but we begin with boeing ceo dennis muilenburg grilled by lawmakers on capitol hill over the 737 max crashes straight to phil lebeau in d.c. with the highlights. >> the senators blasted dennis muilenburg time and again on a wide variety of issues some accused boeing and the ceo of not being straight with them, outright lying in terms of questioning about the 737 max. others basically said to him, you're the ceo, how could you let this happen? >> you're the ceo. the buck stops with you. did you read this document and how did your team not put it in front of you, run in with their hair on fire saying we got a real problem here. >> those pilots never had a chance these loved ones never had a chance they were in flying coffins. >> i was walled walk before getting on a 737 max i would walk zbra there is no way -- just a few of the comments from senators asking dennis muilenburg and also

wednesday, dennis muilenburg faces another grilling from congress.is hoping through these hearings the company can regain the public‘s trust. lawmakers and family members will be looking for a better explanation of what went wrong. india's prime minister says saudi arabia will invest in the country's oil and gas project in a strategic partnership. the comments come after 2— day visit to riyadh. what is narendra modi doing in the capital? is there for the annual financial summit which is dubbed davos in the desert. saudi aramco and the uae company will hold a joint steak aramco and the uae company will hold ajoint steak in aramco and the uae company will hold a joint steak in the mega refinery being built on the west coast of india which could refine 1.2 million barrels per day and given that india imports around about 80% of its oil, with 18% of that coming from saudi, it's a massive deal, given indian's supplies were hit after international sanctions against iran which india was reliant on in terms of importing oil. saudi arabia did announce that it

that's where my focus is. >> ceo dennis muilenburg here on capitol hill just a few minutes ago.ow in the senate hearing room we expect this hearing to begin momentarily. you can bet this will be a rough couple of hours for dennis muilenburg there will be a lot of senators, not only asking about the max and it's development but who come out and likely say you should not be running this company and how do we have guarantees this will never happen again andboeing has truly learned from what's gone wrong here >> phil, in those conversations that you had with muilenburg a little while ago when you asked him whether he's having conversations with the board over the ceo job, he said these aren't discussions i'm involved in how important is his performance today in order to keep his job as ceo >> i think it's important. i don't think it will be the deciding factor. i think that look, if he has a terrible performance, and we do sometimes see that web the ceos of companies come to capitol hill, look at the first time mary barra came here for the gm ignition switch, that was a disaster, wh

dennis muilenburg. the senate commerce committee leading it today. enburg will be back before the house transportation and infrastructure panel tomorrow. of course, you saw some of the victims' families of the two air crashes that killed 346 people in total. the boeing 737 max jet crashed in the last year. let's bring in bloomberg's chief washington correspondent now, kevin cirilli, who's live on capitol hill. what do congresspeople expect to get out of dennis muilenburg and his chief engineer that we don't already know? kevin: a guideline, and you heard that from the c.e.o. during his opening testimony, as well as in the opening exchanges with lawmakers in both the republican and democratic party. this was a much more remorseful tone from dennis muilenburg than we've heard, quite frankly, over the past year since the first two plane crashes of the boeing 737 max airliner have gone down. he says that he is working with the company in order to re-evaluate and restructure how it processes malfunctioning systems, particularly as it relates to the mcas sy

we will hear that time and again from dennis muilenburg tomorrow.r, it is the one-year anniversary of the first 737 max crash, that was a lion air 737 max that crashed into the java sea off the coast of indonesia guys, what's interesting about all of this is, yeah, there's great theater involved here. we know that the senators will hammer boeing. but is there anything that we'll hear tomorrow from dennis muilenburg which changes the viewpoint that many people have about this company when it comes to the max they have lost the moral high grounding the last year. they have said time and time again, we've done this, we've done this and other stories start to come out. >> do you get the feeling anybody on the hill will press for his resignation? >> i bet you somebody says it. i've got no sense somebody has said he shouldn't be ceo but i wouldn't be surprised if some senator says you've had two accidents, 436 people have died, why are you still running this company? >> a big day tomorrow for boeing where do you stand on boeing >> they haven't proven boei

, so dennis muilenburg had an extremely tough time and is likely to have a tougher time when he is backand the issue is really for boeing, this fleet of planes, the 737 max, critical. they've invested so much into this fleet and they were selling really well worldwide. they were indeed, and unusually, there hasn't been that many cancellations in the grand scheme of things. it is also worth pointing out that many airlines, be it lion air and likes often put these orders well in advance. so for boeing, the real cost is going to be lost opportunity. orders would normally be racking up in the last five or six months or 12 months but it didn't get. and in this continuing process being sold, the business in relation to the 737 max is going nowhere. costs are building up, lost opportunity, storage costs are increasing as well, sally. this is going to cause a massive write—down for boeing in the months or quarters to come. david, thank you so much for getting up so early for us at cmc markets in london. i know your colleagues will be arriving soon, not too far behind. now let's brief you on som

do you believe dennis muilenburg should remain ceo? >> through this transition absolutely the last thing this company needs is to have an interim ceo. i like they separated the chairmanship role from the ceo role that's a good thing. at least he can focus all of his efforts on fixing this, getting this plane back in production. afterwards, i don't know i don't give him a "c. i give him a "b. i think it's tough to go in front of congress with all these questions. they're firing they have the right to do so but it's a tough -- you're in a lose-lose situation i think. >> some would say maybe he brought that on himself with his actions from the time of the crashes from today it wasn't exactly the most forthcoming or public ceo that we've seen in an instance where maybe he should have been. >> i think in the beginning he didn't do a good job i think you're right on that over the last quarter or two, i think he has i thought he did a decent job on the last conference call when they reported earnings in terms of giving more information and be

how will investors in washington judge dennis muilenburg -- investors and washington judge how dennis performed? kevin: the boeing ceo saying before the hearing even began that those new whistleblower allegations were a separate incident, a separate matter, from the cause of the two crashes of the boeing 737, trying to separate these new whistleblower accounts. quite frankly, following his testimony yesterday, i can tell you that i spoke with several sources on capitol hill who were critical of just how boeing has handled this. that said, this is just another example of a ceo having to go before congress to face a grilling. dennis muilenburg striking a remorseful tone, but also continuing to suggest that boeing has made the key changes that it needs to, not just with its 737 airline program, but also structurally and inside of boeing. that is really where he has to direct this if he hopes to get this back on track for boeing. meanwhile, we should note it is not just boeing facing scrutiny here. i've heard this from lawmakers as well. it is the international regulatory regime, and also

dennis muilenburg will be there in a couple of woks. ory is developing, tyler. >> it certainly is one topic is whether mr. muilenburg is long for in job. what do you think, phil? >> too hard to predict i mean they have split the job of chairman and ceo. he remains ceo. >> very recently. >> and david calhoun, did this last week. david calhoun lead director at boeing he is non-executive chairman but i think -- he even said in a statement he expects to be active and the brody has taken on a more active role, especially as the company is trying to assure regulators and the folks in washington that safety is a priority so there is no way for me to prognosticate the future of dennis muilenburg at boeing. but clearly the documents and the exchange between the f.a. chl a and boeing -- by the way dennis muilenburg and the f.a. chl a administrator it did talk this afternoon there is no which to know his status at boeing. >> any final thaupts on boeing before we gets to final trades. >> it's strange how it even today holds in with the the news we h

dennis muilenburg says in this statement, "we own it," that's a phrase we have heard from boeing for almost a year. tomorrow is the one-year anniversary of the lionair crash. what's going to be more important is whether or not we see a level of contrition from dennis muilenburg that we haven't seen in the past if you go back to the annual meeting, a lot of people felt that dennis muilenburg came off as cold and indifferent. now, from talking with executives at boeing, and when i talked to dennis muilenburg, they said, that's not the case at all we completely understand the magnitude of the situation and dennis muilenburg does feel contrition but he's got to show that. and if he doesn't show that tomorrow, wilf, you can bet that the senators on the commerce committee who are going to be questioning him, they're going to go after him hard regardless, they're going to go after him hard, but they're really going to go after him if he doesn't show a level of contrition >> phil, it's stephanie link you don't think he sounded better this past conference call versus the prior two >> better,

you're watching the hearings in the senate, looking at boeing, its chief executive officer, dennis muilenburgdled the aftermath of the 737 max jet crashes. mr. muilenburg opened with a heartfelt apology. he said how deeply sorry he was, apologized profusely to the victims, the families of the victims who had appeared before the hearings began. then the questioning went to roger wicker, republican mississippi who is the chair of the senate commerce committee who is running this investigation and he was critical of how boeing had handled the aftermath of the crash and the relationship between boeing and the regulators. throughout this time we've been following the stock. the stock was up a few cents to start with. then it went up to $3. now it is back to about a one dollar gain. the questioning is largely technical, so we're going to move away from it for a moment. we'll go back to it if there are any headlines made and if that stock moves. where we are now is, 342 for boeing, up $1.19. overall the market has turned around. we have the dow industrials now on the upside to the tune of 30 points.

senate putting boeing ceo dennis muilenburg through the ringer today. i'm at the boeing post, where that stock is rebounding right now. up 2%. we've got more on that in the meantime, the rest of the market hovering near all-time highs. we've got 59 minutes to see if we can eke out a new record. >> yeah, but just losing that momentum, morgan, in the last few minutes, now red on the a s&p 500. i'm wilfred frost. good afternoon to you. let's look at what's driving the action some trade pessimism as we got news that phase i of the u.s. trade deal may not be signed in november, as planned solid earnings reports from merck and pfizer helping give the health care sector a boost, but tech has turned lower with disappointing results from alphabet and grubhub, driving the nasdaq lower also to come today in our beyond the bundle series, we will get the details from at&t about their new hbo max service and we'll also speak with one of the disrupters in the mccollum the interview coming up on "closing bell. we are just negative for all three of the major indices of

feeling among a number of analysts if they're going to make a switch and say, you know what, dennis muilenburg is not the right guy to lead this company, would you do it right before you do earnings or right before he's being called to testify on capitol hill theoretically if you did that, you would bring in a new ceo who maybe is also testifying with dennis muilenburg at the hearing and get a lot of, well, we're going to get to the bottom of this, make sure everything is fine the dynamics do not appear to match up with what people are saying should happen in terms of potentially removing dennis muilenburg i should also point out, kelly, i do not get a sense -- while i do get a sense there is a demand for accountability within the company, i do not get a sense that there is a drumbeat of, hey, dennis muilenburg is responsible for all of this, and he's got to go that doesn't mean it couldn't happen, but i just don't get that sense that it's imminent. >> thank you both very much. natalie kitroeff and our own phil lebeau. those boeing shares down big, and that is weighing on the dow although it i

that's also when analysts from wall street will hear fm ceo dennis muilenburg for the first time in a couple of week phil lebeau, "nightly business report," chicago. >>> so let's tn now to ivan ne ff to talk more about boeing under pressure and if you should own the stock. hes the chief investment officer and director of research with tigres research partners. welcome back. >> thank you. >> we shouldote you are bullish longer term on boeing. >> very much. let's look a little shorter gh term th there are a number of key hurdles that the company has to overco overcome, not the smallest of which isn appearing capit hill. what do you think happens to boeing stock? >> i think itay be under pressure through this process and it could be under pressure into the end of the year as people who have losses sell it tond book '18. i'm sorry, 2019 bounces back in 2020nd i think that they should get close to getting the this affects very large consistency of stakeholders that include boeinin employees, boeig shareholders, boeing customers, the customers andhaholders of the airlines and the suppliers.

. ♪ >>> welcome back boeing ceo dennis muilenburg has been stripped of his chairman's title. means for the company with phil. >> this was a decision the boeing board of directors made without dennis muilenburg. he was not in the meeting when the board met and decided that david calhoun, the lead director at boeing, will serve as nonexecutive chairman. now, calhoun has vast experience in industrials, long time ge executive, currently senior managing director at blackstone. so for dennis muilenburg, now that he's not chairman of boeing, and strictly ceo, what does that mean the fourth quarter is going to be crunch time for him he's got to return the max to service, that's the guidance from the company, they are not changing that guidance they have got a congressional hearing that dennis muilenburg will be at on october 30th he has to maintain 737 production this is important because they have said all along if they drop below 42 per month, the current production rate, the concern is that that could lead either to them or their suppliers having to institute a large number of lay

>> that was boeing ceo dennis muilenburg on capitol hill yesterday facing questions from senators onts he's set to testify again in front of the house transportation and infrastructure committee later today. joining us to talk about what this could mean for the company and his leadership, eric desenhall, and ron epstein, research analyst at bank of america. eric, i'm going to go to you first. does dennis survive? >> well, there's a lot more we have to see. look, you have to understand what a congressional hearing is and isn't. it is not a fact finding milgs, it is political theater where the objective is to take a witch into the salem village town square and stone that witch. if you are the ceo, you have two objectives such as muilenburg, number one, is to survive your beating without saying something profoundly stupid. and number two, to come across as a basically decent person who's trying there is no other objective. it is simply -- when we train people to deal with these things, we always tell them, you are not going to do -- deliver a zinging point and solve the problem in the h

it has been very dramatic testimony from dennis muilenburg. what have we learned? kevin: dennis muilenburg, ceo of boeing, telling lawmakers that boeing is remorseful for what happened following the downing of those boeing 737 max airliners last year. we are now at the one-year anniversary. madesaying that boeing has key changes internally from procedural standpoint and also a structural standpoint. they have reevaluated all of the areas, computer capabilities, of their mcas technology system, the technology that the boeing 737 max airliners utilized. lawmakers in both parties say they will not let the boeing 737's take off again until they are 100% confident that consumer safety is going to be completely verify. that is the policy standpoint of this. from a practical matter, dennis muilenburg was asked on his way in by reporters whether or not he was going to resign. he said his focus is entirely on safety.; and beyond that we should note that while dennis muilenburg will be testifying in the senate today and house tomorrow, the department of justice has the crimi

jeff, to you first on the future of the ceo, dennis muilenburg.t of critics said yesterday he danced around, he tapped around the questions and he really didn't come out and frankly just -- he wasn't more emotional in his apology to the families, many of them sitting right there. >> yeah, it's one of those things where it's as much optics as it is anything else and with boeing, they have litigation to think about and at this point i think this is probably the best that we're probably going to see out of boeing's executive corps regarding an apology and admittance to own this. could they go further? yes. but i don't think we're going to see anything more than what he's been saying here in front of the senate and today, the house. cheryl: maybe, aaron, he's trying to protect himself and his job although he's already lost the chairman title. from a branding perspective, what did you make of his performance and effect on the name boeing, the company, boeing. >> i think boeing has really dug itself into a hole here in terms of consumer perception. they

phil lebeau in "wealthtrack" >> boeing ceo dennis muilenburg told theeeommerce commi safety is centralthe mission but as senators asked about the flawed flight control system at the heart of two 737 max crashes it was clear many weren't buying muilenburg's position. >> those pilots never had a chance. these loved ones never had a chance. they were in flying coffins. >> if you'd have told this committee and told me half truths over and over again. >> i would walk before i was to get on the 737 max. i would walk.th e is no way. >> and to preempt. >> muilenburg repeatedly toldna rs boeing is putting si greater emp on safety and oversight by but the recently release of emails and messages suggesting they may have misled regulato has ted cruz questioning the leader. >> the buck stops with you. did you read the document? and how did your team not put it in front much you, run in with their hair on fire, saying we got a real problem here? >> watching theearing in person, relatives of some of those killed in max crashes. still raw with anger and pain. >> and i feel that he kept beating around

you showed dennis muilenburg there just a short moment ago. he will be on capitol hill to answer some of this on october 29th. they've got earnings next wednesday, the 23rd. so they will have that as well to deal with. you talk about the stock. you mentioned it at the outset. itot as high as $439.96n february 28th. you see where it is right now. it's beginning to fall as we speak. lastly, i want to leave you this. boeing now has just -- boeing based here in chicago, has just now issued a statement pointing out that it brought those text messages to the attention of safety regulators and the faa on its own. so they are trumpeting that fact. in addition, they say we will continue to follow the direction of the faa and other global regulators as we work to safely return the 737 max to service. but i tell you, this does not look good at the moment. liz: understatement. reporter: i would not want to be dennis muilenburg on the hill talking to congressmen and women. liz: the "new york times" just crushed it on this story. reporter: there's two. liz:

but ceo dennis muilenburg says the company is moving closer to fixing the beleaguers plane. >> there tangible milestones being achieved but we have more work to do. last week wela complete add initial dry run of the certification test f ght sfla the certification flight is expectedappen next month. if it goes as planned, the head of the f.a.a. could decide by the end of the year the max is safe to fly. cleerpg the way for scores of 737s to get back in the air. but some on wall street have a different time line for the max. >> we have it returning to service in march. are we changing that because of what the company said in? no this is a company that has a history of overpromising and underdelivering and eventually they get it right. >> amp cutting production to 42 per month earlier this year. boeing plans to ramp up to 57 per month by the end of next year. while investors are encouraged bofg is close to turning the corner with the crisis, some in congress still have plenty of questions about what went wrong. and next week they'll grill ceo dennis muilenburg during hearings on the hil

brooke: tomorrow, dallas miller moaned -- dennis muilenburg will testify in front of the house.ected to be more fiery. you typically see this before the house. they can be more aggressive in their questioning. you have seen comments from one lawmaker raising concerns that a going manager expressed concern about production of the max, calling for that to be halted. i don't know what evidence there is to back that up. i expect we will hear a lot more about that tomorrow but it is certainly concerning. shery: quickly, how politically difficult will it be for the faa to get the all clear this year? brooke: i think the pressure certainly mounts on the faa and the more that you have these credibility gaps and knowledge gaps, that just raises concerns over whether this is a company that has the right policies in place to ensure that safety is put first. i think that raises concern that the timeline gets pushed out and you don't see this fourth quarter return which then raises the prospect of bigger charges and more loss of cash flow. shery: thank you so much for the latest on bowling.

airplane division, the shake-up comes as boeing prepares to report earnings tomorrow and ceo dennis muilenburg updates wall street on the company's plan to get the 737 max back in the air. after two tough days, the stock finished higher. here is phil lebeau. >> reporter: almost a year after the first 737 max crashed in the java sea and who more than seven months since regulators around the world said the max is not safe to fly, boeing is changing the leadership of its commercial airplane division. kevin mcallister is m out after almost thee years ever running the largest and most profitable business at boeing. allister joined as the max was geing ready for ert attention. for two years he su overw steady incree in 737 production. afte a second max crash he willier this year and the subsequent investigations which raised serious questions about how boeing developed the plane, pressure was mounting on ceo dennis muilenburg and the boeing board of directors. to show that they are taking action to fix the max and get boeing's commercial airplane business back on track. that job now belongs to stand

>> well, contessa, this is a decision that came -- the board made on friday without dennis muilenburg the new nonexecutive chairman is david calhoun. he's been on the board for basically a decade he's a lead investor he's going to be focusing on oversight. and boeing's push to make it clear, not only to regulators, but to their customers as well that safety is a top priority there. does this -- will this change anything at boeing ubs out with a note today saying we'd expect decisions to be more deliberate and likely more risk adverse. what about dennis muilenburg, it's all about the max and making sure it gets back into service in the fourth quarter. there's a congressional hearing on october 30th. he'll be grilled at that hearing. the max recertification has to happen in the next ten weeks if they're going to meet their projection to get it certified by the end of the year and at the same time, they need to maintain the current production rate of 42 per month. a lot on the plate for dennis muilenburg who is now streictly ceo, no longer chairman and ceo. >> phil, if this is the right

by the way, ceo dennis muilenburg is facing his board.etime today in san antonio. anything that comes out of take meeting, we are going to let you know. how does this play into the overall markets? they are slightly higher at the moment but the dow actually even up 36 points would be much higher if not for boeing's 4% losses

how do they structure any possible replacement for dennis muilenburg i know we said this. we have to say it again. we have no indication that the board is considering replacing him. we know senators and representatives think he should be gone and other also look at this and say how can he stay in this job but officially the board of directors are standing by him whether that changes remains to be seen. >> the lost the chairman title so not standing by him as much as they once were. >> reporter: that's a good point. >> to the question of pay, we all know how companies work. >> reporter: yeah. >> we all know it is significant for him to waive his bonus but he is in the middle of a huge pr storm, not to mention fundamental problems, but a pr storm. does he need to go further to try to burst the bubble on the pr to say zero pay, i accept it? >> reporter: that's why i asked him, wilf. i said will you waive your compensation not just bonus, your compensation this year he basically danced around it and said i'm committed to making this right that's not a decision for me, et ceter

alix: in washington, boeing ceo dennis muilenburg prepares for testimony before u.s. lawmakers, set to admit that the playmaker may design mistakes on the grounded 737 max. joining me from capitol hill is kevin cirilli. the fireworks are going to start. what are we going to see? short in just a few hours, boeing ceo dennis muilenburg is set to kick off two days of testimony here in the senate, and tomorrow in the house of representatives, where he will face tough questions about what precisely boeing new regarding its 77 max airlines. it is the one year anniversary following the first of two crashes in a five-month period of the 737 max that impacted not just markets, but of course, hundreds of individuals. the victims of those crashes, some of which will be in the hearing room, are set to meet with dennis muilenburg after the hearing. he is going to strike a remorseful tone, or according to a portion of his prepared testimony that was released yesterday afternoon. "when the 77 max returns to service, it will be one of the safest airplanes ever supplied. we know we go

dennis muilenburg has defended boeing's ability to sign off on aircraft design. at the same time, admitting mistakes have been made. senateified before the commerce committee where he faced questioning from lawmakers after the crashes. both involved 737 max jets. he said the company would review reforms imposed by congress but declined to endorse specific measures. >> the airplane will return when it is safe. this will not be timeline driven. we are committed to answering every question the regulators have any airplane will fly when everyone is convinced it is safe. that is the most important thing here. >> global news, 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists in 120 countries. i am su keenan. this is bloomberg. cutaad: the referred rate is much a done deal. the big question is what comes next. the inside onhas all this. could this rate cutting cycle becoming to the end -- be coming to an end? >> they are not leaning toward this rate cut in the next 24 hours. it is interesting. traders that were convinced december was

also today, boeing ceo dennis muilenburg putting out an employee email, essentially saying, they are making steady progress on the return to service for the 737 max. guys, that is the same message we have heard from him for several weeks. so not a whole lot of news in that employee email from dennis muilenbur muilenburg >> phil, clearly this extra reported information that boeing may have been aware of back in 2016 is not helpful for their cause. is it particularly damaging, given that there were two crashes? it's not like one appeared somewhat out of the blue when you have this early information and a first crash, does it not raise significant questions why the plane was not ground before the second crash >> well, certainly, those questions are swirling around, wilf there's no doubt about that. especially given the information that came out on friday. i think the important thing to keep in mind here is that this information, which came out on friday, the biggest impact may be what it does to the mind-set at the federal aviation administration, because they just found out about it th

by the way, ceo dennis muilenburg is facing his board. we don't know when, but sometime today in san antonio. anything that comes out of take meeting, we are going to let you know. how does this play into the overall markets? they are slightly higr at the moment but the dow actually even up 36 points would be much higher if not for boeing's 4% losses right now. trade optimism is spurring the buying overall after national economic council director larry kudlow says december tariffs might be withdrawn against china if talks continue to go well. he made those comments right here on the fox business network. >>> meanwhile, new worries about the future not of u.s./china trade but u.s./mexico/canada and that trade agreement. canadian prime minister faces a tough election test today. what happened to when these three leaders signed that? what happens to the new nafta if he fails to win? we will ask original master negotiator, ambassador charles reese, in a fox business exclusive. >>> and two ohio counties settle for the first of its kind lawsuit

despite his apologetic tone yesterday, dennis muilenburg says he's not resigning. kris van cleave is on capitol hill. it is so hard to hear the ceo say those words yesterday. good morning to you. >> reporter: it was an emotional day in the hearing room for a lot of people. there will be questions of what dennis muilenburg knew and when they knew of the issue of the airplane. this hearing could be more contentious yesterday. it will be a long day in the hot seat as there are growing calls for changes at the top of boeing. >> you are the ceo, the bucks start with you. one by one senator went after dennis muilenburg. >> i would walk before i would get on the 737 max. >> reporter: muilenburg admits mistakes were made in designing the plane and apologized to the families and the victims. >> these two accidents occurred on my watch. i had a keen sense of responsibility to see that through. >> reporter: he seemed to acknowledge the max should have been grounded one year ago after the first crash. >> i think about that decision over and over everyday. if we knew everything

. >> this was a bruising couple of hours for dennis muilenburg. they questioned him today and blasted him for the development of 737 max no sena take a listen from ted cruz. >> you are the ceo, the bucks start with you did you read this document and how did your team not put it in front of you, run in with their hair on fire saying we got a real problem here. how did that not happen and what does that say about the culture of boeing? >> time and again, dennis muilenburg continues to say there were mistakes that were made and boeing will learn from them a number of senators have said we heard that and we see you pivoting away from the questions that we are asking here. boeing shares as you mentioned kelly, they were up early in the day, pulled back just a little bit. the reason they're not selling off, kelly, with all of these questions about the 737 max certifications, look at that backlog. it has not changed you have not seen airlines cancelling orders. the believes is they'll get these planes built and delivered. >> phil lebeau, thank you very m

dennis muilenburg attending a meeting yesterday and it continues today in san antonio we do not expectrelease of documents. they issued a statement yesterday and as you take a look at shares of boeing, remember, this is a company that reports earnings on wednesday. yes, the numbers will be in focus but really, guys, the main focus will be the commentary from dennis muilenburg regarding the 737 max, not only the latest revelations but also what we can expect in terms of the company's guidance for a return to service certification. >> phil, in the past you've looked at all of the different support levels we're under those for the stock itself >> i don't know where the technical analysts are i do believe we're down below the most -- there you can see. that was december. >> december, august, september it got down in the 325 range what's interesting, joe, if you look at some of the analyst notes, they're saying, this is overdone if you really believe in this country, believe they're going to get past this, you will be buying this stock at this level. it's one of those rare days despite all

boeing ceo dennis muilenburg testified before congress today.erformance on capitol hill is being called into question. this is bloomberg. ♪ shery: this is "bloomberg markets." i'm shery ahn in new york. amanda: i'm amanda lang in toronto. boeing ceo dennis muilenburg finished testifying before lawmakers in congress jets thattwo 737 max crashed, killing 346 people just over one hour ago, pledging his commitment to safety. >> the airplanes will return to service once it is safe. this is not going to be timeline-driven. we are committed to answer every question regulators have. the airplane will fly when everyone is convinced it is safe. that is the most important thing here. shery: with more on what we have learned about the testimony is brooke sutherland. when you look at the performance convincingrg, how was he on showing his commitment to safety? brooke: i could feel his emotion. there was a moment in the testimony where they have family and friends of those lion air victims stand up and show the photographs of those who died in the accident, a

speaking at an event in new york — dennis muilenburg said the plane has undergone 700 test flights withews to operate it. he has agreed to testify before congress on october 30 on the fatal crashes of a lion air 737 max in indonesia in october 2018 and an ethiopian airlines 737 max five months later — that killed a total of 346 people. and now — what's trending in the business news this morning. business insider looks at microsoft's folding android device, the surface duo, and bets it will be a winner in the smartphone market. the wall streetjournal hears from an insider at boeing who says the company's culture stifled criticism and prioritized costs over safety. and bloomberg takes stock of president trump's claims he has been good for the stock market. after recent declines it has barely gained at all in two years. and don't forget — let is know what you are spotting online — use #bbcthebriefing. up next: newsbriefing. we'll take you through ther stories making headlines in the global news media today. an abortion campaigner will find out today if her controversial bid to change the l

in pre—prepared testimony, dennis muilenburg admitted mistakes were made, adding that accidents likenever happen again. pla nt—based meat—maker beyond meat has reported its first ever profit. the us firm, which counts leonardo dicaprio among its investors, made $4.1 million in the third quarter. the company creates substitutes for meat by using ingredients that mimic the composition of meat, like proteins from peas and fava beans. it's being reported by the financial times that the popular chinese—owned video—sharing app tiktok is looking to go public on the hong kong stock exchange. rico hizon is in our asia business hub with the details. nice to see you, rico. what can you tell us? well, you know, sally, about ten minutes ago we received a statement from the parent company of tick tock to talk, and the spokesperson said, "there is absolutely zero truth to the rumours that they plan to list in hong kong in the first quarter of 2020". that isa in the first quarter of 2020". that is a statement coming out from byte da nce, is a statement coming out from bytedance, which owns tick tock

they are taking away dennis muilenburg chairman title. why did it take this long? talks about enabling dennis muilenburg to get the 737 max 8 back in service. i would've thought that would be the focus. romaine: calhoun will be breathing down his neck. i thought calhoun was a ceo candidate. does this increase those rumors? brooke: potentially. there has been criticism over dennis muilenburg and the way boeing has handled this crisis. their communication has not been great. they have been overly optimistic about when the plane will return to service. the real test will be the latest deadline. they say this plane will be back in the air by the fourth quarter. there are a lot of indications this might not be true. you have the airline saying we will not fly this until january, and you have criticism from the european regulators saying we are not convinced boeing has been done everything it needs to do to fight -- to fix the flight control at the heart of these problems. david calhoun is a busy man. he is on the board of caterpillar and still employed at blackstone. we

. >>> and boeing ceo dennis muilenburg heads to washington to face questions about the company's 737speak to senator roger whicker ahead of the hearing as the second hour of "squawk box" begins right now >>> live from the beating heart of business, new york. this is "squawk box. >>> good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market site in time square along with becky quick and andrew ross sorkin u.s. equity futures down 22 at this moment. nasdaq indicated down 16.5 and the s&p is off 3 from all-time highs. >>> in our headlines right now, two major pharmaceutical companies reporting better than expected earnings this morning first up muerck raising its ful year's earnings forecast you can see the dow component is up by 1.7% rival drug company and fellow dow component pfizer earned 75 cents a share for the quarter. that was 13 cents better than expected the 2019 research and development expenses will be less than it had originally forecast the stock right now up by 3 1/4 percent. >>> boeing ceo dennis muilenburg is going to be testifying before a s

this has led the board to take ceo dennis muilenburg's title.e with us is brooke sutherland, who has followed the story since the beginning. brooke: i am surprised it took them this long to come to the decision. the max has been grounded for seven months and there's not a clear timeframe for how it will get back in the sky. boeing has said they expect a fourth quarter return, but european regulators have said we more -- we need more clarity on this fix of the software system. they have said it does not go far enough to fix all the problems. the longer it drags on, the more questions you have about dennis muilenburg credibility and whether he did everything he was supposed to be in terms of giving airlines information they needed. this an engineering problem or a communications problem with regulators and with airlines? brooke: the initial issue with the max is the design issue. you need to figure that out through engineering changes. it becomes a much bigger deal when you have two plane crashes and 346 people dead. that does become a pr issue. m

as you sell part of it, today's hearing b republican of texas, ceo of boeing dennis muilenburg, 2016xchanged pilots involved in the certification process of the max 737 planes my one pilot text the other "it is running rampant on me so i basically lied to regulators unknowingly. i'm leveling off at like 4,000 feet, 230 knots and the plane is turning itself like crazy. i'm like, what? granted i suck at flying but this was a great jazz." that email exchange of part of which i wrote headed over to the justice department last february as part of discovery in a criminal complaint but cao dennis muilenburg apparently unaware of the text messages until two weeks ago. >> you are the ceo and the buck stops with you. did you read this document and how did your team not put it in front of you with their hair on fire saying we got a real problem here. >> we are not quite sure what he meant by that exchange. his lawyer has suggested he was talking about a simulator that was in development in that time. that is where he was working. >> the max 737 debacle has cost boeing $9 billion and counting, h

the ceo, dennis muilenburg, says the plane maker is in the endgame of preparing its 737 max 8 to finallyhe commercial market. i keep hearing this called a safety organization that dennis -- dennis muilenburg is creating. i don't understand what that means. i don't understand why it didn't already exist. >> i think that's a fair question. what it means is they are going to take the various aspects of the company charged with monitoring product safety and concentrate them in one place. the safety review boards, the team, the delegates, are going to be their own separate organization that reports to the chief engineer for the dedicated aerospace safety. to your point, why did this not exist before? i think that's a very valid question, but i am encouraged leastoeing is at realizing that engineering took too much of a backseat in its operations. now you have a direct line from engineers and people on the ground to top management. i think this is necessary, but perhaps overdue. >> choosing a different route to go public. airbnb is reportedly looking to enter the market in 2020 via direct list

he sent a letter to dennis muilenburg, ceo of boeing saying, we want more answers and oh, by the way, the faa says that it will be releasing more instant messages regardingthe 737 max. and they'll be sending those over to congressional committees investigating the max a little later on todaye to cooperate with the committee as it continues its investigation and we will continue to follow the direction of the faa and other global regulators as we work to safely return the 737 max to service the committee that boeing is referencing is a house committee that will be holding a hearing with dennis muilenburg testifying that's coming up on october 30th and then the day before, october 29th, dennis muilenburg will be nefg fro testifying in front of a senate committee. so a lot of questions are swirling about what boeing knew, when they knew it, and why hasn't this detail come out sooner guys >> so a lot of questions and certainly we need more details. we need more context to all of this but given what we've seen with the grounding of the 737 max fleet and the role that the faa has played in

ceo dennis muilenburg said it is a top priority to return it to safe service.hat is all it took to get analysts excited. credit suisse had a note that there was no incremental negative news on the 737. that is really all investors wanted to hear. they looked at this as a crisis. the company is handling it. they are managing it. we baked it into the numbers and it will be on target to get back up and running. having said that, i'm not sure the market is looking the right way. there are still a couple things to be worried about when it comes to this company. on tuesday the ouster of kevin mcallister from the airplanes division. that is begging a question, could ceo dennis muilenburg be next because of how he handled some of the steps. then there are the text messages? what did the company know about the safety of the planes? were there concerns communicated about them. that is one issue. the second issue in the report was production of the 787, not to be confused with the 737 but the company is saying they will cut production and they're worried about global trad

dennis muilenburg faces tough questions in the senate. the strain of the trade war. we will bring you an exclusive with the company ceo. let's see how things are shaping up in the early part of the asian session. not much of a guide to what happened on wall street overnight. sentiment down after a report that the trade deal between the u.s. and china may not decide at aipac after all and that kind of took a dent out of the s&p after seeing earlier record highs. the asx just going online. we are seeing a flat start to the trading day. flat to the downside. new zealand seeing upside. a mixed picture when it comes to asia futures. we have the nikkei looking lower and the kospi pretty much flat we are looking at a mildly positive open. well.d decision week as we are expecting a cut this week when it comes to december. not so much certainty. we are also on bank of japan watch as well. let's get you the first word news with gritted. -- with ritika gupta. ritika: lebanon's prime minister has resigned. demonstrators were attacked by supporters. in a televised address, he sai

and ceo dennis muilenburg, he's saying going into this hearing, quote, we understand and deserve thisutiny. listen. >> we've made mistakes. and we got some things wrong. we're improving and we're learning and we're continuing to learn. >> is that enough for congress item is that enough for the victims' families. cnn's rene marsh has been following this very closely and is joining us now. rene, what's happening? >> the first words out of dennis muilenburg's mouth were an apology to the victims and saying that, and i'm quoting him now, we will never forget. when he first walked into the senate hearing room, he had to face those families and they were holding pictures of their loved ones. we have the image of that during this moment here at this hearing, that we can show you. these were loved ones lost in two of those 737 max crashes and hear more if boeing ceo just a short time ago. take a listen. >> on behalf of myself and the boeing company, we are sorry, do deeply and truly sorry. i want you to know that we carry those memories with us every day. and every day, that drives us to impr

dennis muilenburg told them he was aware a test raised questions in 2019 before the second deadly crashressed about delays in turning over internal messages that reported erratic behavior with the simulator. >> those pilots never had a chance. those loved ones never had a chance. they were in flying coffin. >> how did you not in february send out a nine-alarm fire to say we need to figure out exactly what happened? >> senator, as you mentioned, i didn't see the details of this exchange until recently. >> the tense hearing came a year to the day after the first of the two crashes which killed a total of 346 people. >> while all your lives move, on for the last six month, my life has not moved an inch. >> what matters is that we get to the bottom of this. find the people who are involved in certifying. and have them all be accountable. max fleet has been grounded since march, pending software updates and faa approval to resume flying. >>> we're learning the cause of that getty fire is that still raging in los angeles. investigators say it was a windblown tree branch that fell into some po

yesterday lawmakers questioned dennis muilenburg about new documents in which a boeing engineer had safetyabout the max before a deadly crash last october. muilenburg acknowledged mistakes were made. some lawmakers attacked him for his $30 million sam salary last year. muilenburg said he does not plan to resign. >>> ford motor company and the united auto workers have reached a tentative deal on a new contract avoiding a strike. the proposed four-year deal includes $6 billion in new investments and the creation or retention of 8,500 u.s. jobs. the deal must now be approved by union leaders and members. both groups are expected to meet tomorrow in detroit to vote on the deal. >>> pugot maker chrysler and fiat are in toux to create the world's fourth largest automakers. according to the "wall street journal," a perjure would create an auto giant valued at roughly $50 billion. now earlier this year, fiat chrysler ended merger discussions with renault. fiat chrysler is currently the seventh largest automaker. >>> for fans of dress barn, liquidation sales at its remaining stores will start tomor