thank god sergio marchionne does not have to deal with any of that. it would be interesting to see how he would react to the gm situation because he is very open, a very plainspoken fellow. you really get what he is thinking. you can tell she is contemplating everything she says because of the terrible pressure she is under. he is not under that kind of pressure. he sort of put the pressure on himself because he will have to answer for all of these forecasts he has made in the sales numbers he has projected. cheryl: last word to you, same question with the leaders. >> sergio marchionne has set some lofty targets he will have to answer to down the road. mary barra, she inherited a situation she didn't create, so yes she has to be very calculated, she has to be brought up to speed, had to defend the company despite her relative noninvolvement in and everything that has happened. she is doing about as good of a joblesjob this could be expecte. all of the stairs was really dropping, gm sales have been just fine. showing increase. consumers don't seem to h

melissa: sergio marchionne in indiana, take it away.nge standing by with sergio marchionne as we speak, taking a huge step on transmissions. he has to food aluminum trucks and the want to ask the question real quick and answer another question, electrics, transmissions are the way to go in terms that -- i will ask sergio marchionne right now since we are live on the fox business network thanks for your indulgence, appreciate it always. you are making a huge bet here is that you can make gasoline engines that run better with better transitions than anybody else. >> i wouldn't say that. we are going to be a leading-edge solution provider in both traditional combustion engine and transmissions. we were the first ones to make available all wheel drive transmissions, the first to industrialized front wheel all wheel drive, we recognize the value, and the history of the house. it was designed for scratch because we had nothing. a collection of transmissions and engines which support the disciplines. and by default in technology because we fac

look at event here today, with sergio marchionne as i told you last hour, liz, kind of like a rock star partly because of that investment in 850 plus new jobs. this is a transmission and this is the bet you're talking about, david. a nine-speed transmission, made here in tipton indiana. it will be shipped all over the world, to turkey, brazil, italy, china. and here in the u.s. it will be put inside of the jeep cherokee, the 2014 cherokee and chrysler 200. now the whole point of this nine-speed transmission, nobody has a nine-speed transmission, is that it makes the car much more fuel efficient. look what it meant forethe cherokee. the new cherokee, 25 miles to the gallon compared to the old jeep liberty that got 19 miles per gallon because of the transmission. this is pieces of it, flywheels and other pieces that go to. sergio is saying i'm betting on transmissions, not so much on electric vehicles. i think those have been overblown. and i think i'm worried about ford and all aluminum ford truck as well, the f-150. here is what he had to say about that. >> we'll wait, we're going to wa

can sergio marchionne pull this plan off or not? fiat is down by 18.21%. back to you. >> i guess we'll have to wait five years to find out whether he pulls it off or not. it's the first day in the next five years. thanks for that. catch you a little bit later. >>> we turn our attention to thailand. more political chaos in the country after the country's highest court ordered that the prime minister, shinawatra be removed from office. she's been accused of abusing power. the court decreed that all current cabinet members who are serving with yingluck that year. no surprise to see the thai baht weaker. >>> there's no clear front-runner in indonesia. we get the final tally from the parliamentary elections. the pdip lead with 19% of the vote, short of the 20% that's needed by a single party to put forth a presidential candidate. the world's third biggest democracy will hold its presidential elections on july 9th. >>> staying with elections, this is a view from south africa. >>> will investors find treasure in alibaba's ipo? more on what could be the biggest te

sergio marchionne is looking to scale back production. hewlett-packard sputtering.g road ahead for meg whitman. ♪ a classicdbye to italian car. blame chrysler. this is lancia. withar was once synonymous brigitte bardot and the french riviera. head to head with jaguar and maserati. richard gere appeared in its commercial in recent years. 's ceo sergio marchionne has decided to reduce the lancia brand to a single model. no appeal outside italy. sergio marchionne is trying to boost profit by expanding alfa romeo and maserati models. just 75,000 cars in 2013. not a big deal for a company that hopes to be selling 7 million vehicles a year. 56 minutes past the hour, bloomberg is "on the markets." equity futures slightly higher. we will be getting new home sales out at 10:00 a.m. in about an hour's time. watching stocks, hewlett-packard after the job cuts. hp has suffered 11 straight quarters of declining sales. preparing for massive layoffs. what is behind their struggles and where is the next opportunity? ♪ >> we are 30 minutes away from the opening bell. you are "in the

. >>> fiat chrysler ceo sergio marchionne is getting ready to take the podium and talk about earnings automaker's new plan to drive up sales and profits but are you taxpayers paying for the italian auto make ear's ambitious growth plan and at the same time bailing out fiat's struggling operations in europe? cheryl: not every day they're looking for a job compared to online dating but a new app for job-seekers bears remarkable similarity to a very popular new online dating app. we'll talk to the founder of a startup behind this brand new job searching technology for date's job search. ♪ stick with innovation. stick with power. stick with technology. get the flexcare platinum from philips sonicare and save now. philips sonicare when folks think about wthey think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the countr

. >> remarkable ambitions from ceo sergio marchionne that cannot fit in a minivan. they cannot fit in any other models. they need jeeves and maserati -- jeeps and maserati's. >> we have a packed day. that is the understatement of the year. what else are we watching? >> the date is not great. yellen is speaking on the state of the u.s. economy. the subplot to this and i think it is more a more american story -- it is the consumer side of tax rate of twitter is down 18%. we have a much more enterprise-oriented technology story here in europe. thee kinds of moves in american tech space is something to consider. yellen will be the crutch decider in terms of sentiment for the markets. that missed estimates. german factory orders declined by 2%. let's go to italy and see if fiat has opened yet. not yet. let's see how that goes as it goes on. facebook down 4%. twitter down 18%. technology is going to take on a whole new meaning when we go to the u.s. opening. i have left off my stocks to watch that. let's go into paris. we are keeping an eye on how rom. -- alst record prof

the 3:00 eastern hour including a live report from jeff flock on a huge press event tonight, sergio marchionneig turnaround for chrysler, fiat and the component is cheap, classic american brand, spending billions of dollars but they will be building these jeeps outside the u.s. the we will be talking about that, giving his take on a turnaround crisis which was an american company that was bailed out and we will be talking a little food, we will be talking to the ceo of hill shire farmers. costs going crazy, pork and beef and why he is getting more into organic, healthy, natural foods. melissa: sounds like a great show. kids love to get their hands on their parents's gadgets. now that tech world is looking to cash in on the latest must have device, the fitness tracker. you can never have too much money. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, b

it's not that we woke up and -- >> sergio marchionne says the issue is they will think there are recalls all over the rod and he believes that many of the are not safety related and shouldn't be announced as recalls. he think that has the potential to ultimately hurt consumer demand. sue, back to you. >> obviously there's headline risk there. thank you, phil. >>> stock is down 9% over three years. what do the analysts thing? think? welcome back -- what is the headline risk in so many recalls, specifically from gm that we're talking about almost every day? >> it's very frustrating, you know, i wouldn't even venture to figure out when they're going to stop announcing the recalls. even a small recall will get big media attention, but, you know, there is an increasing risk to the brand, and as sergio said perhaps to the industry. i don't think we're anywhere near there yet, but we don't want to see this news keep on going in the headline. >> what is the future for gm? how long do you think it will take the company ultimately to recover from being mired in this mess? we still have a lot more

. >> i'm joined by sergio marchionne. we are here at the brookings institute.about the five-year anniversary of the auto bailout. you will be talking in just a few minutes. looking back five years ago, when you first had an opportunity to buy chrysler, did you think things would work out the way they have over the last five years? >> not at all. i thought we would be all right but not -- i didn't think we would be this far. >> did you think that the rebound in auto sales wouldn't happen, or did you think the effort to turn around chrysler would not happen as quickly as it did? >> actually both. i was a lot less optimistic about volumes in the u.s. we had a lot of work to do, the ability to execute on the timeline was not really certain. i'm incredibly proud of what they have done. they have done a phenomenal job of turning chrysler around. >> just laid out your five-year plan. a big part of the growth you are expecting over the next five years will come with the jeep brand. is jeep on the cusp of a global explosion? >> it's going to triple volumes, nearly tripl

. >>> sergio marchionne asking potential buyers of fiat 500-e car not to buy the vehicle.00 each time they sell the 500-e. >>> marathon buying hess stations. it will expand marathon's operations from nine states to 23 states. >>> nest recalling 440,000 of internet connected smoke detectors to fix a problem with a software update. the smoke and cash cash detector is struggling with a glitch that can stop the alarm from sounding -- carbon monoxide. that is today's "speed read." [buzzer] david: right on time. if you're checking in at a hotel or at the airport, your travel reward points could face new taxes in the irs gets their way. liz: travel industry right away when they heard that sent a letter to treasury secretary jack lew arguing against the taxation proposal. let's get to rich edson live in d.c. they didn't like that at all. >> not all. the travel industry is lobbying against a significant threat of a new tax on their business. they explanation explain it like this. if the customer has hotel points and redeems them, the parent hotel company reimburses the individual h

sergio marchionne says they will be there. they have some presence in the u.k.he lower corporate taxes. that is today's company news. will join us later this morning on "market makers" at 10:00 this morning. we now go to matthew campbell and london. -- in london. let me go to the gossip right away. how bad did the french screw this up? >> this is not the outcome anyone was looking for. clearly, there was a severe clash of egos for this deal getting done. at the companies are being pretty honest about that. they are not catching this and a lot of legalese or jargon. at the end of the day, they said they could not come to an agreement and they bailed out. it's better than going through with that, i suppose, if it was not going to work. >> the human capital goes down the elevator each night in the elevator business. was this about the c-class officers? what kind of bodies was he fighting about? >> i think there were disputes on all sorts of matters particularly who would fill some of the top roles, the chief financial officer being one of them, treasurer, general c

. >>> sergio marchionne will be speaking exclusively to cnbc, today at 10:30 eastern. >>> we'll be backh plenty more action tomorrow, same time, same place. bye-bye. >>> good morning and welcome to "squawk box." targeting target. the retailer is one of today's top stocks to watch as it gets ready to roll out its quarterly results. >>> taming the tea party. that's what the "wall street journal" is calling it. senator mitch mcconnell is one of several gop leaders scoring big primary victories over some tea party candidates. >>> and more fed speak today. at least three fed presidents giving speeches today. remember mehmet oz said that naps are good. that's ahead of the fed minutes and fed chair janet yellen will be speaking at yankee stadium today. she's one of the luckiest people on the planet. it's wednesday, may 21st, 2014. "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box." i'm becky quick along with joe kernen and andrew ross sorkin. target, the retailer is set to post quarterly results before the bell. analysts are looking for earnings of 71 cents a s

yesterday, sergio marchionne laid out his five-year plan, concentrating on alpfa romeo an fiat. the firm's ceo, patrick kron saying we are open to some kind of deal with ge. but he's not that interested in the firm's rail signaling activity, speaking exclusively to cnbc, he also said that ge's other freight business was too niche and u.s. focus to bring any synergies. kron said ge hasn't brought in the last few days anything new to the table. >> i have the offer which is on the table. the board is studying it. it has established a committee of independent directors. again, if there are new elements in these proposals, should it be an alternative offer or precisions or improvements of existing ones? the board will consider. >> it's a short while ago, siemens up 1.6%. the ceo saying they may not be interested in making an offer for some of alstom's energy business either. now, we've been hearing from bank stocks as well today. hsbc, saw its first quarter profit drop by 20%. revenue down at its investment banking unit, the stock off about a percent this morning. said it continued t