vonnie: lots of support for bill ackman.e same time, it is a close battle and a lot of opposition. joining us now for an exquisite interview is greg, who served on the atp board for 14 years. he no longer has a position in adp, have bee having given any outstanding shares over the years. you can hear from everything there, i asked the third shareholder advisory firm to say we are not backing the plan completely, but why not put bill on the board? he would be a good minority voice. what do you say? greg: it is interestinggreg: vonnie:, because i think wha -- greg: it is interesting, vonnie, because i think what they did, eric is a terrific director, by the way. i know him well and a huge value added on the board, but you either get to vote for the atp slate or you get to vote for the slat that bille has put up. you do not get to put them together. reminds me of when i was a kid of a multiple-choice exam i would read in school. i would read the question and think i know the answer and i go down and answer i find it was not the

bill ackman pushing for three board seats at the next board meeting.er to shareholders, urging them to reelect the current 10 directors. "part of the difference is maybe a lack of appreciation for how much risk there is the client retention." we are joined by the president who wrote that, the ceo carlos rodriguez. thank you for joining us. bill ackman said he could help drive the share price to as much as $255 from where it is now in the $120 range. he contends he could improve the margins by 12 basis points. and with new directors and possibly a new ceo, but that is upper question, that the company would do better for the shareholders. do you think you got off to the wrong start and this has gotten more nasty than it needed to? carlos: i think we have moved on. we obviously have a different idea about the pace and risk involved in moving as aggressively as bill is suggesting. he has had prior experience with different companies, like with jcpenney, and we want to make sure we do not make the same mistakes here. vonnie: we can totally get into the impa

when the company achieves the record results that they have achieved they don't need somebody like bill ackman telling them how to do their bills. all of us could benefit from a set of eyes looking to business. there's a way of doing it. a public proxy fight criticizing a company with this track record is just counterproductive, and i'm arguing over process, not supposition of his recommendations. i know adp would have received bill with open arms, listened to what he had to say and if what he had to say makes sense he would have done it we looked at acquiring over a decade ago this company is not asleep they didn't get to where they got by being asleep. they are not complacent. they are always looking over their shoulder, and i'm just arguing about process. i'm not prepared to argue the merits of his recommendation because basically i retired from the board five years ago and made the mistake of giving all my stock away to charity should have taken cash i wouldn't be surprised if the stock quadrupled the next three years. i'm arguing about the prose process. it's wrong and all the proxy servi

our own jim cramer sat down with activist investor bill ackman.ut ackman's battle with software service provider adp here is a taste. >> the advisers say, look, you don't want to even show that you're open to what they have in mind if you do, there will be more event-driven investors and you'll lose a proxy contest. we haven't heard from carlos in a long time, the company seems to have dialled down the temperature. shareholders, all they care about is, is there an enormous opportunity to improve this company. i think the answer we're hearing is yes >> let's bring in jim cramer for more on this, hey, jim this has really been a bruising battle between adp and bill ackman >> i've got to tell you, melissa, i think he dialed it back i think the bill ackman i saw in the show was about the rigor, the plan, how to get the fundamentals moving, but cordial, welcome iing a good dialogue with automatic data it wasn't subdued, it was just matter of fact maybe that's what's needed at this point for the people who watch us at home to figure out who to really vot

. >>> and a bitter proxy fight between bill ackman and adp. we'll find out more just ahead >>> good morning a warm welcome to "worldwide exchange." i'm wilfred frost. >> i'm courtney reagan in for sara eisen thanks for joining us. >> thank you for joining us. let's look at the market picture it comes off a day of fractional gains. essentially markets were flat. for the week, the dow is up 1% the s&p and nasdaq 0.6 p%, 0.7 % we're set to open 11.3 points higher for the dow yields above 2.3% for the ten-year, that nice rise in yields we saw over the course of last week, up to highs of 2.34, 2.35, just down a bit. 2.32 the yield on the ten-year. >>> another quiet session in asia with markets in main lan china, hong kong and south korea closed today the nikkei up just a hair. 0.01%. i guess it counts as a gain. hardly at all. let's look at europe a marginally mixed day on wednesday. if we look where we are now, we are mixed here we see markets totally flat in france the xetra dax down 0.2%. spain rallying again here, 0.6%. >> spain closed down 2.8

exclusive comments from billionaire investor bill ackman.hen you have the likes of three big banks all reporting earnings this week. how the lack of progress on tax reform could impact their bottom line. weinstein is out at his own company after allegations of sexual harassment. let us get you caught up on where markets stand. at sin, we are looking trading. abigail:. small declines at this point. the dow and nasdaq slightly higher. declines. the big banks are reporting earnings this week. third-quarter earnings season kicks off officially. this is a chart going back to 2014. see quarter after quarter, earnings have been revised down. back in early 2016, we had back -- that era of macro risk. investors are anticipating this earnings season may be beatable. growth targets are earning for the third quarter and could act as a tailwind. companies are likely to meet those forecasts. one stock not doing so well is ge. down 26%. its worst year since 2008. its worst day since july. three executives have left. board.s are joining the -- new members a

and tomorrow we will be speaking with pershing square's bill ackman on the fight with adp.ss that interview. this is bloomberg. ♪ vonnie: it is 11:00 in hong kong. mark: i'm mark barton, welcome to bloomberg markets. vonnie: these the top stories we're covering from the bloomberg and around the world. facebook, google, and twitter are under the microscope today. they will testify in the senate on russian influence on social media. could this set the stage for more regulation on big tech? the leader is painting himself as a leader in exile after fleeing to brussels. on he wants to make cattle independence the european union's problem. this is the 800 pound drill it in equities trading, bitcoin head of executive services. we are 90 minutes into the trading day. julie: the company's second ranking executive who is the executive director and the president is the target of a civil investigation by dozens of state that have been conducting the probe into generic drugs and the legend price collusion among the makers of those drugs. this individual is being targeted specifically. t

. >>> and bill ackman rumphing up his push for changes at adp, we'll hear why he thinking that company could be more productive >>> making history after the three indices closed at record highs. jobs fell by 12,000. earlier president trump treated stock market hits a record high, business and manufacturing enthusiasm at the highest level in decades a reason for him to be optimistic so too for the gulls industrials, transports, small caps, mid caps, almost everywhere you look. >> i think it will be interests to see what happens with the transcripts after this news for amazon that's been gravy. we are in an absence of news flow i have a theory with you, my theory is this, on downgrades head funds country in short, so on down days for the market, they have s&p buy, and they have etf buy. if you look at a classic example. let's use the example of a downgrade, like in garden-variety downgrade 3m, a terrific company gets downgraded by jpmorgan, you go to the fabulous ceo, there is no reason why they do it. that downgrade is the failed downgrade, and that's been why we've been hits new highs.

. >> willem, thank you very much >>> still ahead, bill ackman takes his adp proxy fight online what heold investor observes a webcast last night first the national weather forecast from bonnie schneider >>> good morning looking at wet weather we had some storms in chicago. more rain is expected for detroit, cleveland, pittsburgh and philadelphia as a front continues to push moisture that way as well as the virginia coast. boy, temperatures are not feeling like october at all with high pressure dominating across the southeast. temperatures are soaring into the 80s and 90s in alabama and georgia. feeling like summer. it's not changing any time soon. we're expecting temperatures to stay warm through tomorrow and even into the weekend. even oklahoma city well above normal for this time of year most places will stay like that through the weekend. even indianapolis, 81 is your high on saturday and the 70s this week so enjoying warmer conditions that's a look at the business traveler's forecast. more "worldwide exchange" when we come back i love you, basement guest bathroom. your privacy make

we spoke with him earlier today and asked if he and bill ackman just got off on the wrong foot.n, toink we both moved talk what the facts and how we can make adp better. we obviously have a different idea about the pace and risk that involves a moving as quickly and aggressively as bill is suggesting. he said some prior experiences with other companies like valeant and j.c. penney where the risk reward ratio was tilted in the wrong direction and we want to make sure they'll make the same mistakes and adp. >> a very different place, we can get into the impact of his position in valeant had and whether or not it made money for shareholders is another question. in your case, he does make some great points about margin improvements. quicker margin improvement. there are risks, but what's wrong with his argument they need to improve margins and there's obvious ways to do it? >> valeant may be different, but in j.c. penney, it was the idea of an aggressive margin improvement. he brought in his own ceo and had his own plan and it didn't work out. >> retail has its own problems. let's c

. >> thank you >> steve leblanc, cap ridge partner co-founder >> coming up, a boost for bill ackman's adp campaign. that's next and in the blitz. >> also on the docket before we go vf corps, big news on nvidia and iconic why are those stocks getting hammered 63 days before christmas? we'll tell you today, the new new york is ready for take-off. we're invested in creating the world's first state-of-the-art drone testing facility in central new york and the mohawk valley, which marks the start of our nation's first 50-mile unmanned flight corridor. and allows us to attract the world's top drone talent. all across new york state, we're building the new new york. to grow your business with us in new york state, visit esd.ny.gov. you know win control? be ss with us in new york state, this guy. check it out! self-appendectomy! oh, that's really attached. that's why i rent from national. where i get the control to choose any car in the aisle i want, not some car they choose for me. which makes me one smooth operator. ah! still a little tender. (vo) go national. go like a pro. excuse me, are

. >> bill ackman had a statement here's what he said. >> the decision to vote your shares here is asmportant as the decision to vote for the president of the united states and vote for a senator or congressman to represent you your vote is very important. it's your company, you get to decide. >> as important as the decision to vote for the president. >> i call that hyperbole actually i call it stupid. i like bill but that was wrong bill has got -- if he had been interviewed rather than had this ham i will thing he's doing, come on, bill, you're better than that. it's important as the president. come on. i mean, automatic data -- president of the united states that demeans the office. it's as important as the six on espn i'm getting discouraged by the news flow. >> as far as coach goes, changing their name to tape stri, we found a name to speaks to creativity and authenticity and inclusivity on a shared platform and values. tapestry. >> came out in 1972. i saw her do it. james taylor was the opening act -- >> they've been partners for a long time. >> carol king cried once when i told

what kind of relationship is bill ackman have with chipotle's board? it's pretty friendly.cott: it's complete friendly. unlike canon adp, he had a very good working relationship with them. they are working in tandem together to try to right the ship at chipotle. scarlet: to that point, how closely will they work together, bill ackman is an activist investor, do you think that it will be in trying to institute major changes? scott: he already has. he's been in the stock since september 2016 and obviously, we've seen a lot of turnover in management and directional changes. he's been a part of all about. he's been working with the board to implement those changes. and i think that he believes that he is affecting some change. some permanent structural changes that will improve the direction of the company. scarlet: nevertheless, he has a paper loss of $360 million. scott deveau, thank you. what's plaguing jim foley, operationally, we want to bring in cry jim -- craig g mona. o gets no love on social media. he thought it was a little underwhelming. queso bring in customers? : a

betty: you've got bill ackman aying it's kevin arkh who do you say?everyone's talking about their book at the end of the day. i personally -- andly talk mine. i would like to see warsh because everyone agrees that the central banks as a whole are long overdue for an overhaul. they need to modern hiesize how they look. they need to go back in the future as opposed to being married in the mark and where the s pnd p is close on the day. they need to go back to the long horizon of policing in the marks for a long term. betty: speaking of policing, kay, there's been a lot of talk about the alternative asset bitcoin. you've got regulators weighing in. there was an argument that ken rogoff wrote where he talked about bitcoin being in a bubble and it will collapse. we've been hearing so much from different voices on bitcoin. what do you say? >> i mean, i'm a scripto currency. i think they're here to stay. you should do the work. i actually think what's interesting is the first quarter of 2018 we'll be getting futures cboe. oin out of the there's a wall of ins

from it much bigger win -- win, you arebigger now the ceo against bill ackman.eve that activists are running out of ideas to generate shareholder returns? >> as an asset class, it has not performed very well. if you look at green light with gm, that was an example of doinge doing shore -- sure financial engineering, and he just ran out of ideas. i think the case for the activists is that they are becoming more stock tickers that having a real platform. they can have a place, that it is not a strategy. there are not a lot of conglomerates left, so i think they are running out of place in the playbook. alex: looking into 2018, you mentioned tax reform a little bit, but what do you think will be different this year compared to next year in and in a land -- in m&a land? >> i think we will get that certainty in tax reform. that will generate an enormous amount of tax. -- of cash. alex: we did not actually see a kick up in m&a last holiday season. >> what has happened now is that ceos are realizing more than ever is that they are not going tousiness. the only way to r

bill ackman has been pushing for three boards seats at the meeting.elect for current slate of directors. >> we make progress and we have plans to continue progress. 580margins have improved basis points and we guided to another 500 races point dachshund basis points in the next three years. points in the next three years. it comes down to the difference in opinions about pace and risk. >> united airlines ceo oscar munoz had a bad day yesterday. disappointing third-quarter earnings hurt the stock. he got on his earnings call. by the end of his talking to analysts, the stock was down the most it has been in eight years. what went on? >> analysts were looking for clarity on how united will an active their vision of improving their yields, which are the affairs of they get paid in the u.s. to mastech market as they close that with delta and with american. that is the secret to more profitability and united didn't give them more details to adjust their models and figure out how the company will turn angst around. -- turn things around. gma not pleasant sta

coming up tomorrow, i will speak with pershing square's bill ackman on his ongoing proxy fight with adpincluding the claims from adp that it will lodge a complaint with the sec. that is tomorrow at 12:30 eastern. this is bloomberg. ♪ mark: live from london and new york. i'm mark barton. vonnie: i'm vonnie quinn. this is the european close on bloomberg markets. shares of chipmaker qualcomm 7%, one of the worst performers in the s&p 500. let's find out right now with abigail doolittle. >> there is a report out saying that apple may consider not using qualcomm's chips in their iphones and appetites starting next year. we have had an ongoing legal dispute between these two companies over pavement and this seems to be apple showing its muscle. if you don't do it our way, we will use other chipmakers. it could be anywhere between $.25 and $.60 of earnings next year, depending on what analyst model you look at. what is at stake here, qualcomm trying to reserve its royalty pervy model. if we go into the bloomberg to look at the numbers, this is a margin line for qualcomm. and 2015,from 2013 gai

. >> when investor getting burned by two poli is billionaire bill ackman.re december 2016 and we have seen a lot of turnover in management and directional changes. he has been a part of all that. he has been working with the board to implement those changes. ishink he believes he effecting change. some permanent structural changes that will improve the direction of the company. reported earnings that beat estimates. they reconfirmed its outlets since 2017. manus: it has driven for the first time in three years. >> i feel good about the quarter. it to mid to the growth. , we haveines division a couple of new drugs firing on all cylinders. our generics business, despite competitive and pricing pressures in the u.s., also grew. the best part about the quarter was that our outcome business grew sales 7% and profit almost 20%. i feel good about where we are. we are positioned as a focused company. we have a strong pipeline for the future. itsli lilly reported third-quarter earnings. they also took up its forecast of earnings for the rest of the year. >> the perf

tailwind, and ibm >>> adp says it is already making many of the changes requested by activist investor bill ackmanthe ceo argues the changes are in motion but it will take time to see results >>> shares of kobe steel rising today. toyota, honda and mazda all confirming they have not found issues from aluminum supplied by the company. earlier this month, kobe admitted to falsifying quality data for aluminum and copper products kobe steel stock bouncing a bit today. >>> mongodb raising its price per sar, vhare, valuing it at 17 it is expected to start trading on the nasdaq today. >>> some m&a news, hearsthearsts buying rodale. hearst will gain control of the book publishing unit terms of the agreement have not been disclosed the deal is expected to close sometime next year. >>> when we come back, deal or no deal? the president leaves washington scrambling as he walks back support for a bipartisan healthcare deal. stay tuned, you're watching "worldwide exchange. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recal

. >> one top investor getting burned by chipotle is billionaire bill ackman. >> he has been in the stock we have seen a lot of turnover in management and directional changes. he has been a part of all that. he has been working with the board to implement those changes. i think he believes he is effecting change. some permanent structural changes that will improve the direction of the company. earningsis reported per share for the third quarter that beat estimates. they reconfirmed its outlets since 2017. manus: profitability has risen for the first time in three years. it is not often we get to say this to the ceo, what went right in the quarter? >> i feel good about the quarter. it all contributed to growth. our medicines division, we have a couple of new drugs firing on all cylinders, generating good growth. our generics business, despite competitive and pricing pressures in the u.s., also grew on a constant currency basis. but i think the best part about the quarter was that our outcome business grew sales 7% and profit almost 20%. i feel good about where we are. we are positioned as

investor bill ackman has been pushing for three boards seats at the annual meeting in three weeks.er to urgent to reelect the current slate of 10 directors. >> we make progress, and we have plans to continue progress. in the last six years under my tenure, the margins have improved 580 basis points, and we guided to another 500 basis points in the next three years. we have, over the course of six to nine years, have been able to accomplish the same thing. i think it does come down to a difference in opinion about pace and risk. >> united airlines ceo oscar munoz had a bad day yesterday. he had some disappointing third-quarter earnings which hurt the stock quite a bit. then, he got on his earnings call. by the end of his talking to analysts, the stock was down the most it has been in eight years. what went on in this call yesterday? >> i think analysts were looking for more clarity on how united will enact their vision on improving their yields, which are the shares they get paid in the u.s. market as they try to close that with delta and with american. that is the secret to more pr

vonnie: and in that case, what do you think, based on the cases ,hat bill ackman is making rodriguez s we are doing a lot of what bill says, to set a slower pace. that is right. the interesting thing about this they are is that locked in a proxy battle, but the reality is the two firms agree on a lot of things, about adp's strategy. they are disagreeing simply about the rate and pace and magnitude of the push for operating a larger expansion and payroll:y in the adp business. i think what they will be , i thinkor, honestly shareholders will be looking for the outcome to be closer in valuation of the opportunities to expand margins as direct answers to a lot of the questions pershing square has raise. one of the examples, one of the case examples pershing uses is a company called cdk, which spun out of adp a few years ago and has some seen -- seen some substantial margins since then. announcements like that are never exactly perfect, so i think one of the ideas here is that potentially, some of the operational team and external consultants that did some of the and with cdk could come i

exclusive comments from billionaire investor bill ackman.f three big banks all reporting earnings this week. how the lack of progress on tax reform could impact their bottom line. weinstein is out at his own company after allegations of sexual harassment. let us get you caht up on where markets stand. abigail, we are looking

. >> billionaire activist investor bill ackman spoke with number of about the wide range of topics.roxy battle with payroll firm adp that is front and center. he says there will be no compromise with adp because he wants a mandate for change. >> not at this point. what he said is the board would have a change of heart to make a settlement. he said if they are willing to implement his plan and push to the changes he wants and maybe one would be enough, that as it -- but generally, as it stands, he sees no room for compromise. >> general electric has a new ceo and now a new director. ed garden joins the ge toward dashboard yesterday, nelson peltz has been pushing ge to get its profits up since acquiring its stake in 2015. mr. garten said he is disappointed about the recent performance of ge stock, but believes it represents an attractive long-term investment opportunity to the upside. is this basically conceding? you were right all along? >> yes, at first, they said they have a good plan and we will lead you a lot. then the stock went down. maybe we won't leave you alone and now they

david: bill ackman was involved with this company.ed to get the folks of his choosing on the board. where does he stand? julie: about $120 million lighter than he did yesterday, which is how much he has stood to lose in the past 24 hours. also for the company's executives, who in the past got compensation tied to the stock price, we're talking about $225 million of how much of stock appreciation rates they held, now they could be worthless. david: julie hyman with the chipotle update and the stock of the hour. republican unity or tax reform hit the stack when it comes sustainable tax deductions. that would be affected is new jersey. i sat down with chris christie and spent him about what he wants to see from washington when it comes to tax cuts. you have to lower the rates enough so that a high income ceiling new jersey gets the benefit comes in as a wash to us. statecated against the and local tax reduction when iran for president. even as governor of new jersey, i don't think the federal government should be subsidizing the huge gro

. >>> and a bitter proxy fight between bill ackman and adp. we'll find out more just ahead >>> good morning a warm welcome to "worldwide exchange." i'm wilfred frost. >> i'mrt

. >> billionaire activist investor bill ackman spoke exclusively with bloomberg on a wide range of topicsbattle with adp that is front and center. he is not point to settle for one board seat because he wants a mandate for change. >> not at this point. he said the board would have a change of heart to make a settlement. he said if they are willing to implement his plan and push through the changes he wants, maybe one would be enough. but as it stands right now, he sees no room for compromise. david: general electric has a new ceo and now a new director. ge boardn joined the yesterday, and nelson peltz has been pushing ge to get off it's profits up since acquiring a stake in 2015. as part of the announcement, mr. garden said he is disappointed about the recent performance of the ge stock, but he believes in the attractive long-term investment opportunity. is this basically conceding? >> at first, they said they have a good plan and we will lead you -- good plan and we are going to leave you alone. now, i think they are forcing their hand. also, another board member is leaving. the timing w

. >>> welcome back i'm seema mody with a news alert on adp iss is recommending bill ackman to the adp board, saying ackman's real estate background could be helpful given adp's ongoing initiatives to rationalize its footprint. this follows a similar recognition from glass lewis >> thank you, seema mody recommendations from these proxy advisory firms one reason ackman went into this name is because of the large base of retail investors who don't necessarily vote with iss. >> there are other advisory firms that got on board, that's their business, to say we're going to add value for you, we'll give a hard look at the activist investor. this is a massive company. to assume they can do more with their size and scale is to assume these guys can make missteps as well this company was doing very well going into this activism i'm not sure you have to jump into this. advisory firms coming on board is not a reason for me to say ackman is in the driver's seat >>> stop me if you've heard this before general electric shares were lower today, down another 2% the stock is now down 15% in the last mo

that perhaps bill ackman's timing was a bit better when he took on p & g. for then ceo bob mcdonald who was replaced by lafley in to is. the letter reflects increasing desperation at p & g and support was solidified from all three proxy firms and with a week to go until the vote it's not surprising to see the fight heating up. >> david faber has made the point several times i think through this whole saga that retail is such a big part of the vote, a heavily held retail stock. >> it is. >> 40% of the float which you almost never see in a dow stock to have so many retirees in cincinnati with a few thousand shares and important votes. >> important votes but they tend not to vote. >> open the mailbox and pay a little more attention to it and check off for either side. >> peltz has said i think publicly that he thinks he lost the dow vote because he didn't do a good enough job with whatever outstanding retail. the thing about these companies that exist for 100 years and the tell phonocompanies are the same is that their employees that did hold the stock, these

. >> bobby action rod may be in on the short but bill ackman as we know is in it on the long. >> gettingt. >> i haven't spoken to him so i don't know what he's thinking about as he watches this stock get obliterated are. there's really no near-term level that anybody on the desk would look at and say -- >> the problem is the traffic flows, right one of the things we're all looking at when we're looking at the fast-serve type of restaurants and i put them into that category and when the traffic levels are not what they need to be they have not made that turn that they needed to make, scott, after all of this bad news storyafter news story they just haven't been able to recapture it over time. >> the stock performance, down 32% for cmg and up 46% for mcdonald's. >> 40 times earnings at the time look, i think >> 36 times next year. >> right, right. >> there's some element to some of these types of stocks, and i've gotten caught up in these in the past. like no one is i munn. sometimes you just get this stock that gets this multiple that's far beyond what any of the companies in the industry

. >> did bill ackman kill the company by attempting to completely make it over head to foot with john johnson a few years back and having a few resources ultimately lit on fire, or was this going to happen anyway an they should have taken that big bold shot because the end result of doing nothing would have put us in pretty much the same place what's your take >> i think that's a good question i think those guys definitely saw that there was structural pressures in the business, and they were certainly taking a swing for the fences and they maybe took too hard of a swing they didn't test a lot of strategies that they were put into place they had to take on some debt. when things didn't start to work out as they had planned, and it certainly, as we havelearned now today. we see that they basically have fired a customer, and they have had a very difficult time getting that customer back into the store as they continue to struggle with traffic pressures. so it certainly seems like they took a shot, it didn't work, and it put us in this unfavorable position that we're in today and, of cou

an under did performer for three years. >> tomorrow is tax day. >> happy halloween and we have bill ackmancretary. >> "squawk on the street" begins right now. ♪ >> good tuesday morning, welcome to "squawk on the street." jam packed tuesday this last day of the month, halloween. earnings, a two-day fed meeting begins and president tweets in response to monday's indictment,

jim, we've been running some bits from bill ackman on your show last night. >> i think they are so so i think he made an impression. the problem is the total shareholders return, depending on how you measure it isn't that bad. the way that ackman wants to measure it, he thinking a lot of the spike is him, but becky, in order to beat these guys, you'll have to have more on them than just how much you're making per employ employee they got fat and happy they should have been more tech and more service now, and they missed those big opportunities. >>> i hope we hear more about it "squawk on the street. >>> tomorrow don't miss the interview with nelson pellets. that's at 7:30 eastern time. we'll be right back. hey, i've got the trend analysis. hey. hi. hi. you guys going to the company picnic this weekend? picnics are delightful. oh, wish we could. but we're stuck here catching up on claims. but we just compared historical claims to coverages. but we have those new audits. my natural language api can help us score those by noon. great. see you guys there. we woul

. >> happy halloween and we have bill ackman on the show and former treasury secretary. >> "squawk on the street" begins right now. ♪ >> good tuesday morning, welcome to "squawk on the street." jam packed tuesday this last day of the month, halloween. earnings, a two-day fed meeting begins and president tweets in response to monday's indictment, futures are up europe is higher and kay shiller home prices just released. road map begins with under armour's ugly outlook, slashing the full year guidance, the lowest open in four years. >> plus apple versus qualcomm. they may ditch the chips for next generation of phones and ipads. >>>126 million and counting, facebook and google and twitter on the hill as new data shows the scope of russian backed preelection manipulation, far greater than previously disclosed but first david has news on a big deal. >> yes, we do. emerson electric wants to own rockwell auto mason and made a series of offers to the company in an attempt to fulfill that desire emerson's most recent offer was worth more than $27 billion. it was made in early october for $215

bill ackman, guys against -- he hasn't really talked much about herbal life lately he mentioned chipotlehe other day. these are all -- these are all active hedge fund situations, i wonder where procter & gamble would be if nelson woreren't involved piper upgraded someone has to sell. takes two to tango we need some deals and it just can't be t-mobile, sprint. >> what does this tell you about what the market thinks p&g wise will happen next week? >> nelson peltz is going to win and shake it up and one board member, whatever jim i spoke to yesterday, he's talking about the idea, it is not necessarily the time, we have our own transformation going. but these big cap companies are so -- they have to come up with something very quickly because if rates go higher, we don't want any of them >> peltz was on squawk making his continuing to make his case. >> what did you think? >> alwayscompelling. i know i understand the other side. david taylor has been doing things the small brand philosophy that -- small brand philosophy for unilever is the one i like he's done a remarkable job i oftentimes wo

. >> what's on "mad" tonight >> i have bill ackman on i need questions from you. to try to make it so it's a little less vitriolic by throwing a lot of acetylene on the situation and doing the citi research i might throw that on the kingsford myself i'm bringing bringing c-4. no, here's the problem, i want to stop this i like carlos at automatic data, i like ackman, i think there could be bread my name is ten bears and i come in peace what movie >> i don't know. >> yeah, well -- >> i'm not talking about any bears. >> see you tonight, "mad money" 6:00 p.m as we said earlier, former equifax chief richard smith on the hill today bracing for a grilling in front of senate banking. we'll talk about that. dow is up six. e there, but you can't. at cognizant, we're helping today's leading media companies create more immersive ways to experience entertainment with new digital systems and technologies. get ready, because we're helping leading companies see it- and see it through-with digital. >>> welcome back to "squawk on the street." we have big news, and this breaking new

your margins are going to get decimated over the next couple of years >> another black eye for bill ackman, mike >> it would seem yeah he clearly didn't pick the top but definitely was premature in terms of where the stock was going to go. >> we have to go at this point steven anderson, nick setyan, thank you. with the stock down more than 8% in the after hours we have a news alert out of washington on hurricane relief package right now. hampton pearson has details on that how's it standing right now, hampton? >> how are you doing, bill more than 80 votes have been cast in the u.s. senate in favor of a $36.5 billion hurricane relief package so we're just waiting for that vote to be final it will go to president trump to be signed. it will, among other things too, provide a big infusion of cash for puerto rico, which of course of all the hurricane-hit areas has been the most cash-strapped one of all but anyway, $36.5 billion hurricane relief package pretty much on its way to the president's desk including much-needed disaster relief for puerto rico as well as texas and florida. >> yes much

this is one of the company's largest share holders, bill ackman took an initial statement of $1.2 billion year ago. that's worth about $360 million less for more, let's bring in sarah senior restaurant analyst at bernstein, who also holds the highest price target on the street last we checked $564 are you still, after this quarter, recommending investors buy it >> you know, this quarter actually was pretty close to where the consensus estimate was, if you adjust for some of the nonrecurring events that happened, whether it's the hurricane or the clearly the one-time charges related to the credit card breach you know, store impairment, so stripping those out, it was actually pretty close to where the market was expecting and frankly, the source of the miss was higher avocado prices i think what we're seeing is some shareholders or the market just really losing patience with this team because it's two steps forward, one step back, as each quarter you end up with periodically sort of a one-time event that throws things off and stalls the momentum. that being said, you know, if you look at th

. >>> bill ackman stitting down with jim cramer to discuss his battle with adp, on "mad money" tonightave a sneak peek for you after this the governor has declared a winter weather emergency... extreme risk of burst pipes and water damage... soon, insurance companies won't pay for damages. that is, not if they can help prevent damages from happening in the first place. at cognizant, we're turning the industry known for processing claims into one focused on prevention with predictive analytics, helping them proactively protect the things that matter most. get ready, because we're helping leading companies see it- and see it through-with digital. >>> the recovery effort continues in puerto rico, and that's where we find the prophet himself, marcus, thanks for joining us what did you find? >> reporter: what i found on the ground, kelly, was very different than what i saw from the air. while we were landing, we saw pockets of devastation but it speaks to the quality of the buildings or the first homes that were built in the last five or ten years >> marcus, you're looking to bring attentio

bill ackman says a settlement with automated data processing is unlikely. resources will be next month. ackman has an 8% stake in the company and is demanding changes. shares of the largest world luxury goods maker are approaching a record in europe. the report of thirst quarter sales growth boosted confidence that the luxury rebound will continue. the brands include louis vuitton, dior, and champagne. the company has been targeting online sales and younger consumers. that is your bloomberg business flash. tom, francine? tom: we now digress to the idea of what is going to happen. yu from ubseoffrey wealth management and someone who is very smart with his investment and finance. this is the qt that's happening after the qe. the white line is the u.s., the blue line is europe, and the red line is japan. going to beide path stable as we shift from tv over to quantitative tightening? geoffrey: they will be stable. if we really do want to use this chart terms of ratio, as a going to be a numerator story or denominator story? if the fed can just do nothing with t

activist investor bill ackman, he lost about 100 poll dollars as a result of this recent slide. >>> ourthe former ceo of npr. he witnessed first-hand the liberal bias in the mainstream media. come on in ken stern, president of palisades media ventures. of the republican like me. how i left the label bubble and learned to love the right. i wasn't expecting this a former ceo of npr which i expect is left of center. you're saying that the liberal media is cabal of leftists? >> stuart, let's take a step back. thanks for having me on the show. let's give con text to this. places like "new york times" and wash upon post have great reporters, but they tend to be cut from the same idealogical cloth and background. they live in the same acela corridor bubble and that has impact on what they think is important and how they think about stories. and the reason for my book, is, i think we're all living in our own bubbles. we're much more demographically, geographically isolated from the other side. that is why i took a journey from my liberal bubble to meet as many republicans to understand the worl