and general motors ceo chuck stevens will be on at 7:45 a.m. eastern. is lebeau in for that?kay thank god. >> why >> i don't know. >> he didn't study up. >> he's not ready for it >> at&t is not a dow component >> they took it out >> yeah. >> really? at time i remember thinking that it was crazy they took it out. >> international paper old habits -- >> alcoa >> you like 1980 dow >> honeywell, dow component. >> i had to look it up i'm like at&t is not a dow component. >> i have trouble with the new ones. >> i was shocked they took it out. >> kraft in there. i don't know >> travelers, united healthcare. >> those guys at dow have messed around with it too much. they're not iconic anymore >> they're changing it now the question is about will ge stay? >> when will they put apple in there? >> talk markets now. you know what? whenever i do that -- >> somebody will write in. doesn't joe know -- >> aquaman >> happens all day >> i don't know. joining us for that is karen cavanaugh, senior market strategist at voya, and jeff cores of fifth third private bank i try to bond with you when y

chuck stevens will be joining us , chief financial officer, to go over these earnings.in at $11.4 billion. it looks like a beat from caterpillar, even after we had those machine sales numbers yesterday that were absolutely solid. expectations from the analyst community has been drifting higher. this is a stock that is up 42% so far in 2017. we will talk about that company in the old economy later. let's go to alix steel live at the sifma annual meeting in washington, d.c. alix: thank you. i'm joined by ken bentsen, ceo of sifma. he is the guy in the thick of it. thank you for being here. ken: thank you. alix: i want to start with mifid, the evolution of the buy side versus the sell side relationship. what he thinks is going to happen is you are going to have companies able to price research in the u.s. like europe without becoming a residential investment bank. what do you think? ken: that is what we are trying to work for. what we have been working on in the u.s. is to get the fec to int sec to recognize -- sec order to get the buy side and sell side to comply with the

that was a miss on cash flow at gm chuck stevens in morning with phil lebeau on "squawk". >> he was terrifichen you look at the companies reporting, you realize why we've gone up so much. i don't know what the -- the treasury secretary said if you're not focused on tax reform, you may be focused on j powell versus whoever. >> the president going after bob corker again, i mention it not because of the back and forth but more because doesn't he know he needs these votes conceivably and attacking tax reform >> look, he could just talk about carson wentz and we could be like, the eagles quarterback and it would be a uniter. >> corker hit the morning shows first and said things like on national security i'd like to see the president leave it to the professionals for a while. he said the president's visits to capitol hill are not really about substance and said the governing model of this white house is positive purposefully divide and then you've got the president's tweets within minutes. >> kind of like faber, more of the university. >> faber college. >> i thought it was a f university. >> it wa

coming up next, we have a great lineup of senior corporate executives, including dave rick's, chuck stevensbobby jenks -- bob shanks afford. afford. this is bloomberg. ♪ taylor: this is "bloomberg daybreak." i'm taylor riggs with your bloomberg business flash. it's an unpleasant start for the general electric ceo john flannery. thees are falling after company slashed its profits this year. we spoke about the company with home depot cofounder. >> this horrible situation at general electric should not have happened. they have got a mess on their hands and you're going to see it all come out when flannery bears his chest in november. taylor: g he has lost a quarter of its market value this year. procter & gamble posted a quarterly profit that was better than expected. sales came in slightly less than estimates. p&g maintained its forecast for the whole year. keepsnce, credit agricole lowering the fees that will charge for research under the new rules known as mifid. it's marketing a basic package for $50 and a premium package at .wice the amount o over the summer promoted the package for more

p by the way, steven chuck told us this morning at one point he could feel the bullets going past histo the recess of a hotel room door to get out of the way. the mandalay bay hotel, actually mgm resorts who owns the hotel says it understands it's a continuing investigation an can't comment on what its communication with the police was. but they say they believe what is currently being expressed may not be accurate. so here's what's currently being expressed. this is the new timeline that the police have put out in las vegas. they say that at 9:59, that's when the security guard, jose campos, was shot at by stephen paddock inside his room. at 10:05 paddock starts firing on the concert, fires for ten minutes. the s.w.a.t. team arrives on the 32nd floor at 10:18. they get with campos who tells them what room he is in and they prepare to breach the room and finally get inside at 10:20. or rather -- that says 11:20 but it should be 10:20. let me think about that now. i guess that timeline is right. the point is that the main time here is the 19 minutes between the time that the shooting b

. >>> we're glad to have steven chuck with us, the building engineer at the mandalay bay there that might, on the 32nd floor when the first shots were fired. steven, good morning to you. it's good to see you. >> good morning, thank you. >> we just l experience. the first question is how are you doing right now? >> i'm doing as well as expected. better as the days pass. >> take us through it, stephen. there's been a lot of confusion about how this all transpired. what happened? >> my side. my story, i was on a higher floor. when i was called to check out a fire exit door that would not open. i came to the 32nd floor from a different wing. i was walking down. i didn't hear anything. kept walking. i turned the corner from what we call the center court, into the 100 hallway. i thought i saw someone poke their head out. nothing off -- set off my radar. unusual yet. it was silent at this time. and as i hallway, i was a third of the way down the hallway. and i started to hear shots go off. they were not in the hallway yet. and as soon as they stopped, i saw him popped out because the doors are s

are enforcing immigration laws, which you can imagine, chuck schumer and nancy pelosi might blanch at. it is basically a proposal proposed by stevene president's hard-line adviser not happy with a deal that president trump seemed to cut with chuck schumer and nancy pelosi. >> to say the least. one person described this as steven miller's wish list getting presented over to congress. and that may be, frankly, a non-starter based on what a lot of folks are hearing. >> folks on the hill are concerned it will boil up the entire deal. there are a lot of republicans and democrats who want a bipartisan fix on daca who see it as problematic to let it expire with criticism for it. and they want a packaged deal. this might keep that from happening. >> you're nodding. >> that's because i was a hill reporter for six years covering the bush administration. it is a policy graveyard because of these things that become so insidiary when you add the other pieces. you're going to piss off one part of the group and the whole deal will collapse. >> some of the more controversial aspects of this seem to be the cutting of legal immigration as well as t

capitol hill to get a bill passed, but any democratic input is being shunned, as chuck schumer has some harsh words on steven mnuchin. >> his statements are outlandish and he seems just to want to suck up to trump. >> that's why they call it the full mnuchin. we begin today with jeff flake and baob corker, going public with their fears and frustrations about the way donald trump is treating the office of the president. people like steve bannon, well, they love it! they want these guys gone, but what does it mean for the party and for our country? i have an amazing panel here to break it all down starting with msnbc's garrett haake live on the hill. garrett, flake's announcement comes at a time when the president is trying to keep is party together. what's the impact? i mean when i watch the president say yesterday's meeting was a lovefest and go on and on about the double standing ovation, i'm laughing out the door. you and i both speak to people on the hill who might not be ready to go full jeff flake and say it publicly, but they're humiliated by the president and they're republicans. big deal if they clap

the last person in the room, so when he finished speaking to chuck and nancy, he said there's not going to be a wall. i guess he had steven miller and other aides before putting out this list and now, he's saying this is what he needs in order to protect the daca program. it's clear this is starting bid. democrats say it's a nonstarter, but you have 750,000 dreamers, young people, who for most of the country based on poll, most of the country does not want these people to be deported, so they're going to have to come up with something that's not going to look like what the president and white house put out last night. >> i'm told the white house staff is really divided on this. at the end of the day though, the president wants to make a deal, so is this just you think to make those steven millers of the staff sort of feel better that they're at least sending the right signals to the conservative base before the deal is cut? >> there are clear divisions on this. lasting divisions and the president himself is a little bit divided on precisely what to do. i was there that day. where he was headed out with his cap and made th

epa administrator scott pruitt, steven mnuchin, ryan zinke and secretary david sheln plans at taxpayer expense. chuckw big a deal is this and how about the fact as republicans point out that various democrats when they were in positions of power to the same thing? >> how big a deal as it? i think if we didn't have this big story about puerto rico and the nfl and all the other things that this would have been an even bigger story because it does go right to that perception of the trump administration, to some extent created by the president himself and his heavy expenditures on secret service protection and travel back and forth to new jersey, they are a little loose with the taxpayers dime when it comes to their own personal comfort. i think it's very significant that the president asked m price with such speed. there was some price, pardon the pun, to be paid for health care. secretary price had really performed a and done a more impressive job in trying to get through that health care bill he might have had more of a purchase on the president's loyalty, which we know is a fleeting thing to begin wi

chuck, there are many factions. and the most powerful faction in some way is sheldon addleson and steven wynn.nn is an official with the republican national committee. and addleson is also conservative. i haven't heard either of them speak out about guns. the head of the mgm resorts is much more of a left leaning guy. he put out statements expressing horror of course at what happened. but the gaming industry is going to be divided in those two big races. that's going to be very, very interesting to watch. >> let me ask you this, the city, how likely are they going to try to enforce new gun laws or have they basically maximized everything they can do? >> they have maximized most of what they can do at the local level although i'm sure you are going the see a lot of things proposed both at the city, county, and the legislative level. you know that's what happens in reaction to the shootings is politicians try to jump on it. what is interesting -- and the mayor of las vegas has been all over this station and elsewhere talking about this. she has no say over this. most people don't know this. i kn

. >> this almost feels like steven miller who was incredibly agitated by the readout of the meeting and the agreement between the president and chuck and nancy on daca was so agitated that this is a list of principles put out basically to con train the president to say, you're not giving up the source for this. and it gives back, the reason d daca is still there, starting with steve bannon whose strategy this was, it's a little counter-intuitive, but they wanted to keep this as leverage and that's why you see trump going back and forth to talk about this, i'll do this and i'll do that. the hard-liners on immigration, certainly there's no more hard lines on stephen miller to make sure that doesn't get given away. >> let's talk about stephen miller, we gloss over his back story, he worked for jeff sessions, who is the most hard-lined cabinet officer on immigration. there are some on capitol hill who would argue that he almost single handedly amounted a campaign to kill immigration reform when the bill wound its way through the senate. like, he was essentially a one-man messaging machine. and we saw how toxic that became for so many r

epa administrator scott pruitt, steven mnuchin, ryan zinke and secretary david shelton have all flown on private government plans at taxpayer expense. chucknt out that various democrats when they were in positions of power to the same thing? >> how big a deal as it? i think if we didn't have this big story about puerto rico and the nfl and all the other things that this would have been an even bigger story because it does go right to that perception of the trump administration, to some extent created by the president himself and his heavy expenditures on secret service protection and travel back and forth to new jersey, they are a little loose with the taxpayers dime when it comes to their own personal comfort. i think it's very significant that the president asked axed m price with such speed. there was some price, pardon the pun, to be paid for health care. secretary price had really performed a lot more dynamically and done a more impressive job in trying to get through that health care bill he might have had more of a purchase on the president's loyalty, which we know is a fleeting thing to begin with. inspiring is also about the fact

chuck schumer and nancy pelosi, despite the fact that he's taken some actions here that have angered him. i think there is a perception on the hill, 46, around daca that is coming from his staffer, steven miller, maybe not from the president, himself, this president wants to make deals, he sees mitch mcconnell and paul ryan as the problem in that context. >> ejo, you brought up an interesting point the guy that fashioned himself as the buck stops here, tough guy, is the ultimate punter in chief. he has owned nothing so far, yes, he appointed a scream court justice, but other than that he owns nothing in a year into office. >> he drafted nothing, owns nothing, healthcare is not his, whatever you do, give me something i want to sign. >> but he's a tough guy, he's a big tough guy. >> being with iran, they say really quickly, could we have casey back up on the screen? >> casey? >> can do you her? >> it's casey d.c., i love this. >> no, i got to change something, you need a lightning bolt between the -- >> get an emonl. >> casey d.c.. >> clearly, there are some case that came up with that name. >> i'm lovering it. >> the high paid copywriters. >> i'm loving it. >> you know this man, mr. sca