you have to make sure you understand it's the purview, the responsibility of the board, to look after that. clearly teslaa company with great vision they have great execution, we don't know that's the purview of the board. it's not the purview of the s.e.c. clearly that's for the tesla board to think about and really act upon >> bob, what grade do you give the tesla board thus far in dealing with the situation they seem to struggle to rein elon musk in when it comes to his tweeting they didn't seem to be able to get him to take this settlement the first time around. now they're about to get a couple new independent directors. backward looking on this incident, what grade do you give them >> i certainly think with respect to the decision to turn down the initial settlement that was an "f. that settlement should have been taken. elon would have remained as the ceo. with respect to what pressure came after that and the quick response we saw on saturday, you'd have to say the board sprung into action i don't know but clearly that was a quick response and driven obviously by the market falloff on friday. >> b

you on some other business stories. 21st century fox boss james murdoch could be in line to head tesla's boarde is "the favourite" to replace elon musk, who currently serves as both board chairman and chief executive. mr musk though has taken to twitter to call the story ‘incorrect‘. he agreed to give up the chairmanship last month to resolve claims of fraud brought by us financial regulators. shares in sears holdings plunged by more than 30% on wednesday following a wall street journal report that the us retail chain is preparing to file for bankruptcy. sears, which also owns kmart, was once america's biggest retailer, but has struggled to compete with the likes of amazon and walmart and is grappling with a debt load of more than $5 billion. and now, what's trending in the business news this morning? the wall street selloff is the big story. business insider has an eyewatering figure. the 5 hottest tech stocks saw a staggering $172 billion of market value go up in smoke on wednesday. bloomberg counts the personal cost to the world's 500 richest people, who lost a combined $99 billion in the m

effectively built its brand around the erratic south african billionaire it is unclear whether the tesla board will step in to check mosques and pulse of behavior as seems to be inviting them to do or whether tesla can survive without musk's celebrity aura. and we are here at the forbes under thirty summit in boston and we're pleased to be joined by steve the lensing who is the c.e.o. of growers he's out of north carolina and boy what he's doing is interesting theories combining technology and agriculture stephen welcome welcome to boom bust thanks for having me and stephen how do you merge agriculture and technology what's your secret sauce so we hire a company that takes all the data that's being generated on the farm whether it be for machinery or for something some soil sensors that we're mapping so we're called cross the country and work coupling that with a platform that we've built that analyzes all of that data and the soil that it came from to make recommendations really on how to proceed i see place seed and fertilizer what inspired you to just to do this so i grew up farming in sout

effectively built its brand around the erratic south african billionaire it is unclear whether the tesla board will step in to check mosques impulsive behavior seems to be inviting them to do or whether tesla can survive without musk's celebrity. and we are here at the forbes under thirty summit in boston and we're pleased to be joined by steve the lanson who is the c.e.o. of growers he's out of north carolina and boy what he's doing is interesting where he's come buying technology and agriculture even welcome welcome to. their base rabbit and stephen how do you merge agriculture and technology what's your secret sauce so we are a company that takes out.

times" reported yesterday the frontrunner role is 21st century fox ceo james murdoch, a current tesla board. elon refuting this rumor on the microblogging site simply as incorrect. charlie gasparino of course has been reporting right here on "countdown" in the past two weeks the electric vehicle chief will have a direct role in picking his chairman successor, whomever it might be. down to 252.54 a share. markets while off session lows are still in the red solidly. we bring in our traders from the new york stock exchange and cme group. charlie gasparino, up in the newsroom, peter schiff was kind enough to say he wouldn't leave his old high school pal. he's here. we went to high school together. >> don't give away your age, liz. liz: what? i was a child genius. we are lower right now by 493 points. is this going to end as badly as yesterday? >> it very well could but you know, with gold rallying to this degree, i think we are near a short term bottom. at least it feels like they are feeling around for one. what you have seen this afternoon is probably something of a margin call. i am buying s

with a grain if not a shovel full of salt and if you expect anything to happen online that soon tesla board is also where only watching their c.e.o.'s he hypes yet another project aside from meeting tesla's promised car production goals. an oil spill that's been quietly leaking millions of barrels of oil into the gulf of mexico now verges on becoming one of the worst offshore disasters in u.s. history joining us to discuss this are two producers so i thank you for being here you're covered these sorts of oil and gas thanks for years and we you know i thought when i was back in the day before you were born exxon valdez that was going to be the worst thing and then we saw deepwater horizon but then i wake up and there is this breaking news today about this oil spill that's been going on since two thousand and four what do we know that's correct not many people have heard of this spill and biggest spill until now have been the deepwater horizon exxon valdez like you said and taylor energy spill is largely unknown outside of louisiana because of the company's efforts to keep it a secret and the

tesla's elon musk is stepping down as board chairman ... but will remain the company's c-e- o. b as chairman of tesla as part of a new settlement with the securities and exchange commission. he will no longer represent the company's shareholders. this all comes after the s-e-c filed suit ... claiming musk grossly mislead shareholders in an august 7th tweet. in that tweet musk said he secured funding to take tesla private. the company is also expected to pay a massive 20 million dollar fine as part of a settlement with the securities and exchange commission. ( darya ) in the north bay... 67 animal rights activists were arrested saturday after taking over a chicken farm near petaluma. these are pictures from the scene. the protestors claim that the farm houses thousands of birds in inhumane conditions. the demons

was actually announced over the weekend now saturday to cost musk, though, the role of chairman tesla board for three years. 40 million in penalties. all of this, of course, stemming from that tweet he sent out in early august saying he had financing to take tesla private or for 420 declares a share but he didn't. >> calling that the 40 million tweet because that's how much it cost them. musk bullish on company after the settlement. this is e-mail you're looking at that he sent to the weekend. one more day of going superhard core and victory is hour and achieving profitability so trying to get cars out as many as they could before end of the quarter. tesla troubles are nots over. we're going it discuss is risks ahead to the company a little bit later in the show. >> stockses still good in premarket that's the big jump for them. well there's no letup in the fight over supreme court nominee brett kavanaugh. an agreement to investigate sexual assault allegations against him has now sparked controversy over the scope of the probe. democrats are charging that president trump and republicans are

and thas communications have to be monitored by some type of committee that will be formed by the tesla boardctors so, they'll be checking his communications, particularly twitter, but all communications. speaking of communications, tesla filed an 8k regarding a leaked e-mail regarding model 3 production that's interesting we've never seen them file an ak before they may have in the past whenever he issued something on twitter but generally speaking whatever he said it went out there and we didn't always see an ak filing perhaps they've gotten a little bit of religion following the agreement with the sncht e.c in that e-mail elon musk sent out, it was regarding model 3 production to employees at tesla and said if we go all out tomorrow we'll achieve an epic victory beyond all expectations. what's that epic victory possibly profitability the street is expecting tesla to produce in the third quarter model three 52,000, roughly speaking on model s and x, if you put those together, the expectation is somewhere around 25,000 combine all of that, about 77,000, 78,000 we expect those numbers to come

two new independent directors will be brought on to the tesla board and oversight will be required forn communications for musk, including tweets. first, is this a good move for tesla? everyone can say, this is a mass v fine. it's not a massive fine. >> it's a minuscule fine. >> elon musk is worth billions and billions of dollars. >> tesla's worth $50 billion, $60 billion. elon musk $50 billion, $60 billion. the fine doubled, by the way. he turned down the opportunity to pay a $10 billion so the s.e.c. sued him and he settled for $20 million. it's pocket change to him. >> tesla is worth what did you say? >> 60 billion-ish. >> $60 billion. and elon musk is saying to employees, get excited, guys, we m may be about to turn a profit. so to the average person out there can you speak to the perverseness of that. they don't make money. >> he hasn't been able to build cars. this is the problem. he has made almost no cars over the ten years or so that tesla has been in existence. he has lost money, lost money, lost money. he kept promising profitability around the corner, promising new models,

charlie gasparino heading to our set right now with details on just how much power he has over tesla's boardespite being booted from the chairman's chair charlie breaks it next on " countdown." one-millionth order. millionth order. ♪ there goes our first big order. ♪ 44, 45, 46... how many of these did they order? ooh, that's hot. ♪ you know, we could sell these. nah. ♪ we don't bake. ♪ opportunity. what we deliver by delivering. just follow what he says and it'll help- sorry i have to take this. we're good. hi. uh no i need it right now, yeah... my life was narrated for me by others. their voices were forceful, emphatic, absolute. it had never occurred to me that my voice might be as strong as theirs. the most inspiring minds. the most compelling stories. download audible. and listen for a change. there's also a lot to know. part a that's your hospital coverage, part b is all the doctor stuff... the most important thing to know? medicare doesn't pay for everything. and guess what that means... yep...you're on the hook for the rest. that's why it's important to consider an aarp medicare supp

two new independent directors will be brought on to the tesla board.ing to pay $10 million. that's a lot. it's not. he's worth over $15 billion. he remains the ceo and they are adding a couple of board members. those who are sitting on board, ie his brother, who are clearly his home boys are not going anywhere. did they really get anything out of this? >> very little. it's a very slight slap on the wrist. it's not even like a parking meter ticket for the rest of us. it's a black and white case of fraud. he said someone was going to buy this company. he didn't have the financing lined up. he didn't have as much as 30 million. this would have required about 80 million. they cry trotried to create a s screen after the fact. his tweet storms are irresponsible and reckless. he didn't mind getting very wealthy with other people's money. he doesn't want to be accountable for any of this. this is a real like. he's got a lot of friends on this board. they create cult around a leader like this. sure he's visionary. >> his shareholders see it was completely fraud

naughty by nature and he's unrepenitent and gleeful. >> so what would you do if you were on the tesla board i would try to get a strong manufacturing successful chairman like alan malaly who led ford i would try to get intervention coaches to try to contain the damage but ultimately it will be hard to control him. >> you said the s.e.c. folks won't take this personally the way musk has tweeted at them assuming this thing is in violation of the spirit of the settlement is it something that misleads investors where would you place that line? >> it has to be something that misleads investors. >> it's a neither admit nor deny sentiment. he wanted to say i was just getting rid of it, i didn't do anything wrong lots of defendants wants to do that and that violates the settlement. >> in terms of where we head to here, betsy, what's your take as to how likely the board takes the actions. it feels like they've been slow to react over the last six to 12 months will they kick into action now, do you think >> it's interesting. one of the big catalyst which is i would worry about as a public company dir

board. somebody with utility experience. traditional auto, i can't see tesla going along with that. ere are whole point has been to disrupt auto. i don't know what the process is for searching for the new board member, who will decide, if they are bringing in a search firm or not. emily: what we know about the timeline? >> he has to resign as chairman. i am imagining they will try to get new board members as fast as possible, but i forget what the exact deadline is. emily: aside from model three production, what are the other challenges ahead? he has promised profitability. as late as sunday, early sunday morning after the settlement was announced, he said another revving up the troops email to the entire staff talking about what needed to be done in order to deliver on this goal of profitability he has promised. ivan: i agree that the new board member should be a woman in light of the new bill that was signed, and they need to have some diversity on their board. but the focus is going to be continuing ramping up the model three production, and the goal to profitability, because thos

one interesting line is tesla board members have proposed 21st century fox's james murdoch might come new chair. there has been pushed back. in terms of those two independent directors that are supposed to be named, those folks are supposed to be controlling or watching communications of you want to make sure he doesn't tweet out or email out interesting things -- of elon musk to ensure he doesn't tweet out where you know out interesting things. seci: he seems to think the stands for something else entirely. not sure whether that is, but go to the bloomberg terminal. i want to show you the shortselling. , ina short interest is 27% your gtv terminal library. and to the other tweet's point , short-sellersgs got $1.2 billion in the two weeks after musk's funding secured tweet we know from august. muskrtners says when elon was caught smoking on the video, short-sellers gained another $510 billion. seems every time he tweets, it is negative for the price, and that actually only empowers the bears even further. haidi: thank you so much for that, the latest on the tesla drama ongoing. we are

. >> plus musk's ultimatum a look at elon musk's battle with the tesla board and the s.e.c.r prize winning columnist jim stewart will be with us to discuss. >>> let's start with this rally. stocks surging on the heels of this morning's better adp report the dow hitting a new all-time high, up for a fifth straight day. job growth rose in september to its highest level in seven months private sector adding 230,000 jobs in september that was well above forecast comes ahead of friday's job report for september not necessarily a good indicator, that adp, but that builds further momentum to this case that our economy, in the words of larry kudlow, is killing it right now what will it mean for third-quarter earnings that is a big debate on wall street because we are about to head into q3 the earnings growth is an expectation of 21.6% that continues the streak of double digit growth. the question is how much that's already in the market because we are coming off of the third quarter where the s&p rose about 7%. >> powell calling this an extraordinary time for the economy. low inflat

up chairmanship for the next three years, two new independent directors will be appointed to the tesla board both elon musk and tesla will each pay a $20 million fine. that's knock for elon musk and the oversight of musk communications this is interesting. in light of the news we're expecting in the next couple of days which has to do with model 3 production and deliveries for the third quarter. they're expected to report that tesla is sometime this week and the expectation is that the q3 deliveries will be at least what their guidance was, 50 to 55,000 of the model 3s. over the weekend elon musk sent out an employee email. he didn't tweet this out he didn't let everybody know he sent an employee email saying if we go all out tomorrow we will achieve an epic victory beyond all expectations and, guys, they sent out an 8x. tesla did with that email and all the time i've been covering tesla i can't remember the last time this they put on 8k regarding an maim or a tweet or some kind of communications from elon musk so it looks like the message is getting through, you are going to have to follow

two new independent directors will be appointed to the tesla board. both elon musk and tesla paying $20 million fines. this is the most interesting one. there will be oversight by a committee of elon musk communications we won't get as many twitter bombs overnight as we've seen the last couple of years there was an e-mail that he sent out. remember, the end of the weekend is when they had to say we could make x number of model 3s expected to be over 5,000. he said they're closed 20 profrtdbility. they needed one more big push. as you take a look at tesla, we will get the delivery numbers in the next couple of days. the expectation is that model 3 deliveries will be over 5,000 per week, over 50,000 for the quarter. guys, that will be an indication that they are close, perhaps maybe even turned a slight profit in the third quarter. >> you know, phil, what's interesting about the price action of the stock is we're right back at levels prior to the sec charges which sort of told it. two new independent directors, chairman other than elon. >> the big change

he has been on the board of tesla since last year and is said to bea of tesla since last year and isf elon musk —— wants the sale. a friend, but not the chairman. we get the impression from elon musk you does not like that idea or that thought. there is some pressure on him to come up with someone pressure on him to come up with someone who is considered to be external and independent enough, while being close enough to the family, well, to the company, also, to be able to accommodate him as chief executive. allow tesla to continue and elon musk to do his thing. the front page of the times. employers must reveal ethnic pay gap of staff. theresa may is drawing up plans for workplace social justice. really interesting. when we had our gender pay gap drama here at the bbc and it has been elsewhere, it has had huge applications for many companies in the uk, i thought about this very issue. it is notjust about gender, there are a lot of issues. ethnicity is one of those issues. ethnicity is one of those issues the governance is looking at now. i guess one of the problems for employers wil

>> sources telling the fox business network that bankers are pitching financing ideas to tesla executives, boardembers in particular, basically saying you got a billion dollars coming due between now and march. two convertible bond payments, one coming in november for 200 million, which they might have the number for that. in march another 900 million coming due if the stock doesn't have a bogey at $360 per share, which is a good chance it's not. so you've got to come up with cash. here's some financing ideas. stock, debt, you name it, all over the place. tesla is interesting. they tell people we don't see an immediate existential threat to us right now that we need to finance it. at least that's what they're saying now. >> is this musk is talking right now? >> senior board members that i've spoken with directly. what they are saying us are first-order order of business is getting a new chairman for the sec. second is directive for the sec government. they think in the short term the business operations are getting better, cash flow is improving and they don't need immediately financed. the bank

what sources are telling the fox business network is that bankers are still approaching tesla officials and board members with financing ideas as about $1 billion of debt comes due. here's the interesting thing. at least as of now, tesla officials are telling bankers that there's no near-term financing pressure despite, as i said, a billion dollars of bond payments that are going to come due over the next six to eight months, between now and march, over $1 billion of convertible debt will be due if the stock doesn't hit a certain level, i believe 360 on tesla, you owe that money in cash. this is a company that has had some cash flow problems. liz: not there right now. $275.89. >> not quite there. here's what's interesting. the bankers believe the company's being overly optimistic about their need for financing, as these bond payments come due. officials are telling bankers that the company is focusing on government issues such as picking a new chairman, independent directors, and it believes -- they are telling bankers, what they are saying as of i would say the last 48, 24, 48, last week or so,

tesla's elon musk is stepping down as board chairman ... but will remain the company's c-e- o. a new settlement with the securities and exchange commission. he will no longer represent the company's shareholders. this all comes after the s-e-c filed suit ... claiming musk grossly mislead shareholders in an august 7th tweet. in that tweet musk said he secured funding to take tesla private. the company is also expected to pay a massive 20 million dollar fine as part of a settlement with the securities and exchange commission. (ááá2 shotááá) jon gruden's oakland raiders ... finally get that elusive win. but it did not come easy againts baker mayfield and the cleveland browns.( darya ) on the opening drive baker mayfield's pass is picked off by the raiders ... and it goes all the way home.the raiders had a big day

(justine) coming up -- the search is on for tesla's new chair for its board of directors,. this after elon musk was forced to step down... details on who the company may be looking for... when we come back. (jrstone) and --friends honored murdered university of iowa student mollie tibbetts sunday with something she loved doing... we'll hear from her famlily comiun up this is customizable streaming tv for your family. ...whatever size. it's saving money with flexible channel packs. live tv and the latest shows to stream. and all your streaming apps in one place - even netflix. this is how xfinity makes life. simple. easy. awesome. get started with xfinity internet and tv for just $34.99 a month for 12 months and customize by adding flexible channel packs. click, call or visit a store today. it's my job to protect as a public safety,pg&e, keeping the powerlines clear while also protecting the environment. the natural world is a beautiful thing. the work that we do helps protect it. public education is definitely a big part of our job, to teach our customers about the best typ

elon musk also off as the board of directors, at tesla. part of a settlement with the fcc that includes a $40 million payment, split between elon musk and tesla. he is charged with misleading investors when he tweeted that he had the funding to take the company private. tesla is fine for not adequately policing of the tweets. the money will be paid to investors affected and elon musk steps down as chairman of the board for three years but remains on as the ceo. tesla stock is up $45 a share more than 12%. part of the reason is that tesla made a record 80,000 vehicles in the third quarter. that includes 53,000 model three sedans. the opening bell rang in the trade agreement between the u.s. and canada as we talked morning. checking in on the latest look at the dow jones, of almost 1 point, 267 point, 26,718 and the s&p 500 is also up .75% and the nasdaq is up more than .5%, very close to 8100, 8095. facebook could be penalized $1.6 billion for its recent data breach that affected more than 50 million users. ireland's a data protection commi

how powerful is any board member to pull the ceo aside say you're nuts, put a muzzle on it, take a temporary break from teslaink these days particularly for strong founder led companies it is very difficult for any individual board member to reel folks in. >> if it is an independent board member, i.e., not his brother or former cfo of another company they bought. >> it is a collective job. the board has to work together and reel him in, but one member, no matter who they are, has a hard time reeling in a member like elon. >> roger, you have written and spoken so much about facebook and responsibility of that company's board and that organization to rein in its power. what should musk's board be doing and how should other boards watch this as a case study? >> to my mind, silicon valley has a problem. i'm with mike that there's no question great founders make great startups once a company is in the public market, it has other responsibilities you need to have in the team people that can fulfill those responsibilities and really importantly, you need to have checks somewhere in the system, but increasingly, sil

this brings up the tesla versus ge and how they change their boards.changing that to versus g coming in with decisive action. what do you think about? -- of that? different -- a different challenge when you look at a ge. or pepsi, for ge there is a court interest. doing that is like being ambidextrous. that is a difficult thing in a large company. in an area like tesla, you are trying to build a business from the ground up. a different challenge that requires a different ceo. pepsi, what we focus on is the snack business is stronger than the beverage business and also getting into emerging markets. that is a challenge for a ceo on the inside for a long time. fortis going to have to be behind him. david: that goes to the core of the general motors. when you talk about a corbyn this moving into a new business, it is fair to say it had an entrenched culture and they are moving aggressively into this new world and doing it to partnerships, first a softbank vision fund and then honda. how important is that to shake up a culture in an established company? aa

tesla is penalized for not adequately policing the tweets. the s.e.c. said the money will be paid to investors and he has to step down as chairman of the board for three years but he can remain as ceo. the tesla stock is up more than 14% today on that news. the dow jones is up more than 2 to 40 points right there. you can see u.s. manufacturers and other car companies after the u.s. and canada agreed to a trade deal. that includes mexico. >>> this morning president trump is freezing the agreement reached with canada to join the free trade pact. minutes ago at the white house, president trump said that he is, quote, not at all confident that congress will approve the deal because of politics. the new deal will be called the united states mexico candida agreement or usmc a, replacing nafta. it was signed before a midnight deadline. president trump said that with the new agreement, he is making good on a campaign promise. >>> we have negotiated this new agreement based on the principle of fairness and reciprocity. to me it is the most important word in trade. we have been treated so unfairly by so many nations. all over the world. >>> the new deal will suppose

requiring boards with six or more directors to have three women on it. that is a threshold big companies like facebook and teslawomen compla complain. we want to be chosen for boards because of qualifications. not because the law requires it. >> the question is are companies overlooking qualified women for the job because of choosing people you look like. >>> we continue with the fbi investigation into the brett kavanaugh accusations. >> not meant to be a fishing expedition. >> the white house narrowing the focus of the fbi investigation of brett kavanaugh. what's in? what's out? is the investigation just a means to the end? >>> and canada agrees to the trade deal with u.s. and mexico. big symbolic win for the president. what it means for milk drinkers and car buyers in america. >>> and the death toll increases sharply after the earthquake and tsunami devastates an nusindonen island. >>> and one year later and the worst mass shooting in modern american history remembered. 58 seconds of silence at 10:05 p.m. good morning. welcome to "early start." i'm christine romans. >> good morning. i'm dave briggs. it is mon

tesla private which boosted the stock price. the s.e.c. said that wasn't true. musk will pay the fine and leave the board. he stays on as ceo. musk up, but with guardrails. >>> and another exposed issue for facebook. largest data breach ever. on friday, hackers gained access to digital log-in codes. facebook notified law enforcement. there are few things that you should do to protect yourself. log out. change your password. unlink related apps like instagr instagram. >>> california taking a step outlawing all-male boards. all publicly traded firms must have one woman on the board or face penalties. many do have one woman, but only a quarter have more. the law goes further. it requires boards with six or more directors to have three women on it. a threshold that facebook and tesla don't meet. there have been non binding resolutions in the state in the past years. giving public companies, publicly traded companies, a responsibility for taking public money and giving them non binding requirements. i have been covering companies for 25 years. it hasn't changed. >> financial penalties for those that do not comply. how significant?

for q three of twenty eighteen on six point eight billion dollars of revenue tesla clearly hoping to get some points on the board and burying recent unfavorable headlines move the earnings report announcement forward by two whole weeks tesla's stock price jumped almost thirty percent on the report in trading after yesterday's closing bell and the longer term tesla watchers will keep an eye on tesla's production goals tesla has supposedly finally met their weekly goal of moving five thousand cars off tesla is assembly line in september but many observers are asking if that rate is sustainable. and now we look at more earnings reports and some companies with john grace the founder and president of the best years advantage corporation john welcome back we're at the really honored you spend some more time with us today always good to be with you bart so let's start with the planes and trains and let's start actually first with planes of american airlines how did they do today. well third quarter profits are off forty eight percent probably mostly due to fuel costs being up forty two percent compared to exactly one y

and the extent to which his personality has defined a tesla, if you believe in his company, you hope elon will see the light. not that the sec or boardber is going to do that for him. if we have seen or learned anything over the last few , even it is that elon when tesla has been dinged for various reasons, he is willing to be his own person. i think the chairmanship is important and an important milestone for the company but that alone will not bring much change. emily: talk to us about how you came to your conclusion that ofu is a b and in the face opposition from the bearsy that mentioned early analysts who believed tesla shares will go in the opposite direction? maynard: my big call is that we are taking an angle of looking at the sector from a disruptive perspective and a technology angle. a lot of people will talk about autonomous as being the disruptors. we look at it as the enabler. this will enable a platform ecosystem. think about developers building applications directly on top of the car and turning that car into an application. you download something, press a button, and turned the vehicle into a ridesharing vehicle, or

yeah you have a couple teslas out there across-the-board but weighing against that you have the amazons, the apples, the netflix. these companies are making a lot of money out there and have strong balance sheets. >> liz: they are generational game changers. you guys are so good we'll have you back in just a bit stay right there. gary b. and jonas in just a second. now back to hurricane michael three now confirmed dead. hurricane michael ripped through cities and towns in its path. it took off roofs. it downed trees, and it left a path of destruction. we're going to bring you the very latest from our reporters on the ground but first back to your money, why are fox business panel is going to talk to you about how to ride out the volatility, something that you have not seen in a couple years, that's next. (guard) what i've witnessed... controlled fury. freakish intelligence. wicked seduction. these endeavors will rattle your soul... and challenge the contents of your stomach. if that sounds dramatic... it is. - at afor the financialt's time world to stop acting the same old way. you need

tesla needs. apparently the company needed a board makeover. d: the positive spin is that it changes -- the sentiment changed. this changed elon musk and tesla, the company. >> yes, it has to be seen as good news for tesla after all of the recent uncertainties surrounding the company. escapes thently, he most serious potential punishment which would have been being barred as working as a test officer. now the company has to do what corporate government has been calling for for years which is to separate the rows of the ceo and the chairman. on whaty gets to focus is better at doing at. that is running the day-to-day operations. that is running the rmb and so forth. the punishment of a $40 million fine is not a massive setback to the company. yvonne: is it going to make that much of a difference? just given the powerful personality that elon musk has, are there any candidates out can actually bring in elon musk? the idea here is to limit his control and influence over the company. the current structure has been problematic. the board consists lar

this is a gift that tesla essentially has gotten from the sec will stop the board did not have the strength it on their own. but this is ultimately for the better of the company. emily: you're suggesting some names for the new independent directors. one is the former boeing ceo and another is former vice president our gore -- al gore. fairly divisive person, though he has been very supportive of musk in the past. why these two names? have you had any conversations with them? not had any conversations with them, but i think they make a ton of sense for two reasons. take isase of al, his renewable energy is a big part of what he has been advocating for many years. i think tesla's mission, which may surprise people is to accelerate the adoption of renewable energy. there is the one challenge with his chairmanship, which is he is currently on the board of apple, which i think he enjoys that role. but to me he is the ideal person . the second, terms of bringing in as this ising ceo, at play, could be appealing to elon in the since the whole space industry, aerospace and is -- expertise on the ma

tesla. it appears to be starting on an up note. on saturday elon musk settled with the s.e.c. over misleading tweets and agreed to give up his role as board chairman and pay $20 million in fines. ahead of the opening bell tesla shares up 15%. but the coming week may be critical for tesla. a report due tuesday should indicate if the carmaker can hit its long-term production target. >>> happening today, attorneys for the former leaders of the infamous silicon valley company thernos scheduled to appear in court. elizabeth holmes and others facing criminal charges connected to the company's downfall. the palo alto blood testing company shut down over the summer. federal prosecutors charged the defendants with defrauding investors, doctors and patients. >>> the u.s. supreme court starts its term without a ninth justice. president trump's nominee tied up in the fbi investigation of sexual misconduct allegations. >> "today in the bay" tracie pottss live on capitol hill with who is being interviewed and not. and the new information overnight. traci? >> yeah, marcus and laura, we learned that the prosecutor who was hired by republicans to ask ns a

tesla private. musk will pay the fine and leave the board and stay on as ceo. that is what investors want. keeps the genius of elon musk at tesla. tesla produced 53,000 cars last quarter meeting the production goal. musk e-mailed they were close to making a profit. a lot of folks have been telling him publicly and privately he needs a chief operating officer. he has the boring company. >> not boring. >> and he has tesla. you know, he raises a lot of money. this is good. >> perhaps back on track. >>> "early start" continues right now. >>> i wanted to be comprehensive. i actually think it's a good thing. >> we'll be voting this week. >> the senate leader has made up his mind on brett kavanaugh before the fbi finishes its work. but kavanaugh's drinking and whether he lied about it could pose a problem. >>> the first lady to africa on the first foreign trip. what will see hear following the president's controversial comments? >>> and a florida teenager back with her high school baseball team after being kicked off the

board. today. it tesla and all those, who would have thought in this market. at the same time.n some of the hedge fund, let's take a look at this etf. hedge funds now have huge holdings in apple, adobe, microsoft. these are clearly some of the names who have taken a hit and we would hear from apple next week. we see etf tracking hedge fund vpi's -- vips taking it as well. joe: catherine, talk to us about strategies. my impression is that all of the different hedge fund strategists with traditional stockpicking, out rhythmic, trend falling, it is all having a terrible month. >> with a few exceptions. goldman came out with a report a few days ago saying those funds were down almost 9% when the market was only down 6%. so for the first time, they are beating the market. [laughter] romaine: i thought these funds were set up to take advantage of the rise and even if there was a downturn. we are not seeing that. katherine: not so far. we wonder if some of the macro funds have done ok. we're not gotten any good numbers yet. i spoke to more traditional long short equity attend to have

over the weekend, tesla ceo elon musk resigned as the chairman of the board and agreed to pay a $20 million fine to settle an sec lawsuit. tesla is also paying $20 million. that settlement sent tesla stock up 7% today, wiping out losses from last friday. overall on wall street, the dow jones was up 193 ., the s&p 500 gained 10, the nasdaq was down about nine points. >>> a yearly tradition kicking off in san francisco, fleet week 2018 is now underway. and while it can be fun to see the ships, sailors, and blue angels, today proved that this week is more than that. as ktvu's jesse gary reports, there is also a serious side. that is to make sure that local emergency response agencies are ready for any potential disaster. >> reporter: the start of the fleet week begins with a very serious topic of emergency preparedness. you can see some of the equipment that is out right now. city, state, and military crews began staging this equipment for a post-disaster drill. military communications and fuel trucks rolled into pier 96 early this morning, and began setting up along with communications equipm

tesla c.e.o. elon musk is no longer the chairman of the board of the company he helped to found in two thousand and four mr musk agreed to resign and as chairman and other conditions in order to settle a lawsuit by the u.s. securities and exchange commission or f.c.c. into possible securities fraud the f.c.c. opened their investigation last week into tweets musk sent in august about taking the company private if and when the stock price reached four hundred twenty dollars .

tesla is not commenting. the ceo elon musk resigned as the chairman of the board and agreed to pay $20 million fine to settle an s.e.c. lawsuit. tesla is paying a penalty of $20 million. spoke to facebook veteran will take over as the head of instagram is the cofounder of the photo sharing app it's ready to leave. facebook bought instagram in 2012 for $1 billion. the cofounders have picked this person to take -- he joined facebook in 2008 and is currently the vice president of product for instagram. the move is just two weeks after the instagram cofounder announced resignations in order to, quote, explore and our curiosity and creativity once again. the two plan to leave in the co they said that he is a product leader with a strong design background and focus on craft and simplicity. >>> and do research recommending a no selfie zones in tourist areas to prevent deadly accidents. between 2011 and the 2017, nearly 260 people were killed while taking selfies around the world. researchers in a new study says that selfies themselves are not harmful. it is people putting themselves in risky situations for that perf

the extent to his personality has defined tesla, i think if you believe in the company, what you are hoping is elon will see the light. not that the sec or a boardember will do that for him. i think if we have learned anything over the last few , even whent elon tesla has been doing for various reasons, he is still willing to be his own person. i think the chairmanship is important. it is an important milestone for the company, but i don't think that alone will bring change. emily: maynard, talk to us about how you came to your conclusion , and ins is a by -- buy the face of staunch opposition who believeds, tesla shares will go in the opposite direction. >> my big call is we are taking an angle of looking at the sector from a disruptive perspective and technology angle , which i have covered for 20 years. a lot of people talk about electric and autonomous as being the disruptors. we look at it as the enablers. i think this will enable a platform ecosystem. inc. about developers building applications on top of the car, which will turn the car into an application. you download something, press a button, and turned the vehicle into a ridesharing v

has reached a trade agreement with canada and tesla in the spotlight after elon musk will step down as chairman of the boardnd i will have the details coming up. >>> good morning to you and thank you for joining us. one day, the first day of october i am dave clark. >> good morning, i am pam cook. thanks for waking up with us and let's check in on the october weather with steve. >> a mix of breaks in the clouds. partly cloudy and partly sunny in the morning with increasing clouds throughout the day and it looks like rain approaches tonight around the golden gate or the coast north and then tomorrow will low inches closer. it looks like it will go south and some of that will impact us in the next 24 hours. more breaks in the clouds to the south and temperatures mild. water temperatures have come up and that helps on the lows and all that moisture staying south toward southern california and mainly impacting arizona and it will be a busy day. 50s and 60s on the temperatures. 60 and balmy. 58 tim brown and upper 50s in alameda. cloud cover will give us a mix of sunshine and clouds and tonight gets cloudy and t