coming up, carl icahn goes after occidental. the billionaire investor and critic of the company is said to be seeking control of the board. we will have the latest. this is bloomberg. ♪ shery: this is bloomberg markets. i'm shery ahn. time for the bloomberg business flash, a look at the biggest right now.the news the largest luxury goods deal ever. lvmh has agreed to buy tiffany's for more than $16 billion. right now. that will raise the french conglomerate's profile in jewelry and gives them access to a bigger chunk of american choppers. the deal values tiffany at 37% above the closing price on october 26 and the wind bloomberg reported the initial approach. ebay is selling its ticketing business stub hub to a swiss ticket reseller. the price is a little more than $4 billion in cash. stub hub is one of the most popular sites to buy and sell tickets to sports events and concerts. ebay bought the company in 2007 4 $310 million. teva pharmaceuticals and other generic drugmakers have held talks about resolving a u.s. price missin

learned carlrg has icahn plans to nominate a slate of 10 directors. about 3% in oxley is of the company. he's unhappy about the company's takeover of anadarko petroleum. shares have fallen 41%. many people i have talked to our unhappy about the deal and the levers, but not necessarily into how carl icahn is handling it. coming up on this program, ubs global wealth management calls 20 a year of choices. we will talk about what those choices are -- all 2020 a year of choices. we will talk about what those choices are. it looks like we are treading water. movement, the european retail sector up 21%. we have a lot of supply coming on in the two-year, particularly the bond market, but the twos continueshe twos-tens to flatten. commodities not feeling any uplift from trade, treading water around the. happy monday, everybody. this is bloomberg. ♪ alix: this is "bloomberg daybreak." a quick check on the markets. equity futures tread water a bit. nothing to write home about here. part of the story is luxury retail. . watch that space as we head into the open

check out the cmbx one of of the riskier tranches of the debt icahn is making a bet. let's bring in james sullivan managing director at bmgh. >> great to be here. >> why haven't the ingredients of mall stress added up to stress for the debt and mall operators. >> i think where the stress occurred is in the equity bkt. owners of the b. mall got killed over the last several years forred good reason when he this he retailers close stores they close in b. malls and keeping in a malls when they want to renegotiate it's he is easier no the b mall and a malls. generally speaking the b. malls have been going down in the the last three to four years it's been a difficult trade for the equity markets a and the debt market individual asset basis we have seen mall onners hand back the keys. but in the cmbx sticks as we understand it the coverage ratios are good. this is a trade that has some casualties we have had alder hill that took a big position and was marketing the position on the street obviously got dmeerens and alder hill this to close down. the losses were too big. a fa

president trump and tim cook meet face-to-face at a plant in austin, texas and carl icahn out with a new bet against some place i bet we all hung out as teenagers. good morning, good afternoon, good evening i'm brian sullivan if there is a president cook some day, you can say you heard it here first. that song as annoying as it is gives us a big theme today that is retail yesterday's slam of home depot and kohl sending shock wave through the world. that one, ouch, urban outfitters down 16% first, let's go to the macromarkets and stock futures are down again they are in the red today. off 1.07 right now technology continues to power on yet another record for the nasdaq and nasdaq 100. the nasdaq 100, if you are not paying attention, please do, it's soaring on pace for the best year in a decade year to date. we are up almost 32% because we always like to make you a little bit smarter here. listen to this, 49 of the 100 stocks are up 45% this year. two of them, semiconductors lam research and amd have doubled. in the bond market, not moving too much down a bit today 1.74%. yields have t

carl icahn has been good in some instances on timing. a lot of investors have been waiting for the shoe to drop on department stores. is now the time? ken: it feels like it. many say we are toward the end of the economic cycle. economic growth has been moderating this year but has still been pretty good. yet the department store earnings this quarter have been down 20%. they have been down since the first three quarters of this year. store closures are materializing. what will happen when the economy goes into downturn? there is a big concern there could be multiple store closures to come. the footprint of some of these department store players are very big and probably over stored. it looks like it might be a good time to look at that. we go -- >> four we go, in terms of the retail growth story -- and we have seen this in canada with lululemon -- it feels like those without traditional ties to the department store that are in a position to go direct to consumer and see the kind of growth at some traditional retailers will not see. is th

carl icahn is said to seek control of occidental's board. he plans to nominate 10 directors in an attempt to seize control of the u.s. oil and gas producer. this is according to people familiar with the matter. is said to be looking to seek control of occidental's board. we will bring you more details on that as we get them. for now, trading has begun here in australia. let's take a look at how we are tracking. currently higher by just over .1%. we have a staggered open here in australia. stocks coming online in alphabetical order. we are currently in the a's. the one we are really looking forward to is westpac in the w's. this packet slipping about 7% in the last week on the back of this money laundering scandal. 4% off a seven-year low. we will keep an eye on that as things lumber along. new zealand has picked up from early losses. currently looking kind of flat. futures for the nikkei traded out of chicago higher by .5%. byures for the u.s. higher slightly. let's check in on the first word news with su keenan. su: we start in the u.k., as

a proxy fight and yet in the third quarter icahn reduces stake by 21%, calling the bet too risky. to be sure, the stock price has slumped 35% year-to-date but it's unclear how much outside shareholder support icahn will have for a proxy fight the stock gained a little less than a percentage point today and remember berkshire hathaway just disclosed a stake of about $300 million, guys >> any chance that warren buffett sides with mr. icahn on this one >> well, he has certainly sided with management so far as this whole procedure has gone on. if you recall, he was part of the financing package to actually engage in that takeover of anadarko. he has about $10 billion worth of preferred stock also issued with him and he tends to kind of steer clear of activist investors. he's criticized them in past letters so it would be unlikely to see buffett side with icahn on this one so i think he's going to have to go to other shareholders for their support in this proxy fight. >> thank you, leslie >>> growth stocks have been outperforming value stocks for years. up next, we'll take a look a lot

today, icahn called the deal a quote, occi-darko disaster. he insists he still tends to run a proxy fight and if successful will quote, right this teetering ship. he says it's imperative that we the stockholders hold the ceo and certain board members accountable for the massive value destruction that has occurred. since april's bid for anadarko, occidental shares down 36% today. the stock is slightly higher, maybe due to the interpretation of icahn's revelation in the open letter that he has pared his stake by a third and maybe somehow investors think he won't go through with the proxy fight. for the moment, see what buffett has to say, if he does make any comment there. >>> let's get to gap. gap's plan to spin off its old navy brand is thrown in doubt after the sudden exit of the plan's entire architect, the ceo art peck. gap says nothing is changed and it still plans to give an update on an earnings call later this month. gap also says you know what, they still believe in strategic rationale for the old navy separation. gap also cut its ful

i think the most likely candidates would be icahn. they made a bazillion dollars here >> you don't think -- whoever this is, you don't think this is somebody who's going to agitate the change >> i don't i think that's beating your head against the wall you might make some suggestions to dial back on the content budget, take it down from 15 to 8, 9, $10 billion and really churn this into a cash flow engine that's about as much as you can do could you recommend that, you know, they started talking to apple? >> have you been following -- do you have the tail numbers for mr. ackman and mr. icahn >> we do not >> didn't know if there was any trips to california. >> no, we don't have that or vice versa. >> or vice versa thank you for coming in. >> coming up, the next market milestone. where do you position your money in the season of record highs? top market strategists joining us after the break stay tuned >>> don't forget to subscribe to our podcasts you'll get interviews, original content and behind the scenes access look for us on apple

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

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

hp shares up .25 of 1% carl icahn plans to nominate ten directors. bloomberg says this is an attempt to seize control of the energy companies board carl icahn getting more active in the occidental shares. >>> straight ahead on the show, check out what's happening on with the show. taylor swift taking the american music awards by storm and shaking it off at least for one night her very public feud with scooter braun coming up ahead. stay tuned ♪ i am totally blind. and non-24 can make me show up too early... or too late. or make me feel like i'm not really "there." talk to your doctor, and call 844-234-2424. non-gmo, made with naturally sundown vitamins are all sourced colors and flavors and are gluten & dairy free. they're all clean. all the time. even if sometimes we're not. sundown vitamins. all clean. all the time. ♪ >>> it's going to be an up start to a holiday-shortened trading week in the u.s. the s&p up by 10 pnts oiand nasdaq up by 32. keep it right here, "worldwide exchange" will be right back after this it is nice. his haircut is "nice.

. >>> carl icahn has a stern message. and taylor swift unable to shake off bad blood with her old record label you are watching "worldwide exchange" here on cnbc ♪ >> bad blood, shake off. i promise we will never, ever, ever do a taylor swift uppun again. thank you for joining us let's get a check on the big headlines not in the world of money and business phillip mena save us take it away >> well done, brian. good morning busiest day yet in the impeachment inquiry with four witnesses set to testify about president trump's ukraine scandal. the first two are the vice president advisor and counselor on ukraine both were listening to that pivotal call between president trump and the ukrainian counter part at the center of the investigation. bei bei the panda is headed back to china born at washington's national zoo and was one of the most popular among visitors and south dakota's new campaign to fight drug abuse. the slogan, meth, we're on it. the campaign features people saying meth, i'm on it that price tag for advising

and icahn out with a big target. >> good morning, good afternoon good evening welcome from wherever in the world you may be watching. i'm brian sullivan 23 degrees in the new york area. a lot to get to this morning we begin with breaking news. the latest growth figures hitting the tape moments ago how did that work out, let's go to willem. we've got the eurozone q 3 employment numbers that's the flash estimate. the all important q 3 gdp number 1.2% year on year. relatively low level growth across those countries that is for the period july and september. we've talked about the sluggish growth requiring governments to step up to the plate talking about whether they can take a coordinated approach. some saying there are huge disagreements about how that can be achieved. we've seen a need to get that growth higher than the 1.2 annualized growth. >> we talked about slowing down to 2% or lower thank you. you can see the european markets. they are downright now back here home and see how our money and global markets are setting up stock futures are down a touch seeing a decline of 18 points

to change that it has to be a focus of on gas and not crude because gas is really going to deal with icahn a means to create what i suspect are chemicals different kind of jobs and it would really create power plants because 650000000 people do not have power it's time for us to get world icon on the scene all africans and we need to really push governments and shrive governments to do that those changes and it's tough but you have to give something you get something you know it's business not charity and we have to continue pushing it. it's thank you very much. thank you so much thank you for having me. before we go a quick look at some other business stories making headlines today from satellite specialist hall as space is about to launch a geostationary satellite into orbit for european operate. the 3 and a house on spacecraft will provide low cost high speed internet to most of africa as well as southern europe says they to package rates will be affordable on african average incomes. planned arbitration talks to help end the strike at lufthansa have been cancelled at the last minute ge

>> 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-brainer for the companies to merge but he has not said whether he cares about who controls the company. vonnie: would you xerox have a red line beyond which it would not cross? for example, management, board layoffs? is there anything xerox would not agree to? >> we are not really sure at this point. a former private equity executive who runs xerox, we assume carlock on would want him to run the company, but we have heard they are also agnostic on who to run the company. we have heard it makes sense for both companies to merge, but it's not clear whether management is a sticking point. vonnie: it is extraordinarily interesting, and something that we will be following. thank you. coming up, the challenges for bala

carl icahn turns hostile in its bid for hp >> and dell shares dropping in after hours trade as they slash its full year revenue cost and blames a chip shortage from intel. >> i feel like a bit of a broken record saying this every day, but we have new wall street record highs yesterday for all the three majors yet again inching higher yesterday more optimism on the trade talks as well with the u.s. president saying that they are in the final throes of reaching a potential deal and that has given a boost to asian markets as well. the stoxx 600 reached a four year high. so very good dumomentum and you can see that there is a green board right behind me. all the majors are trading positive ftse 100 the outperformer up about 30 points. good performance in the mining sector so that is the uk. xetra dax up about a ten it th t as well. pointing in the right direction. and we are getting momentum in the last half an hour or so. switching to sectors, we have some of the cyclicals trading on the down side, chemicals just below the flat line. one company in particular we're looking at is lufthansa, t

carl icahn has even decided it is time to place bets that some will default. let's get into it with bloomberg's dave wilson. is it best in class, or what is happening with retail and home improvement these days? dave: it is about how you compete in a world where amazon.com is so dominant. target, and walmart as well, are figuring out better how to do that. curbside producing pickup, same-day deliveries, trying to compete better with amazon in the online world. you've got come at the same time, the home-improvement chains stepping up investments in their websites to try and build up that business as well. it really comes down to, in large measure, how well are these companies, these retailers , adjusting to a world where increasingly, people would rather sit in front of their computers and buy as opposed to going to the malls for stand-alone stores or anywhere else. guy: it does slightly seem that you are dammed if you do, dammed if you don't. it has to invest, and it has to invest very heavily. that hit the margins story at some point. do they have any option

is the huge company, but carl icahn has helped a turnaround direct. -- has helped a turnaround xenox. vonnie: the headline crossed -- david: the headline crossed just a few moments ago that xerox has bid for hp. it is a fascinating story because it is two companies who have been tech companies on the wane saying let's get together. abigial: they are trying to combine. the idea would be cost synergies. these are two hardware companies and a time where software and internet companies are doing so much better. you put them together and they save $2 billion or $3 billion. smart folks behind the scenes. i was mentioning carl icahn and the companies come together and 18%.e hp q had been up still right now, up 10%. 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

carl icahn is said to plan a proxy fight at occidental petroleum. he was critical of the ceo and the management about their major acquisition, what they've been doing. now it appears he may be following through on his criticism by launching a proxy fight. you can see the stock is up about 2% now. it is responding to the news that carl icahn is planning on a proxy fight to take over control. we have seen a transcript of one phone call that president trump had with president zelensky. now it turns out there is a second transcript from last april. mr. trump says he is willing to release that one as well. it may be hard to remember through all of this, but congress was trying to help ukraine by providing military aid. for the perspective from ukraine, we welcome global analyst michael bociurkiw. welcome, michael appeared great to have you back with us. we don't hear about how this ukraine's point of view. michael: good to be with you. on the surface here, everything is really quite calm, but zelensky was out earlier this morning speaking at the internat

. >>> billionaire carl icahn betting big against mall owners. we have a guy who says americans are not yet done with malls and thinks carl icahn will regret his big bet. more "varney" after this. ( ♪ ) ( ♪ ) introducing the marilyn monroe collection of fine jewellery. exclusively at zales, the "diamonds are a girl's best friend" store. exclusively at zales, it's been reported that there's a cyberattack on business every 39 seconds. ouch. i don't even want to think about it. comcast business has a solution. we go beyond fast with a cloud-based security system that automatically updates, so you always have the latest protection. phishing. malware. risky sites. it can help block all of that. it's one less thing for us to worry about. comcast business securityedge automatically protects all the devices on your network. call 1-800-501-6000 today. i'm a regular in my neighborhood. i'm a regular at my local coffee shop and my local barber shop. when you shop small you help support your community - from after school programs to the arts! so become a

carl icahn thinks shopping malls are in really big trouble. he's placed a big bet that the mall owners will lose big-time. the "wall street journal" calculates that icahn will make $400 million if he's right. more on that in a moment. >>> let's get to the market. down yesterday, and probably opening a little lower this morning. president trump says if china doesn't make a trade deal, he might raise tariffs even more. he also said he's very happy with china because the treasury has taken in almost $100 billion from tariffs. all right. the dow is going to open down about 80, s&p down about 9, nasdaq down about 32. but all of them still right at record highs. >>> in a couple of hours, really big meeting in texas. apple meets the president. tim cook meets donald trump. this is at the new mac pro factory in austin. pivotal meeting. it's about building apple products in america. it's about tariffs on apple products. it's about china trade negotiations. it is a big deal meeting. just as important, what will the president say to reporters when he leav

the president following in carl icahn's footsteps, giving up his new york city digs in favor of florida's sun, sand and low taxes. but is the latest high profile flight from gotham signaling a crisis for high tax states like new york? how about a sigh of relief for apartment owners in trump tower who have been really trying to sell their units for months and months? up next, high end real estate maven jason haber on the names rushing to, not from, new york. "countdown" will be right back. heading into retirement you want to follow your passions rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it. so you can explore all the amazing things ahead. talk to your advisor about brighthouse smartcare. brighthouse financial. build for what's ahead℠ now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.c

investors carl icahn resisted claiming xerox was undervalued in the deem. and expectingo unwin a 57-year-old partnership with worthilm, selling stakes about $2.3 billion. i s what remains and humiliate packard split off the data storage business. packard enterpris in 2015. process in october hp announced plans to lay off up to 9,000 people, about 16% of the workforce. aiming to save $1.0 billion. part of a plan aimed to save a billion-dollars perea companies like hp be, xerox and japan's canon it seems are attracting the attention of merger minded bankers, aware the digital age is pushing past the printed page. >>> and now to trade and new figures accordingo the "wall street journal," the u.s. billion ia record $7 tariffs in september. during that month, new duties kicked in on aprel, tools, electronics and other consumer goods from china. riff revenue reportedly up 9% from august and more than a 59% fr year earlier. those figures are based on an analysis of customers department data.>>> and again today wall s hung on every headline about the coming trade m

you work with carl icahn for a long time. thank you for being with us. >> thank you for having me. >> this is an excellent outcome for any recent shareholder or long-term shareholder. >> absolutely. >> you know, you have had very good returns taking these positions, reconstituting boards, and sort of taking your time but getting a very positive outcome. what is it particularly about bio tech that lends itself at least to your approach >> okay. so thank you you know, in bio tech, there's a couple factors we think sort of make it particularly good for the type of investing we do. one of the factors is that it's very high margins and barriers to entry in this business so in -- when a company has a successful product it has a government issued monopoly of the product which is appropriate. it's a lot of work to get there but they have this sort of high margin business with barriers to entry unlike most other businesses in the economy. i use restaurants as an example. if we were to get into the restaurant business, we start it down

icahn's confirming the journal report we discussed earlier in closing bell saying his stake is worth about $1.2 billion in hp note that all of these positions are as of the end of september, and changed since then >> leslie, thank you for going through all the filings for us up next, behind the streaming wars, viacome ceo a sneak peek of the interview, and his take on the battle when closing bells returns. but in my mind i'm still 25. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex - now in triple strength plus magnesium. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. ♪ ♪ not much, how about you? >>are you answering my text in person? i am...yeah. >>lol. com

carl icahn of course is a billionaire activist who often boards.olved in in this case, he had a known stake in xerox, about a 10.6% stake, he also had increased his , and in hewlett-packard that was revealed in the filings last week. again, he has been pushing for this combination. the deal would unite companies that were once giants of american industry but both fortunes have waned in the digital age, although xerox postures have doubled in the last year while hewlett-packard has been down. estimates are that both , couldes, if combined produce revenues of $70 billion a year. that would make for a behemoth, so that makes this a likely hot story to be followed in monday trading on wall street. thank you for that. we have a hot story developing in japan. z holdings are pushing for a merger in 2020. the two companies are now takingg -- proposing line private although the final price is still being discussed. holdings andboth z line search to double digits last week. searched 17% and 15% respectively. they are now suspended as we have seen this merger announcement. plenty more to come. t

. >>> activist investor carl icahn is cutting s ake in petroleum by a third. he has been a critic of the acquisition of am dark o and advertise advised tt bored to put on t market. shares roseo 30.10. >>outhwest around american airlines are removing the boeing 737 maxrom flight schedules through emarch. th airlines cited continuing uncertainty around regulatory approval of the jet. southwmet aroundcan fell a fraction. boeing shares were down to 351 even. >> speaking o which tim for the weekly market monitor with three names he believes will grow between 15 and 20% over the next 18 months. this is his first for a time on "nightly business report." he isevin miller the chief investmentt officer key valter funds. >> that thank you for havings. proc >> your first pick is boeing, a gutsy call, frankly. i'm curious to know why y think it will grow that much over the next 18 >>months. well, the things we look at are cash flow, c whatporations do with that cash flow. we want positiv cash flow, growing cash flow. and we want to see them use that cash flow and give divi

the deal is pushed by carl icahn who own as 10.6% stake in the company. uber shares are down this morning, having been down as much as 9%. now down 4% after a lockup expiration that wedbush analysts say could result in 736 million shares becoming available for sale. shares very weak earlier this morning as we saw. and they are on track for their fifth straight day of declines. on tuesday the company reported earnings which showed a billion dollar plus loss. the shares are well below their ipo price of 45. walgreens shares, down as well, today, as you can see right here, down 3%. after spiking tuesday on reports that the company is considering going private. the dow component has a market cap of 5 a billion, taking the company private, would require a largest leveraged buyout in history. it is a part of our game here, neil, who would go into the dow if walgreens left. cvs, starbucks. a lot to talk. neil? neil: the fact they're talking igniting a lot of interest. without that we probably wouldn't be you know, down nearly as much here. we're following that.

carl icahn taking control of occidental ford. the investor plans to nominate a slate of 10 directors. he has a $1 billion stake in the company and has been a vocal critic of occidental. no comments from representatives of occidental. hp is rejecting xerox. that is after turning down the unsolicited merger offer. it says it has not proven healthy enough for the deal. hp saying there are concerns about the business and the bidook and the $22 a share undervalues hp. that is a bloomberg business flash. manus. manus: thank you very much. rounding up the news. u.s. a big week for the economy not just because it is black friday, but jerome powell gives his first speech since meeting president trump. he may restate his preference for a cause at the december meeting. that is ahead of the data in the coming days, which is set to show how resilient the consumer and consumer spending has been. max kettner from -- max kettner from hsbc is still with us. what do you think the tone from powell will be? he is not going to show too much of his ha

arl icahn is betting against mall owners. according to the "wall street urnal," the billionaire activist investor is thet larget sh seller of mall debt. he stands to make millions if owners are unable to pay of debts. the news sent shares of major mall owners and real estate investment trusts lower in the day's trade. >>> as mall orions strugwell debt and declining traffic, he former ceo of macy's says there are too many stores. >> there is too much retail space in the united statth. e is way too much retail space. this this has been a problem a long time but the bubble burst when the online business started aggressively growing. thinkbout it thi way, 20% of the businesses of apparel business now sol online well 20% of the stores haven't gone away. and the total pie isn'tinrowing. some has to give. >> greg portel joins us to talk about the state of the retail astray from malls to store closures and real estate the lead partner at at carney thank you for joining u >> thank you. >> i'm mindful more than 9,000 stores close this

and icahn confirms $1.2 billion stake in hp. >> let's talk a little now and tell us what you can about warren buffett and rh, the company formerly known as restoration hardware does this signify something maybe about the american consumer >> it is unclear who made the bet within berkshire hathaway. it is a smaller position worth about $200 million at the end of the quarter you can see that stock popped on the disclosure up about 6.8%. part of the reason why you often times see buffett hold these name brand companies pretty immune from the ups and downs of the economic cycle. rh pretty tied to the high-end housing market at least they believe it can withstand some of the ups and downs of end of cycle behavior >> warren buffett, berkshire hathaway thank you very much. >> a wild end to the browns/steelers game as an all outbrawl erupts. speaking of football, could amazon ceo jeff bezos be looking to add a team to his portfolio more of what we'll be talking about coming up on the show. sundown vitamins are all non-gmo, made with naturally sourced colors and flavors and are gluten & dairy f

billionaire investor carl icahn is trying to seize control of occidental petroleum's board. he plans to nominate a slate of 10 directors. he's unhappy over the company's $37 billion takeover of anadarko petroleum. 41 percent since the interest in anadarko was first reported. that is your business flash update. guy: we are counting you down to the european close, around four minutes away. a little bit about performance coming through today. every sector in europe in positive territory. volume is a little bit light. and the compass group pushing london to the upside. -- 7395s where we are is where we are trading at the close. this is bloomberg. ♪ guy: 30 seconds until the end of regular trading this monday in europe. decent session. light volume. decent session in terms of the numbers being posted. a performance from the u.k. and sweden, the drug sector largely responsible. life signs one of the standout features. we have going up and up. they have resulted in an overwhelming gain for the london -- for the european market. the london market a prime driver . let's show the in

well carl icahn recently said he was leaving new york to go to florida, and also paul souter jones leaving connecticut. so there is a trend here. >> dana: all right, thank you so much. carl, texas can be a motivating factor for people to figure out where they want to live and now its technology and the ability to travel, you don't have to see where you are. >> that's right. and with an 8% income tax on top of a 35% federal rate average person making a substantial's salary or income is paid 43% of the income to federal and state government. this has been going on for a while. that has made florida a geographical anomaly. it's the only state in the union where the further south you go the more north you are. southeast florida is the home for a lot of people and this will simply continue as long as there is this big discrepancy between what they have to pay and the northeast and what they can pay in florida or for that matter texas, which also has no income tax or inheritance. >> and of course i'm looking at the two of you thinking about florida and the politics back in 2,000. donna the presi

we will also have carl icahn in on that action. he is upping the ante, saying it will go to directly to hp shareholders. 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.

carl icahn he was leaving new york for florida. and david leaving new jersey for florida. paul jones leaving connecticut for florida. dare i see we see a trend here. or at least something to think about. liz. >> list: owner pete trump his children are happy about that. okay california and chaos. wildfires still running from the state and ma'am and hospitals there, disabled senior citizens left behind during the blackout. the safety blackouts put out by pg&e to stop the buyers. but a mass exodus is already begun. from these mismanaged democrat run states like california and new york. they are losing the tech space. individuals and businesses that pay for everything in those states, are fleeing. california governor newsom, he should be worried. instead he is claiming capitalism for the wildfires listen to this. >> is more than just climate change. it is climate change. but it's more than that. it is the live step pg&e is about doggy dog capitalism. needing climate change. it's about corporate greed needing climate change. >> okay, leaves the political donations that cabin ne

carl icahn is cleaning up, they are divesting some ventures between the two, so xerox is a $2.3 billion windfall from that. and the lawsuit coming from fujifilm's has been lifted. there is also the idea that what is called a highly confident byter has been received xerox from a big bank, saying citi might be lining up for money, for capital here. there are many signs that this big eel could happen, even though xerox is the small company and hp is the larger company. vonnie: the market reaction is positive. abigail doolittle, thank you for that. for more on the potential bid let's welcome our analyst. is it expected that xerox comes out of the gate and decides to make a bid for a company three times its size? >> for all the reasons abigail to put it xerox is, politely, the legacy hardware company and has a strong presence in the printing market. it was shrinking pretty rapidly for them to make this pretty bold move to try and acquire the pc and printer giant of hp, which has a strong legacy of its own. that's unusual for sure. try toy do they not just buy the printer bit rather than the

. -- icahn. there are many who talk and few that do. glenn hutchins has had legendary success, through the ownership of silverlake and his work in transactions and combinations, to his public work with the fed, the brookings institute. we are thrilled he could join us. the arch theme we see is there is money, money, money out there. everybody is talking about money up to their eyeballs. what are the global ramifications of so much money in finance? glenn: that is a really interesting question. there is a little bit of a paradox at work because money is available because rates are so low. rates are so low because authorities are worried about the economy faltering. it is ironic that some of this availability is a consequence of economic problems. becomes, as a consequence of that excess liquidity, if there is so much return that it is increasing the risk. tom: you don't talk about your prodigious ability to judge credit. how do you judge the credit system right now? people talk about leveraged loan access or maybe this flavor of shadow i

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 their shares, restricted shares to providers. then use those shares as collateral. of course once the shares become tradeable are exercised. we're seeing a lot of that today. the other really sensibility of the pub markets versus the private markets. we saw that with amazon. they were able to successfully move from private to pu

no comment from representatives of icahn or occidental. xerox's request to open its book after turning down its offer. they have not proven they are healthy enough for the deal. hp says there are concerns about the business and outlook. down its offer. also says the $22 share bid undervalues hp. former new york mayor like a bloomberg -- michael bloomberg is running for president. he will be joining a crowded race of democrats. he brings a mix of moderate policy. says president trump is an existential threat to the u.s. and its values. michael bloomberg is the founder and majority owner of bloomberg lp, the parent company of bloomberg news. global news 24 hours a day on air and on tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna: thank you very much. next, the jewel in the crown. lvmh agrees to buy tiffany's for more than $16 billion. it's an enormous deal for the luxury sector and we will bring you details of it, next. and remember, bloomberg radio is live on your mo

carl icahn announcing he will leave new york. david tepper, not so long ago leaving new jersey for florida. paul tudor jones leaving connecticut for florida. back to you. >> steve, i'm getting robbed. taxes higher than ever. services not so much. it is a giant ripoff. i work here, i'm not going anywhere. how about you, are you going to florida, steve forbes? >> unless you and fox are moving to florida i have to stay here, suffer, fight the good battle to get these people out who keep raising our taxes and driving people away. ultimately i think people will in new york and elsewhere wake up, and new jersey, saying this is, kind of behavior is absolutely destructiontive. lose-lose, for everyone. florida, i love florida. i like to stay here as well. melissa: one thing if we were getting something for all that tax revenue. but we're being bled dry. >> you are absolutely right. florida budget is half of new york, even though florida has more people, people like living in florida. the services are fine in florida. new york spends twice

now, all of this has been exacerbated on the downside because carl icahn, who likes to take a big position in a stock and shove them around as an activist likes to make a 50% gain in 18 months and then buying this precluded his ability to do that so he is very frustrated and selling the stock. and the traders and the algorithms all find that out and you get this cascading decline macerich is one of the largest owners of attractive malls in attractive places. >> we're going to have to looift the leave it there art, interdigital was your other choice. >>> while stocks continue to climb, corporate spending is not according to pwc corporate balance sheets are holding more than $2.2 trillion in cash. that is the highest number in decades. why aren't companies spending and will we see some trend continue dean, welcome. why are companies sitting on cash do they expect bad things ahead? >> there are at least two main reasons. number one there's a lot of worry and uncertainty about the trade war. you've got these companies that are being hit by the trade war having to use that money to pay off thes

the not only billionaire that's leaving new york for florida activist investor and native song carl icahn moving company in miami next year. the two men following several high profile billionaires who have ditched northeast per benefit and lower taxes and one celebrity, is now filling the pain. trying to sell his home and not get in the money let's bring in america agent brian k. lewis, and this story just keeps getting bigger and bigger. with with all of these billionaires running down the floor -- to real estate story here. >> i have to tell you i love working with billionaires so i will sell your hole if you're a billionaire america agent right here but i have to tell you florida has always been the escape right you've got texas, you've got florida and washington state, tennessee -- no state income tax, so there are places to go but who doesn't love the sun belt? texas, florida it is very good and very attractive. the president loveses florida. he's got a big beautiful home there with a hotel there. that's no secret. so it's not surprising to me. what's surprising maybe is that he didn

i like to recommend stocks where i actually know what they own, but i do know that carl icahn is a very good investor michael in florida. >> hi mr. cramer, booyah. >> booyah, michael i have a two-part question mr. cramer, a couple of weeks ago, you said you were going to be doing a segment on bed, bath and beyond, and your ceo from target, i watch every day, and i haven't seen it yet. >> that is my bad. i have not done the work i have been jamming a lot of interviews it's been a mistake. i continue to think that john i know very well, told me, did a great presentation, that mark trenton is going to do a real job, it looks like he is i apologize, and ben and i we're going to really go to town on this one, and i really do, i try to cover so many different things, but i did not get to that one yet, and i keep hoping it goes back to 13 to blow 13, and it hasn't done that yet. i promise you, i will do that story. ben if you're listening, we're doing bed, bath and beyond adam in california, please adam. >> hey, jim, booyah. >> hey, recently, a pharma company has received good news on a drug t

but when all is said and done, i think carl icahn moved here to florida also. i speak, i live in east orlando, a ton of people from the northeast are moving down here, to get away from them. they're setting up shop. they're moving employees down here. the employees are kind of grateful? why the cost of living. ease of movement. all that really does matter when all said and done. i think new york city is lucky it is such a great place. the politicians take advantage of it. charles: i remember grace company when they moved 30 years ago it was controversial. now it is common. i look at bifurcation, new york is great. san francisco. top 5% make 600,000 a year. bottom 10% make 16,000 a year. opera, plays all that great, can they sustain that long without some sort of a revolt? >> no. and i must tell you, i've studied these things. in san francisco, noticed a few weeks ago a house went up for sale. it was a wooden shack in the middle of nowhere $900,000. i mean a wooden shack, i mean a dilapidated wooden shack. people can't afford, the way the whole system is set up,

. >> leslie, thank you so berkshire is taking a stake in oxy earlier this week, carl icahn cut his steak in saying that the stock was extremely dangerous to own now. pete, you have calls. >> which makes it interesting. >> and we have seen nothing but call activity in a lot of different energy stocks. occi being one of many it's interesting to see buffet going in as carl is exiting. we know the time frames are something we don't know exactly but i think this is interesting and i think it's something that we've seen energy becoming a bigger and bigger and bigger portion of what we're seeing in unusual activity >> you guys are taking bets because it's a small percentage of the overall market. it's the smallest it has ever been, and there's a reason why enps like an occi can't perform because there's oversupply status and there's a reason why refiners can because their input costs are the lowest they have been. >> thinking about buffet, trimming apple what does apple have he trimmed wells fargo they're steep and uncorrected and what is he taking some of that money, he's buying something that

directly to shareholders to present its up.e for a tie- it is the latest push for a deal backbite carl icahn. xerox said it will not apologize for its aggressive tactics in pursuing a merger despite being spurned twice. xerox will urge shareholders to call on the hp board to pursue what he calls a compelling opportunity. say aviation regulators they are determined to retain control over the grounded 737 max 8 as boeing prepares to finalize software fixes. even routine approval objects coming off the assembly line will now be done by agency officials. boeing helps the macs will be allowed -- hopes the max will be allowed to return to service by the end of the year. minutes away from the start of equity trading, 10 minutes, in fact. we will take a look at the stocks we are watching at the open, including bat. the tobacco giant cutting its outlook for new product amid a u.s. vaping slowdown. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." eight minutes to go until the start of the equity trading date. let's get your stocks to watch. annmarie hordern is focus

it's not ray dalio, just like it's not carl icahn. it's the footsteps of those guys and they're being played out by goldman or morgan or whoever did the hedge. now, i thought it was interesting, scott, that dalio said it's not a negative bet he's not betting on a big fall in the market, which is probably correct as the gentleman next to me just said, steve. >> we saw, i said gentlemen, meaning both of you. a billion and a half out of $150 billion is a small number. but we don't know what strike prices it could be a very big -- >> anyway, we don't have any such net bet >> right >> net bet that the stock market will fall. >> right >> people look at the $1.5 billion and go, wow. it's a hedge fund. it's supposed to hedge >> exactly >> but he's doing what we all suggested is that you take advantage of such low volatility to buy protection. >> that's right. >> ray dalio on "wall street journal" reporter to report what ray dalio said about the story that was written about what bet he allegedly had until ray dalio said it's not on the case. t

i see why you like this potential deal if you're carl icahn. if you're anybody else though, some questions because from a business standpoint, combining xerox with hpq's printer business makes sense, but xerox really needs the pc business for its free cash flow they're going to generate close to $4 billion of free cash flow. a lot of that has to do with the negative cash conversion cycle in the personal systems business, but this looks like one of those cases where you go in, slash employees, milk cash out of the business and i'm not sure what the growth component of this deal is going to be. that's question i would have >> faber's interest was on s synergy but we have to watch for developments on that one >> seems like investors are bear hugging this bear hug of a proposed deal. >> market's been patient let's get to the judge >> market's primed for a seven week stock surge or has your money run as far as it can this year it's 12 noon s in the halftime report now i do it's good to have you with us. i don't know what they heard or didn't hear.

hp worth about $1.2 billion as the company value waits a take over by xerox which is again another icahn investment >> you know what shocked me was the berkshire move the first time you've seen berkshire own less than 9% >> you have to wonder is that a move away from portfolio management or does that say he's becoming sour. >> that is a move as charlie sharp becomes ceo. >> if you like charlie sharp, you would think. >> i don't know what the answer is but that struck me as probably the most significant move the apple one, i know people look at but that is relatively small number of shares that could be anything happening. any of the managers making a move the wells fargo thing jumped out. that's a big move. >> joining us to talk about some of the things working or not in the markets right now. senior vp and portfolio manager. thank you for being with us. you have a take on what warren buffett is doing >> i think it is always good to watch what he's doing in terms of apple i agree that looking at the timing with charlie is interesting. he has such a good reputation on wall street. it does