xerox would officially be the acquirer, but hp is also looking at xerox as a target. vonnie: why did the two want to combine so badly? >> it is a tough time for printers and copiers. the margins are good but environmentally friendly methods make printing a bit of a taboo, and these companies could save money through cost cuts, should they decide to merge. printing has fallen out of fashion but these are still good companies in terms of cash flow. of both seembase to like the idea of a merger, and there may even be some overlap in the company shareholder bases. vonnie: we know that carl icahn has been an active investor for years, but we learned he has a sizable stake in hp now. does that indicate that this will happen? >> both companies seem to be looking at carl icahn as sort of the broker. what is certain is that he brokers a good deal for himself. we will see what it looks like but he has a $1.2 billion stake in hp, so he has a lot riding on this. his view on what is merger should look like will be key. so far he has said in interviews that he thinks it's a no-brai

xerox stock hpq is up 10%. the trump administration is optimistic about reaching an interim trade deal with china. that's according to commerce equity or a wilbur ross. he spoke with reporters in indonesia, insisting that chinaent trump -- insisting president trump rollback tariffs before the deal is signed. president trump and the republican party suffered setbacks in two states in off year elections. in kentucky, governor matt bevin faces what could be an upset loss in his reelection bid. the race has not been called. in virginia, democrats seized both houses of the legislator from -- legislature from republicans. prime minister boris johnson's reelection bid has been rocked resignation. johnson formally began his campaign today, for the summer 12 election. and india, the u.s., and china saw some of the biggest rises in greenhouse gas emissions last year, according to a report from a consulting firm. that is because of booming byrgy consumption dominated fossil fuel. a similar story in south asia. in missions

there are reports tonight that xeroxs considering bid for hp. that deal would combine tol hous names both with complicated pasts. and in this case both stocks se intoday's session. >> the continued decline of printed paperocuments once a back bone of business may be pushing two tech icons towards a once unlikely marriage. cnbc is reporting that the combined companies could save more tha$2 billion in penses. most of xerox's $10 billion in annual revenue comes from renting and maintaining large copiers for businesses. often selling printers at a loss while bannngurchases of ink cartridges needs to run the printer. smaller ps and sprinting replies and remainsth one o largest pc makers. hp's 2018 revenue topped $58 billion. so how can xerox afford to buy up the answer is tied to a failed fujio merge with japan's film holdings. fujiji is dropping all billion- suit filed last year when xerox walked away from the deal. investors carl icahn resisted claiming xerox was undervalued in the deem. and expectingo unwin a 57-year-old partnership with worthilm,

xerox has had a couple of falls. do people steel xerox things it is like faxing. >> hp has tried to keep up it is like help me i'm drowning. >> hp shares are up. >> xerox somehow is the acquiring company. and there would be a premium to hp's market cap. i just get depressed reading this xerox already scrapped the deal to merge with fuji film. i should have never vested in all those photo mats i thought we'd always go there half the ones i turned in, they wouldn't give me back. >> what kind of pictures were they >> i'm kidding i thought, what happens to the walgreen's billboard exploring a plan to go private in what could be the largest leveraged buy out. with a market value of about $55 billion. one firm looking at the deal is kkr. and every core partners is exploring whether a transaction can be put together. >> why do they want to go private? >> for walgreens right now with health care in the background. >> with the election and everything going on. >> they are probably uninvestable until we get to the election >>

xerox wants to do a bid. the story straight xerox, they want to do a deal. the story is straight, hp -- i don't know, 48 hours, they didn't want to do -- no deal >> the guys who own -- the guys who are xerox, they say, jim, don't you understand, you don't understand, that's my favorite, you don't understand the synergy behind occidental, you don't you're dead wrong. you're an idiot. you think there is -- no, i'm not an idiot i'm smart. look at dimon. look at dimon. faang. sold to the gentleman in the back >> the opening bell here, s&p 500, at the cnbc real time exchange and the big board, biomx, celebrating a merger with charten healthcare freshpet, the maker of pet food with natural ingredients. >> we had a bit of a conflict with them when my stepson made a sandwich in the middle of the night with the freshpet because it was next to the baloney my baloney has a last name that is freshpet. it turned out to not be as tasty as it looked it is not boors head, what i'm saying to tirely something that looks like food. dogs are not as discriminate my dog eats bani

said, look, if you look at the hp printer business and the xerox printer business, xerox is strong in the high-end, where they can sell three dollars worth of print supplies of for every dollar they sell you, hp, two the opposite of dollars of print supplies for every dollar of printer they sell you. putting those together, you get a printer giant. more importantly, a supplies giant that can tie you up in a long-term sales contract when they sell you a printer. the pc business is a cash flow generator. slowere a steady eddie, decline business, if you may, on the printing side, offset by the pc side. that is what you are left with. it's not sexy, by any stretch, but it potentially slows things down for both companies. if you look at the cost perspective, both of these companies are taking costs out of their own companies, pretty substantially. when you put them together to's two subtract more costs, more can come out of the equation. on the revenue side, there's not a whole lot to talk about. so, that's effectively the kind of deal we will talk about. it will draw antitrust scrutiny ac

today isfirst day we get to se the stocks trading that is hp and, of course, xerox. yesterday the board of directors unanimously rejected xerox's proposal to require the company, we reported on it, of course, 22 bucks a share, 77% in cash, remainder in stock, would have had the effect of hp holders owning roughly 48% of combined company. xerox saying it had the financing lined up 22 bucks that's where it was. they say no way. at hewlett-packard but they do leave the door open to a certain extent towards potential talks between the two companies and i would note it is interesting that we have not heard from xerox they have not put a press release out responding in some way to the rejection of their offer. they did send this letter again to john, xerox's vice chairman and ceo, which they question some of the bases of xerox's business in terms of decline in its revenues from 10.2 billion to 9.2 billion on a trailing 12 month basis. and this does go back to reporting that i did last week, i think last week, in which i said that xerox had actually had talks with hp about

xerox sent a letter to the board. threatening to take the bid to the shareholders if the printer maker doesn'tsider by monday. xerox rose 1.5% while hp down a fraction to 19.65. will tiffany say yes to lvmh proposal, the french luckry company owning louis vuitton and christian dior. reuters says the new down a fraction to 16.22 also after the bell nordstrom posted better than expected earnings and revenue l was ine with estimates. the retailer saw a decline in departme store salesut growth in online revenue. nordstrom also raisedda ge. shares initially rose following the ns closing the regular session up 1% to 34.32. william sonoma reported after the bell. the parapet company of pottery barn and west e had sales come in slightly above estimates while profits in line with forecasts. the retailer saw increase in same store sales and raised the lower end of the full-carrier outlack. shares fell in after hoursft trading closing the regular session up a fraction to 68.75. >>> and finally roth stores topped analyst expectat

of course, when xerox made their unsolicited bid hp responded as you say very favorably almost. no longer. they rejected of course last week, then xerox rated a little while, but then they put out a fairly nasty letter of its own, questioning, well, you want due diligence on us or you will at least do some, but you won't allow us to do due diligence, we don't understand it, and hp responding with their own letter, as you say, explaining the reasons why. that's the first time we have seen some of the questions, we have them here, total contract value questions, in excess of revenue decline, suggests revenues may decline faster in recent years, tcv was down 13.9% and note churn was 18% both of which they say are data points that xerox has stopped providing. it goes on to sort of have them question synergies, question the numbers and explain why they wanted a lot more diligence when they were talking back in august and september about an hp deal to acquire xerox. >> kind of went from at least me getting the impression, well, let's see if this makes sense to, boy, we really hate thi

worth noting is that xerox is the smaller company. of $30has a market cap -- of 59 billion relative to xerox at 9.3 billion. very unusual that the smaller company will buy the larger company. one tie is a billionaire activist icon an investor. he has been successful in turning xerox around. he announced a $4.6 billion stake in hp. he told new sources it is a no-brainer so you have to think something will happen here. will makests think hp the bid for xerox but that these companies will come together. wonder whyes you they didn't but their printer businesses together. a lot happening in the global economy but this is an old-school tech deal. what does it say about the m&a environment and what is happening with the economy more broadly? michael: i think it's -- joel: -- >> we have had this whipsaw year, for the s&p 500 recently breaking out of that. lots of concerns around the fed and trade. deal on the table suggest that the smart people behind this deal think it is relatively healthy. if we go into the bloomberg and use the function,

has an object in a takeover offer from xerox saying it was strong near undervalued xerox offered to buy the much bigger computer maker for 33500000000 dollars but age pieces it's still open to a merger and has hinted that it might want to buy xerox saudi state all company aramco could be said for the world's biggest i.p.o. the giant is planning on selling one and a half percent of the company valuing the i.p.o. and more than $25000000000.00 that would chinese e-commerce join ali baba's debut 5 years ago. the dubai air show is on the way and while the larger events in farnborough and paris may attract more visitors and exhibitors dubai has in recent years been the place where the biggest deals have been signed but setting more records this year is likely to be difficult. none of the exhibitors at the air show are expecting stellar sales this year the industry is in crisis mode there are concerns about what's going to happen in the global economy and there's risks of tribe was there is risks of downturns they. feel like indenting of demand even emirates the region's largest air carrier po

the hp board of directors of the xerox acquisition offer significantly undervalued of the company xerox offered to buy it for $33.5 million. $22 per share. hopefully if a murder has not been completely squashed, the board says it is opening to continuing discussions. >>> let's see how wall street is doing with 50 minutes to go before the closing bell. minute cbs sunday morning correspondent baraka asking a key question about life and death in his new book. who gets to be remembered and why. the book published by simon & schuster. it is called great lives worth living. >> thank you for being here and congratulations on the book. may the new york times bestseller list of this. what that means my name is legally changed to new york times best-selling author wrote this book looks at so many lives that so many can learn from. what do you want readers to take away.>> i want people who i do not think the proper sendoff to be given a second look. great founding father who wrote common things to somebody like some tammy davis tuner aim an amazing entertainer and answers to be remembered. willie

xerox said no, we're done. now, there may be disputes about why in fact they walked awith e from it. are there questions about xerox's business in terms of going forward from here, whether or not they have taken the costs out and now have to look for some sort of revenue increase which they do not believe perhaps would be forth coming. that remains sort of questions but these two companies talk very recently is the key here. with hchl with hp nrinitially wanting to y them they have entered some cooperation agreements, just about consolidation in their business, xerox finally said after what was fairly significant talks, okay, we're not going to let you go another three months we're going back to focus on getting out of this joint venture, which they successfully did, which they closed on today, we should point out. the $2.3 billion that they're getting from pulling out of the 57-year-old joint venture they had with fuji film and the elimination of any ability of fuji to potentially block a potential deal so now

about a year and a half ago, hb tried to buy xerox in january of 2018 at the time, xerox was exiting fuji film and giving them $2.3 billion in cash with that out of the way i think a takeover is more likely. what do you do i would sell hp in the spring. i think it will have trouble hitting the numbers. take those profits and plow them into xerox it has cash and the stock sells for nine times earnings. i see no harm in owning this one. last night we started to hear that walgreens boots alliance is thinking of going private. we have cvs on the show later today. they're seeing strength in prescriptions and also they acared aetna late last year. why was it brilliant for cvs simple, they got away from the tepid sales from the front of the drugstore. they're in the competition with the death star, amazon and it's pretty much a pure play, old fashioned drugstore chain which isn't enough to fend off the online poachers. they have better prices. you have another big store, not a lot of special features or prices for something like a costco or a walmart to say nothing of amazon. and so now we

out hp what makes this interesting is that hp is about four times bigger than xerox. walgreens looking to go private. we could have to find a new stock to put in the benchmark index. we are joined on the phone with sue at morning star. do you believe these headlines >> i think the speculation about walgreens is not as surprising it would require longer runways than the markets have room for it would reduce distraction of the scrutiny and reporting >> we noted it was one of three dow stocks down this year and i've got to imagine walgreen's ceo and their board has grown frustrated to all their response in the last couple of years. >> absolutely. they take pride in how well they are performing he obviously thinks it is very undervalued at this point >> less than the market value. it is less but it is rare. >> this is quite unusual the proposed transaction is very large. i think this remains unchanged walgreens has convenient locations. they are fostering a lot of community partnerships where they can get health care in one location and leverage that kind of hard to find

the right place to attach yourself to there's not crazy growth at xerox either >> no. i think the logic on combining the two companies, it's not that they're going to grow, it's to consolidate. japanese companies like cannon are very strong in office copying so i think to beef up and take on those. but the wrinkle is that hp is still a majority pc business in terms of where it gets most of its revenue and in the proposal xerox made they're proposing to essentially slash r&d funding to help pay for this. how do you have a pc company stay competitive when you have really slashed r&d budget. that's what's out there. >> what products do you think should be making now both of them >> i think it's going to be with us in ten years. there's not going to be more people in printing not more businesses printing it's a melting iceberg in a sense. >> like a little better than the few fuji photo business. >> what are we going to use it for? >> a printer >> no, a 3d printer. >> you're going to print stuff. >> organs. >> you can print food with it. >> it is so weird. it's like -- >> w

still to come, aside from hong kong, trade and other issues, hp rebuffs a bid to take over from xerox, saying it significantly undervalues the company. shery: and a perennial topic, trade. constructive talks over the weekend. are we close to locking down a deal? this is bloomberg. ♪ is bloomberg. ♪ paul: this is daybreak: asia. shery: u.s. and chinese trade negotiators held what are described as constructive discussions in a phone call on saturday as a look to address each side's core concerns. tom mackenzie joins us from beijing. tom, how different is this time than the last few times we thought there were constructive developments? we do not have a detailed readout of what happened in terms of this phone call on saturday. we have a brief statement from the chinese side saying this was initiated by the u.s., but certainly it seems like they are moving the balls forward. the momentum is there. and this phone call that place between chinese -- it followed the comments that we got from larry kudlow on thursday, where he said they were closing in on the final stages of phase one of t

hp and xerox it is getting nasty. hp sends a letter yesterday of back to xerox after their letter. >> a lot of letters. >> where are we headed here? most likely to a proxy fight the window doesn't open for a little while then to the annual meeting, april until we figure this thing out. the entire board is -- let me focus on a couple of things that hp focused on in the return of serve to xerox after it said, sure, we'll get due diligence on you but you can't get due diligence on us. federer, amazing. they got a little specific in the letter at the end of it. we're concerned about the decline in value, in excess of revenue klideclines they note that total contract value of enterprise signings in '18 was down 13.9% in constant currency they note the churn was 18%. both data points they say with xerox stopped providing publicly since the end of last year, they go on to say, the review of synergies based on public information and limited information you shared doesn't support achievable synergies of the scale you suggest a

hp, xerox, a merger happening there. xerox would acquire hp, that is so confounding here. xerox is a third the size of hp. like the mouse eating the cat, instead of the cat eating the mouse, if you know what i mean. people are watching this very closely, charlie gasparino, our own charlie gasparino saying no formal offer has been made. carl icahn is said to push the deal. he owns a 10.6% stake in xerox. back to you. charles: gerri, thank you. i want to bring back jack ablin and gary kaltbaum. let's start with the uber situation. the lock-up thing is interesting folks. we should understand the company raised money first time in 2009. raised $200,000 from their founder. recently they raised 600 million. the valuation when they raised 600 million was $76 billion. today the stock is trading at 46 billion-dollar valuation. even though a billion shares can come to market, unlikely everybody who bought early will be a seller because a lot of them are actually losing money, aren't they? >> yeah. i think a lot of it is insiders. there are programs out there where insiders can sell

xerox >> i think xerox actually needs very much for hp to buy them and i don't think hp wants to do that that means xerox could be vulnerable maybe for as much as 10% to 15% i don't think there will be a way to coerce hp into buying xerox so i'm not a buyer at these levels let's go to ken in georgia ken. >> caller: hey, jim. i sold half of my ollie's bargain outlet for 150% gain and got back my basis and down ro h roughly 35% from the high and still like the space i believe they had a short turn setback. wondering if it's time to go back to the well >> you know, it was a setback. it was surprising, it was surprising but i don't think it's such a bad level to be involved here. just after tjx reported an amazing quarter go with the best in show and right now that is tjx with second being burlington a whole new world. one that gives us all equal power. we are now an asset-light nation and sell a lot of things last year i named okta a crown prince but does it still hold the crown? whether it could be worth it and some good, some bad i'm breaking down what differentiates the winners and

they couldn't solve the joint venture, it's positive for xerox. how could it not be more attractive than it was in january, 2018? >> no, there is no doubt that was the key here. that's the reason why xerox came with the offer and the conversation that they did if terms of making the offer that they did because this is no longer that lockup that we talked about with fuji is gone >> that joint ken e venture dissolved. so that was a key here as you say, jim. >> fantastic >> all right guys when we come back, a lot more damage exclusive with liberty media's john malone, taking a look at the opening bell, it's less than ten minutes away ♪ ♪ not much, how about you? >>are you answering my text in person? i am...yeah. >>lol. come on in. this is tech that helps you be there. the nissan altima. now offering the most tech-advanced engine in its class. now offering the most tech-advanced through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing

>> i'll talk about xerox here is a name you haven't heard from me for a while. stock is up a little less than 6% looked to be up more than that remember a couple of years ago, the big fight that broke out over xerox, when the company, remember it had the long-term joint venture with fuji, where fuji film owned 75%, xerox owned 25% and xerox wanted -- fuji was going to say we're going to roll 75% in, we're going to own.1% of xerox for that and carl icahn came along and darwin deesen, large shareholder, and said, no, no way. what are you doing don't do that. and they won it was a nasty activist battle they won control of the board. they got rid of the ceo. and here we are, take a look at the performance of the stock over the last year we haven't talked about xerox, it has been strong >> we got to look a little further. >> you can look at the lows, december, january period there, and you can see where the stock is now why am i mentioning it today big news from them and their ceo. john byzantine they are dissolving the fuji film long-term partnership that has been i

>> this was hatched by the xerox board. look at market caps of xerox and hp. hp is three times larger than xerox. it defies logic how xerox could take them over. how do you take them over? financing and stuff. who is the guy behind the scenes? the guy in oz, "wizard of oz" here is none other than than uncle carl icahn. what he is trying to do, he is brilliant at this. he is trying to get hp to bite, maybe buy them. that is where this is going. it is hard for xerox to basically get the the financing to pay a premium. it will be hard. he raising spector, two companies are better. enhance his position. it's a brilliant play. working in the market. make no mistake about it. i don't know where hp stands on this. from my sources at hp, they had no idea this is coming. what they do know, this is plan hatched by carl icahn and the board, possibly to get hp to bite, to buy them. this is a hard deal. think about it, hp, look at market caps? xerox has market cap of 8 billion. hp has a market cap -- neil: 30 billion. >> 30 billion. do the math there. uncle carl is a brill

and .1 learn the xerox shares for the remaining. so you are talking roughly a 77% of cash, the remainder in examinxerox stock, contrasted with hpq which was lows billion in this potential bid made its way into the marketplace. they are expecting cost synergies, by the way, given the cash and stock component, what you would end up with at the end is a new company that would be 48% owned by current hewlett packard shareholders, 52% by examin xerox. they will play up the fact they are the right ones to deliver in expected cost synergies and would have the effect. by the way, their management team is comprised by a lot exhp erz, including ceo johnballan teen that i -- john ballentine they believed it would be investment grade it would be five times leverage given, of course, the death they would be adding to buy what would be roughly 23 billion or so in stock. these 77% component that is cash, perhaps a bit more than that the price, itself, 22, although, interesting, these examinxerox by all shareholder bases by the way, there is a dece

says xerox. john vizentine to chip berg, the chair, and enrique, the ceo. they go on to say other things there as well. one of the most important parts we can share with you, look at the performance in both stocks, they come back at them on this question of dissolving the fuji film joint venture and whether they lost intellectual property. and that was at the end of yesterday's or sunday's hp letter they say, hey, we monetize d ou liquid interest at over 20 times, 19 expected aggregate cash flow. favorably restructured the terms. and we will continue to have supply, protect our high value interelect intellectual property significantly more cash. to support growth. >> i wonder if this is well timed versus the quarter that will be reported this evening. where you got problems on printer and believe me, intell is hurting them. intel is hurting them. they cannot produce the chips. this may be in prep for hp going down. >> most important thing here is what the xerox side will tell you is that they're

a look at possible deal between xerox and hp coming up. investors waiting on any trade developments, futures searching for direction this morning as dow and nasdaq closed at record high yesterday markets are flat right now, 2020 is in focus, joe biden goes after senator elizabeth warren, why he's calling her an elitist and what it means for heated primary battle. mornings with maria begins right now. ♪ ♪ maria: big show this morning, fox business dagen mcdowell, former nfl jack brewer, former ceo of home depot, former ceo of chrysler, bob nardlli in the house. the race in kentucky, dagen, still too close to call. dagen: right, people are going to if matt bevin is declared the loser, current republican governor there against his attorney general, democratic attorney general andy bashear, if he's declared the loser, after, it's a referendum on president trump, no, matt bevin was not liked in the state, again, who is a long-time democratic operative texted me in the middle of the night, just remind people that politics is local, this is a

they did confirm that xerox offered $22 a share in cash in stock. in other words, $33.5 billion takeover. they believe it should be a bigger offer. hp also said they were open to other options including quick due diligence to see what other synergies could exist between the two firms. they say they are quote, open to exploring a merger but there are fundamental questions that need to be addressed. -- oftly the ceo of hpi hp believes xerox has had revenue decline which raises questions for hp regarding the trajectory of its business and future prospects. is thatalso interesting hp officials want to move quickly on this. so again, there could be a lot of headlines on further talks, but by no means does the deal appear to be dead. paul: activists pushing for union between these companies, citing big profits for investors. su: that is a big part of the store because he is apparently invested in both companies. we know that he had a 10.6% stake in xerox, but it was not widely known last week that he also had increased his stake in -- a four point through

could raise the money for the purchase last week xerox said that if h.p. was unwilling to hold talks they would look at the possibility of a hostile takeover. acquire.

xerox also lower, but just marginally. romaine: remember, the function gtv on your bloomberg terminal lets you browse all of the recent charts featured here on bloomberg tv, catch up on key analysis, save your favorites for future reference. from new york and london, this is bloomberg. ♪ ♪ romaine: live from new york, i'm romaine bostick. guy: from london, i'm guy johnson. this is the european close on "bloomberg markets." let's check in on the bloomberg first word news with courtney donohoe. courtney: another sign of solid housing demand in the u.s. buyers snapped up homes at the fastest pace in more than 12 years. single family home sales ran at an annualized rate of 732000 and october. meanwhile, septembers number was upward. . the median sales price fell 3.5% from one year ago to a little less than $317,000. soon after thanksgiving, the house intelligence committee will submit its impeachment report. adam schiff says there is still the possibility of more hearings or closed-door depositions. the next step woul

multiple reports say xerox wants to buy hp. this would merge two iconic tech names in the printing business. xerox focusing on business size printers and copiers. now there would be some challenges in funding the deal as hp has a $27 billion market cap and three times bigger than xerox but a major bank is willing to help xerox fund that deal. as a result hp stock is surging higher by 12% this morning in the early going. worker productivity in the u.s. fell in the third quarter. the government says it was down by .3 of a percent, the first de klein breaks, thank you. >>> a bay area holiday favorite. [ no audio. ] >> other efficient wildlife department wants to give them one more weak to migrate before crab traps set. for fishermen, that time is money. it it is set to start on november 23rd five days before thanksgiving. >> a dumpster dive gone wrong for a bear. >>> whoa! [ laughter ] >> whoa is right. that is a big bear and that bear is known to have a record of getting into trouble, has a rap sheet and a nickname t- shirt becau

could raise the money for the purchase last week xerox said that if h.p. was willing to hold talks they would look at the possibility of a hostile takeover. according to guidelines issued by the government china said it will raise penalties on intellectual property theft this is an attempt to address a major sticking point in the ongoing us china trade war the world's 2nd largest economy is also looking to lower the threshold for criminal punishments for those who steal i p the u.s. wants china to crack down on ip theft and to stop forcing american companies to hand over their commercial secrets as a condition of doing business there the 2 countries are working toward a phase one trade deal they're very close to signing that agreement a global times also treated china in the u.s. are close to that one trade deal and china remains committed to continuing talks for a phase 2 or even a phase 3 deal with the u.s. earlier today when asked about that trade deal chinese ministry of foreign affairs spokesperson reiterated china stands on a quality and neutral stan

icahn pushingcarl for the merging of xerox nhp. this is bloomberg. ♪ >> the member of my staff asked what president trump thought about ukraine. president trump cares more about the investigations of biden, which giuliani was pressing for. >> after you expressed concern of a perceived conflict of interest, the vice president engagement in ukraine did not decrease, did it? >> the vice president was promoting policy in ukraine. my concern was that there was the possibility of a perception of a conflict of interest. glimpse into was a the first day of public hearings into the impeachment inquiry of president trump. jodi schneider is with us. what did we glean from that? what was said and what is going to be said? >> the most explosive testimony did come from william taylor. toldasically said he was by an embassy staffer, he is the former u.s. envoy to ukraine, he was told by an abyss see staffer that the staffer had overheard a conversation where president trump was talking about the investigation into biden. this is secondhand and

as for xerox, the story was hp was in talks to acquire xerox a couple of months ago according to cnbc reporting. xerox would not allow hp more time to do due diligence and then made a bid for hp. hp says it is not in any rush to respond to the xerox offer. disney is an earnings see story as is monster beverage. they both impressed analysts. movers to the downside. gap on word the ceo is leaving. courtock is down in news is down 4%. years sinceng 30 the fall of the berlin wall, a pivotal moment, and the political changes that followed marking a watershed moment in the history of europe. how has germany and the world fared since and what is the outlook for germany's biggest economy? bloombergs matt miller took a look back at the nation's journey since 1989. matt: 30 years ago the berlin wall comes down. germany unified for the first time since world war ii. thecost of integrating former soviet satellite state does not come chief -- does not come cheap. growth takes off and germany becomes the dominant economy in europe, and in some sectors the world. volkswagen, bmw, basf the view at th

it is more than three times the size of xerox. no guarantee xerox will follow through with an offer or one would succeed. also in merger news, the fcc approved the merger between t mobile and sprint, america's third and fourth largest wireless carriers. consumer groups and a dozen state attorneys general opposed this deal fearing it would drive up your cell phone bill. they've ended early termination fees and reintroduced unlimited data plans. a group state ofs have sued to block this merger. >>> thomas payne, farrah fawcett, billy carter, the station wagon. a new book celebrates people and things who died, they all died -- >> that's what they have in common. >> -- without getting a proper sendoff. cbs sunday morning correspondent mo raqqah, author of "mobituaries." i couldn't put this down. i had a million things i had to be doing but i found myself wanting to read one more, one more, one more. why did you decide to sort of commemorate the not sufficiently commemorated? >> i'm now imagining the most awesome road trip of farrah fa

welcome back a blockbuster takeover is in the works of copy machine makers xerox has made an offer to purchase hewlett packard xerox has offered h.p. $22.00 per share in the bid do acquire the company sources close to the situation say the bid is for 77 percent cash and 23 percent stock h.p. is worth roughly $29000000000.00 and is nearly 3 times the size of xerox in regards to market cap at the end of the deal h.p. holders will own 48 percent of the resulting company h.p. issued a statement confirming that the reports of the talks were true saying they're discussing a possible business combination and after speculation started earlier this week h.p. stock traded on the new york stock exchange spiked more than $3.00 also witnessed gains of more than $3.00 after news of a possible acquisition. the u.s. department of justice is charging 2 former twitter employees with spying on behalf of saudi arabia court documents revealed the 2 as a u.s. citizen. and. from saudi arabia ahmed on tiree a 3rd former twitter employee and saudi citizen is also being accused of spying the other 3 men are ac

takeover bid xerox offer of $22 per share is not in the best interest of the shareholders and would undervalue hp. but the story is not done. hp is now saying it would be open to exploring a bid of its own for xerox, making it the acquirer the drama continues. >>> pg&e is warning of more power outages in the northern california region due to the increasing wild fire conditions. it may start kutsing electricity for roughly 180,000 customers starting again on wednesday. >>> then morgan stanley is forecasting global growth will recover starting in the first quarter of 2020. the bank says easing trade tensions and monetary policy will help to reverse the recent downward trend, but it warns u.s. tariffs on china set to take place next month could delay the recovery into the third quarter. >>> airbus's chief commercial officer is forcefully rejecting the idea his company is benefitting from the grounding of boeing 737 max model jets speaking first to cnbc during the dubai air show nobody wins with this move ♪ >>> this does not benefit anyone in this industry, the at least of which would

. >>> says no to xerox. that's where we begin tonight's market focus voting unanimously t rej the buyout offer saying it was too low. and not in theest independent of its shareholders hp fel a fraction.while xerox was up a >>> t mobil said today that john leather is going to step down on apl 30th next year. leather will remain on the coany's boar t mobil says the move is part of its previouslyd determi succession plan. >>> kodi is taking aol conng steak until kylie jenner'snd make-upkin care business. they're paying $600 million for a 51% stake, which means that jenner's 4-year-old company is already worth $1.2 billion. kodi is looking to t int her large social media subscribers. >>> 19 is going down as another bad year forstockpicke stockpickers only three of the top 20 active mutualunds in the u.s. are beating the market this year are youetter off investing in passively managed index funds or not? >> good to see you again, welcome back. >> good to be with you. >> theunds continue to strugg. it's not just b

turned down xerox is unsolicited -- hp turned down xerox is unsolicited bid. xerox by the way is not commenting. saudi aramco's ipo is turning regional after the oil giant canceled its european roadshow. aramco is pitching the ship sales tobuyers -- the investors in abu dhabi. that is the bloomberg business flash. francine: thank you, viviana. and the largest luxury goods deal ever, louis vuitton has $16ht tiffany's for billion. it gives the french company access to american buyers. joining us now from london is our bloomberg executive editor. we broke this story a couple weeks ago when we heard about this potentially happening. does it hundred percent make sense? -- does it 100% make sense? where louis look at vuitton is strong, one of their big weaknesses is jewelry. they get access to the american market, plus they have all that growth in china that they can tap with tiffany products. francine: we spoke to lvmh. he says he sees tiffany becoming gari.like bul bulg doing right? is bulgari doing right? --ncine: tom: this is what you do when you're talking to a

icahn owns 6% stake in xerox he owns a 4.2% stake in h-p. the combination of the two companies could yield big profits for investors. you're looking at xerox. you can look at that stock right there. >>> also check this out. senator elizabeth warren targeting billionaires once again. this time in an ad scheduled to run on cnbc twice today. take a look. >> it is time for a wealth tax in america [ cheers and applause i've heard that there are some billionaires who don't support this plan. >> the vilification of billionaires makes no sense to me it's bull. >> that's warren's campaign to target the ultra wealthy who she says should pay more in taxes. set to run on "squawk on the street" and "mad money" today and we should say that lee cooperman, one of the individuals you just saw in that ad that she pulled from the great interview, frankly, in my estimation, that scott wapner did with him just a couple weeks ago, will join scott wapner once again on the "halftime report" today to respond to it that happens at noon eastern time today you can argu

and xerox assange that's fine but we want to look into yours. and hp is saying no, you offered us a price. vonnie: if you like a lot of haughtiness going on, a deal will either get done or both companies will suffer, so why -- approach this in a is: it's interesting, there a lot of logic to this deal, it's the social issues that seem to be the sticking point. you have those visiting on the relatively new a ceo coming to hp who does not want to be ousted and would like to see him and his team run the combined company. xerox would naturally be the target but they have also been growing. they see themselves as having this kind of natural advantage. do you have any sense from the shareholders about what the company is -- >> we think shareholders supported deal, the question of who runs the company and who is buying who. is ed hammond, and this is bloomberg. ♪ ♪ when it comes to using data, everyone is different. which is why xfinity mobile is a different kind of wireless network that lets you design your own data. choose unlimited, shared data,

remains open to exploring other options to combine with xerox. both companies have faced difficulties as the demand for printed documents and ink have decreased. >>> and "ford v. ferrari" sped to the top of the box office this weekend. ♪ >> we're lighter. we're faster. and if that doesn't work, we're nastier. >> the 20th century fox film starring christian bale and matt damon brought in $31 million. lionsgate's ""midway" brought in just under $9 million, and the reboot of "charlie's angels" brought in a little over $8.5 million. >> diane king hall at the new york stock exchange. thank you, diane. >> you got it. >>> still to come, a track star, kyle busch takes his son on a victory lap after winning his latest nascar title. test nascar title. or heart failure look like? it looks like this. ♪the beat goes on entresto is a heart failure pill that helped keep people alive and out of the hospital. don't take entresto if pregnant; it can cause harm or death to an unborn baby. ♪la-di-la-di-di don't take entresto with an ace inhibitor or aliskiren,

david: xerox is up as well. he did not always have the acquired and the acquirer going up. abigial: that tells you investors and traders like the idea of these two old-school companies coming together. they could save money together and create some sort of hardware giant. got a lot of cash out of the fujifilm deal. a little money to work with. abigial: and they have financing from citi. david: thanks to abigail doolittle for that report on the markets. boris johnson is heading toward an election but seems to have trouble pulling together his own party. that is coming up next. this is "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. we turn to ritika gupta for bloomberg first word news. >> the agreement between president trump and xi jinping to sign their trade deal could be delayed until december. a white house official says iowa is now unlikely to be the venue for the ceremony. sweden and switzerland are under consideration. meanwhile, the house of representatives will begin public impeachment he

xerox may be making an office for hp. "wall street journal" is reporting that the bid could be worth more than their market value of $27 billion. hp's printer business has been struggling lately with sales down 5% the latest quarter. xerox scrapped a merger with fuji film last year. >>> and a hidden feature could possibly enable the echo bud earbuds to track your workouts. this would support previous reporting that they planned to add fitness tracker features. this would mark the company's first entrance into the fitness space. and google recently announced that it plans to buy fit bit. >> maybe she'll motivate me. >>> coming up here, cathe forecast. >> and we'll start out with some fog. we can see the clouds are just above street level here as we take a live look outside in the south bay. santa clara, upper 40s to start leading into low 60s by 11:00. we'll talk about this and the rest of the microclimate coming up next. >>> and although the fog in freemont, you can see clearly the dublin gray from our camera. smooth flow

well, we are looking at xerox stock, i believe last checked was slightly up, let me quick it check it here, xrx, it is moving about 3 and 3 quarters but hewlett-packard that's really getting the big move here. early investors in the ride-hailing firm are exiting at a fast clip. uber's lockup period expiredded at the open today, what does that mean? shareholders who got in early could finally sell their shares, well, they pounded the price down to a record low, right now we are slightly above that at 26.94, the stock is still down about 4%. we can flip over to rival lyft, moving higher by 4%, interesting. all right, driving on, let's get to breaking news on tesla, breaking in about last 14 minutes, s&p says that tesla has revised its outlook to positive from negative on tesla and the excuses that they are saying, there's an increase likelihood that tesla's credit metrics will improve more than s&p's original base, not bad, now stock is at a roller coaster ride today, tesla up 2 and a half percent, before that s&p s&p announcing, the stock was up 1%, before that it was a lot lower, so w