things that uh is up for discussion in a major way, the big three ceo salaries, you have four ceo jim farley 21 million per year, stalantis carlos stavarez 25 million, and one that comes in a number one, mary bara 29 million, the gm a ceo. all right, now this is what hurts for the workers, the ceo profits made $1.7 millions off each worker, which came into the picture in terms of the way that these uh um ceos made their profits, not in their salary, but in the time sharing that they did had with profits, that's what it amount to. next up, what do we have uh, car sales as a whole, how big a market is it, vehicles and parts, $1.53 trillion dollars. for the year 2022. okay, tell me there's not a lot of money in car manufacturing. um, if there was to be an impact on that, the amount that it contributes to the us gdp is 3%. so that's why this uh car strike is such a big deal. still waiting sea game uh to see if they're going to come up with any type of uh, guess agreements on this. all right, uh, guess it's time to get some analysis into the picture, don't you think? well, maybe not, we have one

ford ceo, jim farley, amount is $21 million dollars per year. stalant carlos tavarez, 25 mills per year, and j motor ceo mary barra, who said she was extremely frustrated and disappointed by the strike. she $29 million per year, one automaker summed it up perfectly. i think people all around the country here are just getting fed up with corporations not sharing or including them into the profit or acknowledging our hard work that we put into the company. the stats confirmed that sentiment. between 1979 and 2022, the nation adjusted annual wages of the top 1% of workers rose by 145%, while the average annual wages of the... 90% rose by only 16%. besides auto workers, hundreds of thousands of other us employees also walked off their jobs year in industries of all types, this includes hollywood, starbucks and amazon, as well as online workers like nurses, hotel staff and pilots. in july the package delivery company ups narrowly evated the strike which would have been the largest in us history, workers keep fighting for similar rights, fair wages, i

he essentially said that jim farley, ceo of ford, was lying about the state of negotiations. jim farley and the top executives, saying, you know, voicing their frustration at the way the talks have been handled by the uaw. so, now you have a new offer from ford. now, is that wage offer and the cost of living adjustment, and the other offers that are also in there, including taking temps up to $20, $21 an hour, i don't know the exact number there, but starting previously, they were lower than that. all of that, you put that together, is that enough to get the ball across the goal line? hard to say at this point, but a step in the right direction. >> phil, thank you. phil lebeau. >>> rough couple of months for stock markets may have investors a little on edge. 1 in 4 say they are investing less due to recent market volatility. caleb silver is here with a first look. caleb, why are they investing less? >> they're fearful. nowhere to run to, nowhere to hide. but the bank, you heard jim earlier, they're hanging out in the bank, hanging out in banking pr products. >> and you can re

this is devastating for what i thought was maybe good relations between the union and jim farley. >>different playbook. the uaw is using a totally different playbook than anything that has been used in the past. and that was shown with this, carl, interms of, look, this was -- they knew. within a couple of minutes of being in that meeting, they said, oh, we don't have a counteroffer from you? fine. kentucky truck goes on strike. i mean, this was not a case where it was over hours and then at the last second, they said, we're fed up and we're going to go on strike. >> no facebook live this time. >> no. >> phil, we'll talk some delta later on this morning. thanks very much. >>> we'll get cramer's "mad dash," countdown to the opening bell. take another look at the premarket here. we're back in a minute. i did have hearing aids from another company... i was just frustrated... i almost gave up. with miracle-ear it's all about service. they're personable... they're friendly. i'm very happy with them. we provide you with a free lifetime of aftercare. meaning free checkups, cleanings, and ad

it would likely be unionized and ford ceo jim farley came out on friday and talked about he's worried about the cost structure. and he and he pretty much made it a bargaining chip. we could make this plant this big. we could make this plant that big. he also has facilities are being constructed in the southern us. so definitely also paused for union considerations. so maybe batteries only get built south of the mason-dixon line, huh? so so the yes, yes. the short answer is yes. and that's something that one of the reasons that the workers and ford and gm and stellantis are on strike. all right. well, thanks very much, al rates, meanwhile, expected to stay higher for longer, but new inflation data has investors hopeful the fed's hiking campaign may be over. korean partner andy kaplan has some picks for investors in both stocks and bonds. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. ♪ explore endless design possibiliti

quarter of last year, but then during the conference call later on, the focus is diagnose to be for jim farley, the questions from analysts, what does the uaw contract mean. can they invest as much as they'd like to on electric vehicles or will they have to pivot more to hybriding. >>> shares of stellantis and gm continue their discussions so we'll see if there's impetus. >> reporter: look at the mack truck contract the rank and file said, no, no, no, we don't approve this. there is the possibility that you could have some members who will sit there and say hold on you for more you also have a good chance that shawn fain and his team could say, look, we've got a lot here, a lot more than they're used to. we think this is a good deal i don't think they would have approved it if they didn't think it was a good shot at ratification. >> no, it would seem that way. phil lebeau, thanks very much. >>> let's get straight to kate rooney over at the court hose. >> reporter: sam bankman-fried is on the stand, but the catch here, the jury is going home he's on the stand talking about the judge, the defens

jim farley -- >> its always happens. >> reporter: joe, let's talk about this discussion. bill ford and jim farley have to thread the needle. they are not giving up on electric vehicles. they believe and most in the auto industry believes the future is electric vehicles. the question becomes how much of the inn vvestment going into th electric vehicles when you know demand is slowing down relatively what it has been in the past it is not stopping >> waging are surging. >> reporter: waging are going up ultimately this is the knock you hear especially on wall street about the big three auto stocks. how can these guys ever get the multiple they would like given the cost components relative to toyota, honda, tesla that's the one that people talk about the most tesla workers make far less than the uaw at gm and ford and stellantis when the contract is in, the gap widens >> okay. >> thanks, phil. >>> breaking overnight israel conducted a targeted raid on sites in northern gaza with tanks. described the raid as preparations to combat with idf striking terrorist infrastructure and

jim farley stating we reached a tentative agreement. as you look at shares since the strike began and keep in mind the company reports after the bell tonight and there will be the analyst call tomorrow morning. likely during that call with questions of the tentative agreement. that will be a focus of the agreement in addition to the other issues that are front and center with ford and gm and stellantis speaking of gm and stellantis, those negotiations thwith those automakers continue. typically, frank, when you see one approved, one gets done and we are still a way away from the rank-and-file approval then in a week or two, you see a similar agreement with another automaker and then a couple more weeks and a third agreement with the third of the big three we will see if that holds true frank. >> a lot of people in the detroit area are breathing a sigh of relief to see the tentative deal we are watching the ford stock you mentioned the slide since the strike started this morning, it is up 1.5%. investors are enthusiastic about the possib

i mean, he basically said jim farley wasn't at these negotiations after jim farley said, hey, i've been right now. >> does not sound like room for a deal when you've got them calling each side liars. >> no. >> becky, i've said this for some time, i don't think we're close to a deal anytime soon. and that's not a reflection on the desire of some of the big three executives. i think they want to get a deal done. i think shawn fain realizes he has leverage right now. he can push them further. he now has stellantis saying, okay, we'll do cost of living adjustments. >> why is shawn fain saying don't let the big three come between us, between the membership and the union. he must be feeling some pressure from some of the workers saying hey, this is a pretty good deal. why are we continuing to push? >> he also said that on the line in toledo. some of those people have been walking the line now for three weeks. you would say that. they want a deal, they want to go back to work. >> a 30% raise would get back to work. >> yeah. >> all right, that's where we're at. >> where we are. all right, thank

afford statement, jim farley, the ceo comes out, doesn't say much, we will focus on getting the restartig contract winds up making some of those nonunion workers, vw, toyota and the rest, even tesla, makes them rethink whether they want to be in the union, detroit three are not going to be using any sleep over that, they feel they are at a competitive disadvantage when it comes to wages anyway because they have to deal with the uaw and the competitors don't. stuart: thank you very much, see you soon. speaking of strikes, i want to know about a possible airline strike just in time for christmas. who may go on strike? ashley: the union representing 26,000 american airlines ramping up its threat to strike as the busy holiday travel season is fast approaching. it's called leverage. the flight attendants went immediate wage increase plus incremental races over the next four years that would raise their pay 50% from where they are now. the association of professional flight attendants have a november 17th deadline to make significant progress or a 30 day strike countdown meaning a walkout mig

. >> ford ceo jim farley says we are focused on restarting kentucky truck plant, michigan assembly plantgo assembly plant calling 20,000 ford employees back to work and shipping our full lineup to our customers again. there could be some unintended consequences of this deal. bret, a bank of america analyst says because of the higher labor cost for the automakers, there will be more likely to build future plants and facilities outside of the united states. bret? >> bret: grady, thank you. former crypto-currency executive sam bankman-fried took the stand today in his fraud and money laundering trial. he gave his testimony while the jury was not present. fox business correspondent kelly o'grady is outside the courthouse in new york to tell us why. good evening, kelly. >> good evening, bret. another curve ball in the sam bankman-fried fraud trial today. the former crypto king took the stand just not in front of the jury. the judge sent them away for a rare mid trial hearing to determine if f sbf. whether he will be able to use loose standards in the crypto-currency as a defense. the sorry wh

jim farley is criticizing over holding hostage over battery plans for ev's and for the frequent appearanceur workers by repeating something that is actually not true, none of our workers today are going to lose their job due to the battery plans during the contract. or even beyond the contract. sean has been on the tv more than jake at state farm at this point. >> in a statement shawn fain quipped back that like a good neighbor he is available 24/7. he joined picketing workers at the stellantis plant in toledo over the weekend. >> this is a false narrative that they keep putting out were not willing to meet we've been there every day i leave right now and go back if they wanted to my phone is not bringing. around 7000 workers at a ford plant in the southside of chicago and a general motors in lansing michigan is the latest walk off the job. stellantis was spared in the latest round were the uaw has expanded the strike for the second week in a row. that might indicate the talks are going better with them but ford was spared a week ago another expanded the strike against them. week by week a

the ceo jim farley talked about the negative impacts of the strike. on the story next.s bloomberg. ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. alix: this is "bloomberg markets ." live pictures of the principal room. intel's ceo joins bloomberg tv at 12:00 noon new york time. don't want to miss that. this is bloomberg. ♪ it's time for etf friday, and this dovetails nicely with a conversation guy and i were having about alternative energy. clean-e

he leaves that up to the ceo, jim farley. but he's felt like it's time for him to say something, and that's why today he called reporters to the rouge complex in dearborn, michigan, very historic part of ford's, you know, legacy. and he basically laid out what he believes needs to change. first and foremost, they need to get a deal done with the uaw. he didn't give us any updates on specifics there, but he said that toyota, honda, and tesla, they're the strike winners the longer this goes on. the acrimonious talks are hurting the economy, not just ford, but the economy overall. he says the strike impact is widespread. here he is. >> shutting down that plant harms tens of thousands of americans right away. workers, suppliers, and dealers alike. it hurts the communities that depend on these local economies. if it continues, it will have a major impact on the american economy and devastate local communities. the supply base is very fragile and will start collapsing with an expanded strike. >> what prompted bill ford to start tal

jim farley saying that, and i quote him now, we are focusing on restarting our kentucky truck, michigan assembly and chicago assembly plants, the ones i mentioned. 20,000 workers back to work. strikers and ones to be laid off or had been laid off, and soon they will have a full lineup. as chuck browning said, you know, it puts the pressure on gm and stellantis. if ford's making and selling vehicles and these guys are still on strike the, well, that's not pretty. so, you know, detroit free press, to repeat the headline, says they are close to an agreement at the stellantis and gm as a well. we will see how that goes, liz. it's been a wild ride on this one. and it continues. liz: that is very big news. and we're just watching general motors it's down just about a quarter of a percent. let me look at stellantis at the moment, down 1.5%. this is big news, that the detroit free press is giving through you, jeff. let's just hope that ford sort of broke up the block decade there, right? -- block decade there. >> reporter: it did, yeah. normally this would be a pattern that the other automakers

instead of threatening to close the rouge, he should call jim farley, ford's ceo, and tell him to stopuge for him. take a look at the latest numbers on losses, the big three, $3.5 billion so far. suppliers, $2.5 billion. dealers and customers, over a billion, and the workers themselves a little less than half a billion in wages. layoffs are at about 7,000 at ford, gm and stellantis as a result of this strike. and bill ford yesterday tried to kind of, i think, do an end-around a shawn fein, the uaw president. listen to his appeal. >> i call on my great uaw colleagues, some of whom i've known for decades, many are close personal friends, we need to come together to bring an end to this acrimonious round of talks. >> reporter: and, stuart, the strategy seems to be that the uaw would like the get a great contract from gm, ford and stellantis, and if they do, they can go to the non-union i automakers like tesla and toyota and say, hey, maybe you guys better go union. we'll squeeze them too for you. not a bad strategy even if you don't like it. mr. veryny? [laughter] stuart: it might work, y

jim farley talking about their continued push to prioritize hybrid vehicles as demand for electric vehicleshere in the united states couple of thoughts they missed on the top and bottom line in the third quarter. this is the problem we've talked about before one issue here is the warranty cost issue continues to be just -- it nips at the heels of ford, and that's one of the reasons why they fell short, along with the uaw strike. now, let's talk about each of the three divisions, and it is more of what we talked about in the past there are two of them that are making money, internal combustion engine vehicles, as well as the commercial vehicle business both of those had another solid quarter. both earning $1.7 billion and $1.65 billion and model e, which is the electric vehicle division, they posted a loss of $1.32 billion. not a huge surprise there. so, as you take a look at shares of ford and you take a look at where the company is right now, keep in mind that the uaw contract, because of that, they're pulling their guidance they're not getting into details on this call but they have said

how can you tell how much inventory is really out there right now, ford, i mean, when i speak to jim farleys not clear how many broncos are out there. how do you have intel? >> we have professional buyers that i would say are the best trained. >> tell people where those buyers get their cars. >> so we have a group of great individuals that work for us, professional buyers, best in the industry, they're on the ground. they're talking to other dealers, they're at the auctions. and then in addition to that, we also buy the majority of the cars that we sell directly from consumers. >> right. >> i think the key point there is when we buy a car from a consumer that doesn't fit our retail parameters we wholesale it at our auction and have realtime data every single, really three days out of five days a week we're getting new data as it relates to the cars we're buying and reselling to other dealers. >> you have an impressive company and knew to digitize when you started but what you have now, i don't think people realize how close you are to the actual situation. you're not going to end up with 10

things regardless of -- you have temporary workers, first, second year and, remember you know, jim farley they don't deserve any abuse. highs not saying, if prks personal i think he kind of feels like why is there no difference between what i'm doing and the other guys, which doesn't sit well? >> there you go. >> we're watching the action here. obviously not too far this morning. still from 4300. oil and defense are the winners. the dow down almost 50. the nasdaq down about half a percent. don't go anywhere. that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. >>> haven't mentioned arm quite as much since the initial ipo but a bunch of initiations out of barclay, bofa, citi, deutsch, rosenblat, all buys or overweights. targets range from 60 at deutsch to 85 at rosenblatt. we'll keep our eye on that an get stop trading with jim in a minute. were talking to her. i just could not hear. i was hesitant to get the hearing aids because of

ford ceo jim farley has accused united auto workers union of holding talks hostage over issues not governedtheir contract. the u.s. strike is in its third week with negotiations pivoting to the more existential issue of the fate of workers in the electric future. a framework for the future of buttery plans that don't exist and guarantees for those who make engines. tesla's car delivery street could end in the third quarter. analysts predict around 450,000 deliveries for the period. this would mark the first quarter in decline since 2022. analyst had lowered expectations due to the planned factory downtime. we heard more from the ceo about his views on the global economy. we are talking about phillips. talking about china, prospects and the overall business outlook. >> looking at the world, this is not a year that is going to be business as usual. that is taking effect. we see there are different trends in the world. the u.s., would you see strengthening a bit. -- we do see strengthening a bit. in our business segments in the health-care segment as well as consumer segment. globally we see c

>> i wasn't thrilled with it i wanted to be thrilled, but i wasn't the warranty issue, jim farley saids would simplify how we makes things, a million different versions, now there will be a handful. i was hoping for more cars actually being sold, but i think, david, i'm reluctant to criticize jim, because he had to go through a trying time, but at the same time -- i have two for forwards >> we have farley from the call talking about in terms of trying to com peel the ev business, what it will take. take a listen. >> a great product is not enough in the ev business anymore we have to be totally competitive on cost. tesla actually gave us a huge gift with the laser focus on costs and scaling the model y. they set the standard. we are now making real progress on our second and third cycle evs in the midst of being developed today. >> all right what do you make of that >> first, i think adam jonas has better points, which is how ford deploys the flows to determine where the stock price goes he's talking about how you have to talk about the cash flow generation before you talk about the evs

the ceo jim farley criticized the uaw as the one to determine the way it runs battery plants not event, but in the latest proposal forward appears to be making concessions or easing concerns in this regard and says it remains open to the possibility of working with the union on future ev battery plants but these are multibillion-dollar investments that must operate at competitive and sustainable levels. you may recall that last week forward stop work on the michigan ev battery plant, which is a $3.5 billion investment in forward said it made the offer late monday night and while it did not put a number on the wage offer, it says that this increase would actually put the uaw-represented jobs among the "top 25% of all u.s. jobs hourly and salaried in terms the amount of pay." >> where do we go from here? su: well, obviously, the uaw will look at this and come back to them. we do know that uaw initially asked for a 40% pay increase. according to reporting by bloomberg, sources close to the negotiation say that union actually wants to emerge from the strike with at least a 30% pay raise,

presented on monday night, and in making this offer, and in announcing it yesterday, ford, through ceo jim farleyomments, saying, look, this is a costly offer to us. this is not like we can say, okay, we're giving it to you, and we have the same level of profitability and everything is the same as it was before. no, this is going to cost ford, but they want to get this racked up as quickly as possible, and they understand that the uaw is holding out for certain things, including quicker progression in terms of wages for new hires. they are north of 20%. they're not saying exactly where. they're also adding in cost of living adjustment benefits over the life of this contract. so, it's a far richer offer than what we've seen from ford in the past. whether or not this gets the deal done remains to be seen, carl. >> phil, we'll talk in a bit. busy day on the auto front as well. that's our phil lebeau. >>> we'll get cramer's "mad dash," countdown to the opening bell on a busy wednesday. "squawk on the street's" back after a short break. >>> let's get cramer's "mad dash" as we count down to the opening

jim farley says there is a limit to how far they can go.t may change the calculus in detroit for the automakers in terms of their ev investments at least near term. we're nowhere close to that at this point. >> detroit three manufacturing losses $1.2 billion from anderson economics tracking this thing. thank you. >>> as we lead to break our road map for the rest of the hour. birkenstock sticks off its road show ahead of a potential debut this week. what investors need to know. >> insurers are hitting fresh highs, some warning of big risks ahead for that sector. >>> the q4 playbook for two beaten down sectors, financials and energy. and some of the key names to watch there. big show still ahead. don't go anywhere. across the globe, industries are transforming and businesses need to navigate the changing landscape to stay ahead. when you partner with barclays, every change leads to a bold possibility. you have the vision. we have the insights, financial solutions and global perspectives to help you make it real. barclays corporate and investm