mike manley was sergio marchionne's right hand man.ed closely with him this is not somebody who was in charge of thecompany but he didn't do a whole lot and he's suddenly thrust into a position of power no he has been working closely with sergio marchionne and other executives at fiat chrysler for a number of years. this is not somebody stepping into the job who has no sense of what is going on or the enormity of the task at hand. >> but the market is reacting. the stock is down about 3% right now. phil, i know you have a long day. we appreciate you joining us on worldwide exchange thank you very much. >> you bet. >>> you're probably hearing more and more people talk about how this multiyear stock rally is finally over, it's done. your next guest says that's wrong on a couple of counts. joining us now is managing director at zor. the best named capital on the market. >> you question the basis that this is a multiyear bull market. how? >> my basic call is so far this year the market is doing what it should do after a big year i look at

fiat chrysler says its former ceo, sergio marchionne has died.uawk box" begins right now. ♪ >>> live from new york where business never sleeps, this is "squawk box. >>> good morning welcome to"squawk box" on cnbc we're live at the nasdaq market site in times square i'm melissa lee along with andrew ross sorkin and joe santoli. let's check in on u.s. equity futures. the dow lookingto lose right now 8 points at the open the dow yesterday broke a three-day winning streak we should note notable levels on the nasdaq which is poised to open higher by 6 points. the nasdaq yesterday with a fresh all-time intraday high in asia, sefsh watchieverybody that the shanghai brushed a one-month high to close slightly lower there. the nikkei is up by a half

sergio marchionne, man and fr friend, is gone.elieve the best way to honor his legacy is to build on the legacy he left us and continues to develop the human values and responsibility and openness of which he has most ardent champion second from how much he will be missed as a person, let's talk about the legacy of sergio marchionne as a business executive. this is a gentleman who not only saved fiat starting in 2004 when it really was a faltering regional automaker, that many people thought would ultimately be folded into another company he said, no, we can build fiat then in 2009, he orchestrated the takeover of chrysler out of bankruptcy remember, there were many in the obama administration who thought that chrysler should just die, go away. sergio marchionne said no, we can work with them and he put together fiat chrysler once he put them together, he was the visionary who said the real jewel here is the jeep brand. let's turn it into a global brand. guys, if you think back to 2009, the vast majority of jeep sales were in the

marchionne ismr.getting into the hands of mike manley, certainly much manageable and viable than it would have been a few years ago. francine: they rekindled speculation. first, i want to bring in simon's french -- simon french on these tariffs. are fiat chrysler, do you have any firepower to fight against these ms. bonino:? -- t hese tariffs? simon: not a lot, actually. they are being bilaterally imposed, and it is not so much the aluminum tariffs but a ramp-up of tariffs on autos in the eu, which is one of the looming challenges for the group, so i actually think fiat chrysler under that stewardship is actually a small voice in the competitive macro environment, independent of the auto sector. francine: going back to the auto sector, do you think their way more speculation that the automaker will split off or sell parts of his health -- of itself? philippe: we are convinced -- for about 20, 30 years, the auto industry has worked toward building large, conglomerate brands. marchionnes, sergio went, i

marchionne said very clearly, they don't want to see a hit for tat. he was hoping cooler heads prevail. >> the fact that he's got much less experience in the finance and manufacturing side than his predecessor. how big of an issue is it going to be? >> perhaps it would be the cfo to take over when you look at manly's success story with the jeep and ram brands and the sales increase, that's what people are honing in on the fact that he has seen the -- jeep has been a strong brand for a long time. on the ram side too, with the trucks, he has been able to turn that around. at the end day, that was the winning factor people will say there are areas to improve not just the one part. and overseas in china, an important suv market >> a lot of challenges ahead thank you very much for bringing us the latest for the all important story. it's not all about autos today let's look at asian markets overnight. starting off with european markets. we had big moves in asia the japanese, don't have it up there. the nikkei was down a lot. may be looking to tweak monetary

marchionne was going to retire anyways next year.estors thought he would be leading for marie until at least 2021. -- would be leading ferrari until at least 2021. lewis is going to lead the ferrari brand. kind oft the same industry experience we would have expected coming from sergio marchionne. a story will be following throughout the next few hours. in the markets, we're looking at a risk off day as the markets digest idiosyncratic risk but also monetary policy and trump geopolitical issues. dow jones futures off the lows of the sessions. italian equities down .4% and part of that is the auto story. in other asset classes, the dollar-yen the one to watch, the boj tweaks this policy, what does that mean? n grinding its way higher as the curve here in the u.s. flattens. two, down and back up. our phones are more than just phones. they are pocket sized personal trainers... last minute gift finders... siri: destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with

continue what sergio marchionne has started.ally created fiat chrysler. he also owned the culture of the group, thing have italian and have canadian -- being ha lf-italian, and half-canadian. francine: does italy have any other chief executive officers like sergio marchionne? he was not without controversy. a lot of the unions did not like him because he was very business friendly. and to some extent that he would throw away what the italians expected to be unionized. >> yes. if i can tell you something, also very personal, which happened to me. it was much easier following sergio marchionne in the u.s. than in italy. ?light -- why if you go to detroit he is releasing as a hero. if you speak with workers in the u.s. they are telling you he saved our lives literally. many chrysler managers tell you the same. -- he is much -- a much more divisive person. in 2004 and then moved the center of gravity for the group away from italy. perfectly touch it there. this is the website that broke the news, "la repubblica." i will not translat

there had been a plan for marchionne to leave. he was expected to help out at ferrari for another five years. this will create more turmoil. report that.8% on a the company is asking suppliers for cash back. investors not liking that. on the biggest movers s&p 500, hasbro up 11.2%. they put up a massive second quarter, they beat earnings i 60 points -- 60%. halliburton, one of the worst , down, its worst day since 2014. it has a recovery in demand. caroline: it is about 90 minutes until the close of trading in europe. we have seen gains and losses, ball at how today. we are still in the red, three as weht days of gains worry about tension between the u.s. and your brand. -- and iran. today, we're seeing banks in the green. i'm showing you which industries are being hit or gaining. up, and insurance, oil and gas being driven higher. it is being driven higher on the anian troubles. one of your key underperformers, let's dig into it. i give you ryan air. we are thick and fast in the season of earnings. it is its worst day since decem

>>> sergio marchionne stepped down he was recovering from surgery phil lebeau is in chicago. first to you >> the statement you read came out saturday from the board of directors atrop fiat. we heard s & p that they're not changing ratings regarding chrysler with the replacement of sergio marchionne as ceo good news for the company there. sergio marchionne's departure is a huge loss for fiat chrysler that he is no longer running the company. suffered a rapid decline in health and will not, not be returning to the company who is running it now? mike manley, named ceo of fiat, will be overseeing the company's european operations since the head announced this morning he will be leaving the company. the gentleman in charge of europe was passed over for the top job, mr. manley now has it his challenges are significant implementing a five year growth plan he helped put together with sergio marchionne, expanding jeep sales remember, mike manley has been in charge of that brand, it had tremendous success that's key part of the growth. and then is there a sale or merger in the future s

investors were expecting marchionne to leave.s as a surprise because marchionne was meant to stay another five years. this is why the reaction is much bigger for ferrari. >> the architect of the fiat chrysler's dramatic turnaround has died. sergio marchionne was 66. he took over in 2004. he spearheaded the purchase of chrysler. he was a bit of a turnaround king. >> he refered to himself several times as the fixer and hit quite a job to do at fiat. rescuing the company, arguably the most important emblem of italian industry for decades. he managed to start this turnaround by extracting about $2 billion from general motors that gave him some financial leverage to start his turnaround plan. from there he took the bet on chrysler, created at that time the world's number seven carmaker. and off he went. >> qualcomm say its ready to abandon its pursuit of nxp. why did they make this decision before hearing from china? was it an nxp issue? >> i spoke to the ceo, and he said there are bigger forces at work. this is the geopolitical world

ceo.ompany has a new sergio marchionne has an irreversible condition. earnings.ive week for the big banks and global tech will be reporting. exclusiveing you an with the ceo of julius baer. we are less than a half-hour away from the european open. index futures are down across the board. we have some pretty deep drops. 50o stocks -- euro stoxx futures down. and dax futures down more than that in frankfurt. we could see a negative open this morning. we had a mixed trade in asia. mm.e a look at the dmg we see the equity indexes across asia. gaininghinese indexes actually with hong kong having little change. forex -- that is where the focus is. take a look at the yen. 110 point 92 against the dollar and that is on the big change or the perceived change in boj policy over the weekend. they did go into the markets to try to put a stop to that perception. and you see the brazilian radel moving as well. equity androm the forex columns, what you see when you go to rates and commodities -- japan again. the story here today. movedack ox means it has more than thr

sergio marchionne replacedas ceo. he will not return to work this is not a case where he's not feeling well and not there for a while. he's not coming back to work the reason, a rapid decline in his health following surgery three weeks ago. he had shoulder surgery. we don't have any details beyond that in terms of what's happened with his health. but the chairman of ex-or who holds large stakes in fiat, chrysler, cnh international. john he will kin who has been by his side the last 14 years as sergio put together fiat chrysler, he issued a statement saying he taught us to think differently and have the courage to change, often in unconventional ways. always acting with a sense of responsibility for the companies and their people what's next for fiat chrysler? the new ceo is mike manley he's been running the jeep and the ram brands for a number of years. he has a strong operational track record this isn't a figurehead who we're going to put you in charge of the entire company. he's worked hand in hand with sergio march

investors somehow were affecting that's expecting marchionne -- were expecting marchionne to leave.s as a price because marchionne was meant to stay another five years. this is why the reaction is much bigger for them. >> the architect of the eight chrysler's dramatic turnaround has died. sergio marchionne was 66. he spearheaded the purchase of chrysler. he was a bit of a turnaround king. >> he refers to himself several times as the fixer and hit quite a job to do at fiat. arguably the most important and little of italian of italian emblem industry for decades. he started this turnaround by extracting about $2 billion from general motors and gave him some financial leverage to them for together his turnaround plan. from there he took the bet on chrysler, created at that time the world's number seven carmaker. and off he went. >> qualcomm ready to abandon its xp.suit of annex the -- n issue?an nxp >> the ceo says there are bigger forces at work. we don't see that changing. qualcomm just moves forward and concentrates on what it is good at and tries to grow organically in markets like

marchionne faces a health crisis.onnie: more car troubles, tesla sinking on reports that it is seeking refunds from suppliers. all that in the next 30 minutes, but we are halfway into the trading day and abigail doolittle is with us to talk about the bank boost. >> you mentioned green on the screen. earlier, small declines, noun gains as they are bidding of the major averages and the big boost, the best sector of the day, really being helped by the yields rising. at this point we have the dow and s&p 500 up for the first time in three sessions. the nasdaq up for the first time in four sessions. also helping the major averages, big tech, like microsoft and broadcom. microsoft hitting an all-time high today. and alphabet, we have seen the optimism around that report, that stock report really helping some of the other big tech names. let's hop into the bloomberg to see what investors are hoping for it around -- around alphabet's quarter. . you can look at this chart using the gtv . year-over-year growth, back in 2012

he is marchionne's protege. he is running a large portion of business.is in charge of the ram and jeep brand's, two thirds of the company's sales in the u.s.. he is a company veteran. he has been running the ram and jeep brands since 2009. he is seen as an obvious pick. our own bloomberg intelligence analysts call him the best possible pick for the role. obviously, he faces a ton of challenges on many fronts from electrification to self driving cars to expanding the jeep and ram empire be on the u.s. -- beyond the u.s.. yousef: live from singapore, the bloomberg transport editor. let's get back to the head of fx, commodities, and rates at j.p. morgan private bank's. you have had a chance to listen to the ceo of philips and the cfo of ryanair. together, where does this go next? what is the next milestone in this mess? >> we are all looking out towards october. when you think about the u.k. parliaments now on the brakes this summer, theresa may made a few concessions and ultimately now we look to the next meeting with the european union to see how does thi

. >>> sergio marchionne underwent surgery on his shoulder three days ago, he reportedly suffered a stroke and went into a coma. he did not recover. he merged fiat chrysler 10 years ago. it was his creation. sergio march cone knee was 66. >>> wednesday july 25th, the dow will head lower at the opening bell. all of that loss is from one stock, boeing. "varney & company" is about to begin. ♪ >> we're confronting the unfair trade deals and we are doing it like nobody has ever done because our workers have been cheated, our companies have been cheated. they have stolen our wealth. they brought it to other countries. as you know i campaigned on that issue. it is very close to my heart. i understand that issue better than anybody. i don't like that. i don't like it.

president trump >> former fiat chrysler ceo and auto industry titan sergio marchionne died at the age of 66 he became the ceo of fiat in 2004, despite having no experience in the auto industry. he quickly became one of the most respected executives in the sector after engineering a recovery at the debt laden company. his career defining moment came during the financial crisis in 2009 when fiat took a controlling stake in chrysler, steering the american carmaker out of a government backed bankruptcy marchionne oversaw a sweeping turnaround at chrysler, within two years, the company exited chapter 11 and returned to profitability. in 2014, fiat chrysler made its debut on the new york stock exchange, and shortly after it announces a spinoff of ferrari which listed in 2015 marchionne, once an industry outsider, leaves behind a lasting legacy on the global lpe motive business that h heed to reinvent the more comfortable you are in it. and now there's a new way to smooth. introducing new venus platinum. a premium metal handle boosts control... to reveal up to 100% smooth skin. venus no matt

your reaction to the news about sergio marchionne.did amazing things for the company. >> s., absolutely. and who doesn't return the company are up for a multibillion-dollar accompany this now. he was asked by president obama to take over chrysler bringing the company back from the brink and he obviously is a big fan of the ferrari brand as well. also not too much in the price given the fact we heard the news earlier this week that he was a result of side effects from operations. very sad news of someone 66 years old. gerri: brings to mind michael manley the fella taking his place. we know him as the head of jeep. is he up to the task? >> that's a big question at the moment. i think investors are still absorbing the news. the big question is whether or not they will delay the announcement put in some form of succession plan. with respect to the management progression from here. the next 24 hours, 40 hour should be a better idea. >> will they delay their earnings out of respect for sergio. thank you for being with us this morning. >> no

they talked about sergio marchionne.were reading out letters and notes from analysts and journalists that had written in an expressed their concern. they did take a moment of silence as well on the call. this has set the tone to be more of a somber tone, remembering sergio marchionne. we start to get into the capital markets update for we talked about those numbers and the struggle in china. has said theonne second quarter was going to be difficult. didid say did that -- that prove to be the case. they ended in a net cash position and improved with second-quarter profits. cherokee regained but otherwise a struggle in china. that has been a focus for them. i will keep listening for the numbers but i will reiterate the first five taylor riggs. we have heard warnings from ceos , tears could affect our business but for carmakers it could be more immediate. the savings they got to tax reform, versus the orange bars which take a look at the hit of steel and aluminum tariffs. wiping out any gains they got from tax cut. joining

. >> jenkins about sergio marchionne. workaholic saved chrysler. some terrific and it doesn't demand the bitterly divided 24 hours a day of his life every day of per week every month to saving and revitalizing chrysler. in particular caffeine the jeep grand. one of the quotes in the article is the nationalities do matter to car buyers. he tapped a great potential of the jeep brand. >> when we extracted chrysler in 07, we said seven, we said all of that up again and the team did an effective job in repositioning jeep. the challenger charger. the team did a heckuva job in repositioning. >> what i've read is 80% of the operating profits for fiat chrysler is cheap in the ram 1500. >> this talks about domain name mike manley as the processor. it is a testament to the leadership, the team you're talking about. he didn't see a big drop-off in the shares and shareholders were confident in mike manley and wendy's done. >> i think i read about mike manley would be a mirror image of sergio relative 24/7. guys for a lot less. >> when it was a brookings seminar

in other business stories — the former chief executive of carmaker fiat chrysler, sergio marchionne,ays ago when his health worsened following complications from surgery. mr marchionne, who was also ferrari's chairman, had led the combined company for more than a decade. he has been succeeded by briton mike manley, head of the italian american firm's jeep division. itv reported profits and revenues up in the first half of the year boosted by the world cup and love island. at the same time they defended advertising around the reality tv programme. although chief executive carolyn mccall, told the bbc that a "tiny number" of adverts during love island were "not quite right". and they revelaed plans to launch a netflix style streaming business. and american airlines and cathay pacific have become the latest carriers to change how they refer to taiwan online, bowing to pressure from china. beijing set 25july as a deadline for companies and airlines to remove references to taiwan as anything but a chinese territory on their websites. ‘s taiwan has been self—ruling since 19a9 but china reg

so the company is in very good shape with marchionne leaving. >> the share price this morning was down%, now down about 2% dunk that recov do you think that recovery is justified? the fundamentals haven't changed. >> they really haven't actually sergio was the architect of the recovery and the prosperity but mike was a key player in making it happen you just saw that. and i think that the difference may be style i'm sure mike is going to have a very similar strategy. he's learned from sergio over the years. he is sharp. he is a good dealer guy. and i think one thing that you will find with mike, he is a consensus builder. and he may not have the same attraction to the media, but he inside the company as a leader, he will be very effective. >> does he have the same attraction to the president of the united states given how important discussions are around tariffs? i'm serious about that will he have the same weight in the room of trying to argue the point of zero tariffs to the president? >> i think he will because he comes to things in a very rational way. and when you find out one of

marchionne was big joker. manley is not.y with serious earnings call wednesday where he will have to face the media. charles: jeff, real quick, before i let you to, is chrysler still going to be a big part of this company? >> it's a increasingly small are part of the company. charles: right. all about jeep. >> you call it jeep, right? that is where the growth is. growth all over the world. charles: appreciate it. folks, thank you very much. a big day coming up. here to take you for the next hour, trish regan. here she is. trish: thank you so much, charles. president trump issuing a very stern warning to iran today after iran's president says trump's policies could lead to, quote the mother of all wars. president trump firing back saying, quote, you better not threaten the united states again because if you do, you will suffer consequences. all right. we'll talk about that. just a few minutes we do expect to hear more about the president's america first foreign policy that is when we hear from white house press secretary sara

stuart: what have we got here, under sergio marchionne up 229%.'m moving on. >>> president trump meets european chief jean-claude juncker discussing trade. president tweeting, when you have people snipping at your heels for negotiation, it will talk longer to make a deal. the negotiations are going really well. be cool, the end result will be worth it. liz peek with us, foxnews.com columnist. juncker has come with a man that would slash tariffs on autos. president trump wants no tariffs. do you think there's room for some kind of wiggle room, agreement of some sort, lessening of tensions between the two? >> we hope so really because the endgame there is to get the eu and the united states aligned pushing back against china. really it is not the ambition to bust up our trade relations with the eu although they do have tariffs, 33% on dairy imports from the united states. they have restrictions on imports of gmo-altered crops. there are barriers eu erected particularly the last decade against u.s. imports. we want to see some of that relieved. the m

employees are morning the death of their former ceo, sergio marchionne, who died wednesday.rs pause production for 10 minutes today to honor marchionne and his work in salvaging the company. the hospital that treated him said today he was seriously ill for more than a year, but fiat chrysler says it had no knowledge of that. global news, 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton, this is bloomberg. lisa? thank you, mark. facebook's face planting today after disappointing result. shares of the largest social media company are plunging, now all eyes are turned toward amazon, which will release its todayved -- its results after the market closes. joining us now is brad stone, head of global technology coverage for bloomberg. .rad, we love having you on thank you so much for being here. we are looking at amazon shares, down about 2.5% before they report earnings later today. why? brad: anticipation, maybe nervousness because of facebook. 140%,s a stock that is up 150% over the

illio marchionne had been for the year and in the hospital.t been disclosed to shareholders. sergio marchionne turns out has been seriously ill for a year before. just over 10 weeks to go before the november 6 election. democrats are focused on the house of representatives. e o brian murray and janie zano. let's hear from you. tell me about the chances for republicans to hold onto the house. >> i think the chances are terrific. that: a lot of experts say it will likely go democratic >> if you look at history, yes. there is always a challenge in the midterms. you have a different electorate. when you look at the racist side-by-side, politics are local. when you look at these races one by one, yes, you can lose seats at the table, but not the house. shery: president trump right now speaking in iowa on a factory tour right now. you would say the democrats have a bigger chance right now. >> you look at most of the predictions, they need 23 seats. looks like they will pick up 25 to 35. historically, they will pick up the number in the house. the se

it left sergio marchionne unable to return to work.etting his hopes on the brain. >> they expected him to retire near 2019, nine months from now. essentially, fiat chrysler, this was already in place, there were three top candidates. the cfo will stay and work with them. investors somehow were expecting him to leave fiat chrysler, this comes as a big surprisem because he was meant to stay there another five years. this is why the reaction is much bigger. ♪ >> the architect of fiat chrysler's dramatic turnaround has died. sergio marchionne was 66. he joined in 2004, related to the purchase of chrysler. he was a bit of a turnaround king. >> yes. he referred to himself several times as the fixer. he had quite a job to do at fiat. the company is arguably the most important italian business for several decades. he managed to start this whole turnaround by extracting about $2 billion from general motors, which gave him some financial leverage to put together his turnaround plan. from there, he took the bet on chrysler, created the world's nu

chrysler announced the resignation of sergio marchionne. he will not be able to return to work.p will replace him. marchionne is credited with rescuing chrysler after the financial crisis. >>> papa john's board preventing the founder from gaining control of the chain. last week, john schnatter resigned as executive chairman after using a racial slur during a conference call on sensitivity and training. since then, papa john's has been trying to cut tie was schnatter. he still owns 30% of the company shares. the board trying to prevent him from gaining a stake in the company. he has questioned his decision to resign. something the board has not questioned. >> a fight. the stock unchanged. >>> ahead, the duck boat that sank killing 17 people last week will be raised to the surface today. what they say about life jackets on board and why no one was wearing them. would it have even helped in the situation? (burke) coupe soup. and we covered it. we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ just another day on the farm. or i

. >>> welcome back big changes on one of the world's largest automakers sergio marchionne stepping down as ceo of chrysler and fiat. phil, his departure is really an end of an era. >> it is think about this he put together fiat and chrysler doing that in 2009 when chrysler was in the supervised bankruptcy his departure, while it's sudden, it's not totally unexpected he was planning to retire in the next year, but because of his declining health, we should point out rapidly declining health, the board made the decision that he will be replaced as ceo. he is not returning to fiat chrysler this is not a temporary move this is permanent. the new ceo, mike manly. he is best known for running the jeep and the ram divisions within fiat chrysler well known on wall street. well known within the auto industry, and look at the growth of jeep under manly. since 2009 sales have skyrocketed. worldwide they're up almost 300% more than 3 opinion% to just under 1.4 million vehicles last year he faces three key challenges as ceo, fiat chrysler implementing a five-year growth plan that he helped put toget

. >>> former fiat chrysler sergio marchionne has died.d down after complications from surgery. marchionne came up with plan to save fiat and chrysler from certain failure. he was 66 years old. we'll be right back. and maybe even, unproven fish oil supplements. not all omega-3s are clinically proven or the same. discover prescription omega-3 vascepa. the one that's this pure... and fda approved. look. vascepa looks different... because it is different. it's pure epa. vascepa, along with diet, is clinically proven to lower very high triglycerides by 33% in adults, without raising bad cholesterol. that's pure power. proven to work. vascepa is not right for everyone. do not take vascepa if you are allergic to icosapent ethyl or any inactive ingredient in vascepa. tell your doctor if you are allergic to fish, have liver problems... or other medical conditions and about any medications you take, especially those that may affect blood clotting. 2.3% of patients reported joint pain. it's clear. there's only one vascepa. ask your doctor about pure

is reporting, also the "wall street journal," that former fiat chrysler chief executive sergio marchionneording to the family's key shareholder. he fell ill after complications following a recent surgery and stepped down, much to the surprise of many people. he was replaced as chief executive last weekend by the jeep ceo. anyway, so now we can report to you, according to reuters and the "wall street journal," former marchionne has died. >>> more sad news, singer demi loveovato an overdose but is aw and in stable condition after an apparent drug overdose. a rep for lovato says the family thanks everyone for their love and support. the 25-year-old singer has struggled with substance abuse and weeks ago revealed in a new song that she had suffered a relapse. ♪ mama, i'm so sorry, i'm not sober anymore ♪ >> lovato has spoken candidly about her use of cocaine and addiction to alcohol as well as mental health issues and an eating disorder. >>> utah's orrin hatch wants the world to know he's not dead, despite what the internet says. hatch on monday posted a screen shot of his own google search r

we have the untimely passing of sergio marchionne who was so well-respected in the industry. stepped down from his ceo role afterness from a shoulder surgery. he passes. we have a ceo going ahead with tailwinds behind him. analysts are seeing growth for fiat chrysler in north america. so he has a good start, a good footing to stand on. both fiat chrysler and general motors warned going forward at least in part because of tariffs. ford after the bell, spoke to consumer edge research, he was noting risk to auto sales. they have had a great run. prices have gotten very high. that has given them the power to do well. however even with inseptembertives now, they are so high, consumers say are not afford it anymore. moved to used vehicles. they are seeing jump in used vehicles. more from the ford analysts. that is one thing that jumped out in particular. an analysts are hot on autonomous driving and autonomous vehicles. that is the growth area. facebook hits a new high, up 1.3% going into its earnings, leave it back to you. we had quite the last hour of trading. back to you. adam:

sergio marchionne has asked for a replacement after his health has taken a turn for the worse. he's 66 years oil and had shoulder surgery last month in zurich. he spearheaded them. he'll be replaced by mike manly. >>> and in the battle of sequels, "the equalizer 2" topped the box office. >> people do bad things, and sometimes you get a chance to set it right. >> in its debut weekend, "the equalizer 2" took in an estimated $235.8 million in ticket sales. the film edged out another sequel "mamma mia: here we go again" which brought back the original meryl streep and pierce bros. nan. "hotel 3: summer vacation" came in third. >> diane king hall at the new york stock exchange. thank as lot, diane. >> all right. thank you. >>> still ahead, fending off the big names. how an italian player made history by pulling out a victory at the british open. on stage.e i wanted to be clear. i wanted it to last. so i kept on fighting. i found something that worked. and keeps on working. now? they see me. see me. see if cosentyx could make a difference for you- cosentyx is proven to help people wi

the best or nothing. >>> news in the auto industry legend former fiat chrysler sergio marchionne hasied the stock down 10% as the company cuts its guidance. tariffs at the center of that conversation and there's gm in the premarket after cutting the full year earnings outlook ford reports tonight after the bell as tariffs on steel and aluminium weigh on the industry. about half the content in automobile are the metals and others we'll bring in bob lutz to think about this. >> good morning. good to be here. >> start with sergio david and i have talked about there's a picture in the hall of the nyse of the day he brought ferrari public and there's been a lot said what he brought to the industry you knew him and have written about him over the years what should people know? >> well, i think he was a very effective leader one of his hallmarks is he had a clear vision of where he wanted to go and what he wanted to do and whether it was popular or not or whether there was consensus in the company or not. he would pursue that and at times it made him unpopular within the company you know, p

marchionne said he wouldn't. we'll see what manly does.ove them over to jeep in favor of these other brands. stuart: i wanted a replacement for chrysler town and country van. i'm told they don't make it. >> they don't make the town and country. it is pacifica. they make the town and country, call it the old dodge caravan. they sell a lot of them. it is very out of date. no plan to replace that. pacifica and chrysler 200 are only ones they sell. stuart: you talked chrysler out of a sale. geir i are, thank you very much for joining us. appreciate it. let's get back to your money. again, flat to ever so slightly lower, opening for the market this monday morning. down 10 points, got it. >>> teenager in seattle harassed for wearing a maga hat in public. it was ripped off the head and thrown on the ground. man told him to get the f out of the city. when he picked the hat up, he realized he was spat upon. >>> big product recall. mondelez recalling 16 varieties of ritz cracker products. they could be contaminated with salmonella. how did that happ

the former chief executive of car—maker fiat chrysler sergio marchionne has died aged 66. to change how they refer to taiwan's online, bowing to pressure from china. beijing said today as a deadline to remove references to taiwan as anything but a chinese territory on their websites. taiwan has been self ruling since 19a9 but china regards it as a breakaway province to be one day reunited. so no great for kit kat? we have been talking about this all afternoon. nestle who make kit kat, they have been fighting to trademark the shape. back in 2002, they applied for a trademark with the shape of the bar when it had the kit kat logo on it, that's fine, they got that, also the show to the bar when it did not have kit kat written on it and they called it the four couples are little bars aligned on a rectangle of those. this is important, all about the shape of it. that is the legal term. initially you're as trademark accepted it, unsurprisingly lots of other chocolate companies who have similar shaped this is not fair, you can't trademark the shape of it. there has been a back an

. >>> fiat chrysler ceo sergio marchionne will step down after complications after surgery.s an auto industry legend. he rescued chrysler after the financial crisis. >>> papa john's board preventing the former ceo from taking over. papa john's has been trying to cut ties with john schnatter. he owns 30% of the company shares. the board took control to stop stockholders from gaining a controlling stake in papa john's. blocking a possible takeover. a poison pill. schnatter has apologized for his comments, but questioned about his resignation. >> he shall not go quietly. >>> "early start" continues right now with the threats of war between the united states and iran. >>> some tough talk from iran met with a blunt warning from the united states. president trump says further threats from tehran will bring severe consequences and the secretary of state compares iran's leadership to the mafia. >>> i don't think they did anything wrong. they went to the court. they got the judge's to approve it. >> republicans refuting the claim that newly released documents prove his campaign was s

the automaker said that marchionne is stepping down due to health concerns he's being replaced by mike manly who has run jeep for several years. phil reported that alfredo will be leaving the company after not getting that topjob. under manly, jeep sales went 4x, as we talk, also, about the legacy saving fiat and chrysler. >> amazing taking race. race is the best auto stock in the world. >> the poster is up in the hallway. i see it every day. >> yeah. it was brilliant and everyone proved it didn't do that well initially but what it did is call, you know, into focus that they were going to be able to expand ferrari everyone thought you couldn't do that it was too boutique. he was dead right about that 1 million jeeps sold 1 million. i mean, this was a brand a lot of people thought was faltering. anyone who knew sergio, and we wish him the best of luck. i got to interview him once. i work and work and work and work only because he's a nice man did he not say you're a moron. he was saying like, you know, i agree with that, however, if you would frame it like this it was like basically say

placed marchionne underwent shoulder surgery three weeks ago but condition somehow worsened lookingdown more than 3% right now, again, stunning news for this company. >> well, a superman solution for workers he who want more privacy, for the first time in 80 years superman cube call booth available for two two inside if that makes sense know the east usb outlets ether net connection you have to make more than clark kent running 5800 dollars per booth doesn't mention having a phone i don't think people use those anymore, there is this watching this clip over and over again this morning on the show appears the show o grownman stealing a foul ball from a child chicago cubs saw situation play out in real time, ended up beginning of the young boy an autographed baseball instead turns out man everything is criticizing helped that boy get a foul ball earlier in the game. you can see him holding a ball next to new autograph, yeah so maybe the guy in the clip isn't mean as we all think we are beating up on him this morning want to give you new details on this developing story, in baseball. d

now let's switch gears and look at the architect of fiat chrysler's dramatic turnaround. 66.io marchionne he took over fiat and spearheaded the purchase of chrysler. he was replaced as ceo after the weekend. his health declined. malan --to dan in to talk about him. the listing of fiat chrysler, having taken fiat from bankruptcy, he was a turnaround king. yes, he referred to himself several times as the fixer. he had quite a job to do at fiat, rescuing the company, arguing the most important emblem of italian industry for several decades, and he managed to start this turnaround by extracting about $2 billion from general motors, that gave him some financial leverage to put together his turnaround plan. from there, he took the bet on chrysler, created the world's number seven carmaker at that time, and off he went. caroline: the peace that bloomberg has on him is fascinating, he was born in italy, corrupt in toronto, fueled by more than a dozen espressos a day -- grew up in toronto, fueled by more than a dozen espressos a day. he had to destroy sometimes. he was not afraid of overhauling ma

tim cook, ceo of apple said sad to hear of the unexpected passing of sergio marchionne and john krafcikceo of waymo said he was a determined leader with a clear vision. our thoughts are with his family and friends. it is a tough day for fiat chrysler and a tough day for the auto industry overall. >> as we all remember sergio marchionne. thank you very much, phil lebeau. let's turn to washington where president trump is meeting with e.u. president to talk trade. >> earlier today we got a brief glimpse of the two leaders in the oval office where from juncker's side we heard a lot of talk about cooling of tensions. from president trump we heard talk of the need for resperocity, potential for a fair deal and potential win/win outcome for the u.s. and the eu. >> over the years the united states has been losing hundreds of billions of dollars with the european union. we just want it to be a level playing field for our farmers, manufacturers and everybody. we also want a big beneficiary to be the european union. >> reporter: following that brief meeting the president and the e.u. had an expand

mike manley made his debut to the community shortly after news of the death of the 66-year-old marchionneit next year had been accelerated over the weekend by a sudden deterioration in health. fiat inne took over 2004 and spearheaded the purchase of chrysler. the companies that you -- companies value rose more than tenfold under his leadership. global news, 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton, this is bloomberg. scarlet? scarlet: thank you, mark. coming up, ford shares are down ahead of earnings as wall street here's the company might complete a trifecta of troubling earnings reports from detroit's three automakers. up next, we will be hearing from the ford ceo to find out how much tariffs take up part of the damage. this is bloomberg. ♪ ♪ scarlet: autos on a trade war collision course. the three of the biggest u.s. carmakers turning lower on disappointing earnings. gm cutting its for your profits forecast, citing rising metal prices. fiat chrysler also reduces outlook as sales lo

attention on fiat chrysler getting ready to report after the shock announcement of former ceo, sergio marchionnerting. any updates around his health will be in focus our thoughts continue to be with him. when it comes to the ifo report, not too bad. a touch ahead of expectations. you can see the euro is creeping higher against the greenback there. one thing worth noting, when it comes to the car sector, export expectations for the car sector have fallen significantly. i imagine this has something to do with both the u.s. trade tensions and what's going on with brexit as well. looking at the greenback, it's inching higher against the japanese currency. when it comes to sterling, holding at 1.3155. the focus coming back to telecoms telecom italia reported first half earnings in line with expectations the telecom says it will press ahead with its stake in persedera. they added they are considering broader opportunities for the group's subsidiaries i'm pleased to say we will speak to the chief executive of telecom italia later today tune in from 7:00 cet tomorrow for that interview >>> right here in

. >>> fiat chrysler announcing the death of their former head, sergio marchionne. >> he was a giant in the industry the new ceo held a moment of silence on the earnings conference call. we've heard from a number of ceos the leader of daimler said the auto industry has lost a real giant. many of us have lost a very dear frejd. marry barra, general motors ceo, sergio created a remarkable legacy in the automotive industry and bill ford, chairman of the ford motor company, says his extraordinary leadership, candor and passion for the industry will be missed by everyone who knew him guys, i know we say this every once in a while that somebody is a giant of a particular industry in this case, it was not hyperbo hyperbole, it really is true about sergio marchionne and the legacy he leaves behind. >> he was so young. >> thanks, phil. >>> we're just past the halfway mark on earnings the biggest week this season the numbers have been strong, but rising costs have some market watchers concerned. >>> and this liquor store in san jose, california, just made one lucky customer a multimillionaire las

we watched fiat chrysler, all this, ferrari shares fell on marchionne has to step down. health crisis. stock down 1.7%. then we have the story of papa john's poison pill. we know that john schnatter, he was ceo. he lost that role after the nfl, blaming nfl last year for lower pizza sales. now a racial slur loses chairman role. he is out. they put in poison pill, diluting shares. this way he can't scoop it up to make offer for entire company he founded in 1984. facebook, all-time high. everybody watching "fang" stocks. 211.62 was the high. you did see it finish up half of 1%. nike is adjusting salaries for over 7,000 employees. in fact raising those salaries. we saw nike slightly lower. we'll be watching for a couple earnings now. whirlpool and of course alphabet google back to you. >> nicole. thank you very much as we await alphabet earnings we're entering the busiest week of earnings season, facebook, amazon, twitter some big names that are going to release their earnings report this week. bring in the market panel. adam lashinsky from fortune. also a fox news contribut

over the weekend it was announced he was taking over from sergio marchionne.chrysler through taking a strategy that others didn't wa nt to taking a strategy that others didn't want to take. he didn't invest in electrification and technology that others were spending on and focussed on turning around the core business of both companies. these are big issues, arguably in the history of the industry. sergio was due to retire, but this has taken place faster than expected. manly has a big target to hit the targets. it has not helped when senior members of management team are also resigning. but manley has been ceo since 2009 and he is very experienced. there is a reasonable chance he can deliver. he took the view, we don't make money on small ca rs view, we don't make money on small cars in the united states or sedans and the consumer wants cross overs in suv. so he short cycled the dodge dart and focussed on the us market. a new drug which can cure the recurring form of malaria has been approved in the united states. tafenoquine is the first drug to get approval

it is usually richard palmer, the cfo and sergio marchionne.ng to be new but he is not an unknown quantity. he has been leading their most profitable, most important units for several years now. he's got a solid track record but it is a new role. it is going to be a different experience for investors. joe: let's talk about tesla. how unusual is it for any auto company to go to it suppliers and try to extract concessions? >> it happens. more often with companies in trouble. i remember years and use ago when i was at the free press and chrysler went to their suppliers asking for give backs. it has happened in the past. there is always negotiation around cost and all that. but this is unusual to go back on capex, to go back so far. it is sort of unusual. it might indicate they have the strength and the leverage over them but in the end, automakers are always dependent on their suppliers and the more you abuse that relationship it comes back to you later. joe: let's talk about leverage. does tesla have a unique set of suppliers for whom that is a h