phil lebeau, "nightly business report," chicago. >> still ahead, will truckers keep on trucking? >> and morgan brennan in new jersey. more than 200 moves by truck. this is an industry with a direct take on the economy. truckers are sounding off about how president trump could improve business. that story coming up on "nightly business report." >>> helalth care was on the agenda today at the white house when the president met with a group of trucking executives. he praised their work, but after a tough 2016, are things looking up for the sector, especially under an administration that wants to roll back regulations? morgan brennan reports from richfield, new jersey. >> big rigs rolled into the white house today as trucking executives met with president trump to talk health care regulation and infrastructure. the trucking industry is the top employer in 29 states. including three and a half million drivers who haul ten and a half billion tons of freight each year. a highly regulated industry. many ensure drivers are at their best on the road. companies are in favor of those safety

phil lebeau has more. >> reporter: it is costing more than ever to buy a new car or truck. in fact, the average price paid in dealerships last month was almost $35,000. the jump in prices is due to the fact more people are buying pickups and suvs which typically cost more than cars. as a result expeerion the average loan for a new vehicle is now at a record high of more than $30,000. compare that with the average loan for a used car which is also at a record high but under $20,000. that's the largest gap ever between new and used auto loans. because buyers are paying more they're looking to stretch out the length of their auto loans. in fact, almost a third of all new vehicles come with loans stretching payments over more than six years. is there a limit to how much mier prices can go at the dealership? if there is, we haven't seen it yet which is why the u.s. remains the most lucrative auto market in the world for companies selling cars and trucks here. phil lebeau "nightly business report" chicago. >> and to read more about the record gap between new and used car loans yo

phil lebeau has more. >> reporter: driving in america has become deadlier. the national safety council estimates more than 40,000 people died in car accidents last year, the most since 2007. it caps the steepest two-year rise in auto fatalities since 1964. some of it is because drivers are going faster, as states raise speed limits, while distracted driving remains a huge problem. ironically, highway deaths are rising even as new technologies like lane departure warning systems, are becoming more common. but the national safety council says some of these new systems are being ignored by drivers. >> there are oral warnings, visual warnings. some of these warnings are confusing to drivers and some of them are, the functionality is really not there, so drivers are turning them off. >> reporter: doug simpson, founder and ceo, thinks he has a way to keep drivers from picking up their phone. since late last year, the company has sold a device that projects text messages, e ma-ma on to a small screen in front of drivers, believing the drivers will not stop texting

for all of that, we'll turn to phil lebeau, who is in michigan. morning, phil. >> reporter: good morning, carl. we'll talk about that gm announcement in just a little bit, but you're right, president trump -- you can see the banner behind me -- it's "buy american, hire american." that's the theme he'll be hitting today. but he'll also be talking about his administration moving to change the fuel economy standards law for the rules going into effect for the future. let me show you this wall, which shows where fuel economy is h d headed between 2022 and 2025. now, these standards were locked in by the obama administration back in 2011. you see the dramatic increase between 2022 and 2025, when the industry is expected to hit an average of 54 1/2 miles per gallon. well, now president trump has eventually said, look, we're going to revisit these rules with a review in 2018. at the end of the obama administration, they pushed through locking in those standards as opposed to having to review in 2018. now we're going to go back to a review with the indust

phil lebeau has more on why so many people are taking off and what they should expect when they board their flight. phil, that's almost half the country. >> reporter: an amazing number, becky, when you consider how many people are up in the air. we're seeing a lot of spring travelers here at o'hare. and for a lot of these people, they're going up realizing they got a decent deal on fares though those ticket prices are rising. if you're traveling this spring, pack a little extra patience. there will be more people than ever flying. nearly 90,000 more every day. that means crowded planes and airports. this continues a trend that has pushed the number of people flying on u.s. air lines to an all time high topping 800 million last year. why are so many taking to the skies? well, consumer confidence is close to a record high so people are more comfortable taking a trip, especially with the economy gaining strength while unemployment remains low. and right now airfares remain relatively cheap, but the web spite hopper.com which tracks air fares says domestic tickets will rise between now an

. >> our phil lebeau joins us on the phone. phil, i know you've seen this.e were just talking about not a specific reference to demand, at least consumer demand. >> no. and what stands out about this lower guidance is the reference to a higher cost in part due to investments in emerging opportunities. that is code, so to speak, for investment in autonomous drive vehicle, investment in electric vehicles and the huge investment that ford is making essentially going it alone separate from the rest of the industry in terms of saying we believe that the future comes to us eventually with autonomous drive vehicles and electric vehicles and we want to control our destiny there. that's a different playbook than you seeing from the other automakers who are taking much more of a collaborative effort when it comes to working with companies such as mobileye and saying, okay, what can we do, where is this technology coming from. ford has made big investments in terms of saying we want to develop a lot of the technology on our own. and this is what you get, guys, when you

phil lebeau has details this morning. >> carl, may be likely to similar a similar type of restriction for flights in the middle east into the uk. wouldn't just be the united states but you could see european countries doing the same thing. we've not been able to independently confirm if that is the case. let me talk about the restrictions. talking about laptops, ereaders, tablets. they're going to be restricted. in other words, have to go in to check luggage and u.s. bound flights from ten airports in eight countries. predominantly in the middle east and a few in africa. it impacts nine airlines. none u.s. airlines. about 50 flights a day into the united states. again, these are district flights from the airports into the u.s. these are flights out of the following countries. saudi arabia, egypt, kuwait, qatar, jordan, mock crocco, tur united arab emirates. the restrictions being placed on people flying from the countries into the u.s. do not impact united, american and delta. again, it is only for airlines flying from th

phil lebeau. >>> 22 minutes left in the trading session here. rally under way.rritory above 21,000 for the first time ever. s&p has been flirting with 2400. when we come back we'll get insight on the economics of president trump's address last night. larry lindsey, former economic adviser to president george w. bush will join us. is happening before our eyes. shift in human history sixty to seventy million people are moving to cities every year. at pgim we help investors see the implications of long term megatrends like the prime time of urban expansion, pinpointing opportunities to capture alpha in real estate, infrastructure and emerging markets. partner with pgim the global investment management businesses of prudential. the first stock index ♪ (musicwas createdughout) over 100 years ago as a benchmark for average. yet many people still build portfolios with strategies that just track the benchmarks. but investing isn't about achieving average. it's about achieving goals. and invesco believes doing that today requires the art and expertise of high-conviction

phil lebeau, of course, at o'hare. he said, develop through the day today. >>> keeping an eye on shares of valeant this morning. trading at the $11 price now, down 9.5%. at which one of its largest shareholders, bill ackman and its hedge fund exited. this took place after the close. 27.2 million shares of the company sold by mr. ackman. he is now done with what has been a disastrous investment for him in valeant. this is a stock that was as high as $250 a share back in -- let me make sure i remember -- yeah, back in 2015. it was in 2014 that mr. ackman first teamed up with valeant. then in an attempt to acquire the larger allergin. mr. ackman's purchasing square fund bought shares of allergin as part of that group. then, of course, it was followed by a hostile or unsolicited offer from valeant. it was unsuccessful in actually closing the deal to acquire allergin. in part, mr. ackman helped to lead its strategy that some have since criticized in terms of how they went about trying to buy the company. all allergin sellin

phil lebeau joins us from michigan with the details. we are talking about fuel economy standards we are actually talking about the standards, the rules set for 2022 to 2025. take a look at this chart. what you want to focus is on the far right-hand side, the last four years where it dramatically increases up to a standard of 54.5 miles per gallon. that's an average for the fleet of all the vehicles sold by different automakers. donald trump saying we should review the standards in 2018. >> the assault on the american auto industry, believe me, is over. it's over. not going to have it anymore. we're setting up a task force in every federal agency to identify and remove any regulation that undermines american auto production and any other kind of production. >> now, the argument from the auto industry has long been maybe the standards are a little too aggressive and costing the automakers and ultimately consumers by making them add on the type of equipment to force or push the vehicles to get these higher fuel economy standards. gm ceo ma

phil lebeau is live in chicago with the details. phil, tell me how this works. tell me how this makes us safer. >> well, according to the department of homeland security, this is all about the flights coming from certain airports in the middle east, directly to the united states. and the concern is that terror groups are trying to smuggle explosives onboard, whether through laptops, ereaders, tablets. as a result, u.s.-bound flights from ten airport notice middle east impacting nine airlines. we'll talk about that in a little bit, about 50 flights a day into the u.s. people on those flights will be required to check their electronics. they won't be able to carry them on board. they can still bring their smart phones and medical devices on board. the airlines that are impacted. when you look at this list, some of you might be saying i'm not familiar with some of these airlines. there are others that carry a lot of americans, including emirates, etihad, qatar. all of these have direct flights into the united states. they're restricting their electronics per the ru

phil lebeau looks what it means for the future of self-driving cars but let's start with john fort. >> three points i want to bring you from this conversation dealing with this acquisition and what it means for the road ahead for intel. he was talking about m and a in general. he said that perhaps in the past intel hadn't done so well in m and a but under him they've done quite well, pointing to altera said that's ahead of schedule. he talked about it a computer vision and how it's necessary to get us to the next age of executing. >> if you look at our strategy, the computer vision, whether it's a drone or a robot or a car, it's going to become an important set of data. so you saw an acquisition, for example in novidia which is targeted more towards those low end devices. and mobilized targeted towards high end devices. >> this is a $15 billion skigs. altera was $17 billion. he's been doing big ones. finally he contrasted this move with qualcomm's move saying this is intel operating in a strong suit concentrating on executing not just the car at large. back to you. >> to phil lebeau f

phil lebeau has the difficult assignment of heading to honolulu. phil. >> come on. >> it's amazing. >> reporter: guys, come on now. i never hear you compliment me when i'm hanging out in flint, michigan. we are in honolulu. why are we out here? because this is the time of day you get a real sense of the growth and the strength of hawaiian airlines. and we'll give you sentences some sense here. we're moving along one of the baggage handlers. this is a 767. they use to fly to the main lands, the west coast of the u.s. you see the type of planes that have become incredibly popular inner island or interstate if you will from one island to the next. it's the boeing 717. this plane is the workhorse for the success that hawaiian has seen as it's grown. to see that success, look at the number of passengers the airline is flying now compared to ten years ago. it's essentially grown four times larger in the last six or seven years. the question is where is the growth in the future? for hawaiian airlines they're targeting large asian cities, particularly if yo

phil lebeau is at chicago o'hare. good afternoon. my bad. "worldwide exchange." >> good to talk to you in the afternoon. i have good news for you right now, the flight board is showing fewer cancellations and a few more flights to the east coast are showing that they're scheduled to take off a little later tonight. they may ultimately be canceled, but this is an improvement compared to what we saw earlier. take aware at the flight aware misery map. this is a little bit of a time delay here. you get some sense of the biggest delays at the biggest airports. generally speaking it's been a mess for the northeast. more than 5900 flights canceled today. that's why we're seeing scenes similar to this. they're basically ghost towns at most of the major airports out east. more than 400,000 air travelers have been impacted because their flights have been canceled or delayed. the flight schedules are expecting to increase starting tomorrow morning. by the middle of the day they'll start to pick up. the expectation is that the flight schedules should be

phil lebeau thanks. getting breaking news out of wells today as well.e'll go to wilfred frost at hq. >> wells fargo is taking further executive compensation matters this is affecting eight members of the 11 strong operating committee, the eight that existed before the 2016 sales scandal that includes ceo tim sloan, cfo and they will not receive cash bonuses for 2016, in addition some previously given equity rewards that vested during 2016 will also be taken back. the result is a total of $32 million of compensation being withdrawn for those eight people in total. that compares of course to the $41 million that john stumpf gave up himself. chairman says these actions are not related to any findings of improper behavior. they're part of the board's ongoing efforts to promote accountability and put customer interests first. so of course that lack of improper behavior contrasts to the four senior managers albeit less senior managers that lost their jobs a couple of weeks ago. so these actions less severe in that regard. tim sloan the ceo says i fully suppor

our phil lebeau is exclusively in hawaii with a look at the new technology. aloha. >> aloha.nrises go, this is interesting. i'm standing in front of nearly 50 acres of solar panels. about 55,000 solar panels. why are we here? because alleges later on today, they will formally announce, though the project is already up and running, that this is where tesla, in conjunction with hawaii's utility company, will have the solar panels working with tesla power packs in order to generation even here for kauai. nearly 55,000 solar panels generating electricity that would be stored by 272 tesla power packs. those power packs are already discharging electricity to kauai's uat this time company. that's what they need at night. currently or before this project was up and running they were burning diesel generators a the night in order to power much offal aisle, with about 33,000 customers. for tesla, this is part of the whole vision of the tesla gigafactory, which has been expanding battery production. there's some debate about how much growth investors can focus on when it comes to indust

a tweet came out from reporter phil lebeau saying, meeting with auto execs in michigan. donald trump says of gm ceo barra, mary has to get on board and build plants in other states. is he twisting arms? >> reporter: well, i presume that he is influencing those in the auto industry, kate, but we do not have any information about what you just mentioned. he did meet with mary barra and introduced a couple of the auto executives at this rally today. we don't know the details of what they discussed. as i said earlier, he appears to want to hitch his wagon to this industry, in particular, as some of your guests mentioned. he's very popular in this part of the country. obviously, michigan, when they went to the polls on november 8th, was one of the three states critical and key for donald trump being in the white house today so, he came back to really thank these folks and get their base energized again. we don't know if this is going to return -- if there's going to be a renaissance in the auto industry. we'll have to wait and see. he leaves the impression for folks here that

live in ypsilanti, michigan, phil lebeau. phil? >> reporter: the president will be talking a little over an hour from now in front of a couple of thousand auto workers gathered here. here is the real news to what the president will be addressing today. fuel economy standards set back in 2011. look at this chart and focus on the far right side. that's the fuel economy standards for 2022 through 2025. right before the obama administration ended, they locked those standards in. now president trump is going to say, uh-uh. we're going to review them, as scheduled in 2018. keep in mind, this review and this announcement comes just six weeks after president trump met with auto ceos at the white house. the automakers at that meeting and other meetings have said 54.5 miles per gallon doesn't match market demand and drives up their costs. when you look in the showroom, they've got a point. it doesn't match market demand. 96% of the autos sold in this country, they have an internal combustion engine with the vast majority of those falling wel

phil lebeau, chicago o'hare airport. >>> when we return, our guest host for the next hour, former aetna'll get his take on the develop health care bill and what it may mean for the insurers. "squawk box" will be right back. ( ♪ ) it just feels like anything is possible here in upstate new york. ( ♪ ) at corning, i test smart glass that goes all over the world. but there's no place like home. there's always something different to do like skiing in the winter, jet skiing in the summer. we can do everything. new york state is filled with bright minds like samantha's. to find the companies and talent of tomorrow, search for our page, jobsinnewyorkstate on linkedin. search for our page, ♪ ♪ wanna get away? now you can with southwest fares as low as 59 dollars one-way. yes to low fares with nothing to hide. that's transfarency. >>> a do or die day for the health care bill. president trump issues an ultimatum to congress, vote today or obamacare stays. former chairman and ceo of aetna ron williams joins us for the hour. >>> washington watcher and political forecaster chuck gabriel will join us

phil lebeau has more. phil? >> talk about the guidance right now. the estimates at.35 cents a shar shar share.lower fleet volume, and unfavorable exchange rate. with costs, some are things you understand, such as higher costs for commodities, warrenties, things in the business now, but ford is spending a lot of money out in the silicon valley, and its investment in autonomous drive technology, future technologies is driving higher costs for the company. in terms of its current business in the showroom, a number of questions to the cfo bob shanks today, what the company is seeing with regards to residual values on used vehicles impact new vehicle sales. they expect a dip, but close to 17.pennsylvania million vehicles. strong demand for trucks and suvs, but bob admitted, yes, they are watching what is happening with used vehicle, residual vehicles, lease vehicles in the market, the pressure that's putting on the company, one important point, guys, they are not yet to the appointment seeing what happens with residual values that they are worry, back to

steve, i do remember data points when phil lebeau was live there, brian, you were live there, that wagesna hadn't budged for 20 years. >> per capita incomes were rising. what's interesting to me is the u.s. economy finds a way to adjust. we talked about it here at the economics meeting are things like job retraining but not getting in the way of market forces that essentially let a company in the u.s. get the cheapest possible product from overseas, sell it here more cheaply, take that income that an american was spending on something and put it somewhere els else. >> the goal of the trump trags is to return all the manufacturing capabilities, ie, jobs, that would would existed but for unfair trade practices. how do you do that? is that an achievable goal? what is nike going to do? >> right. >> there aren't shoe factories in this country able to make the shoe. >> compelling data i got from the board and elsewhere. you look at cost for compensation, well north of $35 in the u.s. it's about $6 or $4 for mexico and china. you're going to close that gap just by immigration and trade policy?

travel disruptions across the country as a result of this winter storm, let's go to phil lebeau live at chicago's o'hare with delays there. hi, phil. >> tyler, the cancellations continue for most of the northeast. this map because this will give you some perspective on just how few flights are either taking off or getting in on a typical day if there was no storm, you'd see a ton of little airplanes flying into those major airports in new york, boston, philadelphia, today we're only seeing a handful right now. here are the numbers in terms of the number of canceled flights. more than 5900 flights canceled today according to flight aware. as for tomorrow, it'll be 814 flights at this moment. that number could increase over the next couple of hours as airlines continue to adjust their schedules. that's why the airports are virtually empty. the good news is that by tomorrow afternoon, we should see some normalcy returning in terms of the flight schedules and then you should see all the airlines back up to really full service by the middle of thursday. if not thursday morning. you know wh

phil lebeau is live in honolulu with the ceo.ake it away. >> i'm joined by ceo of hawaiian airlines. i told you we would get out here eventually to talk about the growth. you guys fly under the radar a little bit but have had pretty impressive growth the last several years. >> we've grown a tremendous amount, four times larger than we were, say, six or seven years ago. that's all been organic growth. we've do that by growing principally to asia, new aircraft, employing more people here locally and bringing the aloha spirit to the pacific rim. >> international growth. you believe that hawaiian, it's largely looked at as the carrier that brings people to hawaii, tourists, et cetera. but you believe you can be an international airline. correct? >> our future lies largely around the pacific rim. that's where we see demand for the hawaii vacation being, generating and growing. it's important we participate in these markets. in order to participate in these markets what's really important is that we keep our hawaiian roots, the cultura

joining us from hawaii, phil lebeau with tesla's chief technical officer. hi, fill. >> hi, kelly.straubel. you basically blessed the solar generation facility here and the storage facility tesla has built. how important is this facility in terms of proving to people this energy storage can work on a broad, mass scale? >> it's incredibly important. this is one of the world's first large scale integrated storage facility. we're able to show for the first time that we can directly absorb solar power throughout the day into these batteries and discharge it back at night and stabilize it even though we might have clouds coming over or even though it might not line up directly with when people want to use the energy. that can solve the problem. >> people will look at this and say, sure, it works in a small population base like kauai with 70,000 residents. can it be replicated in the u.s.? >> certainly. this isn't just something for islands. this is a technology that can scale across the mainland and across main utilities. in fact, just last month we commissioned a very large facility wi

phil lebeau, what is happening? >> this is due to a report, actually that came out yesterday, that the trump administration is reconsidering a couple rules, regulations that are in the proposal stage. in other words, they were pre posed by the previous administration back in october, essentially looking at airfare regulations. the d.o.t. has suspended the comment period for those proposed regulations and we're talking about two right now. one would effect how airfares are marketed on competing websites. airlines have said for some time, look, this is going to be a logistical nightmare, it will drive up costs in terms of making sure that all of the airfares and data matches from all of the different websites, and also, the disclosure of ancillary fees ahead of ticketing. your baggage fees, change reservation fees, all of that would have to be disclosed in addition to saying look want to fly here to there, it's $198. take a look at shares of the airline index, the thing to keep in mind here there's just a few weeks ag

phil lebeau joins us now. ake to get air travel back on schedule and what the ripple effects are through the country. phil, good morning. >> reporter: good morning, becky. here at o'hare, it's a relatively quiet morning. yes, there are cancellations climbing on the board here, primarily to the east coast. generally speaking, traffic is moving here at o'hare. i want to show you the flight aware misery map. this is a map of the united states and the major airports. basically, you can see even though it's on a built it of a , over time the number of cancellations continues to climb. 5400 flights already canceled for today. over 7,000 flights have been canceled over the last couple days. let's take a live shot of bradley international airport, which essentially is hartford's airport. new york, philadelphia, boston, hartford. this is where we're seeing most of the cancellations today. over 650 flights canceled already for tomorrow. so becky, that gets to your question about how quickly will the airlines be able to r

that's where we find our phil lebeau. he joins us with more on the story. ning. >> becky, it's not just an expectation. it will happen. president trump will announce that his administration is reversing what the obama administration locked in toward the end of the term in january, and those are the fuel economy standards from 2022 to 2025. let me give you some perspective about those standards. these were originally written back in 2011, and you can see there's a dramatic expectation in terms of what's expected for fuel economy going all the way up to 54.5 miles per gallon by 2025. here's what the trump administration is saying. look, they're saying they want to reverse the 2022 to 2025 expectation. there's supposed to be a review in 2018. that was written into the original rules in 2011. the obama administration said, no, we're just going to lock it in, in late january. the trump administration is saying, look, with fuel prices where they are, we should go back to at least reviewing the standards in 2018 and making a decision then regarding what happens in

he spoke to phil lebeau last night. >> the impact might be minimal, but for us it's about taking a stand. we don't believe the federal government can discriminate on the basis of natural origin or religion. >> governor says he is concerned about the order being extended beyond 90 days or including countries or selection criteria. >>> former utah governor jon huntsman accepted president trump's offer to be the next ambassador to russia. nbc news tells us that. huntsman needs to be confirmed by the senate this would mark his third ambassadorship. i thought he was a -- ambassador to china. >> he was. first ambassador to singapore, then for two years ambassador to china. >> doesn't matter the country. he's just good at being an ambassador. it's the role of it. >> let's get more on the political news of the morning. eamon javers joins us from washington. >> good morning. it was the early hours session for house republicans. wrapping up more than 2 1/2 hours ago. the house weighs and means committee pushing through its elements of the obama care, repeal and replace legislation that republicans

phil lebeau has the details of a new report on auto loans.m not even familiar with a used car what that is. i know what a pre-owned -- i don't mean that, because i always buy new. aren't they called pre-owned now? >> do you have a glass of chardonnay when you go to the used car lot as well, joe? let me show you the numbers that came out from experion. this is looking at auto loans in the fourth quarter of last year. this is the average auto loan, the amount borrowed by people in the fourth quarter for a new vehicle, just over $30,000. for a used vehicle, just under $19,000. we did the math, this is a record gap between a new auto loan and a used auto loan of $11,292. now, the average new vehicle price continues to rise. that's one reason why people are taking out more in terms of borrowing for a new vehicle. the average new vehicle price according to kelly blue book, $34,352. 32% of the auto loans now stretch beyond six years. people are saying, look, i want this vehicle, but i have to get the lower monthly payment. as a result i will stretch