carl icahn sets up a $150 million super pac to push congress to reform corporate tax. >> let's check in on u.s. futures. on this thursday morning we have a higher call from markets. the s&p 500 the implied open is telling us we'll be up maybe two points. dow jones industrials should be gaining by 20 points. we're pricing in close to 10.5 points. it's a mixed picture out there. the ftse 100 here in the u.k. we're down .5%. meantime the german dax minimal games. the cac 40 in france not going anywhere and the ftse mib pretty flat. the follow through thate saw from the asia session. let's take a look at individual stock movers and strg demand, yes, strong demand in europe and china boosting profits at daimler. logging record sales in the third quarter driven by new model launches. we also have swiss pharma giant roche in the news after beating targets on the first nine months of this year. the ceo said he was positive on the company's drug pipeline in the future and publicis, the ad company is cutting it's 2016 sales target after third quarter revenues took a hit of weakness in the u.s.

emily: what do you think of the carl icahns of the world? here is a role to play for activists in investing. canhing taken to an extreme be a bad thing. i don't have a particular fondness for mr. icahn. emily: michael dell not mincing words about carl icahn. you don't want to end up like carly fiorina who was known for making the worst tech deal in history. we will have to see -- i followed that up with the conversation of michael dell and the ceo of microsoft. you will see much more of that coming up on bloomberg west. we will dive into a lot of the trans-we've been talking about. seein talkinge been about. when: my favorite part was you asked him about the prospect of being deals. he said he lived for this. we are looking forward to this. she will be on tonight with satya nadella and michael dell. coming up in the next hour, erik schatzker with that exclusive interview with the ceo of wells fargo. ♪ ♪ "the bloombergto market day." it is 3:00 in new york. from bloomberg's world headquarters in new york, good afternoon. i am david gora. and t

carl icahn. [cheering] he called me, i want to get involved, i want to help it he does not want money, a salary. all these people representing us want salaries. they get $2000 to somebody and now they are supposed to be paid for the next eight years by some stupid politician. ok? no, no. carl icahn wants to represent the country for nothing. i say, and he is a great guy. i do not care if he is a great guy, but i do not care because i have others that are not great guys but they are great at what they do. i know the great ones, i know that that is, i know the guys overrated. you have some overrated. you have some highly overrated. i will not use them. i have some that nobody have ever heard of an better than all of them. they are great. we have the most talented people. this is not going to be political. this is not going to be political. no, if i tell carl icahn, go watch over china for me, carl. just watch over china. trust me, good things are going to happen for us. believe me. really good thin

and carl icahn taking aim at aig.d how he wants the insurance companies to break it up. speaking out once again. ♪ scarlet: i am scarlet fu. alix: time now for the bloomberg business flash, a look at the biggest stories in the news right now. the former goldman sachs ascutive has been hired co-ceo. he will work with the cofounder and current ceo appeared he is president and co-ceo oh of goldman sachs. apple expecting another record holiday field by demands for the iphone. sales for the december quarter to 77.5 billion, topping the record. tim cook site upgrades to the latest iphone from android and growth in china for the outlook. getourse, you can always more business news, apple news, at bloomberg.com. let's head over to the market desk where julie hyman has some information on defense contractors. >> a huge win for the u.s. government. bomber fromtrike the air force. it is a big win because, as one analyst told us, it is a david and goliath situation. shut out of crime contracts for since 1980.ans winning the contr

together, we're building a better california. >> carl icahn forming a super pac with $150 million of his own money to push for corporate tax reform. mr. icahn joins us now for a first on cnbc interview. carl, welcome back. >> yeah. >> i have the letter in my hand that you sent to many of the top leaders on capitol hill. why did you choose to write this letter and take up this cause? >> look, i think this country has had a lot more problems than we think. i think right now we are not aware of the fact that there's a great danger that many, many companies are going to leave this country, and i don't say that not being knowledgeable because this is an area that i have worked in for 40 years. i understand companies quite well, obviously, with getting involved, and, you know, companies, as i say in my letter, aren't patriots. they don't have principles. they do a great thing for america, but the mission of a company is to make money and having $2.2 trillion abroad doing nothing is something that companies can't live with. many of them are planning as we speak to leave this country. i don't

trish asked carl icahn the question, what do you think? that's a pretty benign question. he said, "ask nelson." >> you know, there's a story about carl right now. if you notice, he's looking to manage the news in ways i've never seen before. he's putting out his own video, which was kind of weird. he put out his own video where he talked about trump and everything else. he's basically not answering a lot of questions. he will, he'll only stick to safe subjects. my guess is when he got kind of roped into that whole thing on insider trading -- which he's not going to get charged, and today's supreme court ruling on the second circuit ruling which makes insider trading harder to prosecute, you know, basically seal it is case. what's his name, carl's not going to, he's not going to get indicted or charged or anything. but you notice he doesn't answer any tough questions anymore. he kicks the can, he's looking to manage news. it's almost, you know, i miss the old carl icahn -- [laughter] who was willing to say anything. it's what made him such great tv and great for the market

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emily: what do you think of the carl icahn's of the world? michael: there is a role to play for activists and investing. anything taken to extreme can be a bad thing. i do not have a particular icahn.s for mr. icon -- emily: how does the board change? michael: there will be changes that will be detailed. fiorina mentioned carly . she is remembered for that deal. how will we remember michael dell? is the: i think this second act in what i am pretty excited about as our future. hopefully, you will come back next year and the year after and we will have some interesting things for you. emily: my interview with michael dell earlier today. at this moment in time, he is trying to pull out the biggest merger and tech industry -- tech history. he is staying in pcs. how will we remember dell? we started building reddit and we started building it on a dell laptop. it will always have a soft spot for me. hady: a lot of people who dell laptops do not have them anymore. alexis: he has the ability to try something like this and actually make it work. quick

trish: i have carl icahn on phone. want to go straight to him. billionaire investor, someone very frustrated with the ineptitude of our political leaders and warning we may face serious consequences as a result. joining me on the phone. good to talk to you. >> good to talk to you, trish. trish: i know you are putting your emphasis and your excitement behind donald trump right now. why is that? >> we have to go against the establishment both in washington and corporate america? he is not beholden to anybody. he can stand up to them, more than normal politico. trish: he is not out there looking for money, he doesn't need funds. he is not calling you looking for money. calling you for advice? >> that's correct. you know, i mean there is a lot of dysfunction, well, in washington today. i mean, as i mentioned, quintessential example right now is the highway bill, not doing it and repatriating funds over in foreign countries. trish: repatriation is big issue for you. why are you leaving all this money overseas. >> yeah. trish: in those companies. let m

emily: what do you think of the carl icahn's of the world?hael: there is a role to play for activists in investing. i think that anything taken to extreme can be a bad thing. i do not have a particular fondness for mr. icahn. emily: when you went private, you went to a slimmed-down board. how does the board change? michael: there will be changes as our filings, now. that will be detailed. emily: i mentioned carly fiorina. she is remembered for that deal. hewlett-packard and compaq. how will we remember michael dell? how will we remember this moment in time? michael: i think this is the second act in what i am pretty excited about as our future. hopefully, you will come back next year and the year after and we will have some interesting things for you. emily: my interview with michael dell earlier today. credit cofounder with us -- at this moment in time, he is trying to pull out the biggest merger in tech history. he is staying in pcs. other companies are spinning off their pc business. how will we remember dell? where does it go from here. ?

should everybody be listening to carl icahn?aster he sees the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. >>> the reason to raise rates is you are building bubbles as we speak. >> so they are creating a bubble and we'll regret it. >> absolutely. hey, look. the rates when they went down, to fight the 2000 debacle the rates went down. that was to sow the seeds of the housing bubble. that's not the only reason but it sowe d the seeds. what happened is so after that, lowered the rates but it was too late to lower the housing bubble. it may be too late. >> there is another housing bubble now? >> i think there is. you h

billionaire investor carl icahn has a new target. the insurance company aig.cahn sending ae letter to the ceo calling the company too big to succeed and urge aing split in the life and mortgage insurance businesses. he says he has spoke tony a number of large holders of the stock describing them as "frustrated." why? i'm curious. you used to own this stock. zi used to own it, and a couple of years ago. it was in the mid to high 50s. >> this is about getting out from under too much -- it's prohibitive. it's costly. that's why he says too big to succeed. you need to break it up to get out of that designation, which could make the company certainly more nimble than it is now. >> it remains to be seen if that would actually happen. >> what's interesting -- >> it holds the playbook. whether it's ebay. i just wonder where it could go from here. >> i wopt be surprised to see something of that magnitude. >> unless the company decides to, hey, we're going to -- >> maybe the agreement with the idea that if they do see this thing, and it's maybe not the synergies and as

is carl icahn correct? we stick with the former chairman of aig, who wanted to break up aig. trump is still leading in national polls. technology becoming more important in trading at what our wall street firms looking like in the coming decades? a new report is looking inside the wall street crystal ball. ♪ betty: bloomberg news have a texas instrument has been in talks to buy -- exim's management also received interest from the devices and reportedly may not be able to sell unless they get a high premium. talks are continuing and may not result in a transaction. value,imum of the market about 11 million dollars. third-quarter earnings beat wall street estimates. ,ou k's biggest drugmakers vaccines and consumer health care products. a new aids treatment helped offset slumping revenue. ♪ always get more business news at bloomberg.com. carl icahn is taking aim at aig. is billionaire investor urging the insurance giant to split. despitencock, quote, thenitive -- to encourage company to become smaller, you ,ave shown no sign of urgency devoid of decisive leadership. the former c

carl icahn has also had a lot to be to say. carl icahn: our country is shooting itself in the foot. they are punishing the little guy again because if that money came back, it would make for jobs. that money does not go to the mattress, it is given to somebody who will invest in this country and help to create more jobs. cannot blame the companies p you cannot blame pfizer for this. it is essentially billions of dollars a year. stephanie: hate the game, not the player. david: a lot of major pharmaceutical companies are headquartered offshore. you cannot blame the companies. matthew: you can blame the companies. stephanie: i totally disagree with you. matthew: this is a practice that is said to be deviant and is hurting the american economy. you can find another way. stephanie: in a professor's lounge at an ivy league university you can have that conversation, but if you are running a publicly traded company and you have clients and shareholders to answer to, how can you possibly take that route? matthew: businesses are not best because they -- other way is not to bring it on shore.

you are already dealing with other situations and now you have carl icahn? listen to what carl i says. look at paypal and ebay. erik: look at the aig stock. there is no way ebay's going to separate paypal into a separate unit and the businesses are reliant on each other. they could not work separately. look what happens when they finally go ahead and do what carl icon says. aig, there is a knee-jerk reaction. stephanie: i like that. the norway sovereign wealth fund, the world's largest, posted at biggest loss in four years, dragged down by chinese stocks and volkswagen. this comes as the norwegian government is making his first with strolls -- withdrawals. wagon and china, there is a little oil problem in norway. >> absolutely. that's why they are the largest sovereign wealth fund. david: is there any end in sight for the oil price drop? >> we only have one hour and that is a long question. it is supply because demand is not growing. it's a supply based issue. david: there is a retrenchment going on the supply side? >> absolutely but not fast enough to bring

and then of course carl icahn, 1-2 billion dollars to start and gotten bigger since then. and boosted the stake. and look at apple stock right now. up around 71% during this general time frame. so melissa, when it comes down to it big-time investors can have a big impact on big cap companies. back over to you guys. >> thank you, dom. and karen, it is interesting, you thought what is the point. they are going to own so little and they can effect very little change. >> right. and i think that is starting to change. both because they have so much more money under management and then the acman-valiant relationship that was a whole different kind of activist. and i think that we'll see others like that. that was a really -- they were working together to -- >> the kindler, gentler activist. >> right. >> working with the board, not trying to be as aggressive but trying to propose ideas that might be if line with the corporate vision and push it along a little faster. >> that is what pelts is doing with ge for instance. now around the horn with the megacaps that these guys think a

carl icahn.cheering] he called me, i want to get involved, i want to help it he does not want money, a salary. all these people representing us want salaries. they get $2000 to somebody and now they are supposed to be paid for the next eight years by some stupid politician. ok? no, no. carl icahn wants to represent the country for nothing. if i say, and he is a great guy. i do not care if he is a great guy, but i do not care because i have others that are not great guys but they are great at what they do. i know the great ones, i know that that is, i know the guys overrated. you have some overrated. you have some highly overrated. i will not use them. i have some that nobody have ever heard of an better than all of them. they are great. we have the most talented people. this is not going to be political. this is not going to be political. no, if i tell carl icahn, go watch over china for me, carl. just watch over china. trust me, good things are going to happen for us. believe me. really good thi

carl icahn wants to represent the country for nothing. now, if i say -- he's a great guy, a great -- i don't care. his a greet -- but i don't care because i have others that aren't great guys, but they're great at what it do. i know the great ones, know the bad ones. i know the guide that are overrated. you got some that are highly overrated. i won't use them. i have somebody that nobody ever heard of that are better than all of them. we have the most talented people there are. this isn't going to be political hacks. now, if i tell carl, go watch over china for me, carl, just watch over china, trust me, good things are going to happen for us. believe me. really good things are going to happy. i mean, we have a thing right now going on, called corporate inversion. nobody knows what it is. but companies have trillions of dollars in other countries. and we can't get it back into this country. you know that, right? you've been hearing about this. they know the number is 2.5 trillion. i say it's much higher than that. nobody really knows. so a

the announcement comes a few weeks after the activist investor carl icahn disclosed an 8.5 stake in the company. shares jumped to $11.83. >> so do activists investors help or hurt a company its stock price and are they bad or good for business? >> depending according to a new "wall street journal" study that examined what happened at 71 large u.s. companies when activist investors targeted them. david benoit is a reporter with "the wall street journal" and joins us to talk more about his findings in a very interesting article today in the paper. david, welcome, number one. >> thank you. >> very quickly what, did you do, how did you do it and wa did you find? >> we took 71 of the largest activist campaigns. we started with the companies worth $5 billion and up and we kind of dug in and looked at total shareholder returns, earnings, we looked at profit margins. how much they're spending on capital. and what we determined was, well, about half the time, these companies do really well outperforming their peers across the metrics and the other half of the time they don't. they miss. and just

when we dom back, billionaire activist carl icahn making news on fox business. coming up his comment moving markets. >>> then the cost of withdrawing a money from an atm averaging near five dollars a pop. my next guest knows how you can cut the cost. >>> first from "saturday night live," more from the show taking a shot at millenials. my necessary guest says they're right on the money on that subject. >> so, i'm sorry, let me get this straight. you worked here for three days and you expect a promotion? >> yeah. nothing crazy like, like. you can't breathed. through your nose. suddenly, you're a mouthbreather. well, just put on a breathe right strip which instantly opens your nose up to 38% more than cold medicine alone. shut your mouth and say goodnight mouthbreathers. breathe right ♪ >> really isn't there. i mean you're paying an awful lot for stocks i think. i mean i remember when five times, sports central saturday i times was a good number. you have this risk premium when you're buying a company, so i think it is high and earnings are over stated in many case

we mentioned carl icahn taking aim at aig. the billionaire investor wants the insurance coming to break up into three separate copies. peter hancock responded in a statement, saying dan kraut bloomberg's joins us now to break that language down. clearly, peter hancock does not like the idea. have there been others angling for it? chairman pushr this idea. there is a long history here. hank greenberg put the company together through a ton of acquisitions. property casualty insurance is very cyclical. the weather can ruin your earnings for the quarter, a year. his idea was to balance that with having a life insurance retirement product. since then, of course, we have learned the dangers of being so big -- the bailout -- betty: of course, right. dan: carl icahn talks in this letter about the increased regulation that aig's brings, and now split into three companies can reduce some of that. betty: because they are still considered systemically important, right? dan: that is right. betty: they obviously have a problem with that. wh

here's what carl icahn essentially said to the board. he sent a letter saying he wants to split the board. he's proposing the company is split into three parts. a mortgage, a life, and a property casualty. they'd have a more competitive structure and the valuations would be higher than the individual companies that you have right now. the company is not standing stim. they've already responded. peter hancock is the ceo. he released a response to this. >>> a 99% drop that helps to have the government involved in the company and inject finances into the company, money into the company. as you can see, it's come back from there. right now, i'd say the company is much better than a lot of people thought it was going to be. reasonably good cash flow. they've doubled the dividend. it's got a 1.7% dividend. and they raised the buyback. i guess the question is whether this is really practical. i think a lot of people think it makes some sense to split it up and the companies may indeed have higher valuations. but i think you'll find hancock is g

he's one of the most high-profile activist investors, carl icahn, now taking his activism to a new level into a new realm forming a super pac to push for corporate tax reform. scott wapner broke the news. he spoke with mr. icahn in the last hour and he's here to fill us in with the details. >> and a whole new arena as well. you know carl icahn, usually taking on some of the biggest companies in this country. now he is taking that fight to washington, d.c., forming his own super pac, $150 million of his very own money to take on dysfunction in d.c. says he wants to end so-called tax inversions, which he says are hurting the country. we spoke just a moment ago about it. here is carl icahn. >> i'm putting a pac together and i'm committing $150 million of my own money to that pac, and that money is going to be used to make congressmen and senators accountable. they're just doing nothing. and to say, to say, well, we can't compromise because we have to stick to our principles, i really don't think they understand their principles. >> so carl icahn wants to push repatriation legislation, allow

let's get over to the judge with icahn and the half. >> carl, thank you so much. welcome to the halftime show. let's meet our starting line-up for today. jim liven thaul is here along with john and pete and sarat. our game plan today looks like this. icahn's new target, the activist investor taking on dysfunction in d.c. he will join us live to explain exactly how. valeant vaporized. why shares in the health care company are getting hammered yet again today. what it means for investors. in fact, that's where we're going to begin today with a stock that has been so loved by wall street

carl icahn says he'll have up with -- one goal in mind. icahn, one of trump's biggest supporters and his pick for secretary of state if elected. >>> all right. 1908 just got one year further away. the mets swept the cubs. they won each of four games in a row to advance to the world series for the first time since 2000. didn't take long last night. the mets led 4-0 after one inning. 6-0 after two. the final score was 8-3. in the four games, the cubs never led once. so daniel murphy, who is sort of like an average player during the year, maybe a little better than average. he's been playing out of his mind. he was name tld series mvp. he set a new record with a home run in his sixth straight post season game. you cannot defeat daniel murphy. now, the mets will face the winner of the american league championship series. that was sent to a sixth game because toronto beat kansas city 7-1 last night. the royals still lead that series, 3-2. game six, tomorrow. >> can i just -- you know, unbelievable. i feel bad for my cubs. i know mets fans are h

no, if i tell carl icahn, go watch over china for me, carl. just watch over china. trust me, good things are going to happen for us. believe me. really good things are going to happen. we have a thing right now going on called corporate inversion. nobody knows what it is, but companies have trillions of dollars in other countries. we cannot get it back into this country, you know that, right? trillions. they note the number is $2.5 trillion and i know it is much higher. nobody really knows. at least $2.5 trillion is offshore, all these different countries, and what we are doing is our companies are going to and they already started leaving the united states and moving to those other countries to get their money, well, you can't blame them. to get their money and to get lower taxes. so i came up with a tax plan that cuts taxes way down, way down for corporations, for the middle income people. [cheering] for the middle income people of which we do not have too many in this room. they are all upper middle income people end up for people, but for the middle income peopl

this is actually a quote from john paulsen in the letter from carl icahn. we're seeing mr. icahn active. i want to see what size of the stake is. aig has had nothing short of a tumultuous history, but is on at right side of that now, having been bailed out, the largest recipient of government funds other than fannie and freddie. that said, under the leadership it righted itself, divested itself of many assets, but reinvented itself, now becoming the premiere activist. >> reinvention in a time of new regulation. that's the core. here's a quote, we believe you must acknowledge that the enhanced regulation is intended to be a tax on size designed to approximate the cost that large companies impose on the financial system. in a way, this is a recognition it's going to be a long haul. >> if you take that tact, where do you end up? if you start runs through financial services with that argument. he said it took them five years to get to where they are now, which is way too long. >> you shrink, i guess. >> not everyone can shrink. >> we'll see what aig -- >> i'll have more on this

participated and then some in the five-day rally, we have seen carl icahn profit from those gains.m: thanks very much, julie hyman. let's take a look at what's making news today. mark crumpton has more from the news desk. mark: united airlines copilot passed out on a flight from houston to san francisco. the plane had to be diverted to albuquerque, new mexico. a spokesman told the associated press that the plane landed without incident this morning as the copilot regained consciousness and was able to walk off the plane. he was taken to a local hospital for observation. this comes one day after an american airlines captain fell ill and died while flying from phoenix to boston. in the meantime a medical examiner said the pilot of that of naturalight died causes. captain michael johnson was 57. his cause of death was determined after an autopsy and prillaman are talk ecology death . johnston's copilot took over and landed in syracuse, new york after johnston stopped breathing and became unresponsive. there were 147 passengers on board. the federal aviation administration is seeking a

david: this letter from carl icahn -- there has been standing conversation about inversions, as they called. we saw the obama admin assertion tweak the enforcement abilities. has that curbed the amount of dealmaking they are able to do? cynthia: it had a dent on inversion-type dealmaking. it is hard to say whether that was politically motivated, but it does seem as though there was a sense of, let's step back. after walgreens decided not to invert, people are going to wait and get more clarity. but pfizer has never been shy about this. they consistently said they are looking at this, looking for that opportunity. they are going to start the conversation on capitol hill, and that's what needs to happen if there is any reform. if not, that has been a driving principle for dealmaking. david: appreciate it. withia kuntz with -- koons bloomberg news. coming up, how will be slowdown in the third-quarter affect the fed's decision on interest rates? and, why employees and investors for shell oil are in for tough times. and, can paul ryan fix a broken congress? ♪ david: welcome back to "bloom

if i put carl icahn in charge, that $400 billion which shrink so fast. stephanie: except he really does not want the job. donald: it is not a job. believe me, he will want to do it. stephanie: elizabeth warren wants absolutely no one from wall street anywhere near washington. donald: it is called leadership. stephanie: let's talk about hillary clinton. we talk about who is to blame. people love to lame in the last crisis on the financial industry. hillary and other candidates are coming out swinging. she says we need more regulation, double down on stocks. donald: worst thing you could do. a disaster. stephanie: at this point, what is that going to do? donald: she has a problem. she has a maniac on the other side. stephanie: bernie sanders. donald: yes. he is a socialist/communist. i said that in a speech yesterday. he wants social security for illegal immigrants. he wants education for illegal immigrants. he wants drivers licenses, everything for people who are not even legal in the country. he wants free education. anybody who wants to go to school, yo

this is about the company responding or preemptively acting to prevent carl icahn from calling the shots. it looks like carl is calling the shots a little bit. he's trying to spin off the oil and gas business but it needs a lot of capital. it's going to be a little difficult with the debt they have, so where do they go from here? they still need to find a buyer for the unit and there has been a lack of m&a because of the spread between the head and ask. resolvingwind up itself or does freeport need to sweeten the pot? sell lesswanted to than 20% for accounting reasons and they thought they would get $1.5 billion, which would value the company at about $7 billion or $8 billion. now they have to find another solution. everything is on the table right now. carl icahn also took a stake in the first lng export terminal that will be operational in the u.s.. how many more of these activist investors will we see in these deeply entrenched commodity businesses? ken: you are seeing it all over the place. you have glencore, you have what's going on with the chemical companies. broken up.ing there m

i want to point out we have a big interview coming up for you on monday, carl icahn, billionaire carl icahn is talking to us exclusively. he is told me he is supporting donald trump. i will ask him about that. a lot of views on a lot of other candidates as well. he will be able to tell you just exactly where he thinks things are heading. unfortunately it is not so rosy. 2:00 p.m. eastern. on monday. >>> we may be reliving history. this quote from jimmy carter's state of the union address. we have no desire to be america's policeman. he wants to be america's peace keeper. cooperation with the soviet union serves cause of peace. from the state of the union, 1979, jimmy carter. fast forward to this past monday. listen to president obama saying rather similar thing. >> while military power is necessary, it is not sufficient to resolve the wages in syria. lasting stability can only take hold when the people of syria forge an agreement to live together peacefully. the united states is prepared to work with any nation including russia and iran, to resolve the conflict. trish: hmmm. yeah, you

as much as i respect carl icahn -- >> so there is no bubble. he's a smart man who happens to have a. >> he's got so much money. spend more on the next video so it doesn't look like a cult r recruitment video. >> i want to thank charlie. carl, if you are >> how about some stocks. what are the markets doing? >> lock it is heed martin is safe because the world is unsafe . >> iyk good for volumele till times. >> sdy which is a highly diversified emphasis on dividends which tends to keep the price steady. >> are we through the worst of the volatile times? >> more volatility for a while. i'm off and rolling. >> okay. we'll see. we continue right now. >>> did you see the bummer for j jobs? maybe that's why one of the largest unions gave hillary clinton a snub. hi, everybody. welcome to "forbes on fox" the steamsteres holding back from endorsements planning to meet with candidates on both sides of aisle including donald trump. they haven't backed a republican since ronald reagan and george h. bush. some say the jobs picture may bring us back to the fut

carl icahn has been on the show, a number of warnings about this asset class. many viewers have moved into this product over the last decade. amy, august 17, the market opens down. august 24 the following week. many etf' s did not open at a price that resembled the underlying assets. is this the beginning of this asset class not been able to price in underlying security? amy: it is understanding how this asset class performs in difficult markets. we are learning about that right now. usually, we learn about it and then there is more regulation. it is fascinating that the pendulum is swinging from regulators, who have really been giving exemptions or favoritism, to traders. they are now swinging back to individuals. to fit in the middle. gary: the premise of the etf you with securities at a very low cost. but if you can get something at a low cost, and you can get liquidity but you are not getting fair market value liquidity, are you getting what you think you' re getting? amy: you cannot have your cake and eat it too. elliot: there is a disconnect between secur

carl icahn is driving the best performance in a stock.moran copper & gold is what we are talking about. he won to get two of his representatives on the board and the shares are getting a boost of 9%. this has been one of the most battered stocks of the year. it will be seeking auction -- options for its oil ventures. an interesting piece on bloomberg.com on the prospect for the success of this oil and gas spinoff. there are no guarantees freeport will do better without it or it will do better on its own. ofrlet: we will have the ceo under armour and michael lewis giving their perspective on activist investors and the disruption they cause. alix: i'm reading a lot of research reports that copper will slowly see some kind of deficit next year. one analyst says they are looking at a balanced market this year. would lead freeport to dislodge its copper business. maybe it is premature if we see a recovery. let's check in on our bloomberg first word headlines now with mark crumpton. outgoingbegin with house speaker john boehner. he said today i

now carl icahn the activist investor and famous billionaire now focussing his activism on congress forminger pact with $150 million of his own money. and icahn will be using it to push for corporate tax reform focussing on the rise of company inversions. he did not specify how the money would be used other than to say that congress will be held accountable. he also told cnbc that americans are not fully aware of the great dangers of more and more u.s. companies leaving the country for lower tax rates offshore and he believed change could come through some congressional legislation. it's interesting that he's doing that since he is an activist investor and makes money by investing in companies that have more money on the balance sheet and that could be done by paying lower taxes. so inversions. he's targeting inversions now. >> well, president obama has done that. >> an investor himself targeting that. that's unusual to me. >> but he is an investor with a vested interest so what specifically he's talking about is potentially a tax holiday. he wants to avoid the double taxation and by paying

. >> billionaire carl icahn taking the fight to washington. he's forming a super pac. he's pledging $150 million of his own money and pushing for corporate tax reform. this is a record shattering pledge. and no super pac has been funded with $150 million out the gate and he wants to bring profits from overseas. and so has the famed activist investor actually become a concerned citizen? joining us is shah galani. and he keeps talking about inversions in a way that i don't see them. if apple sells iphones in china, they ought to be able to do this. . >> i'm saying carl icahn for president, i love the idea of alerting and educating americans. i know you do it every night, charles, but this is an incredibly critical issue for our country. unpatriotic to support the highest corporate tax in the world, it's oeanti-business, its anti-america. and he could get the tax rate down to 15%. let' go, charles, from the highest tax rate country in the world to the lowest or one of the lowest and you'll see all of those companies come back. apple won't invest in china or in mexico. cha

isthe meantime, carl icahn taking his fight to washington.ng a super pac aimed at promoting legislation that will discourage corporate tax inversions. he is putting his money where his mouth is, in a statement to iis website he announced that " believe my own commitment of $150 million to the pack will be more than enough to make voters fully aware of the horrible consequences that will ensue if congress fails to cast legislation immediately to stop the inversions." of, i read this, i thought he is becoming an activist investor in the united states of america, he wants to change the position. stephanie: he is saying, you d.c. arend washington, making decisions that will hurt the entire economy and no one is paying attention. we are not holding you accountable. he wants to hold them accountable but is this about is this his way of saying i will back donald trump in a bigger way? donald trump has said if he does not get the nomination he would not be running by the fact that carl icahn is putting this money out says something. donald trump's ba

the question is what will carl icahn think? mr. icahn owns 8.8% of the shares in freeport, having increased his stake to 100 milli million. back at the end of august, he indicated he wanted to have discussions, it's unclear if any have taken place. the way this has been described is trying to meet his objections and trying to keep him happy and/or at bay. we'll see whether that works or whether mr. icahn will still threaten to or will undertake a proxy fight to get more of what he wants. the changes are dramatic. 16 to 9 on the board of directors, seven independent board of directors, and they have undertake than strategic review of oil and gas businesses. they basically said we'll consider doing anything. we thought we would potentially spin off a minority interest, sell a minority interest. they'll look at anything at freeport. this is deep water gulf of mexico. >> yeah. they bought at the top. could they be selling at the bottom? deep water gulf of mexico is something that chevron excels in. chevron has the capital maybe to do s

carl icahn is right. the pe which, you know, part of it is engineered because of all these stock buy backs. these companies, they're playing the hand they're deal >> okay. >> and that's the way -- one of the ways you move forward >> the fed missed the opportunity, we've been talking about this so much lately with the rally. are we at risk i hate to use the word bubble but at least asset and balances? >> i don't think so. i would argue that really the all-time record highs in the s&p stocks are basically at a fair value at that point in time. so i think stocks are going to finish higher. i think we'll see an eight or maybe a little bit more total return for this year. >> 8%? >> and next year's going to be okay. i think we're going to see a good rally here at the end of the year and at least on our work. >> always working against the clock. bear with me here. okay. we have earning season upon you us, alcoa had a fantastic day, benefiting largely on broad mark strength. so earnings forecast are always -- the

as much as i respect carl icahn -- >> so there is no bubble.s a smart man who happens to have a. >> he's got so much money. spend more on the next video so it doesn't look like a cult r recruitment video. >> i want to thank charlie. carl, if you are you drop 40 grand on a new set of wheels, then... wham! a minivan t-bones you. guess what: your insurance company will only give you 37-thousand to replace it. "depreciation" they claim. "how can my car depreciate before it's first oil change?" you ask. maybe the better question is, why do you have that insurance company? with liberty mutual new car replacement, we'll replace the full value of your car. see car insurance in a whole new light. liberty mutual insurance. it's from daddy. sfx: dad's voice i love you baby girl. duracell quantum lasts longer in 99% of devices so you can always be there. ♪ >> how about some stocks. what are the markets doing? >> lock it is heed martin is safe because the world is unsafe . >> iyk good for volumele till times. >> sdy which is a highly diversified emphasis on

later today, carl icahn speaks to us about his new super pac.ing "bloomberg -- youlance you ♪ (ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. francine: welcome back. this is bloomberg surveillance. we change the clocks here over the weekend so it feels like it is nice until late morning and feel like it is dark early afternoon. it is london, we still love it. it is still dark. cities across south asia rocked by a powerful earthquake. the quake was centered in northern afghanistan but tremors were felt in new delhi, india. no reports of casualties as of yet. the geological survey estimates magnitude at 7.5 on the richter scale. european leaders say the continent is buckling under the strain of the refugee crisis. a summit in brussels led to short-term fixes. among them, short-term shelters. uggla merkel says the situat

i want to get to julie hyman for some breaking news on carl icahn. very active in putting some money together. it looks like details are coming up. be forming al super pac within an initial commitment of $150 million. icon says it is a no-brainer for congress to pass a highway bill as well. letter whereed a he is making a lot of different political comments. he says that it's going to focus on the affects of corporate tax inversions. that is really the target of it. he is concerned of corporate tax inversions of companies leaving the united states. he does plan to raise a third-party fund as well. other comments that he is making is that the fed has kept rates too low for too long. scarlet, when he talks about this, it's interesting. when you first see the headline, my assumption is that it would be in some way to support donald trump, because yes talked about his endorsement. yes talked about the need to keep money and workers in the united states. this would seem to be in-line with some of trump's campaign platform. scarlet: instead, it has to do w

. >>> when we come back, what donald trump said about carl icahn at a town hall event. and later, the battle for dominance in the cloud, it's an exclusive interview with mark hurd. look at futures. more "squawk on the street" from post nine in a moment. you wouldn't order szechuan without checking the spice level. it really opens the passages. waiter. water. so why would you invest without checking brokercheck? check your broker with brokercheck. >>> donald trump speaking out in a town hall on the "today" show. he took questions from a live audience and submissions from the web. here's part of his response to a question on how he plans to fix the economy. >> the fact is i have carl icahn, some of the greatest business people in the world all lined up. they are so anxious. they don't want money. they want to help us with our trade deals. we're losing $400 billion a year with china. >> trade is something we'll talk more about. especially later in the week. >> look, i think trade should be a total hot button when we go out to the debate because we're -- you see these layof

emily: you had a spirited back-and-forth with the activist investor, carl icahn.t week, you called him evil captain kirk. he said some things. i wonder though, do some of these activist investors actually have the same concerns you do? marc: i think they are a result, not a cause. they are a consequence of companies being very cheap on the stock market. they are a consequence of companies needing to restructure. or needing to react to market changes. the activist is a little bit of a sideshow to the core question of how is the company being run. emily: is there a disconnect between wall street and silicon valley? is there a fundamental misunderstanding? marc: i think in the long run -- i do not think in the long run there is a misunderstanding. emily: i'm curious about your thoughts on payments. it is an area that is wide open. now you have apple pay, google wallet, paypal, bitcoin. how do you see the digital payments and mobile payments race playing out? marc: this is another really big thing. the system has not changed in 20 years. this is another area where the