why les moonves may be getting the title. ♪ betty: welcome back to "bloomberg markets."'m betty liu. time for the bloomberg business flash. -- is leaving pimco where he was the manager of quantitative portfolios. he will start his own portfolio firm. after theching a week fed raised interest rates. he says his exit is unrelated to investors pulling out about half $1 trillion from the firm since 2013. of the u.s. economy expanded at a revised 2% rate in the third quarter, following a three point 9% advance in the second quarter. that number was supported by consumer spending as businesses struggled to sell to overseas customers. droppedhome sales sharply. they collapsed to a seasonally adjusted annual rate of 4.7 6 million. the weakest pace in 19 months. however sales of existing homes rise roughly 5% for the entire year. abercrombie & fitch says the head of its namesake brand that has been fired. the move eliminates a year-long they can see -- vacancy. and that is your bloomberg business flash. much more ahead including who will succeed sumner redstone? ♪ betty: welcome

nelson peltz, i can see him take a long-term view, and not put -- the rumor mill is always that les moonves is going to take over sumner's shot, not sherry redstone, his daughter. we'll see. i'm telling you this is -- liz: this is a major corporate drama and you are all over it. >> ripe for an activist. liz: charlie gasparino, breaking news again. >>> coming up, this is a story you're going to want to watch. the ford assembly line is cranking out cars, could be making cars that don't require a driver. sort of like taxis or ubers without drivers. it's ford's driverless future. that's straight ahead. >>> also chipotle struggling to fix the problems with the supplies, food supply. more people getting sick. our very own jeff flock outside a chipotle in chicago, telling us how its latest health scare could force changes inside the company, jeff? >> reporter: it's fresh, it's locally sourced, but could that be the problem? we'll answer that question at chipotle when we come back. stay tuned. ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have

at cbs we expect ceo les moonves to take on the role of chairman.ghtly business report" i'm julia boorstin in los angele >>> and late today a judge called the legal complaint not urgent and scheduled a january hearing. >>> and finally tonight, here's a festive way to track inflation. pnc wealth management released its annual christmas price index, which calculates how much it would cost to buy the gifts in the christmas carol "the 12 days of christmas." so here are the items that are more expensive than last year. a partridge in a pear tree costs about $215. that's a 3 1/2% increase. two turtle doves, $290. a nearly 12% price hike. 10 lords a-leaping costs just over 5,500 bucks, an increase of 3%. and the total of all gifts comes in at $334,000. the most expensive item, seven swans a swimming total cost 13,125, unchanged from last year but i'm not getting you seven swans. >> go on amazon, buy it. all righty. >> that's it for "nightly business report" i'm sue herera. we want to remind you this is the time of year your public television station seeks

confirmed a nonchalant remark made by les moonves.s is a plan to sell a package of 14 or so channels for 30 to $40 a month. studio is here in the a sim cofounder. founder. what do you think is really happening? sure.cannot really be the fact is it has always been a tough fit. apple is a devices company and the software company and a services company. only to the united states, which is not the biggest market anymore. they would have to do deals, not just with individuals license holders, but on the global scale. it has never been that apple has launched products locally that much. you can see the struggle they have been through trying to get these deals done. emily: apple tv is the new thing. just went on sale. is this a blow to the apple tv set-top box service? >> in some ways, it is. that is the one product they of contenteeds a lot for it. they are moving it into the app donating. that is one thing this new device has. it is serving up things like games, shopping apps. not having a broadcast or streaming service on top of that is a

. ♪ cbs ceo les moonves began his career as a television actor, but now he is up for the role of a lifetimeone as chairman of cbs when redstone passes away. the 92-year-old billionaire viacom. both cbs and a provision in the family trust allows sherry redstone to become chair of cbs. what do we have to look forward to next year? joins us fromter taipei with some of his 2016 tech predictions. then queue for joining us. the first thing you pretty -- thank you for joining us. the first thing you predict is that it is going to be a big year for tech ipos. why? crazy year last year in china. one of the results is that the chinese government closed the igot off.ff -- spe been openedas since and all of these tech startups who had been looking forward to an ipo look like they could launch in 2016. there is a reason they go to china, and that is valuation. are still getting better valuation in china if you are a startup or an investor. if you have to list your stock next year, you are probably better off doing it in china. the u.s. tends to be a little more picky, especially when it comes to corpora

, of cocose, i need tohink everybody at cbs especially my close friend and hot yoga instructor, les moonves, for cutting the checks to make it happen. i'll pay you back, les, as soon as we find "ed sullivan's gold." point is, it takes a lot of people to put "the late show" together every night. and what all these people have in common is tremendous creativity. and if you ask me, the most important thing you can bring to your job is creativity. and donuts. ( laughter ) people love it when you bring donuts. it's creativity. and nobody values creativity more than the tech titans of silicon valley. they try to get the most out of their employees by providing office spaces communal play areas, a ball pit, 24-7 food, and by removing all clocks a door handles. ( laughter ) but even i have to question the latest silicon valley workplace trend. according to "rolling stone," tech execs are now taking "regular doses of acid, which have becece the creativity enhancer of f oice, which explains why last week, the google doodle was spiders crawling on your face. $ laughter ) ( applause ) now, when you thi

bloomberg confirmed a nonchalant remark made by les moonves.d at a conference apple had pushed plans to develop a live tv service on hold. that is different from the apple tv. this is a plan to sell a package of 14 or so channels for 30 to $40 a month. they reported the long-awaited service would not be ready until next year. joining me here in the studio is an asymco cofounder. great to have you here. are the most accurate apple analyst on the street. what do you think is really happening? is it on hold? is it dead. >> we cannot really be sure. the fact is it has always been a tough fit. we are seeing, apple is a devices company and the software company and a services company. aboute are talking distributing a huge amount of content. however, let's be clear, only to the united states, which is not the biggest market anymore. they would have to do deals, not just with individuals license holders, but on the global scale. it has never been that apple has launched products locally that much. it's a very tough fit for them. you can see the struggl

i mean that to me is a -- i mean not that les moonves should be in there making a decision, but obviously you do a lot better if you declare him incompetent if you're a viacom ceo. >> i don't know. he's his biggest supporter. >> he can say he's competent until -- i don't know. i'm just saying that's a great fact. >> that's why i brought it up. >> that's a great fact and i didn't know that. i should have known that. >> well, it just happened. >> it did? >> yeah. you were busy and it was thanksgiving. you gave yourself a couple hours off. >> that stupid turkey, family. >> when we come back, we'll get cramer's mad dash, opening bell. be sure to stay tuned with wells fargo's ceo and chairman john stumpf. in the meantime we'll talk about pmi. we'll be right back. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wal

and cbs, les moonves. >>> after the mad dash, the opening bell, espn and disney are here celebratingollege football. we'll get to that. in the meantime, futures close to session highs. more "squawk on the street" from the nyse after the break. me on,! come on,why ya sleepin'? come on! what time is it? it's go time. come on. let's go, let's go, let's go. woooo hoooo!! yeah!! i feel like i went to bed an hour ago. yeah!! i'll make the cocoa. get a great offer on the car of your grown-up dreams at the mercedes-benz winter event. it's the look on their faces that make it all worthwhile. hurry, these offers end january 4th. thank you santa!!! every auto insurance policy has a number. but not every insurance company understands the life behind it. ♪ those who have served our nation have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. starts at 6:30 a.m. - on the (vo) rush hounose.und here but for me, it starts with the opening bell. and the rush i get, lasts way more than an ho

netflix is spending about $5 billion this year on content, 90% going to people like bob iger and les moonveswn and out three years ago, and it went through a dramatic transformation. as people continue to unplug and go a la carte, it makes a ton of sense to try to discern who will be the winners and losers three to five years from now. netflix's example illustrates how difficult it is to do, frankly. at the end of the day, what are they doing? the same thing they were doing several years ago, delivering movies to your house, just via a different medium. original content has also taken a much more significant piece of the business, but you have fierce competition. amazon prime does a lot of the same stuff, and to the extent that, a comment on the media space in general, to the extent that we believe china is exiting the commodity super cycle and entering a services super cycle, media is part of that entire landscape, so it will be those companies that can penetrate that market meaningfully that will probably be the winners. stephanie: put netflix in context in your world, six income. we are n