he talked about this earlier with paul sweeney.this ebay had separation was not going to happen. >> he was on with me about eight months ago saying he absolutely thought this was the worst thing for the company. there were some new synergies between paypal and ebay. they needed to stay together. carl icahn was insisting these are two different companies doing two different things. he kept saying it's very hard to recruit top talent when all you have to offer is ebay. whereas paypal is more of a tech company where you can get better people in if you are reporting -- ebay stock had gone nowhere for quite some time. think -- this is not a new idea. carl icahn got on the bandwagon for this one. a little bit later than most. ebay and paypal are two separate ideas, separate companies. paypal has been getting the majority of its revenue from outside if ebay -- outside of ebay users. it had become a real entity. recognized that as well. when he pushes for it, it gets more noise. street smart coming up at the top of the hour. talking with t

my thanks to paul sweeney of bloomberg intelligence.g up on taking stock, why a product manager at facebook left his job in silicon valley and then put his skills to use for social good. it is all next. ♪ >> some breaking news regarding atlantic city and investor carl icahn. bloomberg's own amia has the details. >> we are tracking the latest blow for atlantic city, the one time gambling hub is seeing financial ruin and distress, and the latest is coming from carl icahn saying that trumpet came to himagement saying they were losing $700 million a month. they asked if they could get concessions from the union, city and state, if carl icahn it be willing to invest $100 million, because no other investor was interested in putting up a cash -- ponying up the cash. he says that typically he does not like throwing good money after bad, he told the company that if they could actually secure those other concessions that perhaps he would go down that route. we understand through the statement that union does not appeared willing to provide those

paul sweeney a bloomberg intelligence.icrosoft gearing for it's invite only event in san francisco. the details are still under wraps. the only clues this invitation. we will find out. ♪ >> and we have talked about before, microsoft is hosting an invite only event this afternoon. there are no promises of a new windows, medications only reveal that attendees will hear what is next for windows. so what could microsoft have of its -- up its sleeve, and how important is this to their strategy? dan, it is good to have you with us. do you have a clue what they are going to be saying? >> this is been opening up the curtains on their next windows platform. windows nine, or they will have another brand name. his is going to be a cloud centric platform that will be the flagship going forward. especially after windows eight was a major disappointed. >> so what do you think will be the features here in this new windows platform? >> this is about interoperability between enterprise and the consumer across devices. the big issue with mi

oversees properties such as --.com, speed bs sports.com cbssports.com, and also joining us is paul sweeneyou are looking at the confluence of the nfl money and advertising. is expensive. >> nfl programming has never been more program -- important to the broadcast network than it has been today. there is such a fragmented audience that one of the tried-and-true programming genres that still works is the king of live sports, the nfl. that drives advertising. >> if you actually have two bid for the rights to show these kind of things to the public, that means money that you have to spend. tell me about what is going on at cbs and advertising right now with sports. it was a very important deal for cbs, and we just had the first week two weeks ago. thursday night football. >> why is that a big deal? >> thursday night football did not exist when i was young. >> thank you very much. >> i'm excited. we have the thanksgiving game against seattle this year. us translation last year was a number one in the first week of premieres. general ismming in very important. the vast majority is still alive, w

bloomberg analyst paul sweeney is here with more. they are boosting the range a little bit, about 4.5%. wanted to bema has very conservative. do you think this is a sign he should have been more aggressive? i don't think so. this is over $20 billion they are trying to raise on a global offer, that is a livestock. they are sitting back and saying we need to be cautious. the last thing we want is a facebook-type ipo debacle. where our investors get hurt on day one. they are being conservative, it is still a big deal. still a big multiple. they could go higher. they are trying to ensure that this deal trades well in the aftermarket. why the game of cat and mouse? alibaba new that demand was going to be healthy. $60cially if it priced at to $66. what value does alibaba get out of playing this game while building the book? >> what the underwriters are trying to do is maximize the proceeds to the company enter the selling shareholders while trying to ensure that the stock he ipowell so that shareholders, who are taking a risk with a new co

thank you so much, paul sweeney. calpers is moving away from hedge funds. the california pension system will divest the entire $4 billion of hedge fund investments saying the returns are not worth the fees. erik schatzker has more. we have heard pension funds but this time calpers is really voting with its feet? >> most definitely, this a trend that could have started with the los angeles firemen who had less money invested in hedge funds. calpers is more symbolic. the hedge fund industry is not going to miss calpers because calpers has only $4 billion invested in hedge funds. as a pension fund, it has $300 billion in assets with the fraction, slightly more than one percent, and let's not forget the hedge fund industry has $2.8 trillion. symbolic value means something. i likened it earlier to harvard giving up football. people at harvard might not miss football but other people take notice. perhaps theyink should not be invested in hedge funds either. been --lpers has not done particular well with is hedge fund investments, returning only 4.8% on average ov

for more, paul sweeney.o they have enough orders or is it more like this thing is 10 times oversubscribed? >> i suspect it is way oversubscribed. launcht the new york with about 1000 other investors trying to get a peek at the story. incredible demand. we are hearing they had very good demand, probably well over what they need. probably with not a lot of price sensitivity, giving them confidence to say we can stop the roadshow a day earlier. -- do youthink we can think they can end up pricing this higher? >> they will take this weekend to take a look at demand. how much higher the institutional investors want to buy in after market. it is not just for what they want to buy at the ipo, it is in the aftermarket and at what price. prices not a lot of sensitivity in aftermarket orders, giving the underwriters and a lot of of confidence to make the raise the range. >> is the roadshow just for optics? did anyone ask real questions or was everyone there to buy? >> it was a big get-together. the questions for the ma

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sweeney derrick sword thomas f. swift gina sztejnberg kevin thomas szocik harry taback norbert p. szurkowski norma c. taddei joann c. tabeek keiichiro takahashi michael taddonio phyllis gail talbot keiji takahashi robert talhami paul talty sean patrick tallon rachel tamares maurita tam michael andrew tamuccio hector rogan tamayo rhondelle cherie tankard kenichiro tanaka dennis gerard taormina jr. michael anthony tanner allan tarasiewicz kenneth joseph tarantino ronald tartaro michael c. tarrou darryl anthony taylor debra teflorella hilda d. taylor donnie brooks taylor taylor anthony taylor kip p. taylor leonard e. taylor lorisa ceylon taylor michael morgan taylor carl w. tepee sandra dawn teague yeshavant moreshwar tembe anthony tempesta dorothy pearl temple stanley l. temple david gustav peter tengelin brian john terrenzi lisa marie terry goumatie thackurdeen harshad sham thatte michael theodoridis >> and my cousin lawrence michael pollack and my sister, cousin, and best friend, joanne flor lyle. as i have said many times before, joanne for a while but not nearly long enough. i love you forever. >> and my uncle peter burton hanson, my aunt, souhanson, and my cousin, christine lee hanson. we love you and we miss y