it grew now to 17 cities in the united states. and we are one of the fastest growing mobility brands. >> so the idea is you want to drive an escalade, you find one that's parked around the city essentially. keys are ready and you go? >> it's seamless. we interact with maven customers through the mobile phone. and you seamlessly open the door with a phone and you just get in and go. and with the broad portfolio of gm vehicles, we can find a ride to your taste. >> i'm sure you have gotten this question before, but how do you respond to critics who say doesn't this threaten gm's very business model o

for the latest gets's get to phil lebeau. what's the latest here? >> i know there's been a lot of reporting on the palace intrigue in the removal of mark fields as ceo of ford. but i want to focus on jim hackett, now the ceo of ford who replaced mark fields. it brings up the question, what does he have to do? really three things. three broad things ha he has to do. first of all, he's got to revitalize ford's culture. this is a company that has historically gone through periods where it doesn't work as efficiently as it did. it also has to move faster. this is an industry that is quickly developing new technology. and that's the last thing that jim hackett has to do. he has to develop future technology from autonomous drive vehicles to monetized data in these weeks. i had a chance to talk to him about the perception that the smart mobility unit before he became ceo, just not moving fast enough. here's what he had to say. >> i understand that pressure. i understand that anytime you're describing the future as ambiguous until you can prove it, the way

phil lebeau in chicago. guys want to comment? >> we own gm and ford and gm is one of our largest holdings. ford is a good, solid holding, but the difference with this new ceo, you're looking at a change agent. what he's done in the past is why he's in the position. >> the harbaugh finding was so good. >> when he was at steel cage, he cut thousands of jobs and actually looked and saw where the furniture world was going and kind of got them to where they are. he's a mobility. so he's part of the future. yes, you have u to cut cost, going to have to streamline your company. you have a core product. f-150s, really good product, but not getting any credit at seven times earnings. a payout rh owe and 5.5% benefit yield. >> what if he's right about the feature and he's a visionary, i don't believe that, fine, but say that's the case. turns out to be the case. the future is probably a lot less automobiles on the road because what every technologist in silicon valley knows is one, the average car is it zit ng a parking lot or driveway for

let's bring in phil lebeau who helped to break the story this morning.take on fields departure and on hackett himself. >> well, it will be interesting to see what jim hackett can do. he's going to bring a sharper focus to what ford needs to do to turn around this company. i pointed to the fact that it's up less than 2% today is not a huge reaction. mark fields was trying to turn this company around. what's jim hackett going to do that fields could not do? perhaps he'll communicate better with wall street, but are they going to have greater investment in future technologies? are they going to cut some of the core businesses that are not making a lot of money, if not losing some money? are they going to pull back, how much effort they put into small vehicles worldwide which has long been a tenet of ford. what are they going to do beyond we're going to make this company sharper focused? i'm looking at the press release, improve operational performance. every new ceo wants to do that. give us something meaty we can bite into, otherwise, i think that wall str

phil lebeau on capitol hill. how hot was the hot seat today? >> about what we expected.ere were some hard questions, but it was nothing blistering. but this hearing is almost of and it's played out almost exactly as we thought it would. yes, there were apologies again from united ceo oscar munoes. and plenty of criticism from members of congress about their own flight experience or how their constituent res treated. and there was at least a veiled warning from a few members that if the airlines don't fix their act, the congress will step in and do it for them. >> we have a problem that shouldn't be as bad and unpleasant as it is. and you're the only people that can fix it. >> that should be the take away from today is seize this opportunity because if you don't, we're going to come and you're not going to like it. >> now it will be interesting to see whether or not we see members of congress move toward eliminating or banning the airlines from overselling flights. southwest has already said it will stop doing that next week. but today, guys, we heard from alaska airlines

. >> thank you phil lebeau in chicago. >> i would say the single happiest flyer, dr. dao. >> yes.whatever that may be. >> post-settlement. >> the boeing thing is interesting, radio it? if there was a design flaw, that would be an issue. it's not. it's from one of their suppliers, it's an easy fix, that's what the street seems to say. boeing had an all time high, yesterday, two days ago. valuation makes sense to me. we have been on boeing for a while, whatever weakness you see here is negligible you buy the stock. >> boeing, general dynamics and lock heed, every time the market is down, every time the market is up, they're up as well. i think it's a buying opportunity. i was at boeing forever, i recently sold, i don't think anything can get better from here, they seem to bounce back every time. >> let's gobaing to big story, snap, the stock collapsing in the after hour session. it's down by two% back near the ipo price of 17 bucks a share. ceo evan spiegle on a calm. julia has the latest. >> reporter: melissa, on the call a few minutes ago, snap ceo evan spiegle was asked the quest