a tentative four- point-seven billion dollar takeover bid from a group led by canada's fairfax financial holdings. richard quest looks at how the company-- credited with creating the first smartphones more than a decade ago -- fell so far --reporter pkg- as follows-- it was once the essential device for the titans of global business and politics the once mightily blackberry president obama vowed to hang onto his at all costs-before taking office in 2009 i'm still clinging to my blackberry- they'll have to pry it out of my hands but the collapse in blackberry's fortunes since 2009 has been stunning- at that time- blackberry held a commanding 47% percent of the us market that has collapsed to just over 2 percent today- at its peak- blackberry had a stock market value of 55 billion- today- its market value is under 5 billion blackberry was out-done by the likes of iphones and androids, devices marketed directly to consumers who became enamored of their sleek designs and user-friendly apps once you got to the level where iphones user-friendly apps once you got to the level where iphones and androids

. >>> the canadian smartphonemaker blackberry announced they are selling out to fairfax financial holdingsputs the price tag at $4.7 billion. fairfax has 10% of the company's shares right now. fairfax's ceo says he plans to operate blackberry has a private company. >>> s it what a record- -- it was a record-opening record for apple phones sell since the phones went on sale on friday. >>> the sacramento kings are set to make a big announcement about a former nba great, joining its ownership group. the kings will formally introduce shaquille o'neal tomorrow. he has acquired a minority stake in the team under its new owner. shaqer to month meanted the kings with the -- toremented the kings with his career with the lakers. he wants to stay in sacramento rather than move to seattle. >>> changes are coming for disabled visitors at disneyland. starting oth 9th disabled guests won't be able to jump to the front of the line. instead, they will receive tickets with a return time and shorter wait, similar to the fast pass system. the changes are due to reported abuses for people with disability passe

fairfax financial holding. shareholders will get $9 in cash for every share they own. shares plunged friday after the company announced 4500 layoffs and a loss of nearly a billion dollars. >>> we still don't know how many stores wal-mart will build in the district. but we do know that the company opened hiring centers for two new locations today. the recruiting employees for stores at 2nd and h streets and along georgia avenue and northwest. just like last week, the d.c. council failed to override mayor gray's veto, which warned could jeopardize its plans in the city. >>> happy homecoming this morning out of joint base andrews. >> about 75 reserve troops with the 459th air refueling wing reunited after several months overseas. kristin fisher was right there with them on the line. >> i'm going to see daddy. >> five-year-old, luke, and his older brother, william, haven't seen their dad. it's more like 60 days. but, that's long enough for mom, stephanie aiken. >> this is deployment number 6. >> the weekends are the hardest. everybody else is with their families and having

. >> fairfax financial holdings will lead a buyout consortium, valuing blackberry at $4.7 million. shareholders will get $9 a share, slightly higher than the trading value. the head of fairfax says it will open an exciting chapter for blackberry, customers, and employees. it's unlikely to include product aimed at every day users. >> on friday they'll move to a business focus, that it taps out of the consumer smartphone market and said apple, samsung, android, it's yours. >> company headquarters are in toronto, the canadian government refuses to comment. the buyout will not say 4,500 employees that will lose their job. >> it's a brute disint grayings of a company that owned half the smartphone markers. their inability why to connect with buyers' demands meant the signal dropped out years ago. >> another big company is going public. autogiant chrysler is taking first steps to go public, 15 years after leaving the market. they are filing paperwork for an ipo to raise $100 million. the shares will come from a workers trust holding 42% of a company. >> it may be resolved by fiat that wan

blackberry announced on monday that it will be bought by canada-based fairfax financial holdings group for $4.7 billion. the group currently holds about 10% of blackberry shares. the final purchase price will be decided after november. blackberry had a nearly 20% share in the global smartphone market back in 2009. but its market share has dropped to less than 3% in recent years. last week the company announced it will cut 4,500 employees or about 40% of its workforce. >>> thousands of retired au autoworkers in the u.s. are trying to cash in on their stake in the chrysler group. they've forced the company to file for a public stock offering, but the u.s. security and exchange commission. a trust set up to provide medical coverage for the retirees will try to raise up to $100 million through the offering. the trust owns 41.5% of kpris her shares. some observers see the move as an attempt by the trust to increase the estimated value of its holding. italian automaker, fiat, is trying to acquire the stake. it owns the majority share of chrysler. the two sides have been unable to agree on a

blackberry announced on monday that it will be bought by canada based fairfax financial holdings group for $4.7 billion. the group currently holds about 10% of blackberry shares. the final purchase price will be decided after november. blackberry had a nearly 20% share in the global smartphone market back in 2009. but its market shares dropped to less than 3% in recent years. last week the company announced it will cut 4500 employees, or about 40% of its workforce. >>> time for a check on the markets. u.s. stocks ended lower monday. the dow jones industrial average shed a third of a percent to end up 15,401, continuing their drop from friday. the negative performance was due to jitters over the u.s. economy, as well as continued uncertainty over budget negotiations in congress. well let's now head ear to ee line lee. markets in japan have some catching up to do after being closed for a holiday monday. how are things looking at the moment. >> good morning, ai. let's take a look at the opening levels for tuesday, september 24th. the nikkei is lower by 0.5%, at 14,668 points, after ending

because of the sale of the company to fairfax financial holdings. the company issued an early peak last week that shows its losing money due to underwhelming sales of the blackberry z10. and google turns 15 today. chris gersch of altimus capital joins us on this friday morning for a look at the trading day. good morning chris. the rally yesterday felt an awful lot like window dressing to me. what do you think? > >good morning angie i think you're right. it is window dressing. i think those shorts were just taking some profits. it looked like it was gonna be a little bit more with it rallying really strongly at the beginning of the day but a series of lower highs and lower lows---just of a bit of a rally on the end. i think that today, this morning traders are well positioned for another selloff. > >what do you think about facebook? this is a stock that portfolio managers seem to have to own and it traded above $50 yesterday. > >as far as facebook is concerned right now, it's about double from where i sold it. it's a painful recognition as far as hav

the smartphone maker signed a letter of intent yesterday.blackberry will be sold to fairfax financial holdings for $4.7 billion --and will go private. fairfax already owns 10% of the company. blackberry's ceo called it an exciting new chapter. stockholders will receive $9 dollars per share in the deal. blackberry recently reported a $1 billion loss for last quarter. a new tablet surfaces on the market. microsoft unveiled its surface pro 2 this week. the new model has an updated kickstand, which may appeal to laptop lovers. it prices in at 899 dollars. for users who are looking for a less expensive device, microsoft updated its original surface tablet, for 449 dollars. it recently cut the price on its first generation of tablets due to slow sales. new models go on sale in late october. there are apple records, such as those produced by the beatles and then there are apple records as in more apple i- phones sold in a launch---ever. our cover story looks at the latter and whether including china sales makes this a case of comparing apples to oranges. three days after the latest i- phones went on

. >> reporter: its largest shareholder fairfax financial holdings will lead a buyout consortium.s valued it at $4.7 billion. under the deal shareholders get $9 a share slightly higher than the currents trading value. in the a statement the head of fairfax said this transaction will open an exciting chapter for blackberry, customers and employees. that is unlikely to include every day smart phone users. >> i think the hardcore blackberry users but it's on friday when they said they were moving to a business focus that they are tapped out of the consumer smart folk market, said apple samsung, apple it's owl years now. >> reporter: the company is head quart earth in canada but the government will comment. the 5,000 employees will lose their jobs over the next year, it's been a brightal disintegration of a company that once commanded half of the u.s. smart phone market. but the inability to connect with desire and command means its signal dropped out a long time ago. >> blackberry could perhaps deal with one of these, a rare 1880 gold coin which has gone from small change to a small

. >> fairfax financial holdings, on friday blackberry announced a net operating loss of more than $1 billion. it would lay off more than 4,000 workers. blackberry has a struggled to compete in a market dominated by iphone and samsung. >> what we have been watching is the very slow fairly painful and public death of blackberry. the public scrutiny of what comes as a public holding company, fairfield financial holdings making a takeover. its numbers won't so closely be looked at. it is a rehow they are going to move forward now. that's the key, the company said this is a new exciting clap. what remains to be sooner and what they can, see if they can get back to the market or they simply abandon frying to get into the consumer smartphone market altogether. and cede the market. >> all right cath turner, let's update you on the situation in nairobi kenya, our top story throughout the day in al jazeera. the standoff at the westgate shopping mall continues. those are live pictures. third nightly of the siege at the shopping center which began on saturday when al shabaab fighters stormed the

fairfax financial holdings. shareholders will receive $9 in cash for each share. the canadian warren buffett. apple sold 9 million iphones since launching the new products on friday. the demand for the iphone 5s now exceeding supply. lamarck hiring 55,000 seasonal workers and promoting 70,000 more. as the holiday season heats up but also means the world's largest retailer will be providing more workers benefits. usually making 40% of the store's annual revenue. those are some of the hot stories on foxbusiness.com. we have more, we are not stopping it. why americans say good things ahead for the housing market. the white house has a solution to bring down costs under obamacare but are they sacrificing quality care in the process? stay with us. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't tra

blackberry, we have learned, has agreed to be acquired led by fairfax financial holdings for $4.7 billionhe story coming up in the next hour here in the "cnn newsroom." take a quick break. more news right after this. guten morgen guess who? mr. mojito? ok it's got to be really fast, i've got one second hey no way wei hey, ca va? nudeq nuqdaq duch doch bolz stop calling me oh my god, no! how are they looking? we did it baby woohh oi ma yerp yerp moshi moshi, meow what?! ♪ maestro of project management. baron of the build-out. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. (aaron) purrrfect. (vo) meee-ow, business pro. meee-ow. go national. go like a pro. i worked a patrol unit for 17 years in the city of baltimore. when i first started experiencing the pain, it's, it's hard to describe because you have a numbness... but yet you have the pain like thousands of needles sticking in your foot. it was progressively getting worse,

the contract change was negotiated by fairfax financial holdings, who owns 10% of blackberry, which isacquire blackberry. seems like a real conflict of interest. the losers are blackberry shareholders, blackberry employees, 4500 of whom are going to be laid off and won't receive any golden parachutes of their own. >> that's the whole point. you want to tie it to performance. if it was tied to the stock rather than a renegotiation of the deal, he would be, you know, going the way of the stock. and so, you know, he would be measured on performance versus getting this golden parachute. when somebody looks at blackberry's downward spiral and sees the pay the ceo could pocket, if the company is bought, it doesn't seem excessive to you? >> i agree this size of golden parachute makes for a great headline but i don't know how much he should earn. you don't know how much he should earn. i don't think your own guests knows -- >> is it $ $55 million given the company missed innovation, lost market share, forced to sell out? should it be $55 million. >> i'm not sure i'd want to be the ceo of black

blackberry shares higher, the report from london's sunday times indicates chairman of fairfax financial holdingsg the support from canada's biggest pension fund, pension plan investment board closing in in on a rescue deal. wassa emerges as the leader of blackberry privates. have to keep an eye on his move. blackberry is said to be trying to wrap up this auction process by november. yahoo! up on a report that alley bab bra ba may try to list here than in japan. on-line travel is a bright spot. the analyst upgrading expedia to a buy. remember expedia saw a big drop in its stock after last quarters earning report. can it make a comeback? that's what the street wants to know. apple shares breaking $500 a share ahead of its anticipated event tomorrow. keep in mind the move we're seeing is feeling the nasdaq 100 to a 13-year high. sue? >> thank you very much. that apple event expected to fall on our watch at 1:00 p.m. eastern time. let's check in on interest rates. the yield on the ten-year at 2.90%. the dollar on the move. rick santelli is tracking the action of all of that at the cme. hey, rick. >>

. >> we know now because they bettered a letter of intent, agreement with fairfax financial holdings.mpany oenwns about 10% o the stock here. a possible deal involving fairfax financial, a huge shareholder. with blackberry itself. details coming out a possible deal size could be in the range of $4.7 billion. these headlines are coming fast and furious. what we know, fairfax financial, a large shareholder in blackberry, into an agreement, a letter of intent, agreement with blackberry, on what could be a possible takeover here. the size could be about $4.7 billion. tyler, again a breaking news situation. we'll bring you more details as we know them here. for right now that's why blackberry shares were halted. back over to you. >> thank you very much. $9 a share, jj burns, on blackberry is the tentative offer price here. alex trippen our producer says they have six weeks to do due diligence on this company. is the company worth that? >> well, it depends on who the suter is going to be and how they will leverage the company. where they can leverage the company is in the 72, 73 million sub

fairfax financial holdings is offering 9 bucks a share to take the company private. all this comes after the smartphone maker on friday warned that its net operating loss would be far steeper than wall street expected between 950 and $995 million as consumers turn up their noses at the company's new blackberry 10 phone. the company is also poised to cut 40% ofity staff, around 4500 workers. so where's the company go from here? some suppose it might be sold for farther. one likely scenario, the riskier phone hardware business might go away while the software and services live on. we'll see. tyler? >> better to tell you face it face. all right, jon, thank you very much. >>> one company which was down in the dumps and has rebounded is facebook. the stock breaking through $50 a share for the first time ever. it's up more than 100% in the past three months. julia boorstin follows the company for us. what are they doing right? >> recently there's been a slew of positive analyst upgrades. and the facebook stock has really been soaring on a momentum upswing. share are up abo

fairfax a private company? adam: far fax financial are, fairfax financial holdings limited.are. >> this is a public company. here is interesting thing about it. i know a little bit about this company. they're some sort of a insurance conglomerate. if this is the right company, run by a guy named watts. i met watts son a couple years ago. they were target of short sellers. they were m this. this was interesting lawsuit. they went out and filed suit against the alleged short sellers, including as i remember, sac capital and jim chanos. they went down the line. i believe dan lobe of 30 point capital. this was a huge lawsuit a couple years ago. i don't believe it went anywhere. it was kind of interesting. shorts said this was a stock may have been kind of a fraud. that's what they were implying. the company never reached that, the company, shares actually went up over time. here they are buying blackberry. adam: it is canadian company, right? >> it's a canadian company. from what i understand it is insurance conglomerate. lori: it is public. >> insurance conglomerate buying bein

fairfax financial holdings is planning to buy blackberry for about $4.7 billion. blackberry has had major trying times. you mentioned the layoffs. the company planned to lay off 40% of its workers. also the company posted second-quarter losses of about a billion dollars. the z-10 and q-10 models hadn't caught on as much as they expected. it was hard to believe this company was once king of the market in terms of smartphones. they halted trading about a half hour ago to limit volatility and now it's traded slightly higher. it looks as though investors might see this as an opportunity perhaps to sort of limit some of our blackberry's losses previously. >> this announcement, how big of a shock was it today? >> listen, the writing has been on the wall for some time. people had been asking, how long can blackberry really survive on its own. it mentioned those layoffs it announced on friday. it hasn't kept unwith competition. it once commanded 50% of the market play and now it only has 3%. they said they're going to be focusing on corporate customers. they're not sure h

. >> the latest report from sunday times indicates that chairman of fairfax financial holdings, blackberry'sled billions in backing from canada's biggest pension fund, canada pension plan investment board. other canadian pension funds are also expected to back watsa's bid. this continued buyout speculation is helping shares of blackberry move to the upside. >> thank you very much for that. >>> new colors, new phones, new prices, maybe a new tv? just what does apple have up its sleeve for tomorrow's big announcement? this day has been a long time coming, jon fortt. >> it will be a launch unlike anything we've seen yet. i expect to see a whole new tier of iphones. how will apple differentiate between the high-end iphone or midtier. expect to see an iphone 5c grab a lot of attention. its case is plastic, maybe apple's worst-kept secret ever. photos have been leaking out of chinese factories for month, it comes in yellow, red, green, blue and white. the things investors should care most about, what features apple will offer at the various tiers? let's take a look at possibilities. at the high en

. >> shares of blackberry holding at that $8.75 to $8.80 level so we're talking about below the $9 a share price it received in a letter from fairfax financialx is one of the biggest holders of blackberry stock right now. fairfax has sat on the head of blackberry so knows the company quite well. if the deal does go through we're talking about a company worth $4 .7 billion. i say if because there's a lot of questions looming. where are they going to get the financing from? will financing go through? remember, fairfax can still walk away from the deal. this is is only a letter of intent. and blackberry can shop itself to potential suitors. as you see, the market is definitely pricing in some uncertainty below the $9 a share mark, maria. >> sheila, thank you so much. joining me at oracle open world is dan niles. he's been a great technology investor. chief investment officer are alpha investment officers. good to see you. thanks for joining us. let's get your take on blackberry. fairfax offering $9. the stock rallied earlier. now it's flat. what do you think about this? >> the shareholders should be absolutely thrilled because my view on blackb

his fairfax financial holdings is blackberry's biggest holder. dell is set to hold another shareholder meeting. michael dell is likely to win back his backing for his 24.4 buy back of the company. last-minute intervention from dissidents -- >> no. please. >> carl icahn. keep sleeping. >> take a look at shares of dell. >> too early. >> that's pretty much where the deal is now. people are expecting it to -- >> this doesn't go through -- you know what, we had so much success with that brady sports story. i'm leaving -- >> business news? >> yeah. if dell doesn't do this, you know, i'm going to -- >> you're going to start writing for deadspin? >> no. >> interviewing -- well, you wouldn't have seen any of it. it was on espn. never mind. a mega bond offering is coming with the brady -- he's that quarterback, this game called football. >> i heard. >> we had all kinds of pickup on that piece. you know why we had it, which is sad, you use the word terd. >> yes. >> and the stupid sports media, tom brady used the word terd. >> and talking about johnny manziel