brian holland, senior research analyst at d.a. vidson brian, welcome to you. >> thank you. >> you think the total address of the market is smaller than what most people, most analysts are thinking, and you are saying it is smaller than potentially the milk market? >> yes so i think on a relative basis that's right we view plant-based as a solution within a broader market there are, you know, roughly 30 to 50 million people in the u.s. who are lactose intolerant only 15 to 25 million identify as nonmeat eaters. that's important to us because the high-touch consumer in plant-based milk represents about 60% of the purchase. i think if you hold all else equal with reflex to the occasional buyer and you translate it from plant-based milk to meat, i think you get to, you know, a number that's probably at best 75% of what we're seeing on a share basis in plant-based milk frankly, it probably ends up lower than that because meat is a much more fragmented market than milk. >> could we be at a point, brian, just to play devil's advocate, whe

holland, it brian was initiated with a sell rating, saying they are fewer people that have to find ano edible meat then compared to consumers who are lactose intolerant. follow the stories on bloomberg.com and on tictoc on twitter. joe: international flavors and frequencies is all in on plant-based protein. the company is seeing a lot of demand as fake meat continues to grow in popularity. ceo andreas fibig sat down with ed hammond to discuss what he is excited about the opportunity ahead. andreas: what we see right now is that some of our customers are not growing as fast as they probably have wished for, but what we see in our r&d facilities is more and more of our customers are showing up looking for innovation to reinvigorate actually that growth. what we see in our business is very strong on business. we have solid growth in the single digits. we saw a little bit of a different story on the pay side. we believe that will come back in the second half of the year. plant-based proteins, fake meat, whatever you want to call area that seems like an you are very well positioned to take

weaine: all right, brian, have to leave it there. holland, research analyst.. ♪ caroline: now, back to that breaking news on ford, it's crediting rating -- its credit rating cut by moody's. detroit, anow from guest. the worry here is, of course, that it will not just stop at moody's but that s&p and fitch will follow suit, right? >> right, those agencies have them two steps above junk, but this could start a domino effect, and then you worry about access to capital and dividend and all sorts of things. romaine: a little less than a year ago, on one of the earnings calls, management was adamant about defending their investment grade rating. do you think that this is something they allowed to happen, or it was just out of their hands? >> it was out of their hands. they certainly did not want it to happen. they said they thought they had adequate liquidity to get through this phase they are going through, and they were also looking at new products, like an explorer suv. caroline: they talk about weak earnings, cash generation, but how novel is this piece of infor

i'm here with john holland, tim wilson f. brianstanding by. >>> rudy giuliani, president's sidesick, president's personal criminal lawyer in the mueller investigation, seems to be the person pushing donald trump in front of the moving training for moving --

i'm here with john holland, tim wilson f. brian, and ashley parker also is standing by. >>> rudy giuliani, president's sidesick, president's personal criminal lawyer in the mueller investigation, seems to be the person pushing donald trump in front of the moving training for moving -- has today been subpoenaed. i'll read what was just handed to me -- congressmen ship, engleman and cummings subpoena rudy giuliani. the document deadlines is october 15th. they are seeking documents, noticing deposition with his three of rudy giuliani's business associates. rudy giuliani now on monster.com or wherever one like rudy giuliani goes when he needs a good lawyer. he's going to need one. joyce, what does it mean, that he's now in the center of not just donald trump's conservative media shenanigans, not just in the center of donald trump's defense and spin efforts for the mule are probe, now smack-dab in the middle of impeachment investigation that have now risen to 55%, public opinion swinging more than ten points in days. it has to at least

holland with more on this story. good morning, frank. >> good morning, brian sources say wework's board could mean as soon as today tocuss details to possibly oust newman, softbank chief who had been one of newman's biggest supporters is now reportedly in favor of removing him softbank and its vision fund is wework's largest exterm shareholder. some board members not associated with softbank align with pneumonia on the keep him as ceo the company postponed ipo road show after investors questioned its complicated governance giving newman large voting power. newman had once been forced to reschedule a private plane trip after marijuana was found on board. newman's erratic behavior includes desire to be the president of the world, living forever and becoming the world's first trillion nar they see this move against newman an effort to prevent the company's ipo. softbank views the write-down small in size and believes a leadership change would be beneficial for the wework in the long-term. >> thank you very much. >>> there is so much left to do on this very busy monday morning. when we come back what cooling trade tensio