carl icahn is in control of the narrative. you are right that at some point investors may look at things like restructuring. it is expensive and some job cuts as a positive -- it seems everything he does is in response to the demands that carl icahn is making that we need to break the company up. wherever he is, he sucks the air out of the room, he and donald trump, in each of their orbits, they take the air out of the room. stephanie: if you are the ceo of a publicly traded company, how do you fight back? carl icahn and donald trump have so many weapons -- if you are the chair of the company, how do you come back? erik: at the end of the day, what matters is that shareholders win. what is not clear is that whether in the situations carl icahn enters the shareholders end up being the victors. everyone knows what cells in the news is negative stories, controversy, and certainly carl icahn creates that kind of controversy wherever he is. even when enactments are involved, it is not at the same noise level as one carl icahn is in

will it boost carl icahn's case that the company should be broken up? carl icahn is said to be about 2%, making him among the largest shareholders. are about one hour away from the close on this monday. i want to head to the markets desk where julie hyman has the latest on this rally. julie: yes, hovering around the highs of the session today for the three major averages, even as volume pulls back a little bit from where it has been over the past 10 days. stocks rising to the highs of the session. the nasdaq is did the best-performing of the major three indices today. the s&p the highest since august 10. the dow the highest since july 22. the dow the highest since august 5. this is despite somewhat tepid data on manufacturing earlier today. but it seems as though traders are keeping steady with their bets that the fed is going to potentially raise rates in decent appeared we see the odds now at 50/50. the fed funds future has been holding steady come up from 33%, where it was before the fed statement that let folks to believe it was opening the door to

. >> we have breaking news on carl icahn. seema mody has the details. >> reporting a stake in xerox. a gain of 7.13%. carl icahn said shares of xerox are undervalued it. has been an underperformer this year. down 15% or so already in 2015. but again carl icahn reporting a stake in xerox of 7.13%. his stake in this company makes him the second largest holder. back to you. >> thank you so much, seema mody. this is very interesting position by carl icahn. this is a stock that hasn't done well this year. down 22%. maybe that is where the opportunity is. at the same time his portfolio now is a basket of stocks not doing well even after he has taken stakes. look at freeport macmaran, and transocean is another, chesapeake is another. >> let's not beat around the bush. >> demand is not necessarily there. >> i've said carl can do anything he wants to fix the company, but unless he could buy the back end products, the stock won't go higher. freeport macmaran is straddling $13. and it changed after the announcement he was in it and back

we'll get to aig and icahn. first to brussels, security forces in belgium carrying out numerous raids overnight. julia chatterly is in brussels and brings us the latest. >> some dramatic scenes over the last 24 hours. as you mentioned, 22 raids taking place overnight. an additional seven raids in the early hours of this morning. we've seen 21 suspects under arrest, but really the main focus of these raids was trying to locate one man that was suspected of being part of the paris terrorist attacks, salah abdeslam, he is still at large. the hunt for him is going to continue. clearly what we're seeing in brussels is about more than just one man. we're operating at highest security level possible. and what we heard from authorities in the last 24 hours, too, is that they believe they got precise information that there is an imminent security threat. primarily in multiple locations. we're talking about a copycat attack, similar to what we saw in paris a week and a half ago. as a result, we have a lockdown on the subw

icahn?> we plan -- short, brief conversations, but the first time we'll sit down together is this thursday. this coming thursday you'll talk to him. >> that's right. >> any expectations? we know what's on his agenda. you know as much as we do. you got a letter, you saw it, you read it. >> exactly. i look forward to hearing how le elaborate on the views and hopefully he'll listen to what we have to say about the company. it's a large company with a lot of moving parts. we have important tax issues that he needs to understand to understand the pros and cons of different choices. >> another reason you may not want to pursue separation is taxes? >> yes. >> why? >> we have significant foreign tax credits as well as a net operating loss to carry forward. we would endanger up to 5 billion out of our total $15 billion of tax attributes if we were to split the life and casualty company. >> john paulsen was quote in the this letter. are you going meet with him? >> he's been a shareholder for some time

icahn is taking a big stake in xerox.has a 7.1% stake in the company and says that shares are undervalued. they got 8 million shares for $80 million and paid to buy more. the move makes him the second piggest shareholder behind vangard. he may seek a board seat and gattis cuss other changes with management. the stock is down 22% this year and continues to struggle with falling sales of computers and printers. last month it reported the first quarterly loss in five years and the company would launch a review of its business. in a statement the company says it's aware of icahn's investment and welcomes open and constructive dialogue with shareholders saying the board and management is committed to improving performance. burns has been trying to shift the company's focus from traditional office equipment to a services business handling back office operations for companies and government. document management and other services made up more than half the company's top line in the first nine months of this year and last month o

liz: you'd be surprised. >> carl icahn does very well for carl icahn, following carl icahn's world view is not necessarily the best for building enterprise value. >> we gotta go. they're putting a gun to my head, roddy. liz: you are one heck of a journalist. fascinating to watch. >> thank you. liz: interesting, the pen can be mightier than the sword. >> sometimes. liz: but television is mightier than everything. charlie, thank you. we'll be right back. we have 35 minutes before the closing bell rings. big day for the dow, s&p, too. we'll be right back. the future belongs to the fast. and to help you accelerate, we've created a new company... one totally focused on what's next for your business. the true partnership where people,technology and ideas push everyone forward. accelerating innovation. accelerating transformation. accelerating next. hewlett packard enterprise. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's yo

carl icahn is urging them to break up., heater hancock -- however, peter hancock is refusing. black rocks cash management unit will manage assets for bank of america clients. that deal will give separate in town -- give separate accounts -- bring their business to of assets. terms of the deal were not disclosed. jpmorgan will pay to settle charges in california. the bank use illegal methods to collect debts from credit card holders. half of the fines will go back to customers. a bank says it will change practices that regulators say are legal in california. more business get news at bloomberg.com. now it is time to get you caught up on the action around the world. let's start in asia. was closed today but indexes around the region were up. -- indexee that the was up almost 1%. region isory of the that asian stocks had the first gain in six days. asia-pacific equity industries got there first gain in six days following the gain overnight on the s&p 500. technet was closed for a national holiday and korean bonds fell. the ba

will it boost carl icahn's case that the company should be broken up?said to be about 2%, making him among the largest shareholders. are about one hour away from the close on this monday. i want to head to the markets desk where julie hyman

it's ceo carl icahn squared off once again.cahng satisfy the fed, and the rest of its shareholders? we will find out next. ♪ erik: welcome back. you are watching bloomberg . let's talk about aig. the company is struggling on two fronts. carl icahn is one front. regulators in the federal reserve are the other. it is tough to please everybody. >> the emphasis has been with respect to metlife and potential and aig, the extent of their business whether it's in derivatives or products that create funding risk runs, that the f-soc placed emphasis. that is just a judgment, a well-documented judgment about the participation of these firms in activities that are nontraditional insurance activities, but that are activities that connect them with the rest of the system. everyone watching remembers what happens with aig. erik: there is the fed governor explaining why they lumped aig and metlife and prudential together. there is this carl icahn issue. can aig thread the needle? let's talk to insurance coverage specialist. dan, let's tal

icahn has been busy. comes yesterday on aig, writes the letter in the morning and xerox later in the day. wondering where he's been. there he is. >> got to get your beauty rest. >> some of us were watching the pats/bills, not him. he was fire ag wing away a lettt we haven't seen yet. >> turned the game off with 50 seconds left, penned the letter to someone. >> xerox responds, just noting his ownership stakes saying they're aware of carl icahn's maiden investment in the company. xerox values constructive dialogue. its board authorized a review of its business portfolio and capital allocation with the goal of enhancing shareholder value. they said they are committed to improving performance. >> they had a horrible conference call. i say that because they said they had one. they were very -- they were very downbeat. they lost the cfo. they do these healthcare insurance exchange businesses which we know hasn't been that strong. to try to get people into that business is a failure. cash flow declined, 595 mill

carl icahn now is 4% of paypal. coming up, star wars battlefront. reviews. ♪ ♪ emily: earlier today i sat down for an extended interview with linkedin cofounder reid hoffman. he is a noted investor, and i asked him to weigh in on the great debate. are we in a tech bubble? reid: in some ways we are, in some ways we are not. the key thing, it tends to be a private market bubble. the private level does not have as much market impact. it is not something we've hearken back to 2000 or 2001, you worry about quite as much. emily: as a venture capitalist he invested in the company airbnb. we talked about how airbnb needs and experience in strategy ended differs from uber. reid: airbnb has a global network of fact that is useful. if you have a whole bunch of residencies in europe or the u.s., then people who traveled there, that is a global network effect. that is very useful. they do not have to do as much work as overdose. emily: why do they have to work harder? reid: they have to work harder because the network is much more local to a city. it is just eas

carl icahn wants to break up the company to unleash value. management thinks it's got a better idea and announced cost cuts totally hundreds of millions of dollars a year. mary thompson has more. >> aig trying to assure investors it's on the right track. >> we'll be eliminating 23g% of the top 1400 leaders of the company as we narrow our strategic focus on the areas that we can win. >> peter hancock saying the layoffs and other moves will sa the firm $500 million to $600 million a year and create a leaner more efficient operation. hancock dismissing activist investor carl icahn's call to split the core businesses into separate firms a move icahn sees getting them out in under the federal reserve's oversight and freeing more capital to return to shareholders. it's a plan hancock maintains won't work. >> we are not averse to simplifying the company. but certainly that split between property and casualty and life would not release any additional capital. >> once awarded the federal government, aig returned $26 billion to shareholders. having tra

the investment makes xero xerox icahn's -- i take that back, icahn is now the second largest shareholder in xerox. >> okay. because there aren't that many left. >> that's an interesting play. i never know what icahn is -- >> yeah. >> but it was a nifty 50. she has been trying to bring it back into some type of relevance although, more services, back office services, i don't know how successful it's going to be with all of the competition, all the new age competition. i don't know. i would do, you know -- i don't know how it works but i would do 3-d printers. i'd do kidneys. i'd make kidneys. i'd make cars. and you know how i'd do the 3-d printer? i'd use the cloud. >> you know enough. >> i know enough to where that would be my strategy. that would be my strategy for yahoo! too. they're having some problems. >> they are. she is struggling with this. >> everybody is leaving. they lost like a dozen of the senior managers that don't know if it's going to work. >> i was surprised they didn't have contracts to begin with. she wanted them to sign a three year contract and some of them walked ou

bernstein's call comes on the heels of a public letter from carl icahn advocating a breakup. bernstein says as a systemically important financial firm aig may be permanently disadvantaged relative to smaller insurers. aig will report earnings after the closing bell today. >>> and it's official, the hewlett-packard that we knew for more than 75 years is no more. the tech giant which was founded in a garage in palo alto, california, back in 1939 splits into two separate companies. hp inc. will sell computers to businesses and hp enterprises will focus on software. each could generate $50 billion of revenue. meg whitman who led hp since 2011 is now the ceo of hp enterprise. she rings the opening bell at the new york stock exchange today. she will be speaking with david faber on "squawk on the street." 76 years and they're splitting up hp. you know, this split means more profit on the high margin printer business, right? somebody see as a dinosaur. the fact that hp enterprise hasn't been serving the business customers very well, the cloud, there's a lot in the future of hpe. >> h

carl icahn is implying. who could run aig?are a lot of people who have been at aig for a long time. some people are saying he would he a really wonderful candid and you want the person in charge of restructuring to be at the helm. thank you very much for being here. david, always good to have you with us. miss had to break, don't an interview with the secretary of health and human services. it's at 2:00 right here. ♪ erik: let's take you right now to julie hyman. she is going to bring us up to speed on some stock movers. julie: i want to focus on some companies that are being affected by analyst ratings. tradings shares are higher. after their investor day, they represent the best risk reward in that particular industry. they have a top performance. shares are up by four and a quarter percent. we've got golf pro continuing its recent incline. the company has been on a losing streak. they are down another 5.7%. says his peers to be tracking to the low end of the forecast. this tracks with other commentary we have as of late. co

that's more typical carl icahn.here's a suggestion made, that ebay, he pushed to split ebay and paypal. $100apple, he pushed billion of capital, the company was against it. for: the company is already everything you could possibly ask for, except the sale of the whole company, which they said we don't want to do. i don't think there's a buyer for the whole company. look at carl you strategy come in the past, it's basically rational behavior. and starts toin -- not criticize, but review a company, all of his points across the board are -- that make sense. it doesn't make sense for this business to exist in that form anymore. i think he is simply making the point -- what are you guys doing? weorder to be a public company and do well, you have to be growing. what on earth is iraq's doing to grow? xerox is a target you could do something with like ibm, you can make the same argument for a lot of stuff there. a huge company. difficult for an activist company. stephanie: it's gotten easier and easier. this is the first ti

the stock went down yesterday when hancock said i do not like the carl icahn plan.the stock -- it has not done horribly. it is probably around the low 60's, so we will see how high it can go. betty: we will see how the stock price reacts to all of this. thank you so much, dan kraut, our bloomberg editor on insurance. and john micklethwait interviews mark carney, coming up. ♪ we live in a pick and choose world. love or like? naughty or nice? calm or bright? but at bedtime ...why settle for this? enter sleep number. don't miss the semiannual sale going on now! sleepiq technology tells you how you slept and what adjustments you can make. she likes the bed soft. he's more hardcore. so your sleep goes from good to great to wow! gift the best sleep only at a sleep number store. save $500 on the veteran's day special edition mattress with sleepiq technology, plus 36- month special financing. hurry, ends wednesday! know better sleep with sleep number. betty: live from bloomberg world headquarters in midtown manhattan, you are watching "bloomberg markets." i'm betty liu. von

up next, carl icahn turns up the heat on aeg. plus, christmas coming early in canada. what amazon is doing to attract shoppers ahead of black friday. and why the 2016 presidential election may be bad news for u.s. stocks. the head of strategy at wisdom tree weighs in with the political trade. santa has a magic snow globe for every family. and this year, look at what he put in our driveway. the lexus december to remember sales event is here. lease the 2016 es350 for $349 a month for 36 months and we'll make your first month's payment. see your lexus dealer. nobody's hurt, but there will you totalstill be pain.new car. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do, drive three-quarters of a car? now if you had liberty mutual new car replacement, you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. new car replacement is just one of the features that come standard with a base liberty mutual policy. learn more by calling switch to liberty mut

you saw this letter out from icahn.your view, aig shares are going up, whether or not he is in there. but a few days later, you said he might be right here. josh: thanks for having us on, betty. when an active his columns in and there was a battle for corporate control, you have an opportunity to look at a company strategy and imagine what is? if you step back and think about aig and the business they are in, it is not obvious the company deserves to exist in its current form. it is billed as a conglomerate, is run as a conglomerate. the obvious solution is to de-conglomerate is -- d e-conglomerize. ought to divest a lot of their businesses. the simple value unlock here that gets us excited is not just the financial engineering or the cost-cutting, which is key to any simplification campaign, but we witnessed the past year or two is a building of a strong m&a market in a insurance. japanese, chinese insurance companies. hedge funds trying to get into the insurance business. globally under distress. in can sell lots and

icahn pushed ebay to spin off the epayment giant in april of last year and icahn trying to push over aig, holding onto one-tenth of a percent stake in aig, using to demand a breakup. he wants aig to spin off mortgage and life insurance arms to unlock shareholder value. so that stock is up about half a percent at the moment. carl isn't the only wall street personality putting pressure on a daily basis on aig. hank greenberg continues legal battle to recoup 40 billion dollars in damages for overstepping authority in the bailout during the financial crisis. greenberg's appeal that gave greenberg a moral victory considered by an appellate panel. >>> just a few months ago, president barack obama announced we would renew diplomatic ties with cuba for the first time in more than 50 years. news that sparked controversy in the u.s. but also signaled dollar signs. major money opportunity to cash in for some wall street investors, and businesses too, right, charlie? >> unpack this a little bit. we reestablish relations with cuba, diplomatic relations, do not lift the embargo, except president o

carl icahn turning his focus to corporate tax reform.as a stake and ben carson and the recent polls served. investors, we will talk to wilbur ross talking about what european officials are doing to the greek banks where he is. back and it. ...as a combination of see products.. and customers. every on-time arrival is backed by thousands of od employees, ...who make sure the millions of products we ship arrive without damages. because od employees treat customer service... ...like our most important delivery. od. helping the world keep promises. maria: welcome back, i am maria bartiroma the is tuesday november 3rd, dagen mcdowell, keith mccullough and jpmorgan's anastasia, top stories at 7:00 a.m. on east coast, wall street journal nbc news presidential poll puts dr. ben carson in the league national league. overtaking donald trump for the lead at the presidential primary, the first republic and other and donald trump to come out on top since june. we have more on this story coming up. >> we are not putting u.s. troops on the front lines f

icahn investing in lyft. publicly stated rationale, if uber is worth $50, then lyft is worth $2. if you really look at this thing, it will not be a two horse race. lyft does not survive, and travis will never buy it. emily: you think lyft is gone? chris: lyft doesn't survives this. uber is a better company with better mass, better brand, higher pickup times, higher quality of service. emily: you are an uber investor. chris: i am a huge uber investor, but i would be a bigger uber investor right now on that thesis alone. i would never buy lyft shares because they are never going to compete. emily: so icahn made a big mistake. chris: i think he made a big mistake. this is a winner take all game. and travis will take all. emily: isn't going to be a downturn? chris: is it going to be a downturn in silicon valley? emily: yes. chris: yes. it is kind of inevitable that the funders putting this money to work will not see it all back. emily: are we in a bubble? is the bubble going to pop? chris: there are multiple ways

carl icahn also disclosed a more than 7% stake in xerox. activist investor says the firm's shares are undervalued and he plans to talk with the company's management. shares surged in initial after-hours trading. during the regular session the stock was up nearly 3% to 1075. and there's more activist news tonight. the hedge fund elliott management has disclosed a 6 1/2% stake in alcoa according to a filing. it comes as the aluminum producer plans to separate its metal-making business from its manufacturing. shares were up more than 4% to $9.07. >>> game stop reported results that missed estimates. the video game retailer blamed low sales of new gaming software and hardware for the disappointing quarter. shares tumbled more than 4% to 37.61. >>> tyson foods had mixed results in its most recent quarter but the meat processor's revenue came in above forecast. strong demand for its chicken products helped the firm. the company is also forecasting better than expected full-year profit shares up 10% on the today to 48.09. >>> and deibold is buying

activist investor karl icahn has another target in his sight.ilings show they've taken shares in xerox, shares surging after hours. icahn is set to ask for a meeting with ursula burns and xerox's board of directors. he is one of wall street's best known activists, investors, often taking stakes in companies he bleambs are under valued. just last week we reported icahn swapped a large position in yee bay for 46 million shares of paypal. coming up rnings fizer is going to announce the largest merger ever in the drug sector but is it bad medicine for innovation? later a multi math science project in the heart of one of the driest deserts on earth. we'll tell you about it and how it could give us the best clause yet about whether aliens ex-ifflet. emily: a major deal today in the pharmaceutical industry. pfizer and allergen joining forces in a $160 billion merger creating the world's largest drug maker. most of the buzz focuses on the deal and the so-called inversion structure which allows pfizer to take advantage of lower tax rates in ireland but t

up next activist investor carl icahn is set to take the stage is a conference.closing bell" back in two. sure, tv has evolved over the years. it's gotten squarer. brighter. bigger. thinner. even curvier. but what's next? for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. >>> welcome back. lateral earnings to get to here. let's start with zillow and we will get more from diana olick. >> it was a nice beat for zillow. revenue 176.8 million sooipd up slightly from expectations up 13% but a net profit of 7 cents a share. the street was looking for a 3 cent per share loss. they did finish the integration of trulio, that was ahead of schedule, zillow's ceo saying they are ending 2015 in tremendous shape. zillow group will enter 2016 with the potential for rebust sustainable growth in the years ahead and he called this quarter remarkable. one thing i want to note they did see an increase in the unique users to brands like zillow, trulio, street easy and hot pads up from q 2 by a hair but the big jump was in mortga

and we just talked about carl icahn. >> and these two are right at each other. i love to look at fundamentals and i think they are nod trading on fundamentals at all. and there is the idea, if there are withdrawals at pershing, he would need to cover and make the stock go up. i hate -- i wouldn't want to trade on that kind of stuff, but he has a huge short. 35% short so i think it is a no-touch long or short. >> up next, zillow sinking after a spike on a big beat. the company saying it completed the acquisition of trulia ahead of cramer. we just spoke about the quarter moments ago. take a listen. >> we have between 60% and 70% category share. zillow two years ago only have 30% to 40% category share. so we keep gaining market share in the category. leads to real estate agents for example which is a key metric were up 37% year-over-year this quarter. so despite of what happened competitively, we're growing audience and leads to agents and average revenue per agent and the metrics are moving in the right direction. >> b.k., what do you make the stock. >> the metric

and is carl icahn losing his touch. more after this. it's kind of a losing proposition to keep going this way. we are trying to tackle the problem with several different modes. one of them is the brand new metro. we had a modest forecast: 110,000 passengers per day in the first line. we are already over 200,000. our collaboration with citi has been very important from the very beginning. citi was our biggest supporter and our only private bank. we are not only being efficient in the way we are moving people now, we are also more amicable to the environment. people have more time for the family and it's been one of the most rewarding experiences to hear people saying: "the metro has really changed my life." when you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. that's where at&t can help. at&t has the tools and the network you need, to make working as one easier than ever. virtually anywhere. leaving you free to focus on what matters most. >>> take a look at

tradeshead, carl icahn his ebay stake in for paypal. should you follow suit?ind out how to risk less to make more when bloomberg markets returns. ♪ betty: welcome back. time now for a look into the options market. julie hyman is standing by with more. julie: indeed it is time to do our options insight. joining me is the chief investment officer at recon capital partners are before we get into today's trade, i want to ask you about the market activity we are today. a relatively tight range. headlines about potentially terrorism related events, even if they do not turn out to be terror related, there seems to be trepidation in the market today. i'm curious from the options perspective what you are seeing. >> we are seeing it in the vix market. we have seen vic's beat around the historical level between 19 and 20. a lot of information is out there in the market. really low lows. we are seeing that's being made for the fourth january next up 27. intolling vix here, january, last january was extremely volatile. >> people are not expecting what people call the geopo

bill ackman and carl icahn. kelly digs deeper into those moves. >>> also ahead, jeff bezos' blue origin. we'll get you the details coming up. >>> welcome back. we have a market flash on vm ware. >> this one is complicated. it involves vmware. that stock has dropped by almost a third since dell announced its intent to acquire emc. reuters reporting that emc is changing the way it plans to dole out or kind of slice up a business called virtustream, which was supposed to be a joint venture between vmware and emc. the reason shareholders seem to like that idea is virtustream is a new business, has potentially high costs, and the worry was that would get dumped into vmware, vmware would get parts of that, and the tracking dock in vmware, which was going to be used as currency to fund this acquisiti acquisition, would get weighed down. of course, vmware has already suffered since that announcement. investors unsure about a number of things, including whether vmware would continue to be competitive and the tax conseque

my suspicion is that icahn has a better plan if there is a spin.t's on focus in the 8:00 call this morning. beyond that, you know, if they can keep the tax asset in place, that could make sense to break it up. you know, our view is valuing the businesses of aig, a lot of businesses globally, really good brands, really weak businesses, and we have about a 10 multiple on earnings across the complex, but the m&a market in particular, and insurance, very active right now, you know, maybe they could get multiples up to 12, maybe higher, and i think that's what icahn's looking at. >> he wants to see them cutting costs as well, but people close to the company pointed out issues, first of all, if you leave the individual units to stand independently, they need to shore up their own capital bases, and that would be expensive. there's one sales unite that services all of the different industries, and if you were to split, you need to double the size of the sales team. are those valid arguments for not doing it? >> on the capital, i heard the arguments, and i

bernstein's calls come from a public letter from carl icahn advocating a breakup of aig. bernstein says as they have a financial firm may be permanently disadvantaged relative to smaller insurer, aig reports earnings after the closing bell today. >>> hewlett-packard, hp as we know it for more than 75 years is no longer. the tech giant which was founded in a garage in palo alto, california, back in 1939 split into two separate companies on sunday. hp inc. which will sell pcs and printers, consumers and businesses, then you have hp enterprise and it will focus on software and services. each could generate more than $50 billion in annual sales. meg whitman who led hp since 2011, now ceo of hp enterprise rings the opening bell of the new york stock exchange. she will speak on "squawk on the street." >>> sprint is looking to slash its expenses by as much as $2.5 billion next year. this includes layoffs and a wide range of cost controls as part of the turn around efforts. sprint says it will provide more details on the job cuts when it reports earnings on tuesday. "the wall str

investors are focusing on actions not earnings at the insurer are activists john paulson and carl icahnlling for insurance giant to split into three segments. what program it's making on cost cutting. third quarter earnings for the company seen falling 15% to $1.03 a share, quarter forecasts to be messy with loss of special items. investors will be looking for continued improvement in the combined ratio, a measure of their profitability in their personal and p & c lines. >> seema mody, how does it look forfeit bit. >> analysts expecting earnings of 10 cents a share on revenue of $351 million but beyond the headline numbers the street will be looking to see how the maker of wearable devices is holding up against the apple watch. also how many fit bits is the company expect to go sell during the holidays, that's where revenue guidance will be important. marketing expenses are expected to increase this quarter as the company rolls out new products, the question is how is that impacting the growth margins picture. expect that to be a topic on the conference call. ahead of its earnings repor

it has been pressured by carl icahn to boost its returns. week that aig ceo peter hancock has failed to lay out any alternative strategic plan with the potential to unlock value for shareholders. consideringpany is the sale of blocks of his life insurance policy. let's bring in jeff mccracken. is this a response to carl icahn? >> he said i want you to break up. he said you need to break up into three companies, a moorish gige guarantor, property like business, and get rid of debt property-casualty business and life insurance. they want to sell us some of the life insurance assets. that would not necessarily be all business, it could be just contract. other insurance companies have been doing this already. allstate has done this. a couple of others are out there looking to do this. they take that money and they put that into other businesses. they want totly, emphasize higher return but why would somebody buy it? >> than they can just sit on the premiums. to buy these assets and they collect the premiums and then they pay out at the end. they

i will be with carl icahn this afternoon, and we will do a podcast. say carl, i was there before you where. he will say no, i was never number two. i am older than he is. carl, a good guy. stephanie: does it surprise you that activist investment is the asset class du jour now? mr. pickens: it is. activist investor -- most, i would say, 75% of the time are better. they will make something happen. stephanie: a good activist investor. mr. pickens: what is a bad activist investor? stephanie: one who fails, who does not understand how companies should operate. we've seen good investors like bill ackman sale investments like jc coming -- jcpenney. erik: i would like to know why you are not doing what others are doing like carl, in freeport mack brown, if you are the original greater? mr. pickens: i do not want and i had to happen and a and of having to run a company again. i have done all that i want to. stephanie: what is your one piece of advice -- your leadership advice. trump, if talk donald he is the next president, what would you tell donald trump? mr

. >> carl icahn speaking out on his super-pac. the billionaire investor telling our own maria bartiromo why he wants to get things done in washington. >> well, look, i'm trying to very, hopefully, get it done now because if you don't get it done now, there will be, this pac will bring on accountability in congress. we're just going to say, why -- if it doesn't get done, i think it will be very harmful to this country. because you're going to suddenly see, you have warren buffett doing it. you have a big company like pfizer doing it, respected company. melissa: icahn is pushing corporate tax overhaul asking congress to pass tax reform to bring more than $2 trillion of expatriated capital back to america, with modest 5% to 10% tax penalty. david: like trump he wants to bring that money back home. tax cheats breathing a little sigh of relief. irs audits of individuals dropping to 11-year low. blaming budget cuts and staffing reductions for lower rate. revenue from audits fell to the lowest level in 13 years according to irs. but of c

plus, carl icahn is pushing for a breakup. and searching for a cure.about his foundation's fight against cancer. -- michael milken talks about his foundation's fight against cancer. stephanie: good morning. hope you are ready and primed for a big day on "bloomberg ." i'm stephanie ruhle. david: i'm david westin. we have interesting and important people with us today. us, michaelh milken. and our cohost, erik schatzker. -- starting with us, alan patricof. and our cohost, erik schatzker.

. >> i am carl icahn. >> ben bernanke. >> larry summers. >> andre agassi. >> jeff smith. >> i am watching "wall street week." >> i am watching "wall street week." >> i was on the original "wall street week" and i am pleased to be on the brand-new one. >> and you will too. >> we recap each week in the financial markets and dive deeper into the recent episode feature articles and investment primers. go to wa llstreetweek.com and sign up today. >> what should i do with my money? whether you are a multimillion dollar investor or just sorting out, the answer is betterment. betterment is a smarter way to invest and is the largest automatic investment service in the u.s. if you are building wealth, preparing for retirement, we provide personalized asset allocation and your money is put to work in a globally-diversified portfolio. experience smarter investing and secure your financial future. betterment, investing made better. and going to work. >> i was tired of being a starving artist. a business that i believed in. >> he helped me create a business plan. think big. >> i am here because of scor

. >> carl icahn took a big stake. what kind of investor has he been? >> i saw him last week.was -- imposed them. they have been a disciplined investor. they may good noise about the truth behind the business. this is a massive opportunity. lyft is growing fast. >> cases where the united states is not directly hit, but where -- where do you commit american troops on the ground and overseas? this is a unique circumstance not seen before in history, where you have a caliphate that has been formed, whose energy is maintained and strengthened by its existence to provoke acts of terror around the world. this is a direct threat to our national interests. ♪ erik: welcome back. emily chang interviewed two of the most intriguing and in village will -- and influential people in texas. emily put the question to him simply -- are we in a tech bubble? >> it tends to be a private market bubble. it is not something when you .earken back to a 2001 >> we are not in a bubble in the private market we are in a bubble in the public market. we are at an inflection point heading towards catastrophic

. >> carl icahn. >> larry summers. >> ticket grasso. >> suzanne saunders. >> lee cooperman. >> byron wayne. >> i' m watching "wall street week." >> i watch "wall street week." >> i was the guest on the original "wall street week." >> and i am pleased to be on the brand-new one. >> i hope you are too. >> i am sure you will be, too. >> sponsored in part by hightower. an unobstructed view. >> imagine a business built on the premise of delivering straightforward financial device being the right thing -- advice being the right thing to do. rising above the discord of an industry compromise by conflicts of interest. we live by the fiduciary standard. to put our client' s interests first. not because fiduciary is the were built to do. >> i used to dread getting up and going to work. >> i was done with the grind. starving artist. >> i was looking for a business >> it helped me to create a business plan and implement it. >> they really taught me how to think big. >> help me to make unimaginable >> i' m here because of score. >> get your free business mentor at score.org. anthony: we are back

the insurance giant's disappointing results also come as shareholders like activist investor carl icahne been pushing the firm to break up. shares dropped initially after the close but during the regular session the stock was up 1% to 63.74. hewlett-packard's split into two companies took effect today. the personal computer and printer businesses are part of the hewlett-packard division while the rest of the company's businesses like software and services are part of hewlett-packard enterprises. ceo meg whitman explains why the move better positions the firm. >> we looked at the market. we looked at hewlett-packard's strengths. and we said being smaller and more nimble in this market is a huge advantage with not much depth. so hewlett-packard enterprise will have $5.5 billion of cash on the operating company, which is a completely different capital structure. so two different strategies. we have a lot of confidence that our strategy will be right. >> hewlett-packard was up about 13% to 13.83. hewlett-packard enterprises fell 1 1/2% to 14 had the 49. hsbc saw its profits rise in its thir

want to make sure to watch mornings with maria for maria's interview with billionaire investor carl icahn. >> nicole: after the making of the fitness tracker, the news overshadow saying sale of devices more than doubled a year ago. the company issued quarter separately that halt products from rival jawbone because of patent infringement. >> cheryl: pulling his money out of an account managed by grose, people familiar with the matter, pulled 500 million-dollar invest because of poor return. that would be a big blow for funds to get accepted. rough hit. >> nicole: the sales will finish the year strong. true car project that new auto sales will rise more than 1 #% from a year ago. the car shopping website total revenue of knew and used vehicles will rise 7% to an all-time industry record. based on online shopping, october auto sales are looking the highest for the month. >> cheryl: the first one that we are looking at, facebook, share a bit more. the second headline oil price paradox, gasoline we would like to be even cheaper. vice media rides the lofty expectations, they have to deal with a