welcome to bloomberg markets. from bloomberg headquarters in new york, good afternoon. it was a we are watching this hour. stocks rallying around the world for the second straight day and speculation the ecb will add stimulus is the probability of a red rate hike next month -- fed rate hike next month increases. pickens saysbone oil will not go below $40. find out how high he thinks it will be by next summer. we are over a week away from the start -- start of the shopping season. it could be a tough year for retailers as shoppers choose salons over sweaters. first, let's head to the markets desk with julie hyman. julie: you know, we have had quite a lot of volatility today. stocks are trading unchanged out of the gate this morning, then gaining, now coming back down a little bit. averages are in

the green. we had economic data that beat estimates. in some cases, we saw consumer inflation rising of the biggest back-to-back pace since the spring, giving more material to those who think the fed will raise rates in december, and perhaps that the economy is on better footing for a to do so. if you look at an intraday chart of the s&p 500, we see quite a lot of volatility. stocks are climbing to the highs of the session around 11:30 a.m., and then taken a couple of legs down and up throughout the day. we have had some headlines about events around the world that, if not directly linked to the attacks in paris, at least there is, perhaps, a perception in the minds of and that -- investors that could be a link. there is a little bit of trepidation been expressed in the markets today. look at treasuries as well. there has been quite a bit of selling of treasuries on the economic data, and now there appears to be some buying of treasuries that has led yields to be unchanged. a couple of reasons behind that

that's not the same sentiment that could be driving stocks down from their highs today, related to global events. also, we had, a potential deal that was going on -- veritas, symantec selling veritas to private equity. it seems as though private equity is having trouble getting financing. if there is trouble in the credit markets, where you go in the fixed income that is perceived as safer? you look come potentially at treasuries. david: the department of justice will have a press coverage in focused hour and a half on nutrition supplements. what are those stocks doing question mark -- doing? we see a number of those stocks down, even though the doj is not telling us what companies are involved, only that they are related to dietary supplement sales and unlawful ads. gnc holdings is having among the sharpest reaction. oregon recently sued the company, saying there were unlabeled drugs in some supplements. the shares bouncing off the

lows, but still down by 11%. vitamin shoppe also taking a hit today, a similar industry, still down nearly 7%. we have also been watching new skin, which is not necessarily a dietary supplement any, but a multilevel marketing company, down about 6%. finally, herbalife -- they did come out and say as far as it knows it has not been named in any doj action, so the stock has been bouncing around quite a bit today. david: julie hyman, to work. the department of justice press conference kicking off in about one hour and a half. let's check the first word news with mark crumpton. mark: thank you. massachusetts state police say a bostoner on a london to british airways flight was restrained as she tried to enter the cockpit. flight 213, which you see live on your screen, landed at about 1:30 this afternoon local time, about a half hour ahead of loganle at boston's

international airport. troopers were getting ready to or the train to take the passenger into custody. in a statement, british airways called the passenger unruly and the flight crew asked that police meet the flight in boston. police in hanover germany say a friendly soccer match has been canceled. an announcement by police informed spectators about 90 minute before kickoff. members of the german government, including chancellor angela merkel had been scheduled to attend. earlyson was given, but reports said there was a bomb threat outside of the stadium. french officials say they are seeking a second fugitive directly involved in the paris attacks. seven attackers died friday, three inside of a constant -- around the stadium, three inside of the venue. an arrest warrant has been lah.ed for one person, sa

u.s. secretary of state john kerry and french president francois hollande talked about significant actions and steps they could take against islamic state. the meeting was held after president france will want called for a global effort to defeat islamic state following the terrorist attacks. president france will on will washington and moscow for meetings with president obama and russian president vladimir putin. iran says it will export an additional 500 barrels of oil a day once sanctions are lifted. the iranian oil minister says the company plans to double crude exports as the sanctions are lifted, which officials expect to happen in early 2016. iran now exports 1.1 million barrels of crude per day, and hope to get back to its pre-sanction level of 2.2 million. you can get more on these and other breaking stories 24 hours a day at the new bloomberg.com. from the bloomberg first work

desk, i am mark clinton. david: -- mark crumpton. david: i want to go back to the markets desk. julie hyman with breaking news. julie: we reported earlier air looking is looking to buy airgas. i am at the last trade -- 114 $114 40 -- $114.04. it looks like the enterprise value of video, $13.4 billion, it will create the largest maker of industrial gases. airgas shares are halted. the 7.4% gain was on the story saying that the two were in talks. we will you know when the shares opened up. presumably, we will see a list in the shares when they open up now that we know the details of the transaction. scarlet: today -- david: thank you. a labor department report showed that consumer prices, excluding

food and fuel rose in october as rent continue to climb in health-care costs rebounded. a second report showed factory output increased in october as producers turned out more billing supplies and vehicles. for more on how the day fits into the fed puzzle, we are joined by carl riccadonna, and michael regan. carl, let me start with you. the headlines there -- dig deeper -- what did we learn their. story, we saw the big decline in energy prices. now we're starting see a base effect as we are competing cheap energy prices against cheap energy prices from a year ago. gains are harder to come by. we see this gradual drift higher which i think will persist through the end of the year and through the first half of next year. the real story in the cpi is we have had this ongoing divergence between goods prices declining

due to the strong dollar and import prices, and service pressures, which have been driven by the rent story. that story continues today, and asked me widened a bit further, but the underlying details within services is what is relevant -- is what is relevant here. you say, rent was dominating prices. now we see rent is still strong, but other service categories -- you highlighted medical services, transportation services, a whole array of services now starting to show increasing price pressures, and their input cost -- so, the inflation for that category, upstream inflation, tends to be labor. now we have the story coming together of rising wage pressures, or at least the emergence of that, now feeding into other service categories, and this gives policymakers greater confidence that inflation is moving toward their target, and it is not just a rent story, but it running price pressure -- broadening price pressure story. david: michael, what is your

sense? looking at the possibility of a fed rate hike, it is about 6%. we will get the fed minutes to market we can all gather at 2:00 to talk about that. how important is the data to investors? michael: the reaction of the market, like karl said, people seem to be coming to grips with the fact that a december raise is more likely to treasury yields were up after the report. i think that come back down a little bit. the dollar is strong. the stock market is not really panicking about that notion at. good earnings out today. home depot, walmart beating estimates, so, really, leading the consumer sector higher in the stock market today. the big question, like you said, for them, is obviously the wage pressure. walmart shares are down 30% this year. a big part of that is because of the higher wage pressure. it is a good news/bad news scenario for the stock market, obviously.

for the economy, it is good to have higher wages. it does have an impact on profit margins. the fascinating thing -- this is a bit of trivia, but it is a telling piece of trivia. the s&p 500 closed last year at 2058. the average throughout the year, after all of the ups and downs we have seen, has been 2016. the average is about two points off of the close of last year. like lizoday, 2058, and saunders said on tv a few weeks ago, the market has been running to stand still and we were to start the year. sayink that goes a lot to that the profit growth cycle is teetering out a limit. david: thank you very much. gadfly.read more at and carl riccadonna. a reminder, the fed minutes will be released tomorrow at 2:00 p.m. eastern time and you can

join us for coverage and instant analysis. coming up in the next 20 minutes, retailers are feeling the heat from an unseasonably warm autumn and shoppers that would rather spend on salons and sweaters, and france remains on edge. foreign companies are canceling events due to security concerns. why thest on there, and fear trade in the oil market did not play out after the paris attacks. more on that in today's commodities close. ♪

david: welcome back to bloomberg markets. i am david gora. it is time for the bloomberg business flash.

according to people with offerdge of the matter, a for veritas's takeover of the semantic has been closed. here the keyed is said to be in talks to buy airgas, making it the world's largest supplier of industrial gases. the deal could be announced as soon as this week. general electric has continued to spin off of synchrony financial. the move includes an important step that concludes an important step to industrial operations and forms part of jeff and most's plan to -- jeffrey immelt's plan to return $90 billion to investors by the end of 2018. julie hyman has a check of opening movers. julie: a lot of retail news. walmart out with earnings that the average analyst estimates. the cup in he trying to rein in

costs, and they have done -- the company is trying to rein in costs and have done a store revamp. it has been investing more in that, and also more in e-commerce. it appears to be starting to pay off. shares are off about 4% today. also, on that's the concern about department store spending, apparel spending, it seems people are still spending on their homes. home depot out with earnings today, also beating estimates. the copy raising its forecast. kabul sales rising by 5.1% above average is does estimates. home depot is on pace, potentially, for a record close. also in the price -- plus the retailer, has margins expanding at a faster rate than had been projected. so, those shares are up by 4%. but, it is not all good news in retail. urban outfitters, which yesterday fell sharply after

saying it was buying a pizza chain, reported earnings after the closing revenue missed estimates, kabul sales missed estimates. those shares are down. dix storting but -- dick's sporting goods are also down. seen a decline, it says, because of warmer weather. david: sheila, julie hyman. retailers are facing a new challenge headed into the christmas season. tumors have more money, but would rather spend on services rather than clothing -- consumers have more money, but would rather spend on services than clothing. who is moving in this direction, young people pensively, or everyone thinking the expenses the way to go? >> it started off as a young person's trend, but it has a range. the money has to come from somewhere. they are not willing to slap the new dress on the credit card. i think it is age agnostic now.

david: i wonder, when you think of retail and the problems it is having, print to be -- we have these reports of retailers not doing so great across the board. the movement online, is it another set of problems retailers have to face? lindsey: it is another challenge, for sure, but for the right product for people are buying. people are willing to spend on their homes, but there is no big fashion trend in women's apparel. there is no i have to have it cashmere sweater, which means spending the money on a great dinner or broadway show a lot more appealing. david: here we are in october -- the winter holiday a couple of months away -- lindsey: november. and: november. sorry. what are -- david: november. sorry. market, it is a buyers black friday starts early-november. target is doing eight days of deals. -- 10 days of deals. david: here i am, waiting for halloween. lindsey rupp, thank you.

still had him bloomberg markets, russian president putin orders is maybe to help france in the fight against terrorists in syria. you'll get more on messenger james dobbins, the former u.s. ambassador to the european community. ♪

david: welcome back to bloomberg markets. i'm david gora. after the attacks in paris, there's weaving changes underway that will affect the nation and others. president francois hollande is encouraging a new coalition and his planning visits to washington and moscow. it is also propose sweeping changes to france's constitution. brendan greeley is on the ground in paris. president all on speaking forcefully to both houses of parliament and what has the

reaction been today, as you talk to people on the street? brendan: i think you saw shock over the weekend -- people stayed home, so much less foot traffic than normal on a fall we can you saw anger in the speech yesterday, and you are starting to see grief now. i spoke to someone who said this is the end of indifference, the apart fromce being the rest of the world. list was sobering victims, of all of the and the anger is not gone. that is informing politics here, absolutely, david. david: there is been a push for unity. we will have resident hollande traveling to washington and moscow as well. how are people receiving his push to unite europe and the western world? brendan: i think there are more focused on what is going on inside of france. so many people on the street say this is a domestic album.

there was, of course, coordination with someone in syria, but that was with a belgian. involved,two belgians many native frenchman involved. they say they need a change in police powers, surveillance, a change in the constitution to deal with radicalization right here. most of the people i talked to are not focused on war in syria. they are talking about war in france. about are they talking what the european community should be doing about refugees again? brendan: not in paris. honestly, david, i know we had a conversation in germany. there is a fight right now with eastern germany -- eastern europe. right now, they're not thinking about refugees. france was not legally forward-looking in bringing in refugees. it really is, again, a domestic problem, and that is the way they are looking at, even as francois hollande travels to washington and paris. right now, there has been a

quiet movement were people go to cafes as an act of defiance. i'm about to be done for the evening. i'm about to go join them. david: i know they have a minute of silence planned. be off. enjoy the bar. brendan greeley. thank you. let's get more on how countries are increasing corporation in the fight against terrorism. joining us from arlington virginia, james dobbins distillers fellow at the red corporation, former ambassador. you about what i see is a contradiction here -- a movement in europe that is fracturing the continent, a number of countries looking inward, and then at the same time you have this push my president francois hollande for more unity. how difficult will that be to navigate? ambassador dobbins: well, i think the pressures of the refugee flows are the major dividing line within europe -- how to respond to that. i think the fight against isis and the need to guard against domestic terrorism is not a divisive issue in europe, and i

think hollande will get a lot of cooperation on that. see as the do you future of the shang and era, where and divisions are able to go country to country without a passport? in light of what happened, do you see that fracturing? ambassador dobbins: i think it is under pressure. the have been some exceptions. there been some checks at the border in certain cases. i think that is likely to increase, particularly if there are further attacks. on the other hand, it really is a treasured privilege, a real simple of the unification that europe has achieved, and the contribution that it has made it to the lives of the europeans. i mean, you could imagine what it would be like in the united states if you had to go through border checks to go from one state to another, and the europeans would prefer not to have to go back to that. david: we had president francois

hollande saying in light of the in the -- investments he plans to make in counter -- in intelligence, that will exceed what he has done before. is that the way this crisis will be solved? ambassador dobbins: yes. i'm in, that is certainly part of the answer. -- i mean, that is certainly part of the answer. ending the civil war in will take the combination of military and diplomatic efforts, and stepping up the military efforts is probably part of that, although the domestic side is equally important. has,nk the united states probably, spent a good deal more andomestic security, foreign intelligence, than most european states, including france, and i do think that is an area where improvements can be made. --id: just last week we saw and we saw today, a soccer

stadium in germany having to evacuate. when you talk to colleagues in europe, how do they characterize the level of here in light of what happened friday? i haven't --bbins: i think, clearly, there is a higher level of caution, a higher level of security, particularly in france, in other countries as well. i do not see it at this stage as reaching anything like panic. david: all right, figuring much. ambassador james dobbins joining us from the rand corporation in arlington, virginia. still ahead, jeb bush sits down with bloomberg politics, weighing in on the controversy over accepting syrian refugees in the u.s.. ♪

david: let's start with the headlines. mark crumpton at our news desk.

the story wenow on told you about earlier. the federal aviation administration says a passenger aboard a flight from london to boston has been restrained after she tried to open an exit door. the cockpit is secure and the flight has landed. massachusetts state police say the woman was intoxicated. they also cite a tweet that reads, no as to terrorism at this time. authority for germany say friendly soccer match between germany has been canceled the -- after authorities -- information about a bomb threat. informed spectators about 90 minutes before takeoff. of the german government including chancellor angela merkel have then told to attend to send a signal that germany will not about to terrorism in

the wake of paris. remove from calling a unified front against the islamic state, they would meet with president obama a week from today and convene in washington and then he would meet with russian close -- president vladimir putin on november 26. over syria, they form what he would call a union for all who would fight the terrorist army in a single coalition. iran's's is calling for greater international operation in the fight against isis. spoke today to the french president oh on, telling him wiping out terrorism and syria and iraq, should be our first priority. iran is helping local forces fight the group in neighboring iraq. get more on these and other breaking stories 24 hours a day on the new bloomberg.com. from the first word desk, i am

mark crumpton. david, back to you. some ofet's look at today passes biggest movers. investors are selling on surplus and demanded china. announced it would be buying $13.4 billion, the world passes biggest supplier of industrial than to oil falling more 2%, flirting with $40 for the first time since august. and oil tycoon is predicting oil prices will not fall much further. he spoke with stephanie ruhle and erik schatzker at a conference this morning. >> yes, i think it will bounce back. beforell happen, i think you see a lot of rates come back in, it will be 65 or $70. >> the oil market was bound to react in paris and beirut but the next guest says investors should focus on the brevity of the impact rather than itself.

about the panic trade and maybe first, a definitional question. what is that and how has it laid out in the past? >> in the immediate aftermath, we saw oil prices up a couple percentage points and then it quickly came off and we saw something similar month before. you may remember when russia sent air spikes in syria. again once the u.s. jobs figures for september came out. >> syria is not a big oil producer but it is in the neighborhood. to what extent is what is happening there affecting the oil markets in the middle east? >> it is pretty marginal at best. the reason is, syria is not really a big oil producer. as the parisay attacks, the international energy agency released a report saying almost 3 billion barrels

of oil in storage in those countries, they called it an unprecedented buffer against shocks. i think you would need to see a in aneopolitical shock actual large oil-producing company to have a sustain the fact on oil prices. david: i think we are underlined the fact that this really is about storage at this point and not about supply. liam: that is right. actually put together a pretty good pdf today pointing out there is a lot of oil stored on ships at the moment. that is a bad sign. it is one of the most expensive ways to store oil and it is kind of a last resort and it tells how much excess supply there is out there. david: there was a gather of policy makers today and i saw the news they were unable to come up with a strategy plan as they prepared to present on the fourth. is that still more about curtailing out put?

>> i think it is telling you opec is bust at the moment. fortunes have waxed and waned over the decades. a lot of power in the 1970's, fellow in the 1980's, but now it is really struggling. it has got to try to win back the market share. its threet of conceptions upended by the shale boom. it is also just trying at this to maintain the global market while others impinge on producers and shale and places like brazil, these are threats to the market power. david: one more facet to the resign or'soal of here, they are encountering a hard time. liam: it is possible -- possible just not as profitable. people tend forget it is

ultimately the refineries that by the crude oil. they are not making a lot of my from buying it, they will not. over the summer, we saw them make great profits because the gasoline prices were very high. that is starting to slow down. as they head into winter, they will want to try to keep margins going in one way is not just raising the price of what you sell. it is cutting the price of what you buy. what they buy is crude oil. david: thank you, liam. a columnist. you can read more at gadfly. thank you very much. coming up, following the news of the marriott deal, what everyone wants to know is what happens to all your points. and jeb bush sits down with all due respect. stay tuned for excerpts from that interview. plus, shopping markets do not bode well for people who -- investors who want to go public. square's ipo tomorrow. ♪

david: welcome back. fed chair janet yellen is urging lawmakers not to adopt legislation increasing oversight to the u.s. bank here it she calls the deal a grave mistake. she says it would undermine fed policy and also says it would be get your mental to the u.s. economy and the american people. monsanto says they are considering whether to make another attempt to acquire syngenta after china national chemical made it did for the world pulse's largest pesticide maker. the chief operating officer told reporters the merits of making another offer. what happens to uber drivers when cars drive themselves?

the company''s chief says huber would help them learn other jobs. it said huber will provide educational and vocational training and huber would work well out of the transition to autonomous cars. always get more business news at bloomberg.com. the stocks lose ground and commodities continue their slump. metals falling to multiyear lows today. julie hyman has a look at that and more in today's report. julie: yes. metal in particular, you suggest what is going on in the metal market. also seeing and excellent today when you look pretty much across the board. gold is trading lower all of this partially tied to the strengthening dollar we have seen. commodities tend to trade in the opposite direction. around itsding lowest in five years and copper is seeing a similar judge or -- trajectory. down a little more than 1% in today's session as well.

theinued overcapacity in copper market has been hurting the price of metal. there is a sector etf that tracks the minors. ,t is trading at a record low created back in 2006, lower sense that it only three of the today'srs are higher in session and the single worst performers, largest producer of iron or in the united states, off by nearly 13% today after saying it will idle its plants -- plans in minnesota next month at least temporary -- temporarily. in chinese fields, continuing overcapacity and oversupply in the iron ore market. some of the other worst performers in the etf really spread out across a host of different types of metals. you are seeing prices fall today . you have also got peabody

energy. coal is represented their and other types of metals as well. david: julie, thank you. marriott has agreed to by starwood at a deal valued at $12 billion, to create the world's largest hotel company on bloomberg this morning. stephanie ruhle david west asked why he thought this was a good deal right now. >> we watch the continuing evolution of the marketplace. agentsbout online travel request -- acquiring other companies and how google is using hotel finder to make hotel reservations. think about alibaba in china or all of these platforms investing a ton of money in connected to the travel business. we thought by actually being bigger, we would not have to support as many utility like systems or revenue management or property management systems and we could spend hundreds of millions of dollars more on consumer-based technology and

tie our relationships to the customers. >> the thing that appears to be the growth opportunity is airbnb and platforms like it. why would you want to make a move staying in the traditional universe with starwood, which kind of seems to have lost its groove a bit. >> in a sense, a product we offer is a great product and the vast still majority of travels who will stay in a hotel as opposed to taking the uncertainty of staying a someone's apartment and we think that will be the case for many years. we do not see that changing and we do not see a material impact from airbnb at our business and we are trading at record occupants these in the united states. is so important because i feel like the universe right now has airbnb fever at people assume they are taking business from you. >> it is the latest widget. i'm not saying there is zero impact at all times. i asked the visit to philadelphia for example, the

peak rates are probably a little when youpop -- but look a day-to-day travel in new york and washington and paris and other places, we see good performance. another big question regarding the megadeal is what happens to all of those reward points? kelly, who to ryan helps consumers find the best travel deals, and asked him who were likely to be the biggest winners and losers. >> the most valuable points currency out there today, they transfer to analyze at a really good ratio. them for events. i think a lot of members, myself included, are nervous that when you dilute it into a gigantic program like marriott, you will lose value and mergers are all about creating efficiencies here that i do not foresee marriott's leading the program. i see them taking more of marriott and assimilating into that. >> we have only got a few

seconds. should you be cashing in any of your points or do you want to hold on? >> points hurting -- hoarding is epidemic.ic -- absolutely take a minute and use those hard learned -- hard-earned points. david: jeb bush says he would not ban syrian refugees from entering the nice he sat down with all due respect's mark halperin and john heilemann to talk about why he is taking a different report -- approach than most republicans including government -- governor chris christie who just announced new jersey will stop taking refugees. >> president obama yesterday said we should have no religious test to compassion when it comes to syrian refugees coming in and he went on to say it was sort of shameful and not american to suggest there should be a difference. said we should focus on christian refugees from syria. did you take president obama's comments personally?

mr. bush: he did not mention my name but yes, i have had the view for a while that religious minorities are deserving of our support. >> 27 governors have said no syrian refugees and they want none of their state or senator -- do you support the bill? thebush: i have not seen bill and i think people are concerned about the competency of the obama administration as it relates to screening processes. we have systems in place. any kind of concern, we should not allow people in, but i do not we should eliminate the support for refugees. it has been a noble tradition. >> you do not want to ban muslim refugees question mark as to bush: the answer is not to ban people from coming. to resolveis to lead

the problem in syria. that is the ultimate answer and my focus. to sayhe went on record how he would make it better commander-in-chief. >> donald trump said yesterday surveillance some mosques in the united states in a more intense way than we do now. he is open to the idea of even shutting him of those down. how do you feel about that issue? mr. bush: i have had -- i have confidence in the fbi to do the job. he has been all over the map. let isis take assad out, now he wants to bomb isis. he does not want to create a strategy and have the united states military lead an effort. it is a good example of why he cannot be trusted being president of the united states in my mind. >> any circumstances in which you would say mosques should be shut down? bush: i cannot unless there is identified threat to the country. we have got to because is about the world we are moving toward.

this is to protect freedom and not to move freedom away. >> on senator cruz and send your -- senator rubio, in terms of experience and policy decisions on national security, how would you tell voters you're better than them to be commander-in-chief? esther bush: i am probably more consistent and probably less bellicose. i try not to use language -- syria, both of them voted against the authorization of force. one did not vote because it never got to the floor and one foreign relations committee voted against the president's authorization of force. no rubio has got a different reason why he did it but back then it was he did not think we had an interest there and i think we do. ted cruz said something to the effect, a great spin of the phrase, that we should not be assad's air force. there is a broader issue at stake. it is the fact that there is a group of people who have

declared war on western civilization and our country. i think we need to be resolute as it relates to that and i have been consistent. how would youy, say you are better than senator cruz and rubio to be the next commander in chief? i am saying i would be a good commander-in-chief, not that they would be bad ones. i'm not putting anybody in any category. of all the people running, i think i have the skills and the leadership skills, the ability to make tough decisions, the ability to draw with a little humility, enough information before you feel like you're compelled to act. some of this just relates to life experience. , i am system two years old, i have gone through good times and bad times. i have had to make difficult decisions across the board and this is a tough job and requires a principle, it requires a set of guiding principles to act and then to stick with it.

>> the 20 years you have on those two young senators, you think that makes a big difference? mr. bush: for sure. i have traveled overseas extensively and had business overseas be a student of foreign policy. i think i have got what it takes. david: you can see the complete interview tonight with jeb bush beginning at 5:00 eastern time. coming up, it has been a slow year for tech ipos. square resetting the stage. more after the bell, they are set to begin trading on thursday. we bring you retrieve -- a preview next. ♪

david: welcome back. expected to price

offerings tomorrow after the bell. it has been a rocky year for the ipo market. do the companies have what it takes to turn it around? with the match group and i rattled off three subsets here. this company controls a huge swath of the markets. does that make it difficult for the company to grow going forward? >> investors will be asking them what are you doing to grow. e! online dating space is really fragmented. it is not only those three. .hey have 14-year-old citizens a wide swath of different dating sites that they own, which makes close to two thirds of the entire market. it is kind of the playbook when they have an underneath the parent company they are being ipo from there it basically to buy up plenty of fish, another site that they just bought recently before the ipo. theeems to be where some of growth will come from if they continue that playbook.

i guarantee you that is the playbook from investors. at what point do you monetize that? and how do you grow? of these two, they are the ones actually posting that earnings on the bottom line here. they have been profitable for a while. investors seem to be a little more favorable to that, especially when they topped the equity conditions in the u.s. david: how will they look at square? do they see it as a mobile payments company? a technology company? is there a distinction? what squaresnd of going for in the evaluation, that is what we're looking at. square has all the characteristics of the typical tech unicorn. celebrity ceo in jack dorsey, the cofounder and ceo of twitter. backers, products

enabled by technology found that grew really quickly. they had all these promises for growth but when it comes to the numbers, 95% of their business is from point of sale and processing payments. so they look by the books like a financial company. the question and what i will be watching very closely for tomorrow when they price, is, do they get that premium that some of the likes of a workday might have gotten where they are these tech companies. the valuation is sitting kind of somewhere in the middle here in -- middle. they have eight times adjusted revenue, what they will be trading at at the low end of the range if they get $11 per share. it is double what payment processors to the treat out when you look at things like cartman payments. david: reduced sales per kind of children that have?

>> this will be one that they really look at. the private round, 1564 -- $15.64 per share. they are one of the early and big names, big unicorns, whether they like it or not, who is actually going public. would think some of the tech companies actually would take a look and say, what can we get with these markets and do we wait until later next year? david: thank you very much. coming up in the next hour, we will find out which companies the doj is focusing its investigation on. and a number that bankers have been tanking. that is coming up next. ♪

>> welcome to bloomberg market. ♪

betty: here is what we are watching at this hour as we head toward the close. to fileng plans criminal charges against unnamed supplement makers. scaling back on stocks, other hedge fund or czar as well. should you, the average investor? walmart beating earnings estimates. we will look at how retailers are doing it and how they did it. away from the close of trade, ahead of the market debts -- market desk. if you're looking for any kind of direction here -- >> a las