jeffrey immelt will leave as at the end ofe the year and investors are applauding was shares rising the most in 17 months. we look at how the incoming ceo john flannery may change one of america's industrial icons. we are about 30 minutes away from the trading day in the u.s. and the selloff continues for another session. a similar pattern to what we saw friday. there is a big divergence between technology and the rest of the market. is second characteristic heavy volume. the volume on the nasdaq today is almost double the 20 day average. it's not a good sign if you are a bull, you could see selling on heavy volume. there is still a lot of debate about whether this will be a short-lived sell off in technology. if you look at the s&p 500 technology index over the past two days, it is wiped out a quarter of a trillion in dollars in value. it down by nearly 5% over the past few days. of people are debating about whether the nasdaq will continue but the comments from green capital caught my eye. he said after friday, i cannot be anything but bearish in the near term. healthy rotation seems

jeffrey immelt -- >> he's been on.interviewed him on squawk on the street, at times he got in disagreements with faber, saying i'm the dividend man, i paid out a lot, but while ceo returned 143 billion to investors and dividends, more than the prior history of the company, but to long-term shareholders, in terms of your principle if you're down -- if you bought it at $6 in 2008 -- >> you've done well. >> if you held it any time prior to that -- >> they point through also under immelt saying ge nearly doubled its industrial profit and it was long tenure. >> i think jeffrey immelt is a good man just worth saying that i also think he was dealt a tough hand given when he got the company, where the stock was it is true from an operational perspective he did well. >> he did everything right except the stock price on obama's council, china, eco imagination. everything that you wanted to do that would look good and you would say, wow, he's a great ceo. one of the first ceos after 9/11 to make a big commitment to help >> yes >>

jeffrey immelt stepping down. he drastically reshaped one of the world's biggest manufacturers.e replaced by john flannery, who now runs the health care division. ge has in under pressure from trian fund management. assets in selling off monsanto. according to people familiar two the matter, the companies expressed interest in acquiring the bayer unit. is a matter close of minutes away. stocks falling. ♪ ♪ live from london and new york, this is "bloomberg markets: european close." tech-led selloff. the biggest drop since may 17. we were down 1.1%. biggest drop today for tech years since june what last . index was 4.5% lower. on friday, it closed at its highest level in 15.5 years. the stoxx 600 technology index has risen 228%, the benchmark stoxx 600 has risen 142%. this is sterling percentage moves. remember the? day after brexit vote? we were down by 2.5%, finished down 1.6%, biggest drop since october. friday's close the lowest since april. the view is this inconclusive election result my result in a less hard brexit, which could support sterling. in the meantime, the prolong

jeffrey immelt is stepping down.re that head john flannery will assume the role of chairman on august 1. we have they had of global industrial research who has a positive outlook. thanks for joining us. was this expected? i think it was expected six months from now but certainly not today. end of august at the earliest but this seems accelerated to me. succession always happens in companies but there has been a lot of rusher on jeff immelt to get the earnings up. -- there has been a lot of pressure on jeff immelt to get the earnings up. wast's clear that trian unhappy as a shareholder and other top shareholders were unhappy. the company has not put up the numbers the last year or so. as you mentioned, the last 15 years have been tough. we needed a change here and i think the ge board was listening and we got a change. jonathan: what about the flannery? >> ihn think he can turn around quickly because i don't think anything is broken here. we need a new messenger and we got that made somebody to take a fresh look at th

ge ceo jeffrey immelt tweeted that he's disappointed and that industry must now lead and not depend onresident obama by name, but criticized his administration for failing to put america first when it negotiated the deal. >> i was elected to represent the citizens of pittsburgh, not paris. >> reporter: in a statement mr. obama responded, "even as this administration joins a small handful of nations that reject the future, i'm confident that our states, cities, and businesses will step up and do even more to lead the way." in a dig at president trump, the democratic mayor of pittsburgh sided with mr. obama, writing in a tweet, "i can assure you that we will follow the guidelines of the paris agreement for our people, our economy, and future." and anthony, the president of france said late today, "on climate there's no plan b because there is no planet b." >> chip reid at the white house. thanks, chip. >>> then secretary of state john kerry with his granddaughter on his lap signed the paris accord last year. today he took to facebook. he accused mr. trump of walking backwards from scienc

jeffrey immelt tweeted that he's "disappointed" and that industry must now lead and not depend on governmentp did not mention president obama by name, but criticized his administration for failing to put america first when it negotiated the deal. >> i was elected to represent the citizens of pittsburgh, not paris. >> reporter: in a statement, mr. evama responded, "even as this administration joins a small ofndful of nations that reject m e future, i'm confident that our states, cities, and businesses will step up and do even more to lead the way." in a dig at president trump, the democratic mayor of pittsburgh sided with mr. obama, writing in a tweet, "i can assure you that we will follow the guidelines of the paris agreement for our people, our economy, and future." and, anthony, the president of france said late today, "on climate, there's no plan "b," because there is no planet "b"." >> mason: chip reid at the white house. nanks, chip. then-secretary of state john kerry, with his granddaughter on his lap, signed the paris accord last year. today, he took to facebook. he accused mr. trump

ge shares rose more than 3.5% on the announcement that jeffrey immelt is stepping down at ceo. and a reminder, listen to my report three times a day, coast-to-coast on salem radio network. >> up next. one of the few republican leader with the brains and guts to defend president trump against the fake russia collusion claims. >> i am not going to get into what special counsel should or should not do, i will say troubltrump administration is complying 100%, they want it go on. democrats have a playbook, we know it, it is resist, and obstruct. lou: russia's witch-hunt and special counsel mueller's troubling conflicts of interest, the subject of tonight's commentaries, stayayay lou: a few thoughts on what we have been reporting for months. special counsel robert mueller loading his staff with democratic supporters. democrats they are. and four of the prominent members of his team have been dough fighting in dems for some time. the solicitor general donated to hillary in 2006. andrew wiseman and jeanie ree also donated to president obama and the dnc. and the special prosecutor on wa

ge shares rose more than 3.5% on the announcement that jeffrey immelt is stepping down at ceo.minder, listen to my report three times a day, coast-to-coast on salem radio network. >> up next. one of the few republican leader with the brains and guts to defend president trump against the fake russia collusion claims. >> i am not going to get into what special counsel should or should not do, i will say troubltrump administration is complying 100%, they want it go on. democrats have a playbook, we know it, it is resist, and obstruct. lou: russia's witch-hunt and special counsel mueller's troubling conflicts of interest, the subject of interest, the subject of tonight's commentaries, stayayay dearthere'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 they say...if you love something set it free. see you around, giulia that airline credit card yout? have... it could be better. it's time to shake things up. with the capital one venture card,

ge shares rose more than 3.5% on the announcement that jeffrey immelt is stepping down at ceo. and a reminder, listen to my report three times a day, coast-to-coast on salem radio network. >> up next. one of the few republican leader with the brains and guts to defend president trump against the fake russia collusion claims. >> i am not going to get into what special counsel should or should not do, i will say troubltrump administration is complying 100%, they want it go on. democrats have a playbook, we know it, it is resist, and obstruct. lou: russia's witch-hunt and special counsel mueller's troubling conflicts of interest, the subject of quit smoking. but when we brought our daughter home, that was it. now i have nicoderm cq. the nicoderm cq patch with unique extended release technology helps prevent your urge to smoke all day. it's the best thing that ever happened to me. every great why needs a great how. thithis is the new new york.e? think again. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment

jeffrey immelt stepping down as chief executive of general electric ending a 10 year in which he dramatically company, but failed to win over wall street. johnll be replaced by flannery, who oversaw a jump in profits at ge's health care unit. the stock soared in more than 18 months after the announcement was made. cane have a track record we be proud of, a window in which we can be better, build on our strengths, make sure we are known as an execution company that can deliver for all constituents, including customers, employees, and shareholders. the employees, we are the vehicle to get there. >> global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. mark: a check on the asian markets recovering from the tech tumble with focus is shifting to central-bank decisions this week. gold dropping to the lowest in a week as a fed rate hike looms. the kospi and topix joining the regional recovery. addingnzhen benchmark 1%. in the commodities space, ace metals drifting lower as china tries to limit, giving a lift to chinese auto stock

jeffrey immelt stepping down jimmy, you first, then josh, who i think owns the stock >> you know, lookthink that in the end, you're dealing with a wholesale rebellion of key analysts i've got the jpmorgan sell in front of me. ge dividend potentially at risk. now, the company denied that million times. ge material changes. credit suisse. these are all big time analysts and you did have that missing the cash flow, which was a brutal miss. which got a lot of people very concerned. the dividend, you know we reiterate the dividend is is sa safe, then s&p during this period that he was the worst performer o f the dow, but also just the last three to five years >> so, if somebody says jim, you know, a lot of people own this stock individually >> yes, they should -- >> retirement fund or whatever what do i do >> you hold it i'm hearing nothing but good things about his successor i'm hearing from people who work with him, that the guy is tough as nails, he's a very internal guy. that's important because i think he spent a lot of time external and we all want a guy sticking to his knitting here,

at this hour nelson peltz's partners has been conspicuously smart since the stepping down of jeffrey immelt and being replaced by john flannery i'm hearing sources that they're optimistic about flannery's abilities to turn that company around and believe his financial knowledge with ge gives him a unique advantage everything is on the table, especially the real possibility that ge ends up distributing the shares of baker hughes they announced it had taken a $2 billion steak in ge in 2015. been stepping up the pressure on that company, most recently the castrol numbers raising a lot of eye balls. no statement at all from trian since immelt made this surprise announcement josh, you're the one who had been a vocal supporter of ge and the shares which you recently sold >> yeah. and actually i think is probably is good news i think the pace of change at something the size of ge is not for every investor not everyone wants to sit here for the next six months. adjusted dividends adjust earnings guide. i think you're seeing people get out. you had the behrens story over the weekend. it was kind of

essentially, if you are owed money debt collector laws don't aly alison: jeffrey immelt is leaving general electric. he has been running the company since 2001. in his time at the helm the company sold off several assets including nbc tv. g.e. wants immelt to stay on as chairman through the end of the year. he is also the c.e.o. that position will be filled in august by the company's current healthcare president. now let's go to nancy chen at the "live desk" with a look at what is ahead at "abc7 news at 5:00". hi, nancy. nancy: ahead at 5:00, new video we are just getting from the night a man killed a woman as she drove down the street. plus, the culture toll of isis. a terror group made it part of their mission to destroy priceless artifacts and art representing thousands of years of world history. ahead at a:00, how local students are helping bring the art back to life. a suspected thief tattooed for his crime. that is when i join alison in a few minutes for "abc7 news at take a look at this now. call it divine intervention. a private plane spiraling out of control came crashing steps aw

ceo and chairman jeffrey immelt is stepping down and retiring.elt has led ge more than 15 years and one of the country's most influential chief executives. the company says he will be replaced by john flannery who leads ge's health care business. >>> severe storms are a threat today for about 33 million people from texas to michigan. the most significant risk centers on north and south dakota. tens of thousands lost power in the twin cities in minnesota after severe thunderstorms swept through the region yesterday. heavy rain and hail fell in the area and the hail so thick that plows and bulldozers were used to clear it in some places. 50 mile an hour wind gusts uprooted trees and damaged homes in minnesota and wisconsin. >>> certain birth control pills are being recalled because they could cause unintended pregnancies. which pills are affected and what caused the . >>> good morning, from our kpix studios in san francisco. it's a relatively cool start toy day with the passage of the cold front from yesterday. we are settling into the 50s. a bit o

. >> a big change at the top for ge jeffrey immelt stepping down, the stock so moving. >> financial reformrump white house unveiling its plan to ease regulations we'll get a live report from washington. >> tech wreck. the nasdaq continuing to fall. apple under pressure after a downgrade from mizuho. we'll discuss. >> first up, ge is announcing a major shake up jeff immelt is accepting down as ceo. morgan brennan has more. >> well, investors had been hoping for this some time, because the ge shares have dramatically lagged peers. they're down versus honeywell and united tech and they're up 250. flannery will take the helm, adding chairman to that starting in 2018. so who is john flannery? he's a 30 year company veteran who's held a number of top positions in the company including head of m&a and overseeing a turn around of the health care business as the ceo there. now he's helped to orchestrate some of the biggest deals including thele ofston power deal and the synchrony of the ipo. immelt said last month it would take more cost cutting and that on the heels of other disappointing results

people i respect in business become successful, jeffrey immelt at ge. elliot musk at tesla.on't understand it. yes, i feel sorry for coal workers but i also, if i lived in the 19th century i would have felt bad for buffalo hunters when the -- pete: what would the agreement actually do? that is the question. whether it was initially rolled out, those most zealous about climate change said it will not do anything. it will not reduce temperatures. all voluntary, why this hysteria over the fact nope, we said we will go our own route? >> that is fine question. i don't know. i'm not a scientist. i just, i know enough after 50 years of public life, i know enough that you listen to the experts and to generalized consensus. you know, it can't be 190 countries are all fanciful, looking to screw the united states. i just don't believe that. brian: you know we already wrote a billion dollar check. you know we're on hook to write billion dollars more to underdeveloped nations. president basically saying bob iger will be fine and we know, we know that elon musk is going to be fine. he has

now, look at, before we go to the big techs, look at ge, immelt, as in jeffrey, stepping down.een there 16 years and the market likes it, rewarding with a 4 1/2% gain. the big story of the day, the big name technology stocks as they open this monday morning and will you look at that? apple is down $5. 143 on apple. last week it was 155. amazon down to 965. last week it was 1012. facebook was 153, down another 2 bucks this morning at 147. let me see alphabet. microsoft, netflix, another-- these are more of the huge gainers, big name technology alphabet, that's google. down $17 at 952. it reached 1,000 last week. microsoft was 72, and now 68. netflix also on the down side. here is the story, the big name tech stocks, they are the big story of the day and the selloff is continuing. big stuff. joining us now, elizabeth macdonald. james freeman, scott shellady. i'm starting with the tech selloff. is this the dip or a sign of really big selling still to come. scott shellady? >> you know what? slow you roll and stay in your lane here. two words for you here, lazy money. when they chas