redstone's attorney noting this is the first time delmon is raising questions about redstone's mental capacity. after calling him "engaged and attentive" just months ago. with viacom shares down about 40% in the past year, delmon's ceo job is at stake. if he loses his suit, redstone's daughter sherry could push him out, which analysts say could be a good thing. >> in our opinion the only path for shareholder appreciation at this point is a change in management. the currt management team's been in place over ten years. the shares have been consistent underperformers, both operationally and financially. >> reporter: the strategic battle under way now between redstone and delmon is focused on viacom studio. redstone challenging delmon's plan to sell a stake in paramount which he's been pursuing for months. redstone said it's in the best interests of viacom to maintain its full ownership of the studio. for "nightly business report," i'm julia boorstin in los angeles. >>> and the drama that is playing out in the viacom board room is one that affects many families and small business owners

steven reid who examined redstone on behalf of manuale herzer testifying redstone's mental status was severely compromised and he didn't understand the consequences of his actions. an additional twist, sumner redstone plans to sue his ex-girlfriends and former companions, manuale herzer and sydney holland, to recover the $150 million he gave them. the suit will also amuse herzer and holland of elder abuse. for "nightly business report," i'm julia boorstin in los angeles. >>> cigna raises its yearly earnings guidance and that's where we begin tonight's "market focus." an increase in membership in the health insurer's commercial and government businesses helped to lift profit higher and top street estimates. revenue also rose but fell short of targets. shares of cigna fell 3% to 130.85. >>> madison square garden saw its loss widen in the latest quarter but the entertainment company reported a jump in revenue as higher broadcast fees helped to lift its results. shares were down just a fraction to 161.60. >>> warehouser which owns more than 13 million acres of timber land in the u.s. repo

redstone and then mr. dauman skprks mr.erno on the board for over 20 years stepped up as the lead director. and he claims, jim and carl, that they had a meeting on tuesday and wednesday of the board where they went over for a day and a half all of the different plans the company had and the way the board was going about measuring management's ability to meet certain targets and that they didn't hear from mr. redstone at all. that he was silent the entire time. and i said, well, listen, sumner redstone has had trouble communicating for some time. is that any different? and mr. solerno seemed to indicate he would respond at least in the past to a certain extent and there was a belief on the part of the board that he was more involved. this is going to be very interesting because less than six months ago phillippe dauman was on the record testifying to mr. redstone's competency, so the question will become has he declined a great deal since then or not? shari redstone as she has said in a number of statements indicates that he

redstone had capacity?ther words, i don't -- apparently, that the legal team didn't prove that sumner redstone didn't have the mental capacity to make his own decisions. >> to fire her. i moon, i would just say -- i mean, i would just say this, charles, and i'm not casting aspersions. i don't know sumner redstone personally, i'm not in his life. but i can tell you he's looked over the past year increasely frail, and even longer than that, and he's exhibited some pretty bizarre behavior over the last couple of years. and i will say this, if i owned that stock and i was a shareholder, i would be worried about, i would be asking why that board doesn't step in and remove him sooner. that is a legitimate question. and it does underscore in this era of class warfare and bernie sanders, i mean, listen, philippe dumont who runs viacom, he makes a lot of money. i think it's $20 million a year. that's a lot of money. charles: i'm with you, charlie, to be quite frank with you, he makes even more than that. we started

this suit coming in response to a redstone statement late sunday denying allegations that shari redstone has isolated him, saying that he does not support a plan doumann is pursuing to sell a stake in paramount and saying he has diverted resources from quote, the continuing challenges facing the company. viacom shares are down around 40% over the past 12 months. this rift is unexpected, considering doumann was redstone's health care proxy until just last month. and he has done a real 180 from saying that redstone was alert and engaged in november. now they are describing his cognition as impaired. if he wins, he will be reinstated as a trustee and redstone would be deemed incapacitated. if doumann loses, shari redstone could fire him as ceo of viacom. back to you. >> those words months ago coming back to haunt him a little bit or at least being at the very least used against him today with miss redstone. >> exactly. exactly. just this drama continues, there were statements flying back and forth between doumann, viacom, shari redstone, then sumner redstone and the lawsuit today. this saga

meantime a little under 20 minutes, sumner redstone's competency hearing. boorstin has more on that. >> reporter: good morning, john. in a couple of minutes, the judge will update the court on deliberations over the weekend on whether or not to dismiss this case against redstone filed by former girlfriend. after hearing testimony that he hated her, calling her derogatory expletives and he was happy with his daughter sherry managing his health care, the judge said he would consider dismissing the case asking both sides to submit briefs. they write in the interests of his privacy, dignity, legacy and family, mr. redstone respectfully renews his request that the court dismiss the petition, and allow him to live out his remaining days in peace. heirer's attorney doing what is necessary and to understand why he said in his testimony. >> of course it is not over. why is he saying this. how was he brainwashed. what happened to him in six months since he made the decision, did he have mental defect when he did. think it is clear he did, but at minimum we get a tria

redstone was not in the -- the testimony was taped. he said, you know, i'm sort of moved right now to just say let's throw this whole thing out, but i'll wait for the weekend. give me, you know, some more arguments and i'll make a decision. but he did seem to be likely to say i'm going to toss this out. the guy seems pretty clear in what he wants and what he doesn't want. >> okay. definitive statements about her? >> yes, quite definitive, involving the "f" word and the "b" word, together. >> facebook. >> there you go. >> no, that was not -- that's not what he said.

ability to remove them and also raising questions about redstone's mental state now redstone himselfuit -- has filed again saying he wants to defend those decisions to take them off of his trust. redstone's attorney saying it is telling them that they're raising the question of meantal capacity foifrt time after he is being removed when just months ago in court documents he pronounced mr. redstone engaged, attentive and opinionate the as ever. so this is a massive battle over the future of who will control both cbs and viacom and now there's a lot of debate about the state of sumner redstone's meantal capacity. back to you. >> incredible. another turn of events. as i understand it, to the lawyer that delivered this news to the other guy was a lawyer that nobody had ever heard of. that suddenly popped up. by the way, i also now represent sumner redstone and you're fired. >> well, fired not from his role at viacom. people are asking questions about that. he was fired from his role as one of -- >> national amusements. >> yes he was on the board of national amusemen st. and he was remove

redstone's new attorney to try to actually get an opportunity to speak to mr. redstone.ut, yeah, dauman said those things about six months ago in the complaint we got earlier this week filed in massachusetts, brian, he now says things have changed in those six months and he wasn't really commenting on his meantal competence as much as he was commenting on other things. >> all right. i want to ask about cbs. cbs hasn't come up in any of this. is it simply because cbs's stock performance is better or because the relationship between ms. redstone, shari, and les munvez is better? >> both. i haven't had a opportunity to speak to ms. redstone despite trying a number of time. the belief is both. the stock price performed better. the company performed better, the relationship between leslie munvez and miss redstone is believed to be far better than what we know was a very contentious relationship between her and philipe dauman f you're at cbs, you still have to wonder what is in store or simply whether they're going to be any changes to come as well. >> all right. david, thank

redstone shocking his long-time friend friday removing him and george abe brams from redstone's trust which controls cbs and viacom's shares. then today doman and abrams sued to challenge their unexpected removal challenging redstone's mental capacity. they said he has dementia, impaired cognition and slowness of processing. redstone responded filing a petition asking the court to confirm the validity of his actions removing them as trustees. redstone's attorney noting that this is the first time dauman is raising questions about redstone's mental capacity after calling him engaged and attentive months ago. with viacom shares down about 40% over the past 12 months, dauman's ceo job is at stake. if he wins this lawsuit, he can hold onto the ceo role. if he loses it, then sherry redstone's daughter could push him out. >> this goes back to the previous trial going on brought by manuel heurza calling into question redstone's mental capacity. the judge ended it after seeing the video. it didn't answer the question what mental state sumner redstone is in, did is it? >> that's right. the jud

chris: you have to give it to governor redstone.d it out on friday with his 18 minute long video testimony. the judge said that he is confident and once the woman out of his life. alix: what was actually at the heart of the trial? ofis: and ex-girlfriend governor redstone claimed that she had been his health care agent, responsible for his health care, if he could not make decisions in the future. he kicked her out of the house in october, took her out of the health care directive, and disinherited her. she said it was always about the health care, she was concerned about his position. today, she filed suit against sherry redstone and her family. this will go on. scarlet: this will go on. talk about sharing it stone -- sherry redstone. out of touch with her father. sherryhe said he wanted to be the ultimate decision-maker about his health care, and was happy about that situation. scarlet: when it comes to governor redstone, he is chairman of his own company, but cbs.of viacom and what impact does this dispute have on those companies

everyone has considered philippe as i can son to sumner redstone. son to sumner redstone.u have the ceo suing the controlling shareholder of his own company. david: what does this mean for that paramount sale? viacom is in debt. he is trying to offload that paramount steak. for those who might bid on it, this has to be something that gives him pause. chris: that's what we are hearing. viacom told us the sale is still on. maybe if they get such a high price come every will be happy about it. if you are looking for a minority stake in a business that is projected to lose year, you will think twice about putting a lot of money in that deal. drama shakespearean onstage in los angeles. julie hyman has some breaking news. ceo hasnicredit's agreed to step down. he's been there for almost six years at the head of italy's biggest bank. he will leave once a successor has been named. the board members held a meeting in milan on tuesday afternoon. the company is expected to come in a statement later on. leave theeman did company -- lead the company through the sovereign debt crisis. t

>> well, it is sherry redstone, and you are routing for her to prevail here.ohmann has contradicted the public statements, and if you consider the prior court testimony as public statement attesting to the coherence and alertness of sumner redstone to now flip out of mere self-interest seems to be a violation of his oath of loyalty. you have loyalty and a duty of care in his position. but it is interesting that les mo moonves has no problem, because a lion's share of his investments are in the kcontrol of viacom, and if we weren't on cnbc, i would say, why would anybody want to be a minority shareholder in this business with the 20% stake is risky to be in there. >> yes, and lessons here, and decades down the line for tech investors, and is some of the most successful businesses in tech are monarchies like facebook, and google and others that where the strong founder in effect controls the company. danger there, and something that the investors should be pushing for now? good luck. the monarch controls the company. >> and there is danger, and it is a good ques

charlie. >> you know, sumner redstone drama, sherry redstone drama, phillipe dumond drama, we have battleale between the redstone family trying to force dumond out as ceo. they forced him out of the trust that oversees viacom and cbs. they're looking to push him out totally. we understand sherry redstone is making moves internally. filed a lawsuit to get the board to remove dumond as ceo. what is happening board of directors of viacom is sticking by dumond. what we understand, fox business network has learned, that board is basically poised to file a lawsuit in delaware chancery court, generally where you fight the corporate battles out, to prevent that removal. if she should go in there, convince her dad, remember her dad, sumner controls 80% of the company. he is apparently had falling out with dumond as his health has slipped, she is stepping into the fray. she does not get along with dumond. by virtue of the old man's 80% stake in the company, her 20% stake, she could theoretically force the board to get them out. if she goes that route, they will file a lawsuit in delaware court. fro

redstone ceo.nd earlier this month, the 93-year-old removed aman from the control of the shares if redstone is incompetent or dies. viacom has dropped 50%. the stock has ridge more than 15% since redstone removed aman from the trust. and many believe redstone's daughter sheri is behind it. >>> still to come on "worldwide exchange," india has a message for apple with stores in their country. first, you must do something else first. we'll tell you what that is, coming up. >>> before we head to break, this date in history, may 31st, 1927, the final ford model t. ford produced more than 50 million model t cars between 1908 and 1917. the model t was named the most influential car of the century. there we go. still much more to come on "worldwide exchange." nnected tor and to your customers. with centurylink you get advanced technology solutions, including an industry leading broadband network, and cloud and hosting services - all with dedicated, responsive support. with centurylink as your trusted techn

shery: then the fight for control of sumner redstone's media empire heating up. challenging the billion s on ther, the latest ongoing court battle, coming up. david: more on the rumor started to fly that apple's next iphone. will it have a bigger impact than expected? shery: we are one hour from the close of trading. .ulie hyman has the latest are we seeing a little more direction now? seeing as little direction as we were at 10 a.m. when you and i talked. if you look at the major averages, there's a little bit of an opera ois. the s&p 500 is up 90 been .2 -- is up not even .2. breaking the losing streak on basis that the s&p 500 has been on as investors try to figure out what the fed is going to do next. materials have been solidly in the lead all day, up 1.5% as utilities and telecom are now the laggards in today's session. wereof the big gains seeing, two of the three or material stocks. that explains part of what is going on there. because of the new tax inversion rules from the united states, they try to work out some kind of format were it would work but th

and just yesterday, they filed suit for their dismissal because of redstone's mental state.king back the defense of redstone's mental state last fall, a spokesman said that he never commented as to mr. redstone's competence on any matter at any time much less to make conclusive decisions about issues concerning large public companies, and now reports are circulating that sumner and sherry are looking to shake up the board. so the $40 million media empire debate is just beginning. >> yes, another shareholder is speaking out about the drama inside. and eric jackson released a 99-page report in january calling for the ouster of the ceo. mr. jackson is back with us ark and good to see you on the set. >> hey, scott. >> what are you making of what has happened in the last several days? >> well, it is changing every four hours and a new press release issued, but things are good for the viacom shareholders, because this is the right thing to happen. we have been supportive of the redstones when the 99-page report came out, and we support sumner and he is an american icon and sherry

influence, saying that herzer's influence will show why sherry redstone is unfit to serve as redstone's she has different views about end-of-life decisions and she spied on her father. redstone's attorneys' latest brief says redstoneme meant it when he said "i want manuela out of my life" and that it is not in his best interests to have a full trial about ending his relationship with herzer. the court reconvenes at 11:30 eastern/8:30 a.m. pacific. sarah, back to you. >> all right. we'll check back with you then. thank you, julia. >>> the wildfires in alberta province, canada, continue. operations are at a near standstill. we will go live to get the latest after the break. the heirloom tomato. intensely-flavored. colorfully-diverse. beautifully-misshapen. cultivated for generations, it's the unexpected hero of any dish. when you cook with incredible ingredients... you make incredible meals. fresh ingredients. step-by-step-recipes. delivered to your door. get your first two meals free blueapron.com/cook. e.t. phone home. when you find something you love, you can never get enough of it. ch

at this point sumner redstone or shari redstone, depending on how you view things, has yet to make theace. but it is extraordinary of course to see a board come out in this way and conceivably be fighting with its controlling shareholder, to whom it owes a fiduciary duty, there's his daughter shari redstone who already last week or week and a half ago replaced on the trust that oversees the controlling stake in viacom and cbs, replaced philippe dauman and george abrams, long-time trustees with people who are more favorably disposed perhaps to her view of the world. at least that again is the belief of mr. dauman and mr. abrams. back to the board fighting in a sense for mr. dauman, it's extraordinary. it's something we haven't seen if in fact the move is made to replace them and we end up in delaware court, it will be very interesting to see what is decided in that courthouse. of course other litigation already commenced in massachusetts to try to reinstate mr. abrams and mr. dauman on the trust. and much may come from here. but of course we're talking about two large companies. and tha

a couple of months ago was redstone's health care agent.ari now appears to be calling the shots as well as redstone's former companion. instead they have a simple question to ask. what the heck is going on with my money. joining us with some answers, ryan has a buy rating on the stock, a $50 price target. brian, great to have you with us. >> thank you for having me. >> you still like the stock? explain that. >> i didn't say i had the answers. i can look at the scenarios. >> what scenario should shareholders be rooting for? >> at some point in time, the business is either improved or gets sold. those are of the most likely outcomes. the reason this is toxic is you don't know how long you're going to have to wait. there is risk that in the meantime the company gets effectively burned to the ground. that's probably not going to happen. but that's a bit of a risk. now, i've been of the view that although i understand most of wall street is not a fan of dauman, that the company probably wouldn't have been in a very different position under any o

following lawsuit to block changes made to the trust of sumner redstone. why you ask?included their removal. that is why they're upset about it. our own charlie gasparino joins us. in italian that is pronounced gasparino. >> charlie gasparino. i'm a big hit in paris, i want you to know that. melissa: i have no doubt. >> of course. when i wear my little american flag on my lap pell. connell: and other shirt. let's not get sidetracked. >> make sure this is straight here. melissa: oh, no. connell: tell us about the viacom deal. >> i think what is fascinating about this, as you know, redstone came out and basically wants due month out of the company, out of the trust. probably wants him out as ceo. his daughter is trying to vie for control of the company. remember he owns both viacom and cbs through national amuse means. he is chairman. here is the fascinating thing, dumond is fighting back saying redstone is not mentally incompetent to throw me out. a few months ago he said redstone was mentally competent to sign the paycheck and pay me all the money when his housekeeper

philippe duh monday versus sumner redstone and his daughter.s is straight out of a hollywood novel and blockbuster. no one holding back when it comes to the insults. charlie gasparino has the latest play-by-play as the sex, steak and stocks saga goes into a new round. the battle to control this giant. more "countdown" on the way. ♪ ♪ you wouldn't take medicine without checking the side effects. hey honey. huh. the good news is my hypertension is gone. so why would you invest without checking brokercheck? check your broker with brokercheck. poallergies?reather. stuffy nose? can't sleep? take that. a breathe right nasal strip instantly opens your nose up to 38% more than allergy medicine alone. shut your mouth and say goodnight, mouthbreathers. breathe right. race car made history mercwhen it sold forprix a record price of just under $30 million. and now, another mercedes-benz makes history selling at just over $30,000. ♪ and to think this one actually has a surthe 2016 cla. lease the cla250 for $299 a month at your local mercedes-benz dealer. me

redstone's attorney says redstone will show exactly what he was doing when he threw out herzer from hisied that redstone's mental status was severely compromised and that he did not understand the consequences of his actions. now an additional twist. sumner redstone now plans to sue manuela herzer and other girlfriend sidney holland to recover the $150 million that he gave him. the suit will also accuse herzer and hollande of elder abuse. kelly? >> wow. that was a tricky one to try to navigate to bring it want to start a new business but can't get a loan? you may have to look no further than your 401(k). how you can roll over your retirement investments to launch a new venture. ndrone? can't blame you. it's a drone you control with your brain, which controls your thumbs, which control this joystick. no, i'm actually over at the ge booth. we're creating the operating system for industry. it's called predix. it's gonna change the way the world works. ok, i'm telling my brain to tell the drone to get you a copy of my resume. umm, maybe keep your hands on the controller. look out!! ohhhhhhh

dauman and sumner redstone's daughter shari redstone, beginning one week ago when mr.t oversees the controlling stake he owns or the trust that he oversees which in turn controls 80% of viacom, he and attorney were replaced by two new directors of that trust. that trust would kick in on the event of mr. redstone's death or if he were to be deemed incompetent. that was filed in lawsuits on monday from mr. dauman and mr. abrams in probate court in norfolk, massachusetts, saying that it was a case in which a 93-year-old man's multibillion dollar businesses had been seized by an estranged daughter who has manipulated her father to achieve her goals. alleging undue influence in that change in trying to overturn it. that case will of course take quite some time to work its way through the probate courts of massachusetts. you then had a response from shari redstone and her father in the superior court of the state of california where they asked to confirm his move to have two assume their place on the trust as directors which they since have. and then to today in which i, aga

>>> the sumner redstone lawsuit has been dismissed. it abruptly ended today when a california judge rejected the media mogul's former girlfriend's claim that redstone did not have the mental competence to remove her as his health care agent. the judge said redstone's testimony ultimately defeated her case. as we reported for you on friday the case was being closely watched abouted by shareholders of viacom and cbs and the dismissal keeps redstone in charge of his controlling stakes in both of those big media companies. >>> the panama papers can now be searched by the public for the first time. the 11 million leaked documents that have cast a light into the world of offshore finance are now in a database available to all. it includes nearly 214,000 entries and spans about 40 years. the papers contain basic corporate information about companies and trusts set up in 21 jurisdictions. >>> krispy kreme doughnuts is going private. that's a good thing because i only eat them in private. that is where we begin tonight's "market focus." the ger

the statement on behalf of sherry redstone.rring to dauman accusing shari of manipulating her father. certainly a battle here between shari and dauman. >> as the world turns. i love it. >> that wasn't from her unless she's doing the john miller thing where she said shari says. >> john miller knows as -- >> right. >> this is going to go to the courts. >> supposedly. >> but shari was talking about herself there. shari would never -- [ laughter ] >> you do old media, too? >> i do it all. >> you are unbelievable like a renaissance man. >> i love media. i love this story. >> this is digital. >> all media is digital. >> take us out. >> i think that's a big part of it. the fact that viacom was behind is part of the reason why -- >> you said it. >> is viacom coming back? does it lead you believe it's a value play? >> nothing i've seen the moves they've made. they're not going to move the needle. the things they're doing now is not going to get them to digital faster. it's not going to get them to the point in a place where they can tak

it came down to the dismissal, redstone himself and way he testified.ently, i obviously wasn't in the courtroom. apparently even at 92, he was very fiery said pretty much said i know exactly what i want. basically all the girlfriend took a lot of money from me. i paid them to the tune of $150 million. i know who i want taking care of me and it is not them. judge was very impressed by his competence, not lack thereof. that is why dismissed with, fact dismissed lawsuit. he stood there know exactly what i want, i know who i am. that is what moved the case. to dismiss for incompetence you have to be sort of i really don't know where i am or what day it is. isn't it sunday and -- is this a diner? can i get my take-out food? jo ling: he demonstrated clarity of mind. >> that is exactly what set the case off. jo ling: lis wiehl, thanks for breaking that down. >> happy to do it. jo ling: looking at shares of viacom down more than 2% after disappointing earnings report just last month. remember, revenue fell short of expectations as media giant continues to grapp

can redstone do that better? >> i think yes, because i think she yurunderstands what some ofe digital opportunities and challenges are and is willing to take them on. sticking your head in the sand is not a viable strategy. >> wow. just to think when the ex-girlfriend was taking him to the beach and sitting him there thinking it was "weekend at bernie's" he was plotting this whole thing? you're right. this drama deserves to be on cbs. >> we will watch that for awhile. good to see you. thank you for coming in. >>> the markets are -- have been mixed throughout the morning. we are now seeing most in positive territory. we had hawkish fed commentary, dovish commentary out of japan and pmi numbers out of the u.s. and europe that were a touch weaker than expected. the dow is up 26 points, the s&p up a fraction of one point, the nasdaq up 16 points. check out shares of monsanto. german drug maker bayer bidding for the company. $122 a share, all cash deal that would be worth $62 billion. monsanto up 5.25%. and tribune sh

a spokesperson for redstone said redstone will act in the best interests of shareholders. >>> hitting the road this weekend? if you are you're likely to stop at a drive-through to pick up food. and you won't be alone. there's been a big uptick in sales of meals that you can get fast. susan lee reports from a rest stop in richfield, new jersey. >> reporte >>> introduce a hot new deal -- >> reporter: the fast too deal is bringing in customers. >> burger king offers more for $4 with 5 for $4. >> reporter: according to a tracking group, combo deals help sell 100 million extra meals so far this year, up 20% from 2015. >> the key thing and why these combo meals have been so successful, i think there's still very much a large percentage of the american population that is really drive ton quick-service restaurants for value. that's a value proposition that works in today's environment. >> reporter: fast food promotions are so popular with americans that now 1 in every 3 visits are to take advantage of them. >> great deal. if you want to go that route. for one thing everybody's looking for con

redstone. okay?meet with him for the simple reason to determine his competency at -- with -- liz: didn't a judge say he's competent? >> okay. so here's now what i understand. there is -- fred, the lead independent board member has gone to the redstones and said i want to talk to summer. i want to have a talk with him with another independent board member. they have said, the lawyer for mr. redstone said we will allow you to sit down but only if you submit your questions first. so this is turning into a real insane thing. listen, the board's position is simply this. mr. redstone is incompetent right now. he's not competent enough to remove redstone. and if sherry wants to remove it, she has to give us a corporate government's reason why because she's better than you. and if you do take that step of removing him and we will fight you in court and sue you in delaware court. they have the lawsuit drawn up. they're going to file it the minute she makes her move. that's what we understand here. this thing

neil: was he a redstone pick? >> of course. redstone loved him. allowed a guy who was barrel competent to sign their paycheck every year. the board of viacom allowed a guy who was seeping into, you know, dementia to be executive chairman of the board. not nonexecutive. executive chairman. neil: which means a hands-on role. >> so think about it. the board of viacom, the board of cbs allowed a guy that was losing it to run the show. and they both paid each other a lot of money. i think there's legitimate grounds here for an scc investigation and lawsuit. forget about her lawsuit. whether she deserves any money and what she did. neil: but they did prove mentally competent lawsuit. speak clearly. >> but that's the problem. and, by the way, he was a couple of months ago until she brought it up. neil: that doesn't seem to hurt the company. >> well, if you look at viacom shares, they're not doing tool. i would say if you're a stockholder, and you see stuff like this, like, board members paying off the ceos a lot of money. neil: well, that was the most un

redstone.ook at the complaint that they filed yesterday in the probate court in norfolk, massachusetts, and you read it, of course they believe that mr. redstone is under the full control of his daughter shari, that he is not capable of making decisions any longer and that simply put she is basically taking a pen and writing his name on these decisions. she fully and completely rebuts that is the case and says without reservation that these are his decisions and there is a quote in the latest release announcing the changes of the trust. this is my trust and my decision. i have picked those who are loyal to me and removed those who are not. that is according to mr. redstone, a quote. and that is what much of this will come down to. but what i can tell you is that there is a concern on the part of -- or an expectation on the part of directors of viacom that perhaps in the next few days sumner redstone will move to remove them as directors of the company and replace them. that would include the co

redstone, that is, earlier this year. there have been questions from shareholders about his role in these two companies and his influence. if there was to be another suit, it would have to be brought now by the trust that has been set up, a seven-person trust that includes his daughter sherry redstone that would have to go before a judge with questions about his competency. there are no such questions. as you can see viacom and cbs moving lower in today's session. melissa: ashley, thank you. david? >> my pleasure. david: debt crisis in puerto rico. how much are taxpayers on the hook if we bail them out. are a lot of other states going to follow suit? we'll ask treasury secretary jack lew the tough questions live from puerto rico in a fox business exclusive that is coming right up. melissa: army budget cuts sending active duty troop levels to a 76-year low. is that putting our security at risk? david: is donald trump changing his tune on taxes and minimum wage? he says no. our panel weighs in. >> i would like to leave it t

the two, perhaps fans by sherry redstone.f you look at how viacom shares ,ave performed under his tenure he basically took over as ceo back in september of 2006. shares are still up more than 9%. at one point in 2015, that game was much more. viacom is not alone in underperforming in media stocks. anthem and cigna are big during over there -- bickering over their upcoming deal. they are accusing each other of violating a merger agreement and fumbling submissions to regulators. both of those stocks are trading lower. shery: we are seeing shares of apple rallying today. what is going on there? julie: there is a report from the taipei-based economic daily that apple has asked suppliers to prepare production iphone78 million of the seven series. it flies in the face of what has been a lot of pessimism about iphone seven demand. apple shares up by 1.6% in appleshare seeing something of a list this morning -- and apple shares seeing something of a lift this morning. mark: technology shares are the best performing industry group of

the redstone family is asking for that to be confirmed.t is sort of a back-and-forth situation that is continuing. just a note, those shares have performed relatively well, though some investors have not been satisfied with his performance of late. they are up 9% since he took over in september of 2006. of course, they had done a lot better last year, but along with other stocks we had seen, a pretty big downturn. david: we could do a whole hour on that. julie: yes, we could. [laughter] david: what's going on with apple? julie: continuing their recent uptrend, berkshire hathaway giving them a boost. a taiwanese newspaper reporting that demand for the latest iphone could be higher than people have an pricing in. economic daily news reporting that apple asked suppliers to prepare production for 72 to 8 million iphone seven's for the end of the year. be the highest number of orders in years. some analysts were looking for something like 65 million. it appears to be giving the stock a boost today. suppliers as well are experiencing the halo ef

these seen more in line with cherie redstone, mr. redstone's daughter. npz in their belief they believe he's under the influence of cherie redstone, his daughter, who's trying to man it late her father to achieve her goals. those goals to take control of viacom and change its management. it might no be the worst thing. we'll see if anything occurs today. later in the day, of course, the friday before memorial day weekend, or who or not the board for now gets a reprieve. but, guys, this has been a tumultuous week to say the least in which the lawsuits have gone back and forth, the statements have gone back and forth. setting up this bizarre situation where you had a chairman and ceo combatting it would seem the desires of the controlling shareholder of that same company. the question, of course, comes down to competency, that of mr. redstone again, 93 today. >> that question comes up as mr. dauman and he have filed suits. they've asked the judge to speed that up. >> their trustee seats. >> exactly. trying to get that trial under way as early as september.

>> when we come back, the battle over to the competency of sumner redstone at trial today, and goingourthouse with what to expect. and a reading on the jobs and as you know, 1160,000, and ed l lazear is going to break that down, and also, we will talk to the new trump finance guru. [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. >>> the sumner redstone trial is finally coming to trial, and it is schedule d in 15 minutes in downtown los angeles, and julia boorstin is there with a look at what is at stake. hey, julia? >> well, john, when the trial begins today, first up is the testimony from sumner redstone and the court will hear from the media mogul pre-taped testimony, and the courtroom is closed for that, and we won't be able to watch it, but there is a transcript that is going to be released. in the lawsuit, two k

redstone brought people in and out of his life erratically in ways most people don't relate to.s is not about passing judgment on the wisdom of those decisions. it is only trying to confirm he's the one making decisions. >> reporter: a civil case with all the makings of a spectacle that could rock the media world. for "today," gadi schwartz, nbc news, los angeles. >>> and coming up, a look back at the best in the week in "the download and dana carvey." >>> and a look at jennifer lopez's latest. but first this is "today" on nbc. >>> all right. still ahead, dads, grab your kids. we have great gifts for procrastinating fathers that you can make today to melt mom's heart tomorrow. >>> all eight ivy league schools. how do they decide which one to go to? we will talk to them about their decision. all eight. but first these messages. . >>> you're watching "today in the bay." >> at 5:56 on this saturday morning a live look outside san francisco from emeryville. good morning. i'm michele roberts, alongside rob mayeda. a little rain coming our way. >> yeah. you saw the cloudy skies to san

redstone brought people in and out of his life erratically in ways most people don't relate to.s is not about passing judgment on the wisdom of those decisions. it is only trying to confirm he's the one making decisions. >> reporter: a civil case with all the makings of a spectacle that could rock the media world. for "today," gadi schwartz, nbc news, los angeles. >>> and coming up, a look back at the best in the week in "the download and dana carvey." >>> and a look at jennifer lopez's pat toomey started his career as an investment banker. then, a wall street wheeler-dealer overseeing stock trades in new york, london and tokyo. next, toomey moved to hong kong to work with wealthy chinese investors. in the senate, it's no surprise toomey's been siding with wall street. voting to allow banks to continue making the risky investments that wrecked our economy. afscme people is responsible for the content of this ad. >>> all right. still ahead, dads, grab your kids. we have great gifts for procrastinating fathers that you can make today to melt mom's heart tomorrow. >>> all eight ivy

redstone brought people in and out of his life erratically in ways most people don't relate to.s is not about passing judgment on the wisdom of those decisions. it is only trying to confirm he's the one making decisions. >> reporter: a civil case with all the makings of a spectacle that could rock the media world. for "today," gadi schwartz, nbc news, los angeles. >>> and coming up, a look back at the best in the week in "the >>> and a look at jennifer lopez's >>> all right. still ahead, dads, grab your kids. we have great gifts for procrastinating fathers that you can make today to melt mom's heart tomorrow. >>> all eight ivy league schools. how do they decide which one to go to? we will talk to them about their decision. all eight. but first these messages. >>> thanks for joining us for this news 4 update. it is saturday may 7th. i'm angie goff. we want to keep you caught up with the marylanden shooting rampage. what we know. this morning 62-year-old eulalio tordil is in police custody. he killed his wife thursday outside of high point high school and wounded another person th

only one day in court did who will take care of redstone? we have some details right after this. ♪ these guys represent blood cells. if you have afib not caused by a heart valve problem, .... show me top new artist. ah, ha ha. show me top male artist. my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments, simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. trish: breaking right now. looking at live picture coming at us from the streets of chicago. making a lot of money off of that hedge fund. blocking the entrance there so people cannot get in or out of the building. we will continue updating you on all of this. a very big scene in this election. rich pay. wealthy pay. the lack of success. we will be back to this story in a minute. challenging the mental competency. only one day of court. judge david cowan dismissing the lawsuit against the 92-year-old. he was incompetent when he made a dec

s in the sumner redstone trial. julia? >> melissa, after one day of trial, judge david you could enruling to dismiss the case filed by sumner redstone's ex-girlfriend. the judge saying that redstone's testimony doesn't z. in fact completely alt they are case. we caught up with her attorney, she says herser plans to sue sherry redstone for $100 million and allege that's sherry and the nurses manipulated and brainwashed her father. >> the evidence is shocking. we're confident that a jury, there is going to be a jury in this courthouse, hearing this down the road will share our feelings that what happened to sumner redstone was not the product of free will but the product of an orchestrated, devious campaign to take over her father and his empire. >> redstone's attorney issuing a statement saying "ms. herzer bet wrong when she said his difficulty communicating would result in will he instatement in his life and fortune." mr. redstone is looking forward to liberating the $150 million in gifts to ms. herzer and his friend." he