i remember ford's triumph. republicans and democrats typically have leadership elections on the same day. in 1990, another kentucky senator had his own leadership election running for the chairman. that senator lost, however. that senator was me. that december, kentucky senators won one and lost one. the duties of the web are not necessarily intuitive to people. the primary functions of the web are t persuade party members to support legend, encourage attendance at votes. the expression whip is of british origin. and 18th-century member of parliament and conservative philosopher appears to be the first to use the phrase. he likened the british lawmakers trying to secure the attendance whipd support of to the around. the member of a hunting party who, brandishing a whip, try to ensure the hounds on a fox hunt stayed focused and did not drift off course. having held the position myself, i can assure you it is a difficult job. don'tand once said, votes flutter down like handbills from an airplane. they don't shake

senator wendell ford. mcconnell focuses on ford's early life on a dairy farm, his entry into politics, his campaign for majority whip, and his lasting legacy on kentucky politics. the wendell ford government education center in ellensburg, kentucky hosted this 45 minute long event. [applause] >> good afternoon everyone. my name is elizabeth griffith, the executive director of the wendell ford government education center. it is my pleasure to welcome you to this historic tribute lecture honoring senator wendell ford featuring majority leader mitch mcconnell. before we begin, i would like to share our mission and the relevance it serves in our world today. as you all know, senator ford believed that students need a better understanding of how our government operates and that the principles by which he conducted his work, civil discourse, cooperation, and the willingness to compromise are vital to our nations future. in keeping with this mission, the center of established the statesmanship academy in 2012. th

we will be talking with bill ford jr., or actually bill ford, the executive chairman of the ford motor company, coming to us from the company's headquarters discussing this decision in terms of dropping mark fields as ceo. he's being replaced by jim hackette. jim hackette, formerly the ceo of steelcase, board member at ford for a number of years and then took over the smart mobility business about a year, maybe a year and two months ago, and he now will be at the headquarters and we heard from him just within the last hour, saying look, we need to move faster, we need to make our decisions more unified as a company and as part of that, we are going to be talking with bill ford about what happens next for ford and about this decision, how quickly they decided the ford board decided because there's already reporting out there they have been mulling this over for some time as far as making a change. >> phil, we just heard from robert frank about the ford family and obvious frustrations over the stock price. is the read this morning that this move is to patch up that stock, or to truly gra

bill ford, great grandson of henry ford, saying the new ceo will transform ford for the future.ow with more on the ford family and the important role it continues to play clearly at this company. robert? >> as you mentioned we still don't know exactly why and how this happened but one of the drivers we can be sure, or maybe the biggest driver of the change at ford, was the ford family. they own less than 2% of ford shares but they on 40% of the voting power and that's through a special class of super voting b shares held through a family trust. so any big shift at ford still goes through the ford family. now, there are two family members on the board, edsel ford ii and his cousin, william clay ford, jr. we call him bill. in a rare view into the family's financial concerns two weeks ago, bill told shareholders quote, we are as frustrated as you are by the stock price. the ford family wants the stock to go up. our net worth is tied up in this company. of course we want it to go up. now, their net worth on the other hand appears actually to be going down. the family had a net worth

this is the ford family. >> how much of this is just the stock price being frustrated with the stock price being down? >> well, this is a problem with dynastic family wealth in a lot of companies right now we've seen it with the old publishing newspaper chains and others where the family's growing larger than the wealth is expanding. and as that is getting thinner they're getting anxious. and that capital we've seen it at dupont, at newspaper empires and things. it's a shame. they should have been more patient. this is a family that has less than 2% of the stock, maybe a little more than 1%. and, they control 40% of the vote. they could have -- they could have looked at the long-term, and the way forward program that mark pioneered, that bill ford rode and allen rode that was mark's turnaround plan. they didn't get projections, just like phil saying when are they going to make money on this new technology investment. people were pressing the same queue on the way forward campaign. mark delivered that over a y

this is a swift move by ford.pany that generally has a long history, for the most part of having rather smooth transitions when it comes to ceos but mark fields was a 25-year veteran when he was elevated to the top spot in 2014, following a successful run. but now fields is out. if you look at ford's stock since fields took over in july. 2014, it's easy to see white board said we need to have a better vision or more clarity in terms of how ford is going to be profiting in the future when it comes to adjusting to a world where the auto business is more than just building the most popular vehicle in the world, the f-150 and being popular. in fact, ford shthe second most profitable year last year. the ford board is removing mark fields. he's out. replaced by jim hackett. who has been president of ford's smart mobility business. that's a business they're investing heavily in as they're trying to develop autonomous drive vehicles, as well as electric vehicles. really, the future of mobility. the problem for ford has be

battle of ford versus tesla? >> absolutely. that should not be a surprise to anyone on this desk. >> to the risk/reward -- >> everybody's playing by their own rules. >> like frat night. >>> president trump continuing his first international tour since taking office. investors might want to keep their eyes right here in the u.s. jim vandehei said a storm is brewing here at home. he'll explain what it means for the markets right after the break. here's what else is coming up on fast. >> there can be no false steps now. the higher up the mountain, the more treacherous the past. >> up nearly 15,000%. is it too dangerous to own after the monumental run? >> it's just bit coin. exploding to record highs. could the major move be a bad sign for the market? we'll explain. much more "fast money" still ahead. dear predictable, there's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced, our senses awake, our hearts racing as one. i know this is sudden, but the

phil lebeau has more on the change and future of ford. >> with ford shares hanging close to a five-year low, bill ford and the board of directors made a dramatic shift. mark fields, ousted less than three years after becoming ceo. >> we need to be quicker in our decision making. we need to have clarity in our messaging and communication. and we also need a leader who has transformed a company before. >> the new ceo is jim hackett, 62 years old. while his time at ford as a director and most recently running the company's mobility division have been limited, hackett has seen enough to know the automaker needs a fresh approach. one that echoes the winning formula of former ceo allen mullally. >> he did a special thing to get the company to be a community again, with this structure that he created. it worked really well. in fact, we're going to use parts of it in the way that we monitor our success. >> ford is not a lost cause. it's still on track for one of its most profitable years later. tesla and waymo are developing technologies like self-driving cars. the biggest challenge facing jim

what is next for ford? plus, we highlight the specific american companies signing big deals on the president's trip to saudi arabia. these are stocks you've got to see and searching for the next janet yellen or ben bernanke as we put the best and brightest high school economic students around the country to the test. more halftime report right after this. there's nothing traditional about my small business so when it comes to technology, i need someone that understands my unique needs. my dell small business advisor has gotten to know our business so well that is feels like he's a part of our team. with one phone call, he sets me up with tailored products and services. and when my advisor is focused on my tech, i can focus on my small business. ♪ ♪ >>> a big reason why we continue to watch defense stocks. you own a lot? >> we don't. we missed this. but if you're going to look for a bupullback, but you've good t good tail wind. >> i didn't meanmy. >> this is a pretty bold call. obviously, it's in the mall sp

a severe blow to ford. after several years top leadership positions including president and ceo at the time. the stock really quick in the premarket. for the big-name and to watch today and we will get to board up for you in just a moment. the stock under a lot of pressure as we watch live pictures out of israel and the arrival of president trump. watching some other headlines this morning in the business world as well. huntsman corp. reaching an agreement to merge an all stock deal again in "the wall street journal" this morning. this creates a chemical giant worth 14 billion. shareholders on 52% while huntsman alone the rest rest based on their current values. chief executives ceo taking the chairman role over. i do want to move away from these live pictures, but there is a vague. the billboard music award decided to stay away from politics. the big winner, rapper drake, took in 13 awards, but the pop superstar cher and celine dion in the turn back time for their fans. that's quickly watch. we will go ahe

chairman bill ford knows how disappointed investors are with ford's shares. >> we're as frustrated as you are by the stock price. a couple of people have said, does the ford family care about the stock price. the short answer is, yes, a lot. >> reporter: bill ford and his family have seen the automaker go through major restructurings a number of times over the years. but unlike past job cuts, this time the automaker is profitable. and the market remains relatively healthy. phil lebeau, "nightly business report," chicago. >>> two private equity firms push for change at etsy. that's where we begin. after disclosing separate stakes in the website, tgp holdings and dragoneer said they would carefully consider all options to enhance shareholder value. etsy's shares rose 21% to $13.73. >>> vodafone recorded an annual loss as it suffered a write down in the value of its india unit. the company sees earnings for the year above street estimates and said it also expects its cash flow to improve. shares of vodafone rose more than 4% to $28.69. >>> h&r block's ceo is retiring this july. the tax p

then there's the other ford. the one spending heavily developing autonomous drive cars, electric models, and mobility solutions. ceo mark fields calls it one foot in today, another placed in tomorrow. and on the company's annual meeting webcast, he said the investments in the future of transportation will eventually pay off. >> we're going through this transition. we're embracing it. i think you'll see a lot more exciting news on this to come. >> reporter: fields may be excited about ford's future, but investors are not. ford's stock now hovers around $11. even bill ford, chairman of the company, admits he understands how investors feel. >> we're as frustrated as you are by the stock price. and a couple of people have said, does the ford family care about the stock price. the short answer is yes, a lot. >> reporter: that's because the ford family owns the majority of the voting stock. so they profit when ford shares go up. is mark fields in danger of losing his job? no. he still has the confidence of bill ford an

still ahead in the next hour, an interview with ford motor chairman bill ford on the board's decisionname jim hackett as ceo. this is bloomberg. ♪ mark: live from london and new york, i am mark barton. and i'm vonnie quinn -- vonnie: and i'm vonnie quinn, this is "bloomberg markets." let's head back to boston, and while domestic issues are front turmoil in, countries like brazil is also impacting business. bloomberg's david gura is at that conference with the ceo doing business in latin america. shimane, thes mark ceo of cinemark. let's start with latin america, a hugely important economy. tell me just about how important it is to you? >> latin america is very important to cinemark. we operate in 15 countries, up and through central america. it's about 25% of our business, so it is very important. david: we've seen that little tensions escalate in brazil over the last week or so. how much does that affect your business when there's a political event like what we saw last week? >> clearly it was a big events. for us, doesn't affect moviegoing that much. even over the last 24 months in

it's not over for ford.putting transportation service front and center and mobility, but the question people ask, is there room in my monthly payment to pay ford an additional cost to sell them data or better access, you know, my data, you know, it's mon big data. that's the question. if they answer that, the stock's off to the races, but that's why jim has been chosen as the new leader. >> all right, fascinating, guy, thank you, both. >> sure thing. >> thank you. >> on the future of transportation. >>> hedge fund manager carmen known for value investing, and what a investment in cloud computing, winner of 142nd running of the preakness. what he had to say about the play. federal appeals court rejecting the faa's requirements that consumers register their drones with the government. coming up, hear from the plaintiff in the case on this big victory for drone enthusiast. stay with us. >>> welcome back. it's fast take time, first it was disney keeping ceo bob, and new cbs is keeping its ceo for two more years.

gerald ford, nobody outside of one congressional district has voted to for gerald ford. he has his hold on the republican party very tenuous and he wants to run for 76 but he confuses nixon's appeal with nixon's policies. he was barely conservative but not as conservative as reagan. [train horn] >> he pursues nixon's policies, continues dÉtente, his fiscal policies, to the bench. this creates an opening for conservative challenger 76 and some looked at it but reagan was the only one who was serious about it but the reality is carter beats ford via narrow margin. >> ford gets 240 a left oral votes. he carries ohio. >> ohio, carter carries ohio 1976 by 6000 votes out of 3 million cast. the headquarters in ohio, a lot of suspicion that the teamsters wouldn't do that. >> mayor daley wouldn't do it either. >> the fact that ford came so close would indicate a shift. but reagan definitely in his wilderness. >> he immediately creates a political organization citizens for the republic to advance his conservatism it helps candidates running for office. he embarks, restarts his rad

he want today do what jerry ford had done famously. jerry ford had a model he called the spokes of the whole where you would have 5-7 advisors with equal access coming and going and for ford it was a disaster. within a month, ford realized it was chaotic and dysfunctional and like drinking from a fire hose. he reached out to rumsfeld and powered him. that was a month in but with jimmy carter it was two and a half years. the carter administration were warned the spokes on the whole didn't work. >> dick cheney was telling jack almost every day. >> yes, he was. he left when we took over and moved in on january 20th and moved into the west wing there was a broken bicycle wheel that

when allan left ford, ford was on the right course -- >> so he's ruined it?> well it was chang and change. i wouldn't go forward and say it's ruined, the company is still macking a lot of money. talking with bill ford back when allan left, one of the things he told me,-o you know, even thoug we're successful the thing that still keeps me up at night is our success going to go to our head, make us lose or edge and not having the culture to make us win. hack card is a great addition to the company. his expertise, what he's known for is coming in with a very positive culture, that's what allan did. also in addition to that, having a vision for a company that's bigger than just what it's doing right now. if you look at what he did with steal case. he took it and said we're not just making office furniture woo macking work spaces. that type of forward thinking, of challenging the organization to become better than itself is something that allan brought and every company needs it if it wants to stay ahead in the market. >> thank for your in sight. thank you. >>> he

in gerald ford. so he has his hold on the republican party very tenuous. and he wants to run for '76, but he confuses nixon's appeal with nixon's policies, is and he was by and large, he was fairly conservative although not as dave as reagan -- not as conservative as reagan. is that for trump? >> i don't know. [laughter] >> you just sent the train through. [laughter] but, so he pursues all of nixon's policies. he continues detente. he continues his fiscal policies, he continues to appoint liberal jurists to the bench x. this creates an opening for a conservative challenger for '76, and some looked at it, but reagan was the only one who was serious about it. >> but then the reality is that carter beats ford by a narrow margin. >> extremely. less than 2%. >> right. so -- in -- >> and ford gets 240 electoral votes. >> right. >> if he carries ohio -- >> he would have had it. >> carter carries ohio in 1976 by 6,000 votes out of every 3 million cast. and, of course, the teamsters are headquartered in ohio,

senator wendell ford.cconnell focuses on ford's early life on a dairy farm, his entry into politics, his campaign for majority whip, and his lasting legacy on kentucky politics. government ford education center in ellensburg, kentucky hosted this 45 minute long event. [applause] >> good afternoon everyone. ,y name is elizabeth griffith the executive director of the wendell ford government education center. it is my pleasure to welcome you to this historic tribute lecture honoring senator wendell ford featuring majority leader mitch mcconnell. before we begin, i would like to share our mission and the relevance it serves in our world today. as you all know, senator ford believed that students need a better understanding of how our government operates and that the principles by which he conducted his work, civil discourse, cooperation, and the willingness to compromise are vital to our nations future. in keeping with this mission, the center of established the statesmanship academy in 2012. the academy curre

and ford mows down ceo mark fields. we'll get you a live report on the automaker's reasons for letting a ceo go. we're less than an hour to the closing bell on this monday. let's start the countdown. ♪ ♪ liz: breaking news with the dow up 87. there's a last-minute strategy session going down both at the white house and on capitol hill ahead of the big unveil. tomorrow the white house budget will be released but ahead of that, we just learned that vice president mike pence will be specifically meeting with house weighs and means committee chairman kevin brady among others to talk tax reform. not just the budget. they will be talking about tax reform. so i need you to watch the lower ticker here. watch the markets because any time there appears to be some type of break through with tax reform, the markets move higher. the president of course is looking for a legislative victory, even as the fruits of his oversees trip are helping move stocks higher today. stocks really began a gain after a weekend that saw the announcemen

same true ford versus gm. gm up double digits. ford down double digits.rk field has invested a lot in new vehicle technology, driverless cars. investors are concerned that those investments won't necessarily bear fruit n fairness to ford this, is not just a ford issue. if you look at the inventory right now of all three, big three detroit automakers they have a lot more cars than they need right now in terms of inventory. gm with almost 100 days of supply. ford with 83 days. fiat chrysler with 81. when it comes to lay people off, that is what you want the company to do, make too many cars that sell at a loss, show up in washington, gee, can we get a bailout? liz: we remember that. we remember the bailouts. but i have always argued, i know you're on my side on this. david: if you're going to bail somebody out, bail out automakers who actually have employees who make something versus the banks who move chess pieces on a board when it comes to, you know, the stock market and investing. i'm glad that auto workers were saved. reporter: ford employs 100,000 by

bill ford on the screen moments ago. chairman of ford, he wants to be forward-looking as well.s helping the stock a little bit, not that much. ford stock actually, the company, is weighed under by a mountain of death. liz: 49.7 billion in short-term. 93 billion in long-term debt that is swamping the market of that company. company. stuart: they want to change the situation, look forward, get away from the old style of the auto company. that is what they're trying to do. okay, dow industrials, 94, 95 points higher, right at 20,900. now this, and contrast. president trump strides across the mid-east, warmly-received. renewing friendships with allies. anything but an apology tour. then there is the democrats and the left and their behavior over the weekend. i will start with that. in california top democrat official led the crowd in an obscene anti-trump chant. he didn't just stand by, no. he started it. and the crowd responded with raised middle fingers. such is the respect, coastal elites feel for our president. and then there was notre dame. vice president pence gave a speech,

it was a big shift for ford. bill ford is the chairman and he is speaking right now. years ago and took over and shook the place up. he was big about the environment and he said we will take a different path from the rest of the auto industry. he has done this before. alix: it takes along time to change what happens at a carmaker. two years is not enough and maybe three years is not enough. jonathan: here are the big events this week -- on tuesday, we will get president trump's budget proposal will stop wednesday, the federal reserve minutes and on thursday, opec meeting indiana and we wrap things up friday with a g-seven summit. david: people think the fed may make an action on the balance sheet this year. jonathan: the president of the new york fed told us that. be in houston thursday and i will talk with the shale players to get their response on oil. in and we26 minutes are up by 0.5%. you are watching bloomberg tv. ♪ vonnie: the new ford ceo jim hackett is speaking out for the first time to address the public and the press since becoming ceo of ford. let's listen

keith: that is a hard nut to crack with ford.cial group of stock that gives them 40% voting power. julia: jim hackett comes from the future are giggly of the , ridesharing, the electric -- from the future arguably of the business, the ridesharing, electric cars. how can they compete with the likes of gm and the likes of google? keith: it is the dual challenge. they did seem to be struggling in both areas. ford believesbill jim hackett can do it better. he really changed the culture at , ridesharing, the steelcase and got them to think in a different way about creating solutions instead of just office furniture, and they did a lot of work in silicon valley. jim hackett has some strong connections out there. he worked directly with steve jobs. they think he has the connections and vision to take them forward. julia: we will have to see. raising itshe eu is hardline on brexit talks. what we can expect as the divorce process gets underway. this is bloomberg. ♪ . . . . julia: it is 3:00 p.m. in new york, 12:00 p.m. in san francisco, 8

and ford chairman bill ford replaces mark fields with jim hackett.e discussed were the automaker goes from here. joe: let's look at where the major averages stand as we head towards the close. abigail doolittle is standing by. looking at solid gains for the major averages heading to the close. the outcome s&p 500, and nasdaq all nicely higher. look at the nasdaq, really being helped by strength in cap. -- techy. all three indices are higher for the third day in a row. we are in a bit of a bullish stretch. the responders on business deals announced in saudi arabia around president trump's trickett. one such stock is the blackstone group. shares on pace for the best day since early december, as the infrastructure fund and $40 billion, and they have plans for $100 billion of investment longer-term, but the idea that saudi arabia's public investment fund has committed $20 billion, has upgraded shares on blackstone group, saying that this is "an impressive initiative." other brokers on saturday deals estimated, and new guinea dollars worth of deals out of

david westin joins us with consecutive chairman bill ford. david: we are with bill ford.i just you coul forget you and your new ceo of the news conference and the words i heard from you time and --in our focus and speak at focus and speed. tell us what you need to focus on and what you need to get to faster. what we need to focus on is our mission going forward. we are in a time of unprecedented change that offers amazing opportunities, but we have to be very select the, we have to be -- very selective, we have to be clear about where we are going to play and how we are going to win, and we have to articulate that not only to our employees, but the investing world. that is the focus. we live in a world where the clock speed is increased dramatically. inthat wempetitors haven't seen before. need to get ourselves into fighting shape very, very quickly. said positive things about mark fields, the outgoing ceo, but it must be some change you want that you didn't see happening before it is it a different set of priorities were going towards the same priorities at a quicker pac

those are the to—do list for ford and their new ceo.hank you for watching this first half of outside source, i will be back with you in a couple of minutes and we will have some of an interview that prime minister theresa may has done with the bbc‘s andrew neill today. that is coming up. hello, taking a look at what is happening across the globe with the weather, relating to extreme heat and also extreme heavy rain. that will be the story started in north america where we are dragging up warm airfrom the gulf america where we are dragging up warm air from the gulf of mexico, colliding with drier air from the north which is sparking these dramatic thunderstorms. some very significant rainfall is in these downpours with potential for further fanatic activity as well. —— tornado activity. anywhere from is used over into georgia. at the centre on the west coast, extreme heat could be a feature and the could have temperature into the 80s in aaron hunt, the first time that has happened since last august. across the caribbean, things are quiet

for the last year ran the ford mobility unit that is the future, says ford.e past, the history is mark fields. he spent half of his life at ford. 56 years old. he spent 28 years there, last three as the ceo. had pretty good success in course of his run in my opinion. cars sold, all-time record, up to, since the recession. profit, 4 1/2 billion dollars last year. that was pretty good and a record since the recession. relaunched the f-150 successfully but the stock in the tank, down 37% over the course of his run. lost the confidence of the board, bill ford said. he introduced the new ceo today, jim hackett. >> the biggest challenge i have there and we will have here is to have everybody see the future, that they can see their opportunity in that, and secondly, that it is our right to win there. >> you have seen all the changes, that we've been talking about for some time. they're here now. time of great change, in my mind requires a transformational leader. reporter: bill ford says, jim hackett is the transformational leader, to lead them in the fight for the

and ford simply couldn't beat the competition. third the stock of tesla just took off, passing ford in value as it went from 240 to 310 during field's tenure. finally fields ran into the buzz saw that was president trump, pressured the plants to make small cars in mexico, which would have cost u.s. jobs but give on the company a higher profit margin. the man who replaces fields, he's a close friend of chairman bill ford who are refused to say that fields was fired, instead saying they both agreed that after 28 yearsed a ford, it would be good for the 68-year-old fords to be fired and replaced by the 64-year-old hackett. hackett worked at office cabinet company before joining ford. steelcase finished under 15 when he retired. the stock was up on a spike when it became public and the company never fulfilled its grand ambitions. in my opinion fields should have been given more of a chance. but now it's hackett's chance. i guarantee you the job won't be any easier than the one that fields did. after running a traditional oil compa com

. >>> shakeup at ford.ncement today is expected to change who's in charge of the car company. >>> and fun for free. nbc10 is helping you find ways to get the whole family out of the house without having to break the bank. >>> 5:24. hoarse here's a live picture as air force one touched down in israel. taxiing there. a minute ago we were seeing the reception that was getting ready. we understand that benjamin netanyahu has arrived. this is part of president trump's first overseas trip as president. he's said that he wants to push forward what he's described as the ultimate deal. the peace between israelis and palestinians. you see there benjamin netanyahu waiting for the president to arrive. netanyahu with his wife. he's spent time in the philadelphia area growing up. and the -- the previous administration, u.s. administration, well known to head a sort of a difficult relationship with the israeli prime minister. all that is in the past. you see the group walking up to part of the welcoming party along with p

ford felt a lot of pressure. you look at the self driving car side of the business, they did not have a clear direction or mission. those were questions ford wanted answered. g.m. has units they have acquired. they are testing in san francisco. they have a piece of lyft and our experiment in with putting those in the fleet. they have clear things they want to do with this. they have their own business maven. ford does not have any of that clearly laid out. i think they want to see some direction. emily: are we expecting job cuts at ford? >> they announced they would cut 10% of the salaried staff globally. i don't know that they will be cutting more. costs have gone up in the past two years at ford so you could see more. i think the new c.e.o. will look at the executive team and costs. you can expect there will be more executive changes and might be more cutbacks as well. emily: one of the big questions is whether ford can latch onto the more forward-looking automakers. battery making factories are about to arrive

the move aimed at boosting ford's sliding value.ropping some 37% over the last three years. the company now value dipping below two major competitors, test of the electric car company and general motors. fox team coverage live near the ford assembly company. >> the folks at fort may be about as popular as the white house press corps with the trump administration after this if what is being reported is true, could be as many as 10,000 jobs cut at ford. take a look at the statement from ford they gave to us. they did not confirm this but if you read through the lines of the statement, maybe you get a confirmation, reducing cost and become as lean and efficient as possible says afford remains a part of creating value and driving profitable growth. mark fields, the ceo come has been under some pressure even though they had their second most profitable year in history last year. as you point out, since he became ceo, the stock is down big time, double digits, so about 37%. and sales have been down, too, across the board of all the automa

all the fords were fast. building great horsepower. solid day again for ford fusion. to ricky. he has been so close. running better this year. so happy to see them go to victory lane. but i felt confident going into the final few restarts. i thought we would get our ford fusion to victory lane and we came up short but still a solid day for us and proud of everybody at richard bay sport. >> thank you, sir. >> stenhouse was 30th. now celebrating in victory lane. closest finish to any race this year. .09 over mcmurray. stenhouse victorious in talladega. the following ad is being condensed for your viewing convenience. i finally switched to geico. oh yeah? ended up saving a ton of money on car insurance. i hear they have a really great mobile app. the interface is remarkably intuitive. that's so important. ♪ ♪ >>> the trophy they hand out here in maden iron. ainl different winner we've had in ten races this year. >> i got to tell you, chris, i won in 2003 p and i still have the trophy. i don't i have nst money but that trophy is the big part of my

ford compared to its competitors. not so hot. 18% down for ford.ost 10% and fiat chrysler, the maker of jeep up big team or big league, perhaps we should say. sales have not been good either. ford down 7, 7, 4%. so it just hasn't, you know -- just hadn't gotten traction. mark fields under pressure. you know, i know mark fields very well, as you know. i like him. i think he's a great man. he's had the right strategy but committed a lot of money to building for the future while they've been profitably spending on electric cards, self-driving cars and the rest. that's concerned some about short-term profitability. they had their most profitable, second most profitable year ever last year. so as we said, look between the lines and get it. reducing costs and backgrounds as lean and efficient as possible, the main part of creating and driving growth for ford. and important to note, cheryl. they're not alone on this. gm also has been laying off folks. fiat chrysler i quoted we are very focused like we are in a down term. may be more layoffs may be to come

that's ford. and that's how you become america's best-selling brand. kimberly: texas governor greg abbott signed a bill banning section were a cities in the state. the law allows the police to question the citizenship of anyone they stop. police department across the state law areallenges to the already in the works. happening tomorrow, the fourth u.s. circuit court of appeals in rule on thel travel ban. the travel ban seeks to ban entry for people from six majority muslim countries. roaring in florida and georgia, gusty wind, dry conditions hampering the fight. 106 fires are burning in florida. thick black smoke is forcing the police to close major highways. in southern georgia, a massive wildfire forced a mandatory evacuation in st. george. in as burned 11,000 acres national wildlife refuge. --t fire has forced nearly scorched nearly 130,000 acres. one of the most famous is suggesting a new way to get to the hollywood sign for can you guess? a gondola. he is looking at ways to go to possiblyt wi

and ford's response has been not clear one way or the other?ourced report, a bit of kite flying. and a quick word on oil? we have seen russia and saudi arabia talk about cutting further their output channels 1.2 billion barrels a day. that has sent oil higher. but oil is in this kind of goldilocks period at a trading price which is great for the world economy. and the international energy agency will release its estimates of april 0pec production today, which will give us a sense about the 0pec members and how they are sticking to those production cuts which they agreed on last year. still to come, we will be getting the inside track on the global shipping industry, which has faced some choppy waters in recent times. you're with business live from bbc news. low—cost airline easyjet slumped into a half—year loss despite boasting a record number of passengers. easyj et easyjet shares currently down about 496 in easyjet shares currently down about 4% in london. theo leggett is in the business newsroom with more. shares have actually been down as m

he may have missed that ford and gm are doing this. however, it's worth saying this country produces about 185,000 net new jobs every month. so what the president might not want to do is focus on this one and that one but create an environment that unleashes animal spirits that gets companies to try to free up and hire people. >> there is that excitement, but he won the election in november. if he doesn't deliver those jobs that he's promised, that he's talked about a year from now, those people are not going to show up and vote for republicans come the midterms. >> we're going to have to see whether it all actually ends up happening, but we're keeping a close eye obviously on this show on job creation in america. >> we've got a lot more after the break. so much to cover. i want to talk manufacturing again. they were a major topic in the election. i got to visit a company that may be the future of the industry, not located in the rust belt, right here in new york city. >> it's going to be great to watch that. but you're going to see so

feels is retiring after -- fiel ds is retiring after 28 years with ford.rices lost one third. only one week ago, ford said it is shedding 200,000 of its global workforce, and that is about 10%. 10 to cross over to jens korte. jens, what is behind this move, letting workers go? jens: i mean, the stock price of ford gained a good 2%, so wall street welcomes the news. you could say at this point wall street -- one, there has been a lot of pressure on ford, especially after a couple weeks ago when tesla surpassed forward when it comes to market evaluation -- market valuation. in an interview a couple months ago, he said to produce cars, it is very costly and the margins are rather low. if you look at newer technology, that is where the higher margins are. if you look at this entire story from a broader angle you could say maybe the future of the car industry is not so much determined by the old car industry, by detroit, but more from silicon valley. from the technical, from the software part, it is getting more important in the upcoming future. it is certainly

the ford board likes him. he's served on the ford board for three years.onary and going to take the company forward. mark fields, though, i think if he wants a new job, i'll bet he finds one. trish. trish: i don't think he's going to have too much trouble on that front. so, by the way, what exactly replaced the office cubicle? just the lower sort of more. >> open workspace. no cubicles. although the wall street journal had a point today, had a piece today saying you know what? the cubicle's going to come back because people don't like to be bothered by everybody else in the office. so who knows who's a visionary. trish: thank you so much. very interesting story. of course we'll be watching ford closely. we're going to take a quick break and we'll be right back will you be ready when the moment turns romantic? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as

that's the pressure on ford. >> is ford the hot brand? or has gm sort of surpassed it because gm touts that they've got lots of models, including their trucks that are doing very well. i sense that gm may have a little bit more of a hot factor attached to it. >> reporter: i would say it has more momentum. it has a younger lineup of vehicles right now. and that is helping general motors. but really, when you talk about the hot brands out there, look at what's happening in the other company in detroit that nobody talks about very much, fiat chrysler. you've got jeep, you've got ram, two of the hottest brands out there. >> phil, as always, thanks so much. phil lebeau in chicago. >>> toyota issued a downbeat earnings forecast, saying profit for the current year could slide 20%, blaming increased spending in the u.s. market and a stronger yen. if that happens, it would be the second straight year of profit decline for toyota and could crimp investments in new technologies like artificial intelligence and autonomous driving. >>> yesterday we ta

automaker ford planning to cut 10% of its global workforce. phil lebeau live in chicago with more. >> reporter: according to sources we've talked with that this plan will be announced in the relatively near future whether it's later this week or perhaps early next week. here is what we're looking at in terms of ford and restructuring and cutting these jobs. 10% of the global workforce focused mainly on salaried workers. remember, there's more hourly than salaried at ford so the exact number remains to be seen. the impact greatest in north america and in asia. when you look at why mark fields, the ceo of ford, is considering these job cuts, remember, he has already pledged to cut costs at the company by $3 billion. so this would fall in line with those cost cuts. the company officially is not making any comment. reducing costs and becoming as lean and efficient as possible remains part of that work. that work meaning turning around the company, investing in the future, et cetera. we have not announced any new people efficiency actions nor do we

he revised and ford executive chairman bill ford spoke to bloomberg tv. >> i have never seen such a timery where technology and competitors and everything that is converging to drive real change. it is very helpful in a time like that to have a leader who is very experienced in driving transformational change, and fortunately we have that in jim hackett. emily: we caught up with bloomberg's david welch for more. >> what really hurt was the stock prices went down so much. their earnings have been down, they have been pulling in their forecasts, while general motors has been raising. this is common. toyota has been doing this, too. the auto market is peaking, but you aren't seeing the big company stocks down quite as much, and the board felt a lot of pressure. when you look at the self driving car side, that didn't have a clear direction. those are questions the board wanted answered. in the case of gm and others, you have business units they have acquired, they are testing cars in san francisco, they have a piece of lyft and are experimenting with putting those in the fleet. they have som

i made a case not to buy ford. >> so, ford is only acceptable to plateauing. >> you're missing the point >> the point i made is -- >> what i talked about what was the fact ford did not shed its cost and they can downside without any penalty. you're asking for a bankruptcy to clean the pa the tina. >> i'm not asking for brucht bankruptcy. >> just having fun with you. target is moving higher today. you probably know about their strong earnings right now. let me pull back the curtain. they come out this morning, they beat on earnings, revenue versus wall street expectations. then take guidance for the full year. up to the higher end of the range. however, if you have a longer memory, you know three months ago they slashed guidance. they're the telling you what they had told you six months ago. double bottom in 52. if i feel the need to be long this name, by the way, i don't. if it gets below this level, there are no buyers clearly. i don't think it will. i think it's okay. >> kevin, disney got downgraded today. you still own the stock? >> still own the stock. prefer six months you get a buy

ford did not shrink from political combat in washington, d.c. described as an almost compulsive campaigner. when the opportunity arose, -- all ran for the wendall is one of only three senators who chair there party's campaign three times. the other includes barry goldwater. >> watch the entire program on former kentucky senator wendell ford this evening at 5:00 p.m. eastern on c-span 3. c-span -- where history unfolds daily. in 1979, c-span was created as a public service by america's cable television companies and is brought to you today by your cable or satellite provider. join us tuesday morning as we head to the heart of appalachia's coal country or -- at awashington journal" coal plant to talk about coal. our guest include the president of murray energy corporation. representative bill johnson. vivienne stockman. and nick mullins. watch live at 7:00 a.m. eastern on c-span. julia: we are standing in front of the turtle bay exploration park and museum in redding, california. come inside as we look at an event -- exhibit that shares the agricu

thank you ford and capri.y have a lot of work to do right now as they headed to the senate and see if they can really and truly get it repealed and replaced. to make sure that you tune in. we want to let our viewers know we have our cameras standing by. multiple locations as reaction pours in. they had carried them to the white house. they are just arriving now. they are trickling into the rose garden. just 35 minutes ago the house got it done.

we're going to talk about ford. ford is not doing well.l you, companies that have business in europe, they're doubling what we're doing here. it's really a good story. >> euro at a six-month high today. u.k. inflation, two seven. >> they have to raise rates. look. draghi has to stop any sort of quantitative easing and then they're going to have to reconfigure. i would rather -- a german bond, it should be three times -- >> german ten year yields .42. >> it should be -- it should be higher than us. they've got more strength and, look, we were going to do a lot of -- you know, i felt we were going to do a lot of physical -- we're not doing anything. germany will probably do more because of all of the refugees. they're committed to helping the refugees. they have a very big opportunity. i continue to like europe. i really like asia. >> china's doing on infrastructure. >> holy -- they have tripled the number of big earth movers that they bought last month. china's making major moves. if it weren't for china infrastructure, we would be hurting.

he's on ford's board, been on the board since 2013. and has been leading the company's self-driving effort. so, we could expect an announcement possibly today. none of this of course is confirmed by ford, jim, rahel? >> 40% drop in stock, i would hope some changes. jill, i understands changes to cbs when it comes to sunscreen. >> yes. cvs will only sell suntan lotion with a spf of 15 or higher. also adding more natural and organic options. so, spf15, the fda's minimum recommendation. cvs is teaming up with the american cancer society and johnson & johnson, want to raise awareness about skin health. of course recently stopped selling tobacco products, as well, really getting into the health game. >> if i could finds a thousand sunscreen, i would, because you know me. i look like i have a white long sleeve shirt on with the amount of sun block i put on outside. >> i love. that will because interpreting what the spf is, a, b, so confusing. better to be transparent and try to held customers out. >> yes. and to be selling oil, suntan oil, a

we mentioned ford a couple times, we'll say it quick. below $11 million.d looks potentially dramatic. >> in the face of these potential head windzs the auto makers could see, someone like a david einhorn comes in proposing breaking up the company. >> it's not breaking up, it's the financials. the pain, a part of the company. >> yes. >> and that helps gm shares. is that what you are hoping for, for instance in. >> it's not what i'm hoping for, i think gm is continuing to execute. i like the cost efficiency. phil said they have to cut back on production they are proposing to put a focus on where there are value parts in the chain. it will get you into some of the parts, which i think are cheap. this is a 5.5% dividend stock. >> i think it's smart. i don't think this flies at all. i don't think this is a chance this gets inactive. >> speaking with the auto, tesla reports, dan will move with the options market. >> the options market is implying ability a 5.5,% in their direction. which is shy of the average moved 10% since the ipo. we were talking about gm and