>> from bloomberg world headquarters in new york, i am mark crumpton and this is "bottom line." ♪ viewers in the united states and those of you joining from around the world, welcome. full coverage of the stocks and stories taking headlines today. julie hyman follows trading that appears to be looking for direction. aser cook is on capitol hill

house speaker john boehner discusses the new dynamic of washington politics. first, getting you to the top stories we are following at this hour. food prices increases moderated and much of the united states in the third quarter. investor purchases declined. the national association of realtors said the median price of existing single-family home rose from a year earlier in 73% of the metropolitan areas measured. prices declined and 47 regions. to fend off ang hostile takeover by valley and pharmaceuticals. talks onare in active a potential alternative deal. they said enough tiling today they are in talks with a third hardy that may lead to merger negotiation's. trying to fend off what has been valued as a 54 billion dollar hostile bid by valiant.

opec's demand says crude may fall to a 14 year low according to the world oil outlook. >> we are concerned but not panicking. came stable 4.5 years. -- of the produce have been producers have been enjoying a very fair price. now we will have this decline. we do not see the much opportunity in the fundamental. >> facebook is stepping up its effort to fight ebola. adding a button designed to make it easier for users to generate -- donate to charities. to satellite terminal affected areas and west africa. the programs comes on the heels of a 25 million dollar donation

last month by ceo mark zuckerberg and his wife to the centers for disease control. u.s. airlines will carry 24.6 million passengers are in the thanksgiving holiday season. airlines for america forecast 1.5% more than last year because an improved economy. be novemberday will 30, the sunday after thanksgiving. that is a look at the top stories we're following. the speaker of the u.s. house of representatives just wrapped up his first news conference since republicans one full control of congress. he outlined where he is willing to work with the white house and where he is not. >> a news conference with john boehner not offering much of an olive branch toward president obama and his comments. even less so from mitch

mcconnell yesterday. what we heard from john boehner is a lot of this is in the president's court. he has to play ball with congress, specifically on the issue of immigration. he given a pretty stern warning not to act on his own through executive action to deal with immigration issues and should leave it to congress. if he does not, he will poison the well. here is john boehner talking about the immigration issue and what he hopes to accomplish in the next congress. lex i believe if the president continues to act on his own, -- >> i believe that the president continues to act on his own, he will poison the well and what burn the people. the american people made it clear, they want to get things done and do not want the president acting on a unilateral basis. >> the speaker trying to pledge to repeal obamacare. >> absolutely. he said this was a big issue.

the house will act on it. take a listen to what he had to say in the news conference. obamacare is turning the economy. middle-class families. the ability for employers to create more jobs. i am sure the house will move to repeal obamacare. >> he also made clear he was not sure the senate would have the votes to be able to repeal obamacare but a vote that will happen in the house of representatives whether the president likes it or not. the question is whether there are other issues in the middle or maybe they can compromise. he did not talk too much about where the image -- where they are but the most obvious is tax --orm and in the structure infrastructure. the tone right now early on not good as the leadership gets ready to meet with the president tomorrow to see if there is some

middle ground they can carve some traction on. joining us from capitol hill. thank you. coming up, the european central bank decides to hold interest rates. we will see if the pledge to add more stimulus is needed will calm concerns about the recent economic outlook. coming up at the bottom of the hour, trish regan will join me and will speak live with the ceo as the network kicks off the streaming services. ♪

>> welcome back. the european central bank cap rates on hold today that said it is ready to offer more stimulus is needed. danny blanchflower is a professor of economics at dartmouth college and bloombergtv contributing editor and external member of the monetary policy committee from 2006-2009, and he joins me now from new hampshire. a comeback. good to see you again. -- welcome back. our mr. druggies comments about further stimulus into to convince germany -- are mr. dra ghi's, it's enough to convince

further stimulus? >> they have clearly been skeptical for all these years but i think the big word today was used several times. he said the decision was unanimous. i think that they is such that the germans have little and austrians have little alternative but to do things with deflation coming, production falling and outlook looking pretty bad. the sanctions of the ukraine having a real effect on germany. i think the answer is they would eventually come to the table and have done things that were obvious forward five years ago. mindful ofno doubt the measures taken. how would quantitative easing in the eurozone be different, and are you concerned stimulus would push the balance sheet according to mr. druggie act to $.25 million? - 3.25 million?

>> they have been talking about doing pretty big stimulus. the data is telling you you should cut interest rates further into negative territory. the economy needs a lot of stimulus. how you do it is a little bit of a puzzle and still working on it but a sickly they need stimulus. >> the risk surrounding the economic outlook for the euro area continues to be on the downside. will further ecb stimulus be enough to turn things around you do ? i think the answer is it has taken such a long time. i think the answer is they have still been talking about it.

they have not actually done it and we have deflation. we have just seen the most recent numbers take up to account for. 10 european economy already. economy and falling oil prices. the answer is better late than never. dannyaking with blanchflower. let's switch to u.s. politics. perceptions far removed from the reality of how the economy is actually doing? have actuallyt we seen is voters have been pretty unhappy about how the recovery has impacted them. it seems to me around the world is the standard of living has not improved. we're six years into the great

crisis and inevitably the incumbent president or incumbent government will be lamed because it has gone on for so long. i think that is a big art of it. that is a classic midterm. thane are not better off they are still struggling. they are saying government, what theyou doing you go will republican-controlled congress necessarily mean pressing economic issues like energy independence and corporate tax reform be dealt with? would like toe see those things being dealt with but the comments from speaker weiner and mcconnell does not suggest they will suddenly be friendly on the president and allow him to do things. there is a lot of talking that has to go on. working together on infrastructure spend, some way of creating jobs is probably the way to go. the worry is about obamacare.

there may be discussions about how you get people working and how you get real wages in the standards of living up. >> speaking of jobs, the october u.s. employment report will be released tomorrow. what are you expecting? >> i am expected -- expecting to see some improvement. you probably would think non-foreign payrolls would go up by 220,000 or so. i think the big questions is what will happen to wages. low wages start to pick up? i suspect they are. oh people start to come back out of the labor force? that is the reality. can i ask you quickly, we saw five states vote to increase the minimum wage. why are they doing with the federal government refuses to do you go >> some action at the local level come a pretty small

increases in the minimum wage. this level, please will not have much of that affect unemployment and may well help people at the low end. obviously five states that moves in that direction and we will have to see if it is a more broad view of helping people at the low end. >> repressor plant flower, bloomberg contributing editor joining us from handover. always a pleasure to have you want and get to work expertise. with bloomberg for comprehensive coverage of the october jobs report. eddie lou and the team will have live coverage as the numbers are washington 8;30 time. secretary, alan krueger and a close ear and bruce ratner.

chief economist at ubs securities will join me from stamford, connecticut. next, julie hyman crunches the number. willg up, trish regan speak live to les moonves as the 87-year-old broadcaster jumps to online tv. online continues in a moment. line" continues in a moment. ♪

>> what does silicon valley get that other industries do not get?

>> it is getting tougher for investors to get out of junk bonds. largely one-way trade to bond. investors facing a hard environment in which to maneuver. lisa abramowicz has been tracking the trend and joins us on such. but that just ended quantitative easing. how are bond investors reacting to all of this? >> a lot more volatility. when you see volatility you want it to move in and out and respond to changing economic data and economic environment. is in the corporate bond market that has swelled so much since 2008, it is getting

difficult to maneuver quickly. there are a lot of people holding on to bonds. the biggest banks have pulled back the balance sheet. to facilitate the trades, they are not as willing to take down the big blocks and make things -- >> i am curious because you said about their ability to move. at some point the bid not expect this would come and not be able to pivot quickly? >> here is the question. everyone has been expecting a expects a long time and the stimulus to prop up the markets and make it artificial. the question is when and how can you be more flexible? investors turning to derivatives, particularly credit default swaps and total return swaps, which is an index return flop, another way to replicate

an index of bonds without having to own the actual securities. yards of the dynamic is earning how to manage volatility. youcan you do that when have trading mechanisms basically the same as they were 10 years ago? go to the derivatives. there is one particular index of getting a lotwaps of attention because people are looking for new ways to trade. it is a really big issue. people are focusing more on the bonds. those tend to sell off more in times of distress. you are opening yourself up to more volatility. it has become a big concern. even october 15, a lot of people speculating that is from riskier assets not able to move quickly in those markets turning instead to the most liquid market they

could, the treasury market. lex what does that tell us about the latest age and the treasure -- treasury market. >> people say we're in pick your game of the inning. starting to are borrow to fund less credit worthy type of events, shareholder friendly types of activities. more mergers and acquisitions. closer to aoving time when there could be more defaults. >> what about the little guys? big question for a lot of people right now is within the activity going on, how much is leveraged? how much is instruments that are inherently risky. measure.ficult to the question is, could there be a disruption if it trickles to the little guys where you have a

credit seizure that makes it difficult for companies to borrow and creates a fundamental problem that will trickle down to the little guys because companies will not be able to pay the debt reasonably. >> to the end of quantitative easing rock the boat? >> i think so. of questionst about what control they had. really the fed has at this portion that influence in the market. i do not know that 15 billion and bond buying will move the needle but we are moving closer to a time when they will hike interest rates and that will increase the volatility of the market. is thethe -- >> consensus still the middle of next year or july? a moving target. right now the fed is as concerned as everybody else that they will not time it perfectly. >> thank you for joining us.

coming up on 26 past the hour. julie hyman joins me. good afternoon. >> let's take a look at where stocks are trading. earlier in the program struggling to find direction. mixed throughout the session that of -- have moved higher more recently and looking ahead to the jobs report, considering the factors you're just talking about in solving the ecb and the fed. shares having their best day in more than two years. fourth-quarter profits that topped analyst estimates and slashed prices -- prices. cbs making headlines today. the owner of the most-watched television network post profit that eat analyst estimates driven by advertising around but all and online tv service. cbs launched a 24-hour online news channel supplying sony wishes for a web-based tv service.

trish regan will beast begins to the ceo in just a few moments. stay tuned for that. ♪ . .

>> welcome back to the second half-hour of "bottom line" on bloomberg television. i am mark crumpton in new york. cbs, the most-watched tv network, posted quarter resulted be analyst -- quarter results that beat analyst estimates. trish regan joins me with more. >> thank you so much, mark. content clearly is key. cbs has it. they have proven people will pay up for their favorite shows. les moonves, ceo and president

of cbs, joins me with the future on his network. congrats on the quarter. >> thanks, trish. good to be with you. >> we are in the midst of a lot of change and you guys seem to be embracing this head-on. you have the sony-based web tv program, cbs all access for $5.99 a month. no cable subscription necessary. what went into the decision to move forward on digital? >> you have heard this many times, but people want their content when they can get it, we are americans most-watched network and showtime is doing extraordinarily well, that there are 10 million broadband homes, generally people who don't have -- 10 million people who don't have cable or satellite or telco usage. they want content in other ways.

and all access offering is an opportunity to put out cbs content in a different way. we are part of the digital age and it is a digital revolution going on, and cbs is primarily a content company and we are producing great content in entertainment, news, sports. we want to make it accessible to everybody. >> there is tremendous potential online and you are recognizing all of that but we still have the reality of here and now it that means collecting the transmission fees, which you are doing well on. ,ow do you keep this balance keeping the cable companies happy and willing to pay the big time youle at the same are finding new sources of revenue that don't involve these guys? , one of the important things is that cbs all access is not a shot across the bow. it is not a shot across the bow at the cable operators or satellite operators that we are in business with, the comcasts

of the world or the directv or the dishes. this is additive to that. we still expect people to get cbs over the top cast and over dish and directv, but this is for people who don't have access that way, the super fans who want video, who want to see every episode of "the good wife" that has ever been produced, or "ncis." this is not a way to circumvent the cable operators, and the cable operators will have the ability to offer a look this content through their services as well. we want to continue to work with them. this is just a new way of getting paid and reaching consumers who are not part of the ecosystem. >> fast-forward for me 10, 15, 20 years. do you think we will still need these cable operators to distribute content, or is all of this going to wind up going to cbs.com and ultimately we watch

what we want to watch? >> to ridicule what is going to happen in 10 or 15 years is virtually -- to predict what is going to happen in 10 or 15 years is virtually impossible to if you had 25 years ago with what the world would look like today i would not have believed you could there was no such thing as netflix, the online usage was minimal at that point .n time eventually people will get their content from all sorts of different places, and the delivery systems that exist today could very well be there but they will be very, very different. look at what comcast is today vs. what they were a few years ago with the video-on-demand offering. i think it will be easy to say that you are going to be -- internet and television will be very connected. is to continue, to produce content that people want to see, whether it is the nfl or the premier programming on cbs and showtime, and the delivery systems are all up in the air. >> content ultimately is the

survivor here. you are not only making this move into digital entertainment. you are also doing so in the new cbse in the introduction of out today pit talk to me about how this venture came about. newss is a world-class organization good we do not have a cable news network, the world is going more and more online and is going more and more digital. you have cbs that is gathering tens, if not hundreds of hours of news content that does not get an opportunity to be seen. it was fairly easy for us and to think about, ok, instead of being a cable news network, we can be an online, 24/seven cable channel with plenty of brand-new content, live anchors. if you are sitting at her desk

and something important happens, you will turn to your computer and go to cbsn as opposed to in previous times when you would turn on cnn or msnbc. you could look at cbsn and get your news anytime of the day and obviously that will become very important for breaking but also when you sit down at your desk in the morning and have a cup of coffee, you will punch in cbsn and get every single new story of the day. >> you mentioned breaking news to that is when people go the internet and consume as much news as they can, but there has been a danger in this industry --t it is good increasingly it is increasingly commoditized. to richard --ve maybe it doesn't matter but how do you drive it on a day-to-day basis? >> first of all, cbsn is advertising-supported, not subscription-imported -- not subscription-supported. we have all this wonderful news

content. this is sort of an experiment for us. we think we will be able to because of the knowledge of who cbs is and the great tradition of cbs news. i think it is logical that people will start tuning into cbs online to get all the news that they need. i think it will be eminently successful without a great deal of cost to us. >> let me ask you about this -- you are launching on the digital front, which enables you to spread costs out in terms of newsgathering operations, which as they tell me can be pretty expensive. would you look at buying a cable channel? it is something you talked about before court would enable you to better leverage across? >> you know what, i don't think so. cbs news in and of itself is such a classy world operation in terms of our newsgathering. we have outposts throughout the world, bureaus throughout the

world delivering news to us. i don't think it is at all necessary or within -- or would enhance assaulted by a cable news network. this is going to be -- or would enhance us at all to buy cable news network. this will be the cable news bypass. >> do you think that rupert murdoch will make a renewed push for time warner? a long timearned in in this business that you never count rupert murdoch out of anything. >> is that perhaps a yes? >> perhaps a yes. ise again, rupert one of the smartest man in our business and god knows what he will do next. >> you have been investing a ton of money and content. thursday night football is helping to attract viewers. sports overall has become pretty expensive. is there a point when the return on investment is not there or does the audience have that insatiable and appetite for sports programming? >> we have invested in at 4

major sports, the nfl being preeminent, the ncaa college basketball tournament, and golf. we have long-term deals on all of them. we make a profit on every single one of them. as i said, they are long-term deals. some of the other deals we are not even looking at. we are happy with what we have an we can make a profit and the fact that we have these deals allows us to amortize that cost and friendly, in terms of football, it is still among the best programming on the air. it still delivers the biggest audiences and advertisers still want to spend big dollars on football. so we are very happy with our sports portfolio and, you know, it is still the best game in town. >> speaking of deals, this deal is up in november. how do you see this on playing out? >> we are in negotiations with dish right now.

charlie is a tough negotiator, but we hope we're making progress. it is our sincere hope that we make a deal to get paid the proper amount for our content. we have had disputes in the past and we hope it doesn't come to this and we have had very productive conversations. dish is a great organization, but i don't think dish consumers can live without cbs content, and i wouldn't want to be in denver, colorado a few days off the year with dish and have a denver broncos football game. i don't think that people would be too happy. >> it comes back to sports again. >> by the way, the nfl is a big driver of our audience. >> indy could ok, before he let you go, you have a newsroom here " fans, andmeland they wanted me to ask you this question so i will just ask. is saul going to make it out alive? >> i am not revealing anything

further about "homeland." you have to keep watching. what is great about "homeland" is that also to people come, go. on character is a very important core to our show but i will not reveal anything that happens. you will have to tune into showtime on sunday night or any other night during the week to watch it. >> you know i've got to ask. les moonves, thanks so much for joining us today. >> my pleasure, trish thank you. >> trish regan, les moonves, thank you both so much. time for the latin america report. venezuela's representative to opec says that oil remains concern for everyone. also the foreign minister, he made the comment after a meeting with the saudi arabian oil minister, who is due to attend a gas forum in al capone go next week. the shock of cocoa next week. -- in a couple go next week.

coming up, the fight against ebola. we will see what the government is doing to fight the spread of the virus in west africa and the united states. ♪

>> welcome back. president obama is asking congress for $6 million in funding to combat ebola in west africa and protect americans from the virus in the united states. he's active director of the american public health association joins me from washington. thank you for your time today. >> i am glad to be here with you. >> yesterday president obama asked congress for the $6.2 billion in emergency funds to confront ebola at its source in west africa. is that an out, in your opinion, enough? >> i think this is a bold proposal of the president. it is certainly comprehensive, substantive, and it is definitely needed. just a goods really number for us to get started to really address the serious public health problem. >> sir, where is the global health community in terms of

dealing with ebola? >> well, we are beginning to get our hands around it, understanding a lot more about this particular outbreak then we knew two, 3, 4 months ago. but we are still at the beginning of understanding a lot more of the outbreak and how we can protect not only americans but the rest of the people of the world. >> why do you think drug companies have been so resistant up until now to develop an ebola vaccine? goingknow that people are to invest what they -- where they can make money, and hereto for there is not really been an opportunity to make that kind of dollar. but now we do respond and we have these kinds of crises and you are not going to see the private sector, i believe, really jump in with both feet and give us a solution. new.ola isn't it was first discovered in 1976. as the world knows, it is a pernicious virus.

given the mortality rate, why wasn't an attempt for dealing with it developed in its early stages? >> we had our public health preparedness framework but i think we all understand estimated -- we all underestimated what the virus would do. we assumed that any hospital could handle it. that turned out not to be true. we thought that clearly we could get our hands around it because in the past the outbreak has ,nly occurred in small clusters usually in all communities. -- usually found out in rural communities. we have now found out what happens when it has an urban community and a country with a for public health system -- for public health system. it ist you are saying is about health infrastructure. isat the end of the day it about health infrastructure and if we are serious about dealing with this kind of problem in the will help all nations build an infrastructure and have to build a better infrastructure here in the united states and ramp up our research enterprise so we can address the many, many

neglected diseases. ebola is one of the many neglected diseases that we have. >> speaking of health infrastructure, how is it handled here when we had those few cases? how would you grade how the cdc handled it and how the federal and state and local agencies handled it? >> we did not do as well as we would like, mostly on the communications side, but we learn very quickly and i think they are doing an amazing job right now. >> dr. benjamin tom wheeler moments ago from the health and human services and terry sylvia mathews burwell that ebola cases in my. have declined. as the international community gotten the message about the urgency of the situation in west africa? >> you are looking at the results of months of effort, in particular around educating communities so they understand that ebola is real, doing basic core public health where you take a case, track all the ittacts, and you address

from the medical and public health perspective. you have seen the results of that. let me caution folks -- we have seen this disease go away before and come back. that is what people are mostly concerned about right now. the international monetary fund managing director christine lagarde told last month's annual meeting of the imf and the world we should be very careful not to terrify the planet and respect the whole of africa." what are the economic consequences of the fear of ebola? >> that is a challenge kit that is something we have been trying to do and what the administration was trying to do initially to give people a measure of concern for not scare the pants off everyone, so that we limit trade and limit commerce. that is fine they have been -- that is why they have been strict about not having this travel restriction of some nations are having. than a little bit less

minute, talk to me about the stigma that some of the health-care workers have been facing who have been going over there and coming back after having dealt with this. >> i talked to them all the time, and they come back and friends won't talk to them, family members won't talk to problem.is a big we need not fear them. we need not fear them, because they are not going to hurt you. dr. benjamin, joining me from our bureau in washington, it is a privilege to have you on the broadcast. thanks for your time. >> thank you for having me. a earlier this year, robotics, and he got clearance from the fda for its personal robotica wearable exoskeleton that helps people with spinal cord injuries stand and walk. middle east's editor elliott gotkine spoke with the company's ceo at the tel aviv stock exchange and they discussed the tech has the potential of the technology and

the growing market. >> if you look at the size of the market and the varying degrees of injuries, the exoskeleton market has a future. cells can solve problems for a good portion of the publishing, that is sent to -- of the population, that is fantastic . there are still cases where these kinds of skeletons can help people. youre of the reasons for initial public offering was to develop new products. what new products could we checked to see from you? to execute and run a business you have got to stay focused for a while. we make medical devices. the other things are attractive. then we wore it on other things. one of the reasons people were excited about the initial public offering was the new products. >> there are things around the current axis diligent with feedback -- the current axis

collagen with feedback from users. but it is the products you have heard me talk about -- for the spinal cord injury, that is what the fda clearances are for now and what we have the clearance for in europe. is when you look at ms, that a progressive disease and the device is slightly different. for stroke, it is different. a lot of our developers will be around those two areas. on top of that, if you remember the first cell phone you had and you think of the one you have today, our fundamental products are going to get smaller and lighter and different over the next five to 10 years. >> for sale, and 18th century castle with a medieval prison lake, 14 acres of countryside. the price is more affordable than you think but there is a catch. international correspondent hans nichols takes a look. cross this bridge and step

into your own fairytale, and 18th german castle, ewers for yours for just 350,000 euros. scaling and castle wall is a lot easier when someone is important boiling water on you. inside you may find more brothers grimm warmer then disney fantasy. the ruins may seem in but the problems are very modern. the challenge of selling this 62,000-square meter stronghold two miles south of berlin -- two hours south of berlin. the local municipality. the bargain sticker price has a catch. >> investment in this castle depends on the renovation costs, and 6tween 3 million million is, i believe, a realistic expectation. in oldr communist rule east germany, castles and manor houses were left to rot. there shells dot the

countryside. family resident for one it is a little big, and for a five star luxury hotel, it is a little too small, but something in between is, i believe, exactly the right thing for this castle. room,s is the dining quite a place for a harvest banquet or a hunter's feast. if it an angry mob crosses the them fromcan address this balcony and figure out some way to appease them. if you get castle fever, you can cross over the moat on a rebuilt medieval bridge and head into town for a beer. hans nichols, bloomberg, germany. >> that was hans nichols climbing a wall. another check of the market movers is on the other side of the break. "bottom line" continues in a moment. ♪

>> get the latest headlines at the top of the hour on bloomberg radio and streaming on your tablet and on bloomberg.com blo. i'm mark crumpton in new york. "street smart" at the top of the hour. see you tomorrow. 56 past coming up on

the hour and that means bloomberg tv is "on the markets." i am julie hyman. we are seeing some advances across the board, a little more decisive than they were earlier in the session could we have investors looking ahead to tomorrow's jobs report and they are considering the ecb's lack of action but willingness to act that mario draghi expressed earlier in the day. s&peeing the dow and the rise to records once again. individual stocks are out with earnings, qualcomm is one of them. shares and the overall market having its worst day in more than 40 years after the committee reported fourth-quarter earnings and revenues that missed analysts estimates. qualcomm said that next year's sales and profits could be hurt from the fallout of a chinese government probe. that is closed guitar investigations -- they disclosed new regulatory investigations in the united states and european for more on

qualcomm, i'm joined by a senior semiconductor analyst for bloomberg intelligence, which provides unique real-time research on companies and industries. qualcomm is obviously one of the big chipmakers out there. are these problems really specific to it, or are there any conclusions weekend drop? -- we can draw? >> qualcomm is the dominant chipmaker for handsets, the problem is that the chinese have "invented" the technology that bypasses the need to pay royalties to qualcomm. as more and more companies dodge that technology for local purposes, it bypasses the need to payroll to sue qualcomm. the chinese national development council, the migratory body -- the regulatory body that covers this area has launched a probe against qualcomm, giving the comedies cover.

-- giving the company's cover. qualcomm will have trouble collecting royalties from these companies using the technology to make the phones. 's call, addressing this -- is qualcomm addressing this? >> unfortunately, there's not a whole lot you can do. china is a large market, a growing market, and the phones on making significant strides moving from 2g to 3g to 4g. qualcomm's trying to negotiate with the vendors and make sure it is counting the phones -- they see a 20% difference between the phones reported to them, counting the phones reported to that that use the technology, and the phones actually using the technology, and simultaneously it deals with regulatory bodies. we will have to wait and see how long this takes to get resolved

and hopefully at the end of the day there is a monetary settlement with vendors and qualcomm. >> it seems like a big overhang for the stock. >> we have been through this before, not specifically with regulatory agent is as much, but with nokia, if you remember a or seven years ago, had a long-standing lawsuit at the time and this was eventually settled after a long give-and-take on these technologies and nokia ended up paying royalties. >> thank you so much for breaking down the collocated -- complicated qualcomm situation and what is going on with semiconductors. "street smart" is next. ♪

>> welcome to the most important hour of the session. this is "street smart." we are counting down to the earnings for zynga, lions gate, and walt disney. we will focus on disney earnings with the company ceo and chairman, bob iger. "street smart" starts now.