. >>> bill ackman is making a big bet on himself we'll explain how when orwi ehae" returns i love youbasement bathroom of solitude, but sometimes you stink. febreze air effects doesn't just mask, it cleans away odors. because the things you love can stink. trust #1 doctor recommended dulcolax. use dulcolax tablets for gentle dependable relief. suppositories for relief in minutes. and dulcoease for comfortable relief of hard stools. dulcolax. designed for dependable relief. >>> the nasdaq pointing to another record open. >>> ackman's big bet on himself. why he's feeling extra bullish in the new year. >>> and where's the beef the new mcdonald's menu item that is getting a lot of buzz today. it's wednesday, november 3, 2018 this is "worldwide exchange. >>> good morning warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. we got slightly positive open expected if we are looking at the futures market up five points for the dow the nasdaq leading the way up five the s&p up 1 lets look at oil prices, which were essentially flat yesterday. slightly higher today. 60.05 for wti. it'

plus, big news from bill ackman on stocks, fees and more before the break, our data partners on what happens to industrials after a 10% plus run in three months. two-thirds of the time, the run continues at least for another month. the halftime report is back in two minutes. i think that she's a very nice girl... live from the new york stock exchange oh yeah. no. at cognizant, we're helping today's leading manufacturers make things that think and do automatically. imagine that, a world of new digital products and services all working together for you. can i borrow the car when it's back? get ready, because we're helping leading companies see it- and see it through-with digital. of emerging markets obsolete? at pgim, we see alpa in the trends, driving specific sectors of out performance. where a rising middle class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner

is making a big bet on bill ackman leslie picker joins us with the details. >> that's right, bill ackmangroup of pershing square advisers and senior executives announced a plan last night that would increase their ownership of the firm. pershing square revealing a potential tender offer up to $300 million by the management team, who believed the firm was, quote, undervalued remember, pershing square is publicly traded in both amsterdam and london and has been trading at a discount to net asset value. something that prompted the firm in april to begin a buyback program of up to 5% of the shares outstanding that program would be suspended in lieu of the tender offer. while pershing square shares are trading higher today, at the end of 2017, pershing square's price on the euro next was about 21% below nav per share. now, some investors may argue that discount is warranted after a rough 2017 for pershing square, acuman took a $4 billion loss after selling his stake in valiant in march then in november, he failed to obtain a single board seat after a contentious proxy fight at adp, and last w

why bill ackman is taking a stake in nike. it's friday, january 26, 2018, "worldwide exchange" begins now. ♪ good morning a warm welcome to "worldwide exchange." i'm wilfred frost. >> i'm courtney reagan in for sara eisen on this friday morning. we made it >> absolutely right. happy friday let's get to market action we did see a half percent of gains for the dow yesterday. the s&p and nasdaq just either side of flat week to date, all three are up more than 1% the dow slightly leading the pack is up 1.2%. we expect a small positive open today. the dow up 34 points ten-year treasury note, we have seen yields slip over the course of the week. even though the theme of the year has been a steep ee eenenel curve, we have had a flat yield cur curve. >>> looking at trading overnight, japanese nikkei average closing down just slightly that's about the only average in asia that closed lower for the session. you can see the shanghai higher by a third of a percent. the hang seng up 1.5%. the dollar was fluctuating yesterday between second

story we watched about the implications of the new tax law in the united states has to do with bill ackmannd his holding in power jews, his pershing square holdings selling 2 million shares in howard hughes in part to allow more flexibility under the u.s. tax code. he will move his stake around. are tradinghares higher by 3.5% and howard use hauling by the same amount. allergan prepared --cut 1000 jobs as they lose when these headlines crossed about the job cuts, shares a leg up, up 8/10 of 1% but it saw a clear reaction to the job cuts headlines. vonnie: julie hyman, thank you for that. looking a lotocks like they did in 2017 after hitting record highs for a second straight day. they dollar snapping its longest losing streak since february ahead of this afternoon's released of fed minutes. here with his new years resolutions is hank smith. great to have you with us. i see that you are noting that we will have a correction in 2018 and that it is coming. but it is a waste of time to guess when and why. what do we do in the meantime? >> we should all expect pullbacks and corrections, they ar

. >>> after the bell, bill ackman taking a page out of walmart's discount playbook.nexpected move by his pershing square hedge fund coming up. you're watching cnbc, first in sissorwibune wldde account with a great rate. but if that's not enough, our app helps monitor your spending too. and if that's not enough to help you save, we could start a carpool. look at this traffic. don't worry. ok, if that's not enough we'll start a trainpool. oh i have a meeting in five minutes. and if that's still not enough... i got it. we'll just create a shortcut. we'll do anything, seriously anything to help you save. ally. do it right. talking 4th quarter? yes. your new brother-in-law. you like him. he's one of those guys who always smells good. his 5 o'clock shadow is always at 5 o'clock. you like him. your mom says he's done really well for himself. he has stocks and bonds. your dad wants to go fishing with him. your dad doesn't even like fishing. you like your brother-in-law. but you'd like him better if you made more money than he does. don't get mad at your brother-in-law. get e

the brawl between hedge fund titans bill ackman and carl icahn may have been over herbalife, but their battle went much deeper and gave us an inside look at how far the most famous investors in the world would go to win. leslie picker joins us with how the two have fared since then. >> that's right, scott, it went beyond herbalife the titans criticizedeach other's reputations as businessman. we looked at the last five years. as you can see, each one traded turns outperforming the other, starting with carl icahn in 2013 then ackman was ahead. it was downhill from there, icahn barely squeaked out a win in 2015 and ackman in 2016, but both guys with double digit losses ackman stomached a $4 billion loss in 2017 icahn was plagued by the slump in energy and commodities with positions in freeport and chesapeake this year icahn is ahead, although we only know about his returns through the third quarter. the crux of their argument, though, was herbalife. take a look at this chart since december 2012 when ackman disclosed a $1 billion short position a month later icahn called that move the moth

new an noon, more of the new stake bill ackman has taken in nike he began buying shares in october on belief that the company is well positioned for growth especially in europe and developing markets and looks at the sneaker business as essentially a duopoloy with nike and adidas as the only real players. a high margin business with big barriers to entry. leslie joins us now with more. >> that's right. last week or so, we've seen ackman cut his staff, shun the slight splooigt and now in his latest move x he's taking a passive stake in nike. while this stands in contrast to his more famous activist style, where he takes the stake and then pushes for change in the company, it's not necessarily out of the ordinary for ackman he acquired five new positions last year for example, hilton, nike, adp and then two stocks that have yet to be disclosed. only one of those, adp, was a publicly activist stake. now he's also purchased many stake in names like chipoltle. he told investors at a dinner last night about nike. he said he took the stake in october as you u mentioned in an average purchase

. >> when we come back, we'll talk about what bill ackman is betting on, bill ackman. details next. and bitcoin's they'll riel wh drove the cryptocurrency yesterday. "squawk box" is back after this. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember. but some of us make somethinge make sommuch more. dinner. mom would be proud. with blue apron, any night is a chance to see what cooking can do. >>> time for today's executive edge bill ackman making a bet on bill ackman leslie peicker has the details. >> ackman showing confidence in his firm through a tender offer of pershing square shares. ackman along with other advisers and executives would increase ownership in the firm by 300 million. pershing square is publicly traded in amsterdam and london and has been trading to a discount of net asset value. in a press release, pershing square called the firm undervalued by the market. s

came under attack from bill ackman's square.ck dipped in response just this month adp delivered a strong quarter higher than expected revenues 8% year after year. even better management raised its sales and earnings private sector added 240,000 jobs this year when your employer wires -- until you cash the paycheck. can it keep climbing let's take a closer look with carlos rodriguez welcome back to "mad money." >> good to see you. >> congratulations on a great quarter. and i am trying to figure out the -- i mean is this not the perfect environment for adp. >> practically perfect >> rates going up. the job creation in this country is rather amazing. >> the tax cuts are going to be a stimulus to the economy. so prolong the recovery. it is going to go longer now we are excited because as you mentioned not only do we benefit from employment and good economic activity but a little bit of inflation and higher interest rates helps adp as well. >> let's talk about the aftermath of the proxy you were doing a lot of things that ackman was

because bill ackman, he's a mover.e's a seller, so that makes me think, don't buy elliot in new york elliot >> caller: i just want to say you're an awesome teacher. >> thank you, that's what i want to do. what's up? >> caller: my stock is symantec. >> there are too many stocks, and i say power up the networks. and that is the end of the and that is the end of the lightning round. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade >>> it crept back into the markets. how about the crazy day where it was up and down, almost 20 points that's why we preached the importance of maintaining a diversified market that's why we have to play "am i diversifi diversified. this is where

why bill ackman is taking a stake in nike.s friday, january 26, 2018, "worldwide exchange" begins now. ♪ good mor

analyst says one big-name crude company is prime to benefit the most we'll tell you which one and bill ackmaning an ax to his management fees. leslie picker following the money there, she'll join us with the details. see you at noon eastern, 15 minutes away, carl >> scott, thank you very much for that we've been talking for a while about whether or not 2018 would bring a string of new ipos from high profile private companies bloomberg is reporting dropbox has filed confidentially for an ipo. the last valuation in the last round, $10 billion we don't talk about it as much as other candidates like uber and air bnb. spotify we've had information on recently >> couple years ago dropbox was one of the most highly anticipated ipos there might be some rationalization to happen here interesting to see not only what dropbox's numbers are profitability-wise, because the premium model has fallen out of favor, to what extent are they still latched into that, but also how investors react to those numbers once we see them >> yeah. i mean, if they are filing confidentially for a u.s. ipo, one would think th

bill ackman it reported a net loss of 4% in 2017. 20% to $.7 down billion.crypto hedge fund poly chain will offer a public offering in canada. that is your business update, this is bloomberg. this is bloomberg. retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. in new york. 3:00 scarlet: welcome to bloomberg markets. julia: live in bloomberg world headquarters in new york for the next hour. here of the top stories we're covering. sexual harassment allegations against steve wynn in the united states causing ripples on the other side of the world. why curate is taking control of dr pepper. and more appreciation. the bull market is good for the economy, not just for shareholders. we are

he'll answer for you as well and a new round of big changes for bill ackman including fees and new investments'll discuss noon eastern we'll see you in a few >> scott, we'll see new a few. wynn shares under pressure as the harassment allegations against steve wynn continue. he does resign over the weekend. let's bring in the author of the winner is who joins us on the phone, long time gaming report for the journal as well. good to have you on the phone, kristina binkley >> happy to be here. >> analysts sell side, investors trying to gauge what would the risks here be as this investigation proceeds is it to bookings in the near term is it to shares if wynn, for whatever reason, decides to start to liquidate his substantial stake? what do you think? >> well, i cannot imagine he's going to be liquidating his stake. it is his personal night player to have a smaller stake in that company. if you look at the twitter, there are a lot of people tweeting they're cancelling reservations my guess is they're seeing a hit already in terms of people coming in and staying there. we have seen what happened to

bill ackman is cutting 10 according to a person with knowledge. to reduce support staff as it overseas $9 billion, less than half the assets it had after 2017. a representative declined to comment. -- by acquiring patron spirits international in a deal valuing the company at $5.1 billion. the purchase will combine two of the world's largest distillers. that is your bloomberg business flash. sebastian, thank you. let's get to our top stock stories with a market that is up across the board. for that, nejra cehic. nejra: and i am focusing on gainers. you heard the stories in the business flash, but i will take you through them. , investors reacting positively to a pretty sweeping overhaul, cutting thousands of jobs at its french headquarters, selling stores, reducing the size of french hypermarkets and confirming partnerships with tencent and investing $3.4 billion online. to of that taking carrefour its highest since august. upgraded toing, outperform at rbc. the first quarter revenue for stockrising 8%, pushing to almost a two-year high. finally, s

condo building where a penthouse reportedly sold for $100 million, where pershing square's ceo bill ackmanvested $91 million in an apartment. a local realtor tells us the square footage in this particular area can go as high as $10,000 per square foot, the most in the city and the mayor says, look, it's part of our plan to open 90 shelters around town, we are going to open up we park savoy hotel. it's a budget conscious hotel, just on the other side, the block on the other side. so right here, the park hyatt new york you can walk straight through, go out the back entrance, and boom, there will be a homeless shelter for 150 men, long term shelter. and this is, if you think this might sound a little crazy, why put it in midtown manhattan, you're not theonly one to thin that the realtor asked the question, how is this a good use of taxpayer dollars after all, that property, the park savoy hotel, sold in 2006, so more than ten years ago, for $172 million but the mayor says, quote, if you go around new york city and ask people a simple question, would you like to see a homeless shelter in the n

heads-up to my fellow new york city subway riders you may soon see this familiar face yes, that's bill ackmandge fund manager after three years of losses is laying off about ten people in his firm, including his own driver since 2015, pershing square's assets have been cut in half they did have redemptions at the end of the year, but that wasn't necessarily the catalyst for the restructuring. it's part of a longer soul searching within the firm to turn around performance. that means acuman plans to do less time marketing and more time investing as they say, though, misery loves company, and ackman has plenty of it in fact, many brand name activists posted returns last year that not just lagged the s&p 500 but also the broader hedge fund industry and their smaller activism peers these are names like nelson pel peltz, who was up 3.7%, and davidine horn's greenlight capital was up on the year barry rosenstein is only a third activism was up 5.6% the bigception is third point, led by dan loeb. his firm reported returns of 18.1%, and unlike his star-powered peers, he didn't wage any major activist

pershing square ceo bill ackman and a group of investors reportedly spent some $90 million on an apartmentagine the surprise in this neighborhood when they heard that mayor de blasio thinks a homeless shelter for 150 men, long-term shelter, should go in right next door to the back entrance here. it's not the only posh, high-end building here, and a local realtor said this is craziness, that apartments here can go up for $10,000 per square foot. let me give you a sense of where the shelter is going in. at the park savoy hotel, which is right next to the back entrance to the park hyatt hotel or the park hyatt new york, i should say, and on top of that, it will have 150 men living here the realtor points out to me there won't be goods or services in this neighborhood, and yet opposing realtor says that's true, but the city has to do something about real estate homeless problem, rather okay, so back to where this is located. here's the map you can see central park and carnegie hall next door. the mayor's office, and i just got off the phone with them, said look, we don't care about how high pr

barry rosenstein was up about 5.6% last year and then, of course, there's bill ackman, who after threesses recently fired ten people from within his firm. that's according to a person familiar with the matter since 2015, pershing's assets have been cut in half. i'm told they had redemptions at the end of the year but that wasn't necessarily the catalyst for the restructuring. it's all part of a longer soul-searching within the firm to turn around performance but not all major activists underperformed in 2017 third point by dan loeb, as he tells it in his fourth quarter letter, the key to the firm's success last year was hiring sector specialists who picked good stocks. it's all about the stock pickers. also worth noting that unlike the others, third point did not wage any proxy fights last year. >> that's an interesting point still working on nestle right now, i thought i saw. >> working on nestle but hasn't risen to that level of proxy fight, trying to solicit votes from other shareholders in the company. >> what do you think about the results? >> i think this is -- the market is not

they will survive even though bill ackman and the pershing square bad people left them on death's doorff cole vert, 99-cent stores. saved them from the brink and brought them back. you have winners to invest in and comeback stories to watch like penny and 99. ashley: now on the other side, the losers. >> ashley, as you and liz reported for a long time, great people working in the stores at sears and kmart. horrible the people who control them, eddie lampert, and esl, wall street geniuses don't understand main street. sears, kmart, bon-ton group, from the herbiger stores in north dakota to carson's in chicago and bon-ton in the east. that is really problematic. ashley: look at the last holiday season pretty strong, right? >> yeah. ashley: shoppers came back and they spent. >> what is really great, business news reported with deflation in apparel, prices were down 1.3% but unit sales were up almost 5%. so, as you and liz and nicole reported earlier, macy's big comeback under new leadership. ashley: yeah. >> in addition to off priced, neiman marcus seems to have found the footing. with th

great dream team, mike ullman on the poor when bill ackman and pershing square had penny effectivelyago. best rocky balboa comeback in retail. by pushing sears closer to the cliff and going to the edge of niagra falls breaking on the rocks with the barrel below. stuart: how many cliches. >> liz and i went to school up there. liz: buffalo. stuart: saying sears out, jcpenney may survive and do well? >> yes. stuart: is that it? no cliches? >> point -- ashley: every cloud has a silver lining, let's be honest. only time will tell. >> good merchants and good leaders does macy's and kohl's which had plus 7% comps in store and online. less capable companies, sears going away. one with good merchants and leaders will win. stuart: i think you got it out? the end. amazon 1350 a share. thank you. >> gave me a few opportunities which i appreciate. stuart: gone on most of them. bert, thank you, sir. >> chipmaker nvidia, all-time high. it has a partnership, it is all about self-driving cars. liz: uber, hooked up with uber, volkswagen, tesla, china's baidu. you said this a while back, ashley. who wo

bill ackman's hedge fund has cut 10 employees.ershing oversees $9 billion, less than half of the assets it had in 2015. that is your bloomberg business flash. tom, you are still at the world economic forum. tom: thank you so much. greatly appreciated this morning. what a wonderful panel this morning. a packed audience. david rubenstein was with me. anne richards of m&g. i begin with the author of "the curse of cash." >> if we have another financial crisis, there really is not a plan "a." tom: let's talk now about the do youf your work -- feel that this time is different? : i do not. i feel we are still coming out of the last financial crisis. a systemic financial crisis we have experienced has a long afterlife, taking -- and taking eight to 10 years to recover is not unusual. and i have to say that talk could inflateon genuine issues like productivity with our financial crisis. so i am not going to tell you there will not be another financial crisis. sales of my book would collapse. but i am kind of optimistic going forward about

bill ackman. >>> after the bell, facebook, microsoft, at&t set to report lots of focus for beyond thoseir conference calls with investors and analysts >>> president trump speaking out about trade during the state of the union speech he said america will not be steam rolled >> america has finally turned the corner on decades of unfair trade deals that sacrificed our prosperity and chipped away our companies, our jobs and our wealth our nation has lost its wealth, but we're getting it back so fast the era of economic surrender is totally over >> joining us now, commerce secretary wilbur ross. i love, you know, speeches for what they're worth, wilbur, but i really want to look ahead and figure out what you can tell us about some upcoming stuff in terms of nafta, for example, and in terms of whether there really is going to be another attempt at multi-lateral stuff we heard last week with tpp behind the scenes and also what, you know, the next step with china. we had solar panels and washing machines can you address all three of those? where are we on nafta? will we try to get in tpp now th