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

i don't know sumner redstone personally, i'm not in his life.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 off talking about sumner redstone, listen, he's a force of nature. he built an amazing company -- >> amazing company. charles: now it's a civil suit but, again, it's major news -- >> but, charles, you know, the board of directors has a fiduciary responsibility not to sumner, but to all the shareholders. charles: i know. we've he

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

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

he is so respected and such an ally of senator charles sumner, that when sumner passes, shortly before his bill moves through the house and senate, elliott goes and delivers a eulogy at faneuil hall in boston, which is widely picked up in the northern rest. he leaves the house made congress and his second term and goes back to south carolina because he cares so much about state politics and sees how things are trending at the and of reconstruction, sees a lot of abuses, and he becomes the speaker of the south carolina state assembly for a brief period and later goes on to serve, at the very tail end of reconstruction, as the attorney general for south carolina. afterwards though, his story typifies so many of these members. here you've got a guy who is a great speaker, got a law background, sets up a lot practice, but he gets almost no business. he's forced to move out of state. that is sadly the story of so many of these 19th-century individuals who leave congress and with the onset of jim crow, their careers just dry up. that speaks to the larger kind of political ramification, what

a dramatic first day in court in the sumner redstone trial. there are two key questions in this lawsuit. was sumner redstone mentally competent when he removed his companion and ex-girlfriend manuale heardlight erzer and kicked her out of his pass? two, was he unduly influenced when he did so in allegations he was incompetent have had ripple effects on the companies he controls sparking shareholder lawsuits. redstone stepping down as chairman of body cbs and viacom. if redstone is deemed mentally competent that will shift control of his 80% voting stakes in cbs and viacom to seven trustees including his daughter sherry and felito mann. there will surely be questions asked about who knew what and when. the court had its first problems of redstone in a videotaped testimony played for the judge. a transcript was then released to the public in which redstone made ample use of f-word and another derogatory term to describe herzer, saying she stole money from him and doesn't want her in his life. when asked if he loved her, he said no, he hated her.

we have been supportive of the redstones when the 99-page report came out, and we support sumner andn american icon and sherry has done a great job, but philippe dauman is going to be going down as the worst ceo in modern times. he is paid enormous sums of money for nothing, and ten-year track record of nothing but a declining asset, and he should be removed and doesn't have a leg to stand on. >> and with the stock over the last few months, is there anything that has changed in the performance standpoint, and certainly, the drama is more spicy? >> well, we have not considered it. we are in it for the long haul, and came out with the report on january 19th that the stock is marginally up since that point in time. and we got into it, with a unconventional pick, and what activist going after a dual class company, and it does not happen. i remember talking to the hedge fund managers about viacom as a potential target and nobody wanted to touch it, and we are not interested and legal case, and moral swags, and how -- morale per swashgs and how does that work? but wi-- but we knew that thi

as the battle over sumner redstone's empire escalates. >>> put to the test. is your economic iq higher than a high schooler's? find out tonight, all that and more for "nightly business report" for monday, may 23rd. >>> good evening. it was a day of deal news. but none of them are shaping up to be easy get-togethers. we begin with behr's $62 billion offer for monsanto in what could be the largest merger of the year fit goes through. the acquisition would create a global giant in agriculture technology. monsanto traded well below the offer price of $122 a share, a sign that shareholders are skeptical and may not be that enthusiastic about signing off on that deal. but the ceo of behr says the combination makes sense and he's not concerned about regulatory issues. >> the beauty of this combination is that both businesses are highly complementary. and it's very much a growth story that is behind the combination. the products complement each other perfectly. the regional fit is really great. and while there will be at one point or another some discussions with reg

we should point out sumner redstone is in failing health.ht now there is lots of questions about his mental competency. i think a recent judge said he was not totally mentally competent to run the company. this came out after that sordid lawsuit filed by one of his caregivers who said he basically craves 24 hours a day sex and steak. david: who doesn't. who doesn't? >> who doesn't? i want everybody to know, i have no problem with sex and steak. melissa: goodness gracious. charlie, thank you. david: somehow i knew that. don't ask meme how. i had a feeling. >>> extraordinary video coming out of meltdown in venezuela. it is shaky video, hungry venezuelans hijacking a food delivery truck. unraveling another socialist economy will get the message through to bernie supporters and others that socialism is disaster wherever it is tried if. melissa: no. david: here is steve moore, heritage foundation visiting fellow and fox news contributor. you know, steve, there is just no excuse. you can say well our school systems are so bad now that young folks

brian: when was charles sumner in the senate? betty: he came in the 1850's and stayed until he died in 1874. brian: what makes them so interesting? betty: part of the interest for me is that there are parts of sumner's career that are famous and very well known. everybody who has visited the they've heardng, infamous caning. but that is often the only thing they know about him. he left the senate for a few years and came back in 1859. the most interesting part of his career came after that. he came back in 1859 and the most important part was when he becomes a dedicated advocate for civil rights laws. he was contradictory and he was ornery. he was difficult and arrogant and most of his colleagues hated him. he has left a lasting legacy that i think is quite profound. brian: why everett dirksen? brian: he was from a different perspective. senatory in the 1960's.nd he died in 1969. he was probably the most effective minority leader we've ever had. this is the time of heavy party dominance in the senate. nevertheless, he managed to

but the things he did say, and i tweeted this on friday, were certainly reminiscent to me the way sumner redstone spoke off camera. he does not want her in his life, it is fair to say. and the judge, after hearing the deposition, which was taped. 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.

certainly i think myself, charles sumner was much more likely to have been gay, sumner, they used toer he didn't get married until he was in his 50s and they used to say about sumner he isn't going to be married because he doesn't want to make any woman a slave or something like this but -- his marriage lasted a very short time, his wife ran off with somebody else. i think he was at least bisexual if anything. at that age they didn't really deal with these feelings and these issues. they had more leeway to express themselves. his letters to sumner are very passionate and emotional and intimate and they were very close and he doesn't write like that to julia at all. it is not there for women. i don't think he was incapable of it. towards the end of his life when they had this reconciliation, people think that he told her he had affairs and i'm not sure about that either. it sounds like he did. you don't really know. it would be interesting, the letters were all destroyed so you don't really know. what happened. if they were affairs they must have been pretty limited. i don't think he

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

>> 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

we will touch on sumner redstone and viacom.the world of potentially consolidating broker jamgs. that's coming up on "squawk alley." ♪ [ male announcer ] tora bora fallujah argonne khe sanh midway dak to normandy medina ridge the chosin reservoir these are places history will never forget but more important are the faces we will always remember. ♪ but morit's more than athe facnit's reliable uptime.mber. and multi-layered security. it's how you stay connected to each other 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 technology partner, you're free to focus on growing your business. centurylink. your link to what's next. ♪ [crowd cheering] i could get used to this. now you can. when you lease the 2016 es 350 for $329 a month for 36 months. see your lexus dealer. ...of fixodent plus adhesives. they help your denture hold strong more like natura

sumner -- when mr.edstone passes away or is deemed yes competent, but that is not the case as of now. in fact, right now sumner at least to the extent you believe he's rational and competent has been doing a number of different things. and, again, there is an expectation on the part of some board members that at least the possibility exists, and report on this earlier this week that they're going to be gone. if you were going to do it, you'd do it on friday before memorial day. you'd do it in a quiet news cycle. >> in the times you've been reporting on this, david, it has gone from possibility maybe, massachusetts court, whatever, to like sianara? >> if in fact this happens the board of directors is immediately prepared to petition court in delaware, which is where it's incorporated under section 225, the statute in delaware, which essentially says we want you to immediately hear us on what we believe is a, you know, having been replaced as directors in a not proper fashion, in an improper fashion, esse

like sumner he just had endless layers that you could keep peeling off. historiann the senate for 18 years. i came in 1998. i was assistant historian and then associate historian and i've been the senate historian since june 1, 2015. my days are very rarely the same. one of the things i love about my job is you don't know when you go to the office just what you are going to be working on. you go in thinking of going to dig into this research project and then the phone rings and something has happened. some he said something some he made a statement. 17:46:06 this is a test caption from the national captioning institute. >> they have to be a resident at the state at the time of election. they have to be a citizen for nine years and be a resident at the state at the time of their election. that goes back to the founding fathers. they were trying to him up with a system that would be workable in the early years because they had people that were born before we were a nation, before we had our independence so they were looking for ways that they could grandfat

sumner redstone controls the company. both of them vying for control at this point.uing to block that. the redstone family is asking for that to be confirmed. it 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 g

was much more likely to have been gay, sumner what they used to say about sumners he did not get marriedsomething and they used to say he isn't going to get married because he doesn't want to make any woman a slave, something like this but he was just going away from it as much as he could and his marriage lasted a very short time and his wife ran off with somebody else. but chef, i think was at least bisexual at that if anything. in that age they did not really go with these feelings or issues. they had a lot more leeway to express himself. so his letters to sumner are very passionate, and emotional and intimate. they were very close, he he does not write like that to julia. at all. it is not there for him. but i don't think he was incapable of it. i tried the end of his life and have this reconciliation people think that he told her he had been having affairs. i'm not sure about that either. sounds like he did but you don't really know. it would be interesting, the letters are all story so you don't really know what all happen if they were affairs i think they must've been pretty limit

was it in fact sumner? or is it his daughter, sherry, influencing sumner?s of the suits will try to answer. vonnie: the other question though is that dauman has not exactly been wonderful for the stock price. there would've been a case to maybe get rid of him anyway. paul: this is a media stock that has underperformed its big cap peers. the has traditionally been very weak ratings across many other cable networks they have acquired over the years and a lot of investment to try to drive those ratings. paramount is falling behind some of its other peers in hollywood. there's clearly an argument to be made and investors have made it by pushing the stock down that this management team has not performed well over the last 2-3 years. jonathan: the stock is higher into the session, so what does that tell you? paul: investors think something is going to happen here. we are going to get a turnover in maybe management or board termsure certainly within of the trust that manages this company. one of the outcomes could possibly be a sale of some were part of this compa

sumner redstone's attorney filing a petition asking a los angeles county superior court for an ordering the validity of his removal of both the ceo of viacom as well as another viacom board member george abrams from his trust. now he basically -- sumner redstone said he didn't want them as part of his trust, on the board of his trust which will control his 80% voting stake just this morning they filed suit challenging redstone's ability to remove them and also raising questions about redstone's mental state now redstone himself filed suit -- 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

. >> media mogul sumner redstones's battle for viacom continues. julia has the story for us. >> after three decades with philipp standing by redstone by its side, the two men have turned on each other and at stake is redstone's $40 billion media empire, cbs and viacom. 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 redsto

>> yes, sure. >> still ahead, the sumner redstone saga continues.ne top analyst calling it a toxic situation. he is saying now is the time to buy. he'll explain right after the break. we'll tell you the one $17 biotech stock that traders could say could be going to either $60 or $3 by the end of the week. can a toothpaste do everything well? this clean was like - pow. it felt like i had just gone to the dentist. my teeth are glowing. they are so white. 6x cleaning*, 6x whiteningá in the certain spots that i get very sensitive... ...i really notice a difference. and at two weeks superior sensitivity relief to sensodyne i actually really like the two steps! step 1 cleans and relieves sensitivity, step 2 whitens. it's the whole package. no one's done this. crest - healthy, beautiful smiles for life. >>> welcome back to "fast money." viacom shares are rallying, despite a flurry of legal shots fired between the ceo and former chairman redstone. the latest installment in a season opera we're calling redstone and the restless. it is hollywood's favorite ne

this morning, we're watching, of course, the sumner redstone battle.ore shots fired over the weekend for the latest. here's landon. she's got details. >> wilfred, good morning. here's the latest on the saga, viacom vowed monday, they're not going down without a fight. the shareholders say they plan to fight any attempt to oust them from the board. they don't believe sumner redstone is mentally competent to act on his free will. the letter comes from a state from redstone issued by his spokesman that he was considering ousting the redstone ceo. and 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

the board is fighting back after sumner redstone's attempt to oust directors.the street" returns. e uptime. and multi-layered security. it's how you stay connected to each other 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 technology partner, you're free to focus on growing your business. centurylink. your link to what's next. >>> well, the battle has yet to fully begin, but the independent directors of viacom in a letter released late yesterday made it clear they will fight to retain their seats should the controlling shareholder of the company sumner redstone seek to have them removed. as i reported last week first on tuesday and then again on friday, there's a great expectation on the part of many of those directors that in fact mr. redstone will move to have them removed as directors of the company replaced by another slate of directors and conceivably by a new management

in the past few moments, sumner redstone issued a statement spokesman who said that sumner redstone willake every decision with the same bestderation, based on the interest of shareholders. that something else to throw into this saga over control of the company. at the same time, there were headlines coming out over coxe the dealtions, saying has been renewed, although the terms were not disclosed. lending club was said to be in talks with citigroup to have the bank purchase more debt generated through the marketplace. remember, in the wake of the departure of the founder, there was concern about a pullback. those shares are up 11%. there was a surge in traffic turning the quarter, and by all accounts of analysts, doing well across product categories. firm a cyber security going in the opposite direction even though earnings beat estimates. but the fourth-quarter forecast is below estimates. there are concerns about losing momentum today and the shares are down. shery: still ahead, the snapchat account some in hollywood believe is the future of television. what you need to know about ars

hasike sumner, he just endless layers that you can keep peeling off.rian: how long have you been the senate historian? betty: i came in june of 1998. i've been the senate historian since june 2015. brian: what is your day like? betty: they are very rarely the same. you don't really know what you're going to be working on. you are going into the office thinking, i am going to dig into this or that and then the phone rings and something happens. the senators make a statement and then you immediately get pulled into other directions. because people want to know, has that ever happened before? i see ever said that he for? has this type of bill ever been passed before? so you really go from quickly topic to topic all day. i like that and i think it's fun. it is interesting. although i do long for days when i can dig into a big research project and stick with it all day. brian: when did you first get interested in the senate? betty: note well, when i was in graduate school getting my phd in political history. particularly the workings of congress. so much of

new twists today in the boardroom drama surrounding viacom and sumner redstone. hi, julia. >> that's right. it's a high stakes battle for who will control viacom and cbs and now viacom's ceo philippe douman is filing suit and challenging unexpected removal from redstone's trust. also challenging the removal as directors of theater and holding company national amusements. he is also calling into question redstone's mental capacity. he issued a statement saying quote, shari redstone is attempting to illegally hijack her father's well-established estate plan by removing professional managers, going on to say her actions amount to an unlawful corporate takeover and if effectuated could have far-reaching consequences for thousands of shareholders and employees of viacom. 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 compa

melissa: mental competency lawsuit against 92-year-old media mowing fell sumner redstone has been thrown out. ashley webster has the details on this one. as this soap opera turns, ashley. >> it was quite a is alicious trial. it was thrown out with prejudice which means it can not be brought back again, done, said the judge however this decision has nothing to do with sumner redstone's ability to manage the two company that he has 80% stake in. both companies, that would be viacom and cbs. and you can be sure that the investors of both those companies kept a very close eye on this trial. now, viacom down 2%, cbs down nearly 3% today. all of this of course bought by the original lawsuit by manuela herser, the ex-girlfriend that helper for sumner redstone. she is one that brought the lawsuit. upset the judge said, look, mr. redstone never set foot inside of the l.a. courtroom but media mogul certainly in taped testimony made it very clear in language that can not be repeated on television, that he was competent and that this woman deserved nothing. based on that the judge threw it out. he d

something else that's going on as we are watching the trial of sumner redstone, the patriarch of fire -- viacom. his former girlfriend wants to reinstate medical care. this could set off a chain reaction that could put stake the control of cbs. could it be turned over to the seven trustees. there is a battle going on there. that's why this trial is important. one important part about this essentially they are trying to determine whether he is competent mentally. he said of his former girlfriend, quote i hate her. i want her out of his life and -- life. that's strong statement. there is some courtroom,, some hollywood drama. there is not a lot of drama going on at this moment. points, it'swn 60 nothing like we saw last week abigail doolittle has more. abigail: we have the nasdaq slightly higher. one of the worst drags on nasdaq are the shares of baidu. they were ordered to overhaul the ad system. assist -- student rate of -- died of cancer after using baidu to research hospitals. impact on negative revenues over the long term. the impact is likely to be moderate over the long term. it

billy flees to the familiar surroundings of fort sumner, new mexico. [ horse whinnying ] here he hasfeels at home in the hispanic community. >> billy looks for a new family, and he finds a kind of surrogate one in the latin culture. he loves the music, he loves the dancing, he's popular with the latin girls. ♪ >> narrator: billy has a confident charm that is irresistible to the señoritas, but his arrogance sparks a not-so-friendly rivalry with saloonkeeper and future sheriff of lincoln county, pat garrett. >> [ singing in spanish ] >> [ speaking spanish ] >> [ singing in spanish continues ] >> i said, [speaking spanish] >> patrick floyd garrett was a former buffalo hunter, and a part ownership in a bar called beaver smith's, and billy was a regular in beaver's, so they knew each other. it's a small place. >> narrator: but even on his home turf, billy still has to watch his back. since law enforcement is so lax, a growing number of vigilante groups have risen to power, and criminality is rampant. >> billy is ripe for becoming a member of a gang. he needs other people around him becaus

sumner redstone was he is negative chairman of viacom and cbs.o companies controlled by national music. i think in december when there was a suit filed saying he was incompetent. look at all of this evidence to show his incompetence. including handwriting that was barely legible. the stuff about his appetite for sex and state. he good barely talk. >> it gets to something really important. allowing this guy, four years, to be running the company. signing off on the paychecks. if i -- trish: those are big paychecks. >> they were some of the biggest paychecks in corporate america. cbs has decent stock performance. viacom does not. you have to ask yourself, as a shareholder, did the board to the right thing? did they live up to their fiduciary responsibility? this is slow. i read a column in the new york post. i have read plenty about this. something that was just outlandish. it has gone off the deep end recently. he said on the record, in his deposition, in this soup, i am paraphrasing, overt and competent. there is the tabloid story. >> a good inve

we'll talk to the head of amc. >>> and sumner redstone's competency trial begins.t stake for viacom and cbs, when we come back. [ soft music ] e.t. phone home. when you find something you love, you can never get enough of it. change the way you experience tv with xfinity x1. >>> apple is coming off a new 52-week low on friday as investors worry about the growth of the giant. tim cook heading to china soon to calm investor worries. dan morgan is senior portfolio manag manager. what have you been doing with your holding in apple? >> at anoint, we've been holding it -- as i've said in the past, we've owned the stock since 2004. we have a cost basis of roughly about $5. so we've got huge profits in apple stock. i realize it's down, 52-week low, but we haven't made any changes in terms of reducing our positions at this point. >> so, what marks you out from everybody else? i mean, we've lost $20 on the stock within three weeks. it's been brutal. why -- when you look at other people moving and selling like carl icahn, or at least saying he's sold in the past, what do you

i think charles sumner was much more likely to have been sunday.e was in his 50s. they used to say he isn't going to get married because he doesn't want to make any woman a slave. his marriage lasted a very short time. his wife ran off with somebody else. but i think at the used if anything. they didn't feel these feelings or wishes they had a lock on the web. his letters to sumner are very passionate and emotional and intimate and they were very, very close. he doesn't write like that to julia at all. it's not fair for him with women. i don't think he was incapable of it. through the end of his life, people think he told her he had been having affairs. i'm not sure about that either. it sounds like a day but you don't really know. the letters were all destroyed so you don't know what happened. if they were affairs, they must've been pretty limited. his sexuality i think women to his work. >> you can tell this is an incredibly fascinating story. very fascinating momentum very fascinating people around her. we have copies of the book. the land will

hereeo here was removed from sumner redstone's trust.e is now suing to block that removal as it george abrams, another trustee. dauman has been a confidant of sumner redstone for years, but more recently, a rift has appeared between the two, perhaps fans by sherry redstone. if 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 iph

julie: there is not any reaction to the news about sumner redstone. he is 93. let's look at the major averages. the dow is down a quarter of percent. it turned lower mid morning. it has not recovered. fluctuate, averages it's been in a tight range today. we bounce back from two weeks of losses. s&p, we've at the seen that bouncing around a little bit. here is not ae very big one. we've been talking a lot about how investors don't have a lot of confidence in the rally. one of the ways we are measuring it is defining volatility. what are investors buying? this is one of the top charts of the hour. you can see the one-month volatility. the one-month implied volatility is in blue. see there is a gap here. this is the widest it's been since august. you've got a lot going on. berkshire hathaway is out with its earnings late on friday. railroad net income is down 25%. that is weighing on that particular stock. we've got oil prices down quite sharply today. they are down 2.6%. those losses have been accelerating. the wind has shifted in alberta away from the oil sands.

this sums as sumner redstone and his family battle with the leaders.he family controls 80% of the class a voting shares. earlier this month, they added to his legal team to a legal campaign to oust ceo chairman philip domer. many believe redstone's daughter sheri is behind the push to get rid of domer. and as you can see, viacom, over the last three months performing pretty well. >>> as for border markets, strong gains 2% to 3% for the main indices. all three indices remain in the green for the month of may today, the last trading day. looks like they'll be able to hold on to the markets. early fractionally, the dow up by nine points. julia, back to you. >> thanks so much, wilfred. quite right. as you mentioned the dow down, 0.5 of a jump. i'll quickly show you what happened to the nasdaq over the month of may as well. gains for the nasdaq as well. that's significantly stronger, actually given the losses that we've seen. three straight months of gains despite the concerns that everyone was saying there would be a sale in may and go away. doesn't mean i

developing news today, case challenging the mental competency of sumner redstone thrown out, just onen court. the 92-year-old redstone, controlling shareholder of viacom and cbs corporation. arguing that redstone was incompetent when he decided to effect his former girlfriend and remove her as primaryily care giver. this sounds like a big win for redstone. what do you think. >> it was really big win. it came down to the dismissal, redstone himself and way he testified. apparently, 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

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

sumner was one of those that bought viacom in the mid '80s.t role or not? >> as ceo? >> as ceo. >> i think there is time to wait for this to occur. the answer is what -- >> wait for what to occur? >> andrew, it's simple. 80% vote. right? >> okay. >> that's going to determine it. ask sherry. does she want it. >> sherry doesn't want him. i am asking you what you want. >> i want whatever is good for the company within the context of content -- you don't like my answer. that's okay. you don't have to accept it. >> you can say i think he's the right person or i don't think he's the right person. >> you can say that. that's your premise. that's not mine. >> i don't own the stock. i would think if you own the stock you would have a view. >> no. i disagree with you. move on. why don't we talk about sony? >> okay. let's talk about sony. you can. i think they had too many products. >> i know. isn't it -- they've not virtual reality. on the electronic games coming up on june 14th or 15th, you're going to have a simple thing. e-3 is out. >> do you think p

was sumner redstone competent over the past couple years to be executive chairman?ou are running the company in a lot of ways. liz: a lot of mistakes, we at foxbusiness do our best to hold their feet to the fire. charles: i am not a medical expert. liz: the writer for vanity fair a year ago. william cohen. charles: sound like a mobster. charles: liz: willie conan was my professor. we need to get to laurie rothman. what do you have on the market? we are getting closer to the flatline. lori: i hate to rain on your parade but i have to point out the s&p 500 just crossed its 50 day, 200 day moving average and that happened in the last we 10 years, very bearish signal was so we are going to watch it from here. traders are on the phone, back to the desk. liz: repeat what you said about the s&p. lori: technicians out there who watch the levels and make investment decisions where markets are, 20-47 on the s&p 500, a 200 day moving average. when those levels cross the moving average crossed, could be a bearish signal. liz: the tao is getting closer to the flatline. two minut

the trust that eventually will determine the fate of viacom and cbs, all part of the battle over sumner redstone's mental capacity. have you seen a chapter like this? in or out of meadia? >> this is like a classic drama that should be aired and would have huge viewership on cbs. the dichotomy of choice could not be greater. on one hand, you have shari redstone a nice smart forward-thinking executive. on the other hand, you have philippe dumon, he grew up in new york as phil doman so don't be impressed. he befriends the billionaire, sucks millions out of the company. there are two words for this. abject failure. >> if you hold a lot of viacom and cbs stock and when the headlines are about you leaving the company or being stripped of certain powers, the stock goes up, you are between a rock and a hard place, no? >> what's crazy, this is exactly the opposite sort of distraction that viacom needs if it will fix what's going on. this is a business that is going to be in decline. every business model it has is going out the door as we turn to things like streaming and on demand and that sort