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

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

marchionne it was simply sergio as in what does sergio think let's go talk to sergio. ill be missed. john elken announced the passing of marchionne. saying unfortunately what we feared has come to pass. sergio marchionne, man and fr friend, is gone. i believe 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 vis

it is john elkin who decides who was going to succeed sergio marchionne. hn elkin now that marchionne wants to return for the job. he is clearly the head of the family, he has the power and he took this bold decision. tom: are you willing to say this is a family run company that happens to have shareholders? -- is it fair to say this is a family run company that happens to have shareholders? >> yes, they control the company. they own more than 50% of the voting rights. francine: investors get to meet the new chief executive on the 25th when fiat chrysler releases earnings. what are the three questions they want to know from mike manley? do tot are you going to extract value? the you confirm that you will spin off -- or are you going to sell the car parts maker and finally, where and how would you managed to get -- would you manage to get this company and what are your plans going into 2022? francine: thank you very much. we will bring you a number of guests this week including the chief executive of ubs. that is all coming up this week. this is bloomberg. ♪

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

>>> 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

through thes detriment to ferrari of sergio marchionne no longer being part of that company? ooks like we have an audio issue. we're going to work on getting chris back. marchionne was going to retire anyways next year. investors 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:

fiat chrysler has named a new ceo as a health crisis that left sergio marchionne unable to return to r-old rid takes the reins. marchionne was replaced after 14 years in the see sweet because of complications from surgery. his condition is irreversible. joining us now from milan to discuss, is bloomberg's senior reporter who has been following sergio around most of the time he's been running fiat chrysler. i want to bring everyone this photo we took with sergio, i believe at the geneva auto show recently. you and i have interviewed him together on a number of occasions. he referred to you as his affectionate stalker. how large of a figure was this man in the auto industry? was a deitye figure. sergio marchionne said things loud that some of his peers just said off the record. this was one of the big difference and this was one of the reasons we record him because he was always ready to give us some news. he also took some very courageous choices. in 2016, he decided to move away production from car production from the united states and just did suv. they thought he was crazy. obviousl

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

. >>> 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.

exit.en a sergio marchionne's has days to get ready for his close-up. t the premature departure of marchionne. and ratcheting up the rhetoric. the white house turns up the heat against iran. close in two hours. abigail doolittle has been tracking the moves. we don't have very big moves in equities. abigail: at this point, we are looking at mixed markets for the major averages. earlier this morning, all three major averages a bit lower. one reason to think that perhaps they would turn slightly higher or even modestly higher -- take a look at the 10 year yield. the biggest move since the end of may. the bonds are selling off which, that will turn into stocks. it is the first update for the nasdaq. in the bloomberg, take a look at the fact that seven of the 11 sectors are lower. the sectors that do less well when rates are higher. ,he dividends and utilities they were less attractive up top with financials, getting a big boost. tech ahead and off of this report after the day. digging into the bank sector, this is what is really helping out here. trading sha

sergio marchionne was 66. he took over in 2004. he spearheaded the purchase of chrysler.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 we live in. we don't see that changing. qualcomm just moves forward, concentrates on what it is good at and tries to grow organically in markets like automotive. wherein said it needed nxp. ♪ emma: this is "bloomberg best." i'm emma chandra. let's continue our tour of the top business stories

health issues are forcing sergio marchionne to leave his post.will discuss the road ahead for the automaker. vonnie: leon cooperman has decided to convert his hedge fund. why? he joins us to offer his latest market commentary. there is a look at the markets, stoxx 600 down .2%. we've got concerns about iran and geopolitics, driving crude oil up a little. all about japan, will they are won't they start that move away from monetary policy? this is bloomberg. ♪ caroline: live from london, i'm caroline hyde. vonnie: and from new york, i'm vonnie quinn. it is time for our business flash. leononaire investor cooperman will convert his omega advisors into a family office. he said the decision is personal , not driven by health concerns. oh make a overseas $3.8 billion in outside capital. overseas $3.8 billion in outside capital. he is coming up with us in about 45 minutes. shares of tesla or falling, the so company asked suppliers it can turn a profit. it is looking for price reductions for profits. hasbro took another hit from the collapse of toys "r"

not the success story as in past i think with ferrari, you're looking at a situation because sergio marchionne was expected to stay longer he was to stay until 2021. beyond the timeline for the overall ceo. we spoke in the last hour and they said looking at ferrari stock, there's been a marchionne premium priced in here that's why it may be 3.2% now. >> looking at the revenue and the growth the last few months, a good success has been the growth in the u.s. you would think that they're right in middle of all of this and mr. marchionne was key as somewhat of a facilitator and having discussions with his removal, that creates additional uncertainty. >> a good relationship with president donald trump and meetings they had together, comments that marchionne has made about president trump policies marchionne said the company had a huge benefit from the u.s. tax reform that took place the benefit that fiat chrysler has, they are a u.s. company, have a huge u.s. presence considering the jeep and ram brand are under the chrysler unit they consider themselves an american brad. you have this u.s. italia

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

their top corporate stories elsewhere, fiat chrysler names a new ceo as a health crisis makes sergio marchionneble to return to work. the new ceo takes the reins as the company plans its hopes on the branch he has overseen since 2009. marchionne was replaced as convocations from shoulder surgery left him in intensive care. his condition is irreversible. joining us now, singapore's transport editor. how big of a shock is this for fiat chrysler and its shareholders? is a major shock for the company. a leadership change at this scale, you always want to see in a more planned fashion. the ceo has been running the company for 14 years, executing on his vision, talking to shareholders quarter after quarter. now it seems like all of a sudden he's not going to be around. that said, marchionne was scheduled to potentially step down next year. his term was due to end in april 2019. on some level, shareholders were expecting a change. obviously, the company has been around for a long time. they're going for continuity is trying to minimize the disruption from the unfortunate turn of events here. the new c

sergio marchionne was 66. he spearheaded the purchase of chrysler.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 automotive. house through a lifeline to farmers caught in the crosshairs of the trade war. they announced a $12 billion aid package to farmers. when will it be employed? >> we still need to know a lot of details. the white house announced $12 billion in assistance t

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

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

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:

. >> 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

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

minutes ago it's the first time we've heard from the new ceo mike manly since the passing of sergio marchionne, passing away this morning. it was, to a certain extent, expected but this is a devastating day not only for fiat chrysler and ferrari and the auto industry overall. sergio was a giant here is what mike manly had to say about sergio's legacy on the conference call about 45 minutes ago. >> personally i spent the last nine years of my life seeing or talking to sergio on a daily basis. this morning's news is heartbreaking and it will be heartbreaking for many other people there's no doubt that sergio was a very special, unique man there's no doubt he's going to be sorely missed. >> after that, mike manley said they would have a minute of silence, which they did have at the beginning of the earnings call this is a tough day, carl, all around for fiat chrysler, ferrari, the passing of sergio. >> a giant in the business we're going to talk more about him later on today his legacy and the unique way he dealt with everybody from investors to reporters, as you pointed out. we'll talk to former

employees are morning the death of their former ceo, sergio marchionne, who died wednesday. s 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

could be -- >> i think the big wild card, what does it mean for canada >>> fiat chrysler ceo sergio marchionne been replaced following a rapid decline in his health >> and phil lebeau in chicago with the detail the of the departure and what we know about the new leadership >> let's focus on the new leadership we've talked about sergio marchionne and he is a giant in the auto industry. for good reason. he has been focus of a lot of attention today. let's talk about the person who is going to be replacing him, who has replaced him at fiat chrysler, mike manley. and if you are not familiar with him, you should be he has been highly influential in the success of fiat chrysler. he has run the jeep division since 2009 and he's also run the ram division the last couple years jeep is the most profitable part of fiat chrysler what kind of performance has it posted under mike manley look at this global sales back in 2009, about 338,000. what was it last year? 1.4 million. that is a growth of more than 300% under mike manley's leadership and wall street is familiar with him. a couple notes out today, mor

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

. >>> 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

sergio marchionne turns out has been seriously ill for a year before.0 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 senate is a much tougher battle for the democrats. but certainly, the house. the question now with the house is how b

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

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

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

. >>> 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

. >>> 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

. >>> 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

reuters 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

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

could have the cause. >> news over weekend change at the top for fiat chrysler longtime ceo sergio marchionner more details mike manley runs ram truck derision new ceo stock to watch shares lower in premarket down 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

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

sergio marchionne he is gone from the company. he built fiat chrysler last 10 years. yeah. stuart: he is replaced by the guy who runs jeep currently, mike manly. he is a brit. what do you make of that move? >> i think it's a strong move. i think manley is the guy to head it up. he has built jeep. every vehicle he touches is raging success. suvs are one in three weeks sold worldwide. i this they produce five million units. to me the stock could double by 2022. stuart: i will repeat that. the fiat price could double by 2022. four years to double the price after car company's stock. you're a tough guy. >> well you know, again it's a matter of calculated risks and doing your homework and in this case i think numbers are there. manley is a strong player. he has the same work ethic. more importantly every vehicle he touched has worked. stuart: you're on tape. you're on record. it will be played back endlessly to you. thanks for being with us, keith. good stuff indeed. >> thank you, stuart. stuart: see you soon. a big hour coming up for you this monday. president trump threa

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

sergio marchionne has died at the age of 66. his older -- shoulder three weeks ago and his health rapidly declined. he joined fiat in 2004 and joined the merger with bankrupt chrysler. tos credited with building dysfunctional car companies and the seventh largest manufacturer in the world. the number of people killed by fires in greece has risen to 81. a house to house search in athens, there are many more casualties. firefighters from italy and romania have joined the effort. they're trying to determine if the fire was started deliberately. i'm jenna -- dagenhart, this is bloomberg. see how the to asian markets are shaping up so far this morning. let's get another eight with sophie kamaruddin. sophie: mixed so far. the yen is gaining ground, trading at against the dollar. and strong gdp data helping boost the cost be as well as a three-week high. they remain resilient in the second quarter despite trade tensions. they are in a playlist. using the graphic on the terminal. that has pushed higher. we haven't hit that threshold in

ceo sought to reassure investors about the future without the late founding chief executive sergio marchionneley made his debut to the community shortly after news of the death of the 66-year-old marchionne, whose exit 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 cuttin

charles: long time ceo sergio marchionne is stepping down. he is not only executive leaving. jeff.charles, for those of us in automotive press for his honesty willing to take questions, complications from an operation he had on his shoulder. speculation it was a stroke. has forced him to step down. he is being remaced by his probably most successful deputy, mike manley, who ran the jeep brand. responsible for trend does growth of jeep. first for marchionne, i don't think his impact on the automotive industry can being overexaggerated. you knew he was stepping down. he already said he would step down next year. i said to him at the time, please don't retire. i would like to get a job like yours where you walk around and ask people tough questions all day and they have to answer you because you have a tv camera. a great guy, loved by even unions in the u.s. of the success was there. take a look at the stock. today it is down a little more than 2% actually. it closed down 1 1/2% in europe but fiat chrysler stock which ipod in october of $20,146 a share, now in the -- in october of 201

and the death of sergio marchionne, they have a new person at the helm.tailwinds that fiat chrysler is going forward and gaining market share here in north america. that being said, we're watching boeing, weighing on the dow jones industrial average. if it weren't for boeing, the dow would be in positive territory like what we're seeing to the s&p 500. boeing down 2.3% at the moment, higher costs in the defense business cuts into margins, weighing 80 points at one point on the dow. right now a little less than that and also the commercial airplanes were problematic, they missed on the revenue. last but not least, we have ford here on fox business after the bell bob shank, the ford cfo, we'll have the numbers, just spoke to an analyst neil from the new york stock exchange, and one thing he keyed in on for autos big picture is the tax rules are favorable. if you own a business, now you can write it off in a big way, and he thinks that will help to keep propelling things. if you have a $60,000 car 100% in your business, you can deduct the whole thing. the ta

that will be very much in focus, chrysler naming a new ceo with the health of long-term ceo sergio marchionneted his first week, with earnings out on wednesday and investors wanting to hear his plans. ouring us on set, automobile industry analyst steve mann. is he the right choice? has big shoes to fill. sergio, obviously an icon of the auto industry. unfortunate what has happened. sergio, under his leadership, has basically turned around this humongous company over the past years. obviously in the u.s., dodge and jeep are doing really well. it's about 40% of chrysler's sales now, fiat chrysler sales in the u.s., just trucks and suv's, compared to 21% in 2011, so a huge improvement. maserati is improving. sales are surging with the new suv. aviously alfa romeo is in turnaround phase. and ferrari, great listing two years ago, listed at $52, now at $140. a lot of accolades that we can talk about with sergio. sorry, go ahead. haslinda: sorry for jumping in, steve. you talked about big shoes to fill. but in terms of challenges, what are the challenges facing manley and fiat chrysler? steve: the i