new ceos bring in their own teams but the departure of bornstein is seen as surprising. what to expect strategy and outlookwise when he updates investors next month that said, g.e. has missed some key targets in recent quarters, including free cash flow under bornstein, replaced by jamie miller ed garden is taking a seat on the g.e. board i am told this was flannery's decision as the new chairman, a role he acquired a week ago. this puts the fact that he is focused on cost cutting into perspective. again, shares of g.e. are down more than 3.5% right now >> fresh 52-week low morgan brennan, thank you z. >> shopping online is easy returning things you buy online, a major hassle we'll tell you about walmart's plan to get you in and out in 30 seconds. what's coming up >> for ten years, since the financial crisis, interest rates have been on the way down or low. for eight years, the stock market has been on the way up. in fact, record highs nearly every day. you know that. do you know how to invest in a rising rate environment? we haven't had one in a decade it looks like we

current cfo jeffrey bornstein will depart the company. this is the right time to bring in a new cfo to guide ge's ongoing efforts to improve our performance and enhance shareholder value. vice chairs beth comstock and john rice will be retiring at year end the announcements come soon after ge's board elected john flannery as chairman of the company. >> thanks for the rundown, seema. >> general electric could bring thomas edison back to run this place, i say that respectfully to mr. edison. they've missed, they bought things when they should have sold things and they've sold things when they should have bought things. >> but now we've got a new guy >> that's great, but they're fundamentally way behind the curve, in my opinion look at what honeywell has done, look at what general electric has done people say ge is cheap on valuation. i think that valuation gets cheaper. >> we're talking about free cash flow generation that comes from cost savings and that we're going to bottom on essentially the eps trough in 2018 this is nothing to get exc

right now after leadership changes under new ceo john flanery including the retirement of cfo jeff bornstein. down about 4%. we're at session lows. a number of analysts say that comes as a surprise given the fact flanery initiallyexpresse support for bornstein. since he was elected vice chair in june. they fear this development may signal the upcoming numbers may be worse than expected remember, ge reports earnings next friday but then perhaps more importantly, flannery meets investors to lay out his strategy andup da update the lor term financial targets in november that's down 25% so far this year now. the change overshadowing a very notable one, trian fund's ed garden is taking a seent the board. that was announced this northern trian owned 1% of the stock since 2015 and the move could according to experts who tracked his work on other boards including thrill ones be a positive right now the stock is trading lower. back over to you. >> i'm not going to say this is what's going to happen but there's a precedent for new ceos coming in to throw the kitchen sink and everything on their first

manager ronald koeman is under even more pressure, as david bornstein explains.reviously, earlier in the week, had the dreaded vote of confidence from the club and said he had the total support of the majority shareholder, farhad machinery, and the chairman, bill kenwright. everton and spend in excess of £100 million in the tra nsfer excess of £100 million in the transfer window but bottom of their europa league group, having won no games in that group. the pressure is oi'i games in that group. the pressure is on the manager, but i watch television, i'm sometimes on social media, i know what is going around, and that is normal, because that is football, and i don't go back, i go forward , football, and i don't go back, i go forward, let's for three points and after sunday everyone will be more happy than maybe yesterday. tonight brighton travel to the london stadium to face west ham, both an eight points after eight matches. slaven bilic admit sea need a win to help ease the pressure on his job. chris hughton admits results on their travels were bt to their seaso

joining me now is the filmmaker behind the story and arnie bornstein. "the rise and fall."ing. where did you find it? >> i probably watched it a thousand times as i was editing and it still gives me the chills. i heard act this event a few months ago, a friend toll me about it and there's no way this happened without me knowing about it. and i got a researcher to start looking for it. it had been scattered. but it had never really pulled together into a single piece. we got it and i cut it together and just realized that it had a power and just spending six minutes, seven minutes watching this event. >> you did it as a documentary but in a different way. it doesn't have a narration. you just pretty much let people watch it. >> my first idea was of course to have historians set the stage. and i realized when i cut it together and watched it for the first time, there's a power to transporting somebody into that time. and letting them sort of witness it first hand without anybody trying to explain it too much but just to see what that world was like. >> and you know, we know t

the actual news was cfo is stepping down, jeffrey bornstein, very well-liked. he announced that on late friday. effect irv on december 31st. that weighed on morgan stanley. nobody likes surprises or risks. walmart higher. announced mobile express returns. return in 30 seconds, pretty amazing. tesla came under pressure pushing back the tesla semi-trucks one more time from september, october, november. they have to focus on model 3 production. they only pumped out 260, instead of 1500. they have a production bottleneck. this is one way they work on them. cheryl and david, will be the 35,000-dollar mass market vehicle but they need to get them out there. that is the plan. cheryl: despite the stock is down today, up substantially for the year. there you go. nicole petallides. thanks, nicole. david: the trump administration hoping to strip away special deals to allow some rich folks paying smaller amount of income taxes than many in the middle class pay. here is kellyanne conway. >> we think the taxes favor the rich because of loopholes and you hires lawyers or acco

the cfo bornstein was supposed to be part of the solution now he's out on his ear. to say they can make a quick turn around is tough to say they have an enormous amount of intrinsic value -- >> how long are you willing to wait for the turn around to happen how long of an investment is this >> if they continue to go after the core businesses, oil, gas, power, probably 45% of the business you can make an argument that this is a cyclical bottom for those industries. maybe it's a secular trend that continues on there this valuation, melissa, i can hang in here. >> if it's a cyclical down turn for those industries, why wouldn't you want to buy the oil and gas? why not go into those areas then rather ladle a turn around story? >> because this is a diversified companies that is one of the most technologically savvy companies in the time. so this isn't just an oil gas play, utilities play those are businesses that they make massive investments at the top. by the way, trian, two years ago those guys were telling us that was the bottom of the cycle. those guys, part of the no

the pitch around the end of the summer was that, you know, bornstein was part of the solution and thatow, i think various investors were going to meet with him and, you know, talk about some upside drivers. you know, the fact that right at the close of the quarter he now kind of exits -- exits the story stage left, i mean, you know, i -- and in my view the -- this is not, you know, kind of the board and flanerty kind of managing this as they expected this is absolutely a surprise, and so with all the -- when numbers get cut from $2 to whatever it is, $1.25 or $1.30 or even a little bit higher, i mean, you know, you combine that with a cfo departure, you know, in this type of instance, i don't -- i don't see how that mosaic can be viewed as positive unless you're stuck in the stock, and, you know, out already lost all credibility so why not throw something else against the wall. >> forgive me if i don't have this knowledge to top of mind. you went to sell when the stock was at what price? >> i mean, i think it was like 29, 30 bucks, something like that. >> okay. so the price target you

in 2018 and beyond >> now, as we found out on the call, this is what spurred outgoing cfo jeff bornstein's unexpected departure management did say there were big restructuring charges that won't carry over until next year and flanner is already taking steps to cut costs of course, it call calls into question the future of the dividend which, by the way, with a stock down 27% this year, now yields over 4% on that flannery did not make any promises it was safe even though a final decision has apparently not yet been made. >> i look at all the capital allocation things quite rationally if it makes sense to pay a dividend, pay a dividend if it makes sense to buy stock back, buy a stock back mikes sense to acquire a company or sell a company. i don't view it very emotionally really all around what's the best use for the company's resources, management capital, how does that accrue to the benefit of the owners >> which brings us to the next big topic. more divestitures. vowing to shed another $20 billion in assets over the next few years. we won't know what or how that's going to happen until ne

announcing several executive changes late on friday this includes the impending departure of cfo jeff bornstein replaced by jamie miller, currently the head of ge's transportation business. these were not insignificant departures one of the key members of management under former chairman and ceo jeffrey immelt who only stepped downs the company's chairman and we had john rice and beth comstock, both long-term members of the senior management team and certainly sign that's in flannery, the current ceo and chairman of the company is taking over head-on and leading a new effort here at the company that i would point you to about a month from now, to get a real sense for. when they'll have an analyst meeting at ge. they are going to present the roadmap for this company those looking perhaps for some sort of huge break-up, may be disappointed but i'm told by people familiar with the situation that nothing is sacred and now mr. garden of course is going to be able to take part to a certain extent in that conversation as well he had nothing to do with the departure of those executives who are leaving

of ge transportation has been named chief financial officer of ge effective november 1st jeffrey bornsteinncial officer is leaving the company effective december 31st, 2017. after 28 years of service. so, again, he was cfo and vice chair. he's leaving the company back to you guys >> thank you, seema. michael, anything you'd read into this beyond the fact -- >> new ceo, manager takes over the team, puts his own coaches in. >> gets rid of the corporate cars now >> that's right. which sets a tone i think. what's going on here. >> look, it is -- it's a series of changes even putting a halt to some of the new headquarters in boston >> right. >> so, further changing up the slate as you mentioned. >>> tropical storm nate is headed for the gulf coast and expected to make landfall near new orleans. as a category 1 hurricane. at the center of u.s. offshore oil operations, too. what impact will this new storm have on energy let's ask andy, president of lippow oil associates. andy, i hate to be asking about this again it's been an awful hurricane season as it but what's your read on nate here >> well,

return to ge the stock down big yesterday, following surprise announcement retirement of cfo jeff bornsteinharp selo yesterday cfo two others basically stepped down after another household name gm is rising on wall street risen nearly 30% last three months joining us to talk about that stuart varney good morning to you. >> fascinating isn't it. maria: yeah. >> i go back aways as we all know, and i remember the days when general electric the stock to own for widows orphans put money in always went up dividend was secure, profits went up month after month quarter after or the other, what a difference a few years makes. that thing is zblu and different leadership. >> quite right jack welch stopped aside, in came jeff immelt big friend of barack obama grid not work got rid of previously profoundly credit operation bad bets on energy look a four-year low i think that is a for-year low 23 bucks a share 4-year low for the educate general electric one of the great stocks companies of the past generation, now look at general motors as you did 45 dollars a share, up from what 33 dollars per share, a