>> gm is a cautious company.t they went through with bankruptcy and the public beating they took over the emissions switch scandal, sometimes for them. them and they for always worry they need money for a downturn or crisis. on a positive note, they think they need cash to invest in self driving cars and electronic -- self driving vehicles. they had to be pushed by activist investors led by terry wilson into increasing buybacks. they are a cash conservative company. vonnie: fantastic reporting. thank you to our detroit bureau chief, david welsh. mark: time for the bloomberg business flash. soaring today, boosting its forecast for the fiscal year that ends january 31 which raises optimism they can -- the the company is weathering scrutiny that comes trumpselling the ivanka line here building or renovating a home, plenty of coupling, american spending a record on construction projects, the best three-month time since 1994 quiz includes everything from pouring foundations to home improvement. one of the reasons, low

but one area where gm is weaken is its capital structure -- week is in its capital structure. it is financially too conservative for the value that is being created in the operations to be unlocked. the company has a market cap of just about $50 billion, $20 billion in cash, and another 13 billion or $14 billion -- $13 billion or $14 billion, and then there is money offshore places like china that is not even counting. with so much of this money being locked in cash, it leaves an efficient capital structure for the company and shareholders have been rewarded their with the lowest multiple in the entire s&p 500. they traded a huge discount even to ford, where their pe multiple would be 30%, 40% higher. i think that something needs to be done to unlock the value it gm. >> that is the diagnosis, why has management not addressed this? they are concerned about their stock price, they know there is a problem. the ceo has a team around her -- why have they not addressed it? theink they care about stock price but they do not care about the stock price. i could lose that last five poun

i'm a gm holder. i like the way you're thinking you have some edge to what you're putting out there i'm going to keep it real simple if i look at your note today, i see that 18 earnings are wel below what you're estimates for 17 is that your call, that peak autos -- obviously, peak autos is a topic and the question is whether we plateau somewhere around 17 million or do we really falloff? it seems to me like you're saying we really fall off. >> i'm glad you brought that up. let's be clear here, folks we think if gm and some of its peers are run as business as usual, let's hold the ship together and not think outside the strategic box, these are probably not going to be good investments, okay? at this point in the cycle, year eight of the biggest out cycle we've ever seen, we pointed out used car obsolescence and what that doeses to the consumer credit in a used car trade-in environment, gm is part of that. so our message to the investment community or a prospective gm investor is if they don't do anyt

now gm is expanding its presence in the market. joining us now is julia stein, the head of maven, gm's car sharing program. >> good to be here, becky. >> the whole idea of a car sharing program is something we've heard of for a while. companies like zipp car. how do you get this to market and does it matter that you're not the first one there? >> automatic is going through a tremendous change and the biggest chan with what we see at gm is that consumers want to consume transportation as a service and that's the biggest shift that our company has to make. so maven is in the forefront of that shift and really transforming the company from the traditional design build sell model into service. >> you're not just selling stuffing. you're selling a service. >> ex very different set of skills that is required. we're building on the core competency that gm has maven is the mobility program that we just launched. >> it's an app on your phone. how does it work? >> maven is an app and we interact with millennial customers with the phone that

>> the biggest change we see at gm is that consumers want to consume transportation as a service. and that's the biggest shift that our company has to make so maiwe're in the forefront ofh company. >> so you're selling a service and trying to help people get their way through. >> exactly and it's a different set of skills that is required we're of course building on the core competency that gm has so maven is a mobility brand. >> it starts as an app how does it work walk us through it >> it's an app and we interact with our millennial customers with the phone that is really connected and engineered into the vehicle. we started in manhattan -- >> how many people are using it right now? >> we have more than 13 and a half million interactions with our customers. >> last year >> last year maven launched 13 months ago and we ended up with 17 cities in new york america >> i always think about it from the car company's perspective, if millennials aren't buying cars it makes sense that you're doing something like this but in the end do you end up cannibalizing your own business? >> when y

as the owners are gm, you get dividend and all the other values of ownership.f you separate out the value of dividends from all the other values, you would unlock 30% to 50% increase. >> so there is dividend share and growth share. >> correct. >> each shareholder would get one of each? >> one of each. the same growth you have right now, but if you wanted, you could trade, and the result is people who are more interested in dividends, you would have new buyers that would come in for those dividend shares, and alternatively, if you are interested in the growth but not the dividend, you would buy the other shares. >> if the market were working properly, the value of those two shares should equal the value of one share right now, but you in your proposal to you think there is a fair amount of upside. why is that? >> it has to do with choice. think of it as an ice cream stand that sells just vanilla chocolate swirl. there are some people who like that, and we will call them the gm shareholders, but if gmcolate is the dividend and is the rest of the operation, if the

to bek something needs done to unlock the value at gm. >> why hasn't management addressed it?is concerned about her stock price. she knows there is a problem. why haven't they addressed it? >> i think caring about the stock price, i could lose that last five pounds, that if i care enough to change my diet and exercise to do that, where as i would rather have five pounds less, i am not willing to do that. a higher stock price, but they are not willing to do what it takes to make it happen. >> are they scarred from having gone bankrupt, and might they be right about that? >> the company said they are forever grateful to the united states for bailing them out and preserving the company to the last recession. to company has capitalized make sure that absolutely, positively never happens again, so there are several ways. you could decide you are fighting the last war and changer balance sheet to make it more conducive to the current is this, the current cost structure of the company, which would require much less liquidity in cash, alternatively, we have a clever proposal which all

today, we were told why he thinks gm's full potential has yet to be unlocked. >> i think that gm is strong many areas of its business, and it has made a number of very good strategic moves and positions it has held very well for the future. there are lots of areas in operating in automobile companies, from product design, to manufacturing, sales customer , support, so forth. but one area where gm is weak is in its capital structure. it is weak in finance, and has a balance sheet that is financially too conservative for the value that is being created in the operations to be unlocked. the company has a market cap of just about $50 billion, $20 billion of in cash, an undrawn revor another $13 billion or $14 billion, and then there is money offshore in places like china that is not even counted. preserving for the downside -- there is so much money locked in cash preserving for the downside it leaves an inefficient capital , structure for the company and shareholders who have been rewarded their with the lowest pe multiple in the entire s&p 500. they traded a huge discount even to forward, wh

this title isn't exactly gm, but we're doing some of the responsibilities of a gm. is that okay with you, or do you hope some day to get the title? >> i think at the end of the day, when the dust clears, it still sits in the same ream of gm. if everybody does a good job, who cares whether or not it was gm or not. >> williams and bruce allen go which back to their days with the tampa bay bucs and the jacksonville jaguars. williams was at his alma mater grambling state. he led the team to a super bowl in 1987. williams was the first african american quarterback to play in a super bowl, and was named most valuable player in that 42- 10 win over the denver broncos. >>> if you think you had a bad day on a hot day like this, imagine cooking over a grill in a hot food truck in near 100- degree heat. our ileana diaz spoke with people doing just that. it actually feels like an oven outside. >> reporter: yeah, it definitely does. especially when you're working inside of a food truck, and we spoke to one employee who says the only way he survived is by drinking 2 to 3 bottles

the team has been without a gm since march. they still don't have a bm, not by title anyways -- gm, not by title anyways. doug williams title is senior vice president by player personnel. >> i think at the end of the day when the dust clears, you know, it still fits in the same realm as gm. so i'm not worried about the title because i think sometimes they're overrated. the most important thing is to do the job and if i do a good job, who cares whether or not. >> you want somebody who has unquestionable character, great leadership skills, a presence and a great teammate for everyone around him. >> working with the super bowl mvp doug williams will be eric shaeffer, his title is senior vp of football operations. the two will work together. i'm sure one of their first orders of business will be locking down kirk cousins. we're going to be out here all day at the practice facility. tune in at 5 for what's going on out here at redskins park. i'm diane roberts. >>> doug williams says he still has hires to make in the personnel depart

ford up 3% and gm up 2%.e consumer and industrial area, even though the sales numbers have not been so great. "squawk on the street" back right after this. i joined the army in july of '98. our 18 year old was in an accident. when i call usaa it was that voice asking me, "is your daughter ok?" that's where i felt relief. we're the rivera family, and we will be with usaa for life. >>> good morning, everybody. i'm sue herera. here's your cnbc news update at in hour. at a news conference in st. petersburg, russian president vladimir putin insisted his government never engaged in hacking and he scoffed at allegations that hackers could influence the elections in the u.s. and europe but then he added that patriotically minded russians might have meddled in the elections. >>> as president trump prepares to announce his decision on whether or not to pull out of the paris climate accords this afternoon, boris johnson says that britain will continue to urge the u.s. to take a leading role in bringing down carbon emiss

emily: what about a company like gm?t mean for a more established automaker trying to take on these tech giants? >> that is a great move for general motors. ultimately you need the three major elements of this to work. you need the car with a lot of internal space. you'd need the technology that directs the car when there is no human involve. gm has the car and a lot of the work on the technology. they can partner to get the rest of the way. the third like is the regulations and the government helping it all come together. that one is harder to predict. if those three things come together things will happen quickly. gm is a long way along the race in this to get to the car. they have a lot of things moving in the right direction. emily: tim cook got the auto industry talking. thank you so much for joining us. that does it for this edition of bloomberg technology. all episodes are live streaming on twitter. check it out. that is all for now. this is bloomberg. ♪ announcer: the following is a paid advertisement for time li

i would rather be in tesla than gm >> expected to price any moment now.may not be as fresh of an offering as once thought >> they have more from the news than leslie probably did >> the puns are numerous, melissa. in a rare move, the price range is this morning. the company seeking 10 to $11 a share after investor demand was too weak at the earlier 15 to $17 range. this is a troubling deal this is no doubt about it that makes pricing much more challenging. that's why we have yet to see the official price be decided at this time. it's uncommon for companies to refile with a lower price range. 4% of companies have done so since 2010 big investor concerns engulf the model and they then cook themselves these investors are skeptical about the cost blue apron's inability to keep loyals they are nervous about the environment not just with other start ups, but the looping tie up between amazon and whole foods. in lowering the range, blue apron is forfeiting about $200 million in proceeds and shaving $1 billion off of the valuation. blue apron is asking for a pric

they made it clear, gm, that this was not all about trump, not about the pressure that may have cometo bear on gm but this was in the cards previous and it makes sense to bring some things back from mÉxico to the u.s. specifically on high-dollar vehicles, vehicles that they make most of the money. they have better control of the situation. that's a positive. i do think that the stock is undervalue. i think gm stock, they've done really well and they have shown that they are willing to eliminate jobs if they have to, cut back production, they don't want to get in the situation where they are making too ma cars that america doesn't need and sell at a loss, they don't want to make that mistake again. they have been very prudent and i think she's done a great job with that. liz: alan, the autos are down. i don't know if we can put tesla up but as we talk about oil, tesla is that momentum stock that even if people don't own it, they are absolutely fascinating with it and they want to hear what's happening and elon musk has personality but the electric vehicles that gm, ford, nissan, merce

toyota,ll behind , buter, volkswagen surpassing gm and ford.emarkable given that gm produced 10 million cars relative to tesla's production of 83,000. delivering 76,000. #9263, surpassing, ford, gm. let's turn to two other big movers. one out performer and one under performer. single the out performer up 60%, 47% year to date after morgan stanley raised his rating to overweight and took the price to $4.50 per share. endo international down 15%, its worst the day after the fda suggested the company pull its opioid with the growing opioid crisis and addiction. bloomberg intelligence says this is largely expect it and they have been moving away from this drug. mark: thanks a lot. of all the things, and certainty is not what the economy needs. with theresa may's lack of majority comes lack of clarity on sterling. what a day. iyc shows the yield curve. the green line is today, the other a month ago. the yield curve is slower. .- lower what will we be looking like in a month? seelearly part of what you has been a global move rather than a specif

both are just 25 years young, both played in every single game this last season, and gm mcclel land wasy about his future plans. >> we're negotiating with our restricted free agents. hopefully we will get a few of them done in the next few weeks. >> you expect to get all five eventually under contract? >> well, we're going to try, yeah. we'll see. >>> d.c. united in philly tonight coming off a win. they haven't won two in a row since the beginning of april. 31st minute, takes the cross and puts union up 1-0. best chance for united comes in the 70th minute. lamar andre blake sprawls out, keeping united off the board. black and red's offensive struggles continue. shut out 1-nil. pga tour travelers championship, round three, shot of the day belongs to this guy, jordan spieth. holing out at 6 for birdie. well, this is not a replay. on 15, oh, he just misses an eagle. he almost accomplished the same fete twice. currently leading at 12 under. patrick reid on his heels tied for the lead with this putt. we will see him next week at the quicken loans tournament held here at tpc in potomac. two-t

morgan stanley resuming an open weight on gm. >> yeah. interesting because there's also some talk about how if you look at the very cheapest stocks based on price earnings multiples in the index which gm would be one of the very cheap thaes they look like value traps so people are saying it's not all falling apart at once and we hit a soft part of the cycle. >> we believe the company holds some key cards in the area of product and technology but they have a limited window of opportunity to secure long-term success. >> we're just talking about the food companies that are allocated in the legacy business they have to get new car companies are in the same situation. old line tech in the same situation. can you incorporate the new and take advantage of what you have. it's a tall hill to climb up. >> you mentioned bank of america is one of the best right now a 6% yield if they're able to increase the dividend as is expected to at least 44 cents a share i believe it is the result from him converting would be higher in terms of capital return th

. >> reporter: he found that gm issued this bulletin about the rattle, but no solution. so he decided to wash his hands about it. >> i wrote to you nbc investigates. >> reporter: so both brian and lisa wanted to have help in buying them back. only one is successful. which one? the kia with the stuck steering wheel or the chevy with the rattle? the rattle. chevy offer ed him a $22,000 buyback deal which he took. >> i appreciate helping me out with it. >> reporter: gm said that we decided that the buy-back was the best course of action even though we don't believe that there was defect in the engine that affected the durability. he is now driving a new chevy imball la, and lisa owns the sedona which she has parked permanently. >> i am scared to drive this car and i won't drive this car, because knowing that it is not safe, and if i hurt somebody, it is my fault. >> reporter: we searched the highway national traffic safety database and finding other kia owners reporting similar issues with the steering wheels that lock. and they hadmitted the issue, bt they cant not duplica

(laughter) current qualified gm lessees can get this introductory lease on the all-new 2018 chevy equinox$249 a month. find new roads at your local chevy dealer. ♪ 5 truth or dare is back. no gettin' through now. lil' sweet on a tiny horse! call off the search party, whoo, cause i found 'em. found who? two cowboys who deserve the (singing) sweet reward of diet dr pepper. mmmm... that's mighty sweet. diet dr pepper. it's the sweet one. "the daily show." today's responses to the comey hearings are a perfect example of just how divide americans are on virtually every issue. here with his perspective on that is our very own jordan klepper, everybody! ( cheers and applause ) >> thank you. thank you, trevor. it's true, we are a deeply divided nation, and it doesn't help that we have a president who's been stoking the flames on twitter. highlighting divisions on issues like the f.b.i., terrorism and basic spelling. however, earlier this week, after the london attack, there was one trump tweet that i could kind of get behind. >> trump also injected a u.s. policy debate over gun control in discuss

costly corrections can include tooth replacement gm surgery and even extended treatment time to repairage. still, these warnings don't seem to scare everyone. >> nothing happened to i'm a life. brandon andre used elastic hair bands to close the gap between his teeth then posted a video about it. that video has been viewed more than 318,000 times. >> some people really thankful that i posted this because it's changed their lives because they fixed their teeth. >> reporter: the los angeles photographer and musician says that he couldn't afford expensive braces. so, he decided to do it himself. and tells me the smile transformation has helped hisself esteem as a performer. >> this industry is really heavily based on image. >> reporter: while andre is left smiling with the results. >> the do it yourself approach can leave you with very little to smile about. >> reporter: dentists are doing what they can to share the risks by posting their own online videos that now pop up in the same search. >> to close a gap or straighten your teeth yourself can increase the risk of infection and serious

gm's is today. csx yesterday. >> what do you think?m will win handily this contest against david einhorn seeking three seats on the board of directors as a significant kudgell to get them to create two separate classes of stock. it's going to be a fail for mr. einhorn is what i hear from people close to the situation but see how the shareholders decide. we should know the count on that pretty soon, i would think. usually they already know going in. >> okay, yes, i think the ratings agency put the kibosh on that. >> he said it was misleading in terms of context but it never seemed to pick up a great deal of momentum. >> no. >> this campaign, that he waged. somewhat surprisingly going after board seats as well, not just job owning. >> that one didn't work. you know -- no. that was a non-starter. and kind of people that came and went. >> it seems to. again we'll see what the final tally is for gm as its shareholders make their voice heard in the annual meeting of the company. einhorn himself his performance this year like the last few yea

einhorn has opened a stake in gm for at least six years and now holds up to 3.6% of the company, plusl right, leslie, thank you very much. michael, we have that coming up tomorrow. sounds like a lot of people waiting for thursday. >> without a doubt. the next couple of days it will be a little bit of, you know, bide our time market-wise right here. i do think this vote will be interesting, because i think the burp is pretty high. not just because of the complexity of what einhorn's proposing, but the fact that gm stock has outperformed ford handily for one, two, five years. >> michael, thank you. we'll see you tomorrow bright and early. >>> that does it for "closing bell." "fast money" begins right now. >>> "fast money" starts right now. live from the nasdaq market site. tonight on fast, something that's happening in the currency market that could spell major trouble for stocks. the chart master is here to tell us what he is seeing. plus, thin is in. the vice stocks from alcohol, the cigarette, casinos all soaring. we'll break it down. later, shares of snap getting hit today. things c

following gm's investment of a half billion dollars last year. at the time, many thought it would lead to lyft working almost exclusively with gm. but since then, both companies have branched out to also work with other tech and transportation firms. for example, lyft has also struck a deal with waymo, the google subsidiary that is leading the development of driverless vehicles. and just last week, lyft announced it's working with the tech firm neutonomy in boston later this year. uber is also developing autonomous drive vehicles, testing them i but with the company embroiled in a number of controversies, ranging from the culture of the firm to whether or not it's overcharging customers, the time could be ripe for lyft to gain ground on uber. especially in one or more of its partnerships takes off, and leaves the company to greater growth. it's estimated the majority of the ride share business in the u.s. goes to uber. lyft says it has nearly 30% of the market. but as lyft continues to expand and add new partnerships, it is slowly gaining ground

. >>> and we are introducing a new autonomous system from gm.l lebeau is out on the road joining us as a special guest. hey, phil. >> reporter: thank you very much i'm joined by johan driving hands-free heading north on the 280. we are in a cadillac with the new super cruise technology. this allows hands-free driving on the highway, right? >> this is the first car designed to be totally hands-free on the highway. and absolutely state-of-the-art. >> do me a favor, a hold up your hands. you are not holding up your hands at 72 to 73 miles per hour the difference is there's a small camera watching your eyes. how much of a difference maker is it to convince people, this is not just autopilot, so to speak. you have to be engaged with the vehicle? >> well, the reason we're able to deliver fully hands-free capability is precisely because we have designed the system to engage the driver. and the sensors embedded in the vehicle surely make sure the driver is alert. you don't have to drive, you can have conversation and dialogue as we are doing now. you ca

quarter of a percent cac quarante paris down two thoirdz of 1% dax index closed rallied on freeway, gmk into spro separate shares up for vote this week what possible split would mean of it activist investor pushing gm for change could be melissa myers multimillion-dollar for the moment if approved yahoo! approved to verizon. >> doesn't look good -- >> whatever -- materials personnel they need in addition to what they have to get them in reach out to those speak to them directly. >> yes, sir. >> "house of cards" on nebs flicks mike kelly how character controls president underwood's left wing michael kelly in studio this morning can't wait to catch up with him coming up first the attacks in london, renewing the debate over president trump's travel ban, the president went on a tweet storm this morning, saying this, people the lawyers and the courts can call it wafer they want, but i am calling it what we need, and what it is, a travel ban, being the justice department should have stayed with the original travel ban, not the watered down one political correctness version to supreme court j

for gm financial, that used to be americredit.is will hurt on the margin. if you see wells fargo and santander pulling back. one of the issues they are having is the non-capped finance companies, the financier is not owned by car companies, is used car values as collateral are going down so they have to repossess a vehicle later on. the same thing goes for leasing. the car back at the end of the lease and it makes it a tougher proposition from a probability standpoint so they can pull back and we have seen that kid very popular. it is not going to kill it but it is just part of the bubbling cauldron where you see it softening up to where we were last year. david: i want to make sure we are being fair to gm. younumbers, as reported, if read their press release, they are actually up in things they care about. the reduction was in fleet sales but for rental, that was something they wanted to cut back on. is that accurate? >> gm is trying to pull back on low margin fleet sales which improve the profitability and margins and keeps the

. >> magic johnson becoming gm is just another reminder that any stupid person can do anything they set mind to. >> i don't think shaq is dumb, but he sure sounds like it. >> actually pretty good tweets there. >> wow, tough there. >>> game night specials will air every night of the nba finals. >>> next, the notoriously private janet jackson is about to let us into her world. >> she experienced major highs and lows over the last three years from her marriage to qatari business magnate to birth of their son. now their impending divorce. >> so the pop star reportedly pulled back the curtain on all of that and her private life for a reality series on netflix. show said to run as a ten part documentary. will spotlight recording sessions, co-parenting with soon to be ex-husband. preparing for the european and asian legs of her tour. >> the premiere date of the series still to be determined. >> the tour is expected to come this fall, maybe we'll see the show then. >>> next, we here at "world news now" are proud and happy to welcome the newest member of our abc news correspondent team. >> i bri

he was the former gm. he told fans to believe in the team's experiment.y are hidden in lighting fixtures and electric boxes throughout the building includes inside the office of current gm. they won't be visible to anyone. just walking around you wouldn't see it but it will be a fun shut for those who work there. the stoot chew will be moved to the top and will be the home of word wo nbc 10. we are going to go find that. >> let's do that. >> it is believed to have broken the curse of philly. we'll do social media as soon as we get in that building. >> yes. we will. >>> the program is coming off back to back seasons. the work is just beginning. and this was the workout this morning. look at that. the streng coach has players hopping and running their way up the steps. it is part of a rocky themed workout. >> there is nothing tougher that be rocky and the people that live in this city. we have been waiting for this. this guy is right here. >> it is fun to come out and do something utilizing our environment like this. it is my first time doing something like

former minnesota gm was just interviewed and that year in the draft in 2009 the t- wolves had the 5thr point guards and they were going to pick steph curry. but dell curry told his agent, who is also curry's agent, to tell the timberwolves that steph doesn't want to play there. gary says he knew curry wanted to go to the knicks, but didn't know minnesota was in the mix. he says who knew curry was even going to be half this good, so that's a great story. (mark) another great story... do not break up with your girlfriend this way. it happened at the a's game saturday night. you can text and put stuff up on the a's message board. it says melissa, i am breaking up with you. there is now a new hashtag that says "pray for melissa". gary says he doesn't want to figure it out on t-v... but what was the guy thinking? not a very who are these people? the energy conscious people among us say small actions can add up to something... humongous. a little thing here. a little thing there. starts to feel like a badge maybe millions can wear. who are all these caretakers, advocates too? turns out, it'

here's the gm. >> i think he's happy.you know, happy with the season personally and obviously for the team. i don't know that i could have gone any better for him. so just looking forward to doing whatever is fair. but we certainly want him back. and i think he wants to be back. you know, when you win, those exit interviews are pretty good. >> a report surfaced via the vertical today that 33-year-old andre iguodala is considering looking elsewhere in free agency, likely a negotiating ploy to get some deals on his next deal or more years on his next deal. stark contrast to everything else reported. iguodala even dropped a major hint. listen to this exchange. >> how exciting is this moment knowing that in two days you want to have talk about this? >> i have to talk to you in like three, four weeks, i'll have to talk to you again, right around july, first week of july. i've got to talk to you. there's going to be some people there, though. k.d., steph. >> sounds like they got it worked out. a lot of people joked that lebron

. >> gm is no longer under government supervision in 2014, gm had agreed to a three year consent order that required regular discussions with government regulators about recalls and other safety issues. the deal was prompted by the recall of 2.6 million general motors vehicles with defective ignition switches. >>> the boeing plant is cutting 200 jobs. they had been reducing staff early this year through byouts and attritions. this is the first layoff since making the 77 dream liner in 2009. >>> the median existing home price climbed $52,800 in may. home prices have been rising every month for five years. while that's good news for home sellers buyers are having a hard time finding a home they can afford. there's one saving grace, mortgage rates have been hovering below 4%. >>> people scene, george clooney is selling his tequila grand going for $1 billion. the actor and first time dad sold the brand to diego, the owner of johnnie walker. the company will pay clooney 700 mammal dollars with the option of a performance base $300 million over the next three years. >>> clooney launched the

gm shareholders send a clear message to david i born -- danid ihonr. >> there is not much else that he do at this point. michael: this is bloomberg. ♪ ♪ michael: this is "bloomberg best." i'm michael mckee. let's continue our global tour. in washington, donald trump campaign on promises to improve america's infrastructure, and on monday, he offered his first concrete proposal in that area. >> president donald trump kicking off with the white house is calling infrastructure week. he signed a proposal asking congress to hand over the reins of the u.s. traffic control system to a nonprofit organization. >> the crux of all this is a new committee privatizing air traffic control similar to what we have seen in other industries such as financial services. this is a big win for the airline companies like american airlines, like delta. the second part of it and this is where the president did not go into specifics. this is how he will pay or, that is the issue. that are preliminary aides looking at this as just a benchmark as part of what they hope will be an introductory big -- bid on a longe

gm shareholders send a message to david einhorn.ompany's split the stock has stalled. >> there's not much he can do at this point. michael: this is bloomberg. ♪ ♪ michael: this is "bloomberg best." let's continue our global tour of the top business stories. donald trump campaigned on bold promises to improve america's infrastructure. on monday he offered his first concrete proposal. >> kicking off what the white house is calling infrastructure week. to handked congress over the reins of the air traffic control system to a private company. type of committee privatizing the air traffic control regulatory regime similar to fudge we have seen in other industries, like the financial services. this is a big win for american airlines and delta. this is where the president did not get into specific details. how he will pay for it. that is the division in the republican party. looking at this as a benchmark in what they wil hope will be a larger infrastructure plan. >> general motors rejected a proposal by david einhorn to split the company'

he wants to divide gm's stock into two classes. now wasat the end of it to mark does it go away?hat the end of it now? does it go away? >> there's not much else he can do at this point. 90% voted against the proposal and he did not hear other shareholders come out and support him, either. so not sure he has any momentum at all. >> the move comes as the european central banks says it was likely to fail. >> it complements the franchise really well and portugal. it will be small and medium-size companies will be around 24% market share. >> for retail customers of the bank, i think they are going to be relieved that santander is taking over, but for those bank, i think they will be relieved that someone there is taking over, but for those customers that actually hold equity in the bank or hold any kind of bond or so forth, there could be problems in one of the big ones to look forward is litigation. in spain, shareholders have the right to sue any company that may have misled or defrauded them in semi-, and there is anticipation that there may be a lot of legal battles to come. >> qa

have you explained this to -- ford and gm.xplained this to trump? harald: i have come a splendid is an assertion that we are the biggest exporter. he is surprised that 70% of our cars go to the world. we also explained the investment in people, the additional jobs we created, the great people, the commitment and passion, and that was well received. but i also made clear we need to trade. matt: do you think he understood those arguments? even after you met with him at the white house, he went to brussels and told his counterparts the germans are very bad and bmw sells millions of cars here, i want to put a stop to that. does that worry you? harald: i am not concerned. this does not worried me because of the facts and what we have achieved here together with our partners in south carolina, that is a great achievement, which is acknowledged as well. and we need the trade for future growth, future business development. but i am sure we will have a good relationship with the new administration. matt: you just unveiled the new x3 in

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we have had a lot of reaction on twitter, the boss of gm, seen as a bellwether as he is a huge conglomerateas disappointed with the decision today on the paris agreement, climate change is real and industry needs to agree. damning words from him. we heard from amazon, putting a statement on twitter saying that they believe for a bust clean energy and climate policies can support american competitiveness, innovation and job growth. it is worth pointing out there are some companies who have come out in favour of what the president announced today. unsurprisingly, many in the energy sector, especially the coal industry, murray energy spoke of how good this would be, and peabody energy, the leading coal company, saying it would be a good dealfor electricity security. thank you. wall street closed higher following his plan to withdraw from the paris climate agreement. several business executives disagreed. president trump said it would be good for the us economy and it seems that investors agree. the dow and the nasdaq are at record highs, a lot of this had to do with the fact that we had good e

. >> gm says their feature designed to remind drivers to check the back seat as they exit their vehicleertain circumstances. >> for our last technology. we try out the popular traffic app, ways. it has the a setting that will remind you to check your back seat when you reach a destination, you entered into the app. but it went alert you during an impromptu stop. >> well have arrived. >> wow. i didn't even turn the car off the i have a child reminder. see. child reminder. check your car before you leave. >> one important thing using app based alerts. make sure your phone is charged. >> biggest mistake parents make is they feel this can happen to them. paula faris, abc news, new york. >> how >> looked like he erch joyed working on the story. thank you for that, paula. coming up, the competition for the coolest summer job. >> this is great. seriously. rfect if there was a single site where you could find the right hotel for you at the best price? there is. because tripadvisor now compares prices from over 200 booking sites... ...to save you up to 30%... ...on the hotel you want. trust this

when it came to greenlight. >> didn't do as well as gm. >> didn't do as well as gm. >> red light, greenlighti have to tell you this kohl's, they all went down. they're like one giant etf. except for walmart. which held up there like a champ. even though that amazon's now doing the subsidized snap program. >> walmart is number one on the fortune 100. surpassing berkshire. >> i think they're doing a great job. i can't tell you how fabulous -- >> one quick stat, trying to find some things going on as you look at revenue from walmart, of course which is always -- they do. you know? almost $500 billion a year. there's a big reed conference in town. malls, key in terms of retail. and, you know, it's a tale of two cities again here. >> give me the worse -- >> the general growth ceo is talking about you have an a-mall, hundred dollars a square 23509 in terms -- $800 a square foot, you have a b-mall t sales are down 4.6%. so high quality in retail seems to be doing okay, jim. >> although i would -- high quality a lot of times are foreign retailers. but i'm concerned because i listen to ulta, they tal

. >> a lot of people say, why not the gm or have you? i didn't put gm on my plan because i work in the personnel department and i wanted to lead that other way, basically. you worry about your area and you do your area well. >> reporter: in this new role, williams says he will not get involved with kirk cousins contract negotiations but we spoke with the chief contract negotiator and says that williams input is always welcome sherree burruss, news4. >> sherree, thank you. in >>> metro riders are dealing with the heat for the third year a row at two red line stations because the cooling system is broke in. adam tuss is live to tell us when relief is coming. adam? >> reporter: aaron, on a day like today, out here where it's hot and that's just because a cooling system is broken. a temporary fix is coming and it's going to be weeks before that's in place. the portable fans only blow hot air. at least the fans that are actually working. and it gets uncomfortable here in a hurry. >> how you get into the metro, you're in a full sweat so it use

metro's gm says they had to sell safetrack to a host of one-on-one figures. they wondered about it all. do you think safetrack is work sng. >> i think we don't know enough about it. i think the metrics should be easy to digest. >> reporter: a smoother ride, fewer track fires, delays and disruptions. as riders on the orange and silver line, the place where all the safetrack work started, deal with yet more safetrack-related delays, there are still questions that remain. >> you never know, like, i walk down here and i'm like, is it going to be 10 minutes or is it going to be 2 minutes? there's no real consistency. >> reporter: at the station, adam tuss, news4. metro is cn that's months ahead of the original end ate, according to metro. every one thousandth rail car is set to be replaced. it results in less service and fewer delays. >>> the national museum of american history and culture. this week d.c. officers toured the museum, but it wasn't part of an investigation. they report it's part of their training. >> the first time that i went, i went with my daught

darden, under armour, gm and yellen talks at 1:00 pm eastern. at crowne plaza we know business travel isn't just business. there's this. 'a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. >>> one of the big stories of the morning, pandora, off the initial premarket highs. tim westergren leaving as ceo along with president mike herring. we'll talk more outh aabt atnd a bunch of other names we haven't talked about yet when "squawk on street" continues. hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go! the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade >>> just a few minutes before the opening bell as u.s. markets end the first half of the trading year with some solid gains, imf is out with new reports,

where is gm now? tesla at a new intra-day high as they gear up for the shareholder meeting tonight.bout the model 3? he gives us some bread crumbs, something new to talk about. he's good at that. joining me on the panel today, michael santoli, and michael clinetop is here, and dennis burman, financial editor at the "wall street journal," welcome, everybody. michael, seeing arthur cashin going by, any thoughts about the big caps in the closing? people might be nervous about thursday now. is that affecting the overall momentum of the market? what do you think of it? >> i don't know if people are nervous, but you are seeing clues in the market it's starting to tense up and very methodical gramg wall wdual way. they talk about the index above 10, saying that's low, but it's higher than it should be or warranted by how calm the market has been. shows you there's a little bit of anxiety, but, also, with energy up 1% and the faang stocks under pressure, it's taken from one pocket to put in the other. >> we could be back to the trade that started us off after trump was elected, but stepping

. >>> meantime, gm ceo mary barra has the backing of the shareholders.rejected a stock split from green light capital. phil lebeau has more. >> shares of general motors moving slightly lower after the company's annual meeting, a meeting where gm shareholders overwhelmingly rejected two proposals from green light capital. most notable of those proposals was to split general motors stock into two dual stocks. one would in theory track the growth prospects for general motors. over 90% said, we don't want them. at the same time, investors also rejected all three candidates nominated by green light capi l capital. all of the current board members were re-elected. for mary parra it shows her p-- shows her plan is working. >>> and before we wrap up the show, let's once again show you what u.s. futures are looking like at this point on the trading day. the s&p 500 seen down by less than 1/2 of a point. this is after wall street slipped again yesterday ahead of the very busy thursday that we're about to embark on. we have the comey testimony tomorrow, the ecb mee

it edged out gm by about 2900 vehicles. overall, u.s.slowed down for a fifth straight month. -- industries is down in they say they have withdrawn the third proposal and will not make another. -- rebuffed the latest bid. activist investor wanted the company to hold talks with tpg and the firm failed -- ppg failed to force a vote on firing zoe act of chairman -- the ak chairman. battle of the charts. what have we got for you today? he may be one of the dutch biggest stars in american football. who can compete with tom brady? how about the chinese yuan. ♪ mark: battle of the charts where we take a look at some of the most telling charts of the day and what they mean for investors. you can always access these charts on the bloomberg by running the feature -- function featured at the bottom. christine -- christie -- to be talking about european soccer players and how they are learning a hard lesson on or in exchange. the financial times reports some soccer players want to get paid in euros instead of pound and that makes sense given the poun

(laughter) current qualified gm lessees can get this introductory lease on find new roads at your localvy dealer. >>> how about a historic night on the diamond, just not in a good way. >> chris miles, apparently this is a night that orioles fans would like to forget reason right? >> for the orioles, the distinction of one of the worst streaks fruition tonight. the mark reached 20 tonight. they are all hoping that you could keep them out of the history books, and that hope faded fast. it came in the blink of an eye. the birds gave up four runs in the first baltimore gave up three home runs. the rays win 51-5. it has been 93 years since a team has been this bad. >> steven strausburg, all bryce harper could do was watch. the reds take a 4-0 lead before the nats that lasted all of the way to the seventh. his second homer of the game completing the round. the longest single you have ever seen, walk off status. >> the 2017 draft started tonight. the caps traded this year's first round pick to the st. louis blues for defenseman devin shattenkirk. >> the caps reupped tj oshie for 2025. he is no

so now all eyes are on gm matli& tack and pete mackanin as they attempt to turn this season around.the sixth. today there's diamondbacks at bank taking on the phils. that's mikell franco giving eight right over the left fielder ross' head. phils take to four-two lead. next inning same score. aaron nola on mount. he gives up a two-run shot to greg blank company that ended up all the way by bulls bash key ties the game at five. bottom seven let's get drama here. kendrick with a chance to tie the game. he strikes out. he went zero for four. phillies went one for seven with runners in scoring position. they lose five-four. >> another brutal flyers season compounded by the fact the pep begins wonted stanley cup i think it's easy to say gm ron hextall seat is a little warm these days and it's not the summertime temperatures outside. flyers hold their number two overall pick next week's draft and hextall knows they need to hit but wants us to know it's not that easy. >> our guys are looking at 17-year-olds. this is not easy, and the person, again, dictates but the problem is, they're 17-ye

. >> reporter: gm issue that serviced the rattle, but no solution so he decided it was time to wash hisds of the malibu. >> reached out to you guys to invest gait. >> reporter: both ryan and lisa asked us for help getting the manufacturer to buy back their vehicle. only one was successful. which one? the kia with the stuck steering wheel or chevy with the rattle? they overed him a $22,000 buyback deal that he took. >> appreciate you helping out with this. >> reporter: gm said it was the best course of action for everyone, even though we don't believe there was a defect in the engine that impacted its performance, safety, or durability. he's now in a new chevy impala, and lisa still has the sedona. >> i won't drive the car because knowing that it's not safe, if i hurt somebody, it would be my fault. >> reporter: we searched the national highway traffic safety administration data base and found other kia owners reported similar issues with steering weals that lock. they acknowledged the report but cannot duplicate lisa's problem. despite the proactive effort of the team, no physical evide