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baseball. julie hyman tells us why investors are watching quarterly earnings so closely. all of those stories coming up in a moment, but first let's get you to the top stories we're following this hour. passengers arriving in the u.s. from three western nations with an outbreak of ebola will be ordered to enter through just five airports. the new procedures become effective tomorrow. federal officials are going on the road with new guidelines to provide head to toe protection for health-care workers treating ebola patients. behind for an ebola vaccine will -- the hunt for an ebola vaccine will produced data if they are safe by september -- december. if they are deemed safe, tens of thousands will be used in the february.an trial in oscar pistorius was sentenced to five years in prison for killing his girlfriend reeva steenkamp. it means he could be moved from prison to house arrest in eight months. today, rick snyder has decided to sign legislation to ban tesla from selling cars through its own stores rather than through traditional dealerships. >> they are clearly setting up monopolytion on and distribution. that is ridiculous. the fact is that even in an extreme world where our manufacturers are selling their own cars, through their own stores, it would be extremely competitive pricing between the brands. tesla'sealers say approach undermines health franchises sell vehicles. tesla reached deals with ohio, new york, pennsylvania. housing roast the highest level in the year which as to size and residential real estate will be up plus for the u.s. economy. -- housing rose to the highest level in a year. home sales advanced 2.4%. in the markets, stocks extended a rebound to a fourth day and european equities surged as speculation grew that the areas central bank is buying bond. the euro weakened while gold pasting gains in commodity. the nasdaq is leading the major indices higher. it is up nearly 2%. percent.00 up 1.6 the dow industrials at 184 point rise. the former u.s. treasury secretary lawrence summers says last week's volatile market movements reflect a state of liquidity in the markets. he sat down with in this lucid interview with "market makers" anchor stephanie ruhle at the robin hood investors conference. -- he sat down in this exclusive interview with "market makers" anchor stephanie ruhle. >> the big deal last week was a in or seven move in an hour the money market. that suggested, it was the equivalent of a flak crash only up. it took place in the 10 year bond and in longer-term treasury bonds. that raises several questions about market institutions and the adequacy of liquidity that people are going to have to study. i think those problems have been there, by the way. but, what happened last week pointed up some real risks that we will have to live with for some time and i think it is important to think about assuring that there is adequate liquidity in those markets. able to live life without qe? >> yeah, we will be able to live just fine without qe. after all, the interest rates at the 10 year are much lower, not much higher, then they were before qe started. >> former u.s. treasury secretary larry summers with our stephanie ruhle. for more at what we are seeing at the bottom market, i'm joined by an executive vice president and portfolio manager at pimco. what strategy do that chair janet yellen and her colleagues need to implement to keep bond yields relatively stable but at particularly after the recent plunge we have been witnessing in yields? >> it is actually very really difficult. qe one andd and it two, the big bond buying programs, 2011. the big bond yields fell. they are trying to engineer three great escapes. one is from the liquidity trap. they want banks to lend more. the ecb is going through this. the second escape is from qe. it seems that the markets are having difficulty when the fed decides it wants to stop its bond buying. in fact, the fed meets next week, wednesday, and it is supposed to tell us that the end of qe is here. the third escape is to get off of the zero interest rate level that has been in place for six years and that is the most ethical task of all. -- the most difficult task of all. -- the might be able to more stays in the game, the more it creates financial stability risk. secretary summers was telling my colleague stephanie ruhle in that interview is that a lot of the things that ebola concerned about is the adequacy of liquidity. -- that people are concerned about is the adequacy of liquidity. >> it is part of the reason for the rally in the u.s. dollar. the u.s. treasury market, for example, trades one and a half trillion per day in terms of total volume. the amount of money on the bid and on the offer side, it is much less than it used to be. in times of stress, the bid ask price can double and the quote depth can shrink in half. the banks should be careful about what they own. they don't want to warehouse risk anymore. there is not bear stearns or lehman brothers to hold securities. it is a game of hot potato and they are more security and when one wants to go to sell, it can be difficult. >> you just used the term in times of stress. times you define in of stress? >> it is when they determine what the equity ratio to be. >> is that when they see fundamentals changing? >> it is in part fundamental and psychological, too. was year, ben bernanke indicating that there would be a tapering of the fed's bond buying. there was a paper tantrum. investors, speculators, their fromd to show this, went long to short the bond market. ever since last summer, positions only grew and grew and grew. there are various ways to measure this. there was a massive short base treasuryr the 10-year got out of its 2.5, three % range that existed for near a 3% range that existed for a year. and itlt a lot of pain was time to get out. it became psychological. a classic capitulation trade. >> so, we have so many geopolitical crises at the same time. how should fixed income investors be positioning themselves? >> we think investors should be involved in dollar assets by merrily or at least in terms of currency exposure. one has to go global in terms of assets, of course you want high quality assets as well. central banks are willing to cut off the left tail risks. the ecb is next. we have seen the bank of japan and the fed be very aggressive about their policy stances but the ecb has been lagging behind. aheadl probably get more next year. they would like to spread money around the world in a 100 trillion dollar market. >> what does pimco expect the fed to do in the next cycle? >> the fed for various reasons -- in 1995, it raised it to 6.5, 2000, to 6. ish for the neutral rate. numerous reasons the fed cannot go high. the economic cycle is five years long. the time they start raising rates, it is six, in two years, it is eight years old. how many more car cells will there be enough time? moves its rate, it will be acting with its balance sheet. it will not be buying bonds. it will be tightening. the amount will be massive when combined with the balance sheet actions as well. speaking of fed, in our last minute, talk to me about how wall street is going to interpret the language. people are always looking at the language in the fed statement. what are you expecting? >> there are a couple of lines that people are looking closely at. there would be considerable time chewing the end of the asset purchase program and a first rate hike. we are not sure when that is. stanley fischer said it is between two and 10 months. the end of the cycle is next week. the fed will likely keep that there. if they keep it out, to some minds come it will be an earlier hike. also, the second key phrase is the significant utilization of labor market resources. the fed will probably continue to say that. if it doesn't, well, the jobless rate is getting closer to implementing full employment. it is time to move on rates and raise rates. the thing is to not get too wrapped up around the axle on the idea of when they will tighten. it could be march, june, september. keep in in mind how much they will be. >> good to see you again. >> thank you as always. it's coming up, dan logue shares his best ideas with -- >> coming up, dan loeb shares his best ideas with stephanie ruhle. we'll have updates from the robin hood investor conference all afternoon here on bloomberg television. ♪ >> welcome back. we continue to cover the latest on the ebola virus. the government announced tighter travel restrictions for passengers out of africa. shelby holliday has been following the story. she joins me with the latest. how far do these restrictions go? >> they are restrictions. the department of homeland security said that passengers humming from guinea, sierra leone, and liberia -- coming from guinea, sierra leone, and liberia, will have to come into. chicago, new york, chicago, o hare washington, dulles. 94% coming from those west african nations fly into those airports when they arrive in the u.s.. those airports are set up for enhanced screening. anyone coming from west africa will have their tip which are checked, they will be identified, they will be asked for contact information. it is a way for the government to monitor these travelers in the u.s. >> what do the restrictions and tail? >> they basically just make these passengers fly in to one of these five airports. the reason, the white house has said, the reason we are not introducing a travel ban is because we don't want to limit the response to the crisis in africa. the results of a recent study said in land said, even with -- ncet" only three could leave africa every month. it is a very limited risk. as we said with thomas eric duncan, that one person who can get in the country can cause a whole big ordeal. unfortunately, we are seeing the ripple effect today. tout a month after he came the country. >> no doubt, shelby holliday ebola.ng the latest on when we come back, julie hyman will have an on the markets update as earnings drive a mini rally. later, the president of the boston celtics and a discussion on the upcoming season. that in a moment. ♪ >> welcome back. the world series gets underway as the kansas city royals host the san francisco giants. will kids be allowed to stay up past their bedtime and watch? it is one of the many issues plaguing his paul's appeal to america's youth. downberg's matt miller sat with some kids. -- it is one of the many issues appeal toaseball's america's youth. >> baseball has a problem. young people aren't tuning in. not even one in 12 calls baseball his or her they've for sport. what can the incoming commissioner do to turn things around? stay's generation cannot on nine innings of baseball. i cannot stay focused and i am 40. i talked to a bunch of kids that birdt even spell the baseball. it will probably be over around 11:30. stay upallowed to that late? >> no. >> when the bases are on the pitcher must deliver the ball 20 seconds after he receives the ball. >> that has not been enforced in outgoing commissioner bud selig's tenure. >> wait, wait. >> surprise, the game is getting longer. your average ballgame clarkson at three hours and eight minutes. 1950 where the average ballgame lasted two hours and 22 minutes. two andhe game back to half hours be enough? how long would you spend watching a baseball game? >> what he five minutes. christ did you ever go to a baseball game? >> i went to one on vacation and it was so boring that i fell asleep. >> what would make baseball more fun for you to watch? >> a home run every time. homeams only produce 0.86 runs per game. sammy sosa and mark mcgwire were hit over 40 home runs in a season. everybody watched the game. having on a are you scale of 1-10. >> ome. >> robert, how much fun are you having? >> a three. much fun arehow you having? >> two. >> a little bit more fun than watching the baseball game. quite how about you? >> a ten. missed your calling. you should have been a kindergarten teacher. >> i was a preschool teacher for while. >> i don't want to know. so badlast year wasn't but anytime the giants are in the world series, guess who cares? nobody. the lowest rated world series in history was 2012, 2010. especially when they play a midwestern team like detroit. that was the lowest rated. 20112, a 12.7. now, they will play kansas city. most people don't even know where that is. >> well, they are not stars yet but of world series will increase their profile. how much money is being put into increase their profile? >> mlb baseball is putting a lot. the games are getting $12 billion from nbc, foxx, and -- fox, , and pbs. the other thing is batters. i like to get out-of-the-box, get out-of-the-box, given the boxed. they are trying for as long as possible. >> more camera face time. time for on the markets. here is julie hyman. >> let's take a look at where stocks are trading. we are seeing a rally for the major indices. the nasdaq better than 2%. apple is out with earnings that beat estimates. those shares have been rising. , shares are falling by the most in six years. the world's biggest beverage maker reported third-quarter sales that missed analyst estimates. it also announced a $3 billion cost-cutting plan. let's take a quick look at apple. those shares are rising after tim cook forecast a fourth straight year of record holiday sales. we will be back on the markets in 30 minutes. ♪ >> welcome back to the second half-hour of "bottom line" on bloomberg television. begins on14 season october 28 the boston celtics franchise was formed in 1976. rich kaufman is president of the team and he joins me in the studio. >> you are in enemy territory, thank you for coming in. let's start with sunday's preseason game with the brooklyn nets. the game was shortened, one minute was taken from each quarter. that sort of a 48 minute game, you had a 40 four minute game. why was this done and what was your reaction? >> the league is trying to push the edges to see how they can deliver a more fan friendly product and at the same time providing more competitive game on the court. the game comes above all. if you can reduce the wear and tear the player over the season, butgames doesn't mean a lot over the course of the season it can mean a lot. tvo, to make the game more friendly. >> we just did a segment before you about major league baseball and how the game is getting longer. decades ago, it might be two hours and eight minutes, now it is over three hours. is that something the league is concerned with, the length? >> i think it is about delivering a better product to consumers. flow, it isdoes it just an experiment. i don't think there's any real commitment to it. it is testing whether or not it is a under experience for the team. the fact that the nba is trying some of these things. >> at least it on the forefront before it is something that everybody does but at least you can say you tried. any feedback from the players? >> the players didn't seem to notice any difference. toy notice when it comes substitutions and when they subbed for certain players but our games are only two hours and 15 minutes in its entirety. i don't think the difference will be real palpable. how does am, sports franchise decide what is a successful season economically if you have not had a successful season on the field or in your case, on the court? >> we consider ourselves a championship organization. contending for a championship or building towards our next championship. are we taking the steps necessary to move forward to get enough that goal? we judge every season through that lens. coming up, we will take a big step closer where we want to go. we will develop our young talented players on the court, we will develop our fan base off the court. we will find new ways to connect and engage with fans. over time, as the team progresses, the fans relationship with the team progresses and it all comes together and that is the hope for the upcoming season, that we take a big step forward in both departments. >> you mention the fan base, how do you develop that connection if the fans feel that the team is in rebuilding mode as opposed players out and getting and contending for a championship now. >> i think the best way to address that is to be very transparent in your communication with fans. come from.d that was that always your philosophy. in some leagues, there are teams that don't have that chance fancy or you can tell on sports talk radio because the fans say we need to know before we shell out all this money for season tickets. >> the fans are very well educated. we have fans that have been following us for 40 years. i think it is part of honoring the brand. recognizing that our fans deserve to be brought into the dialogue and deserve to understand how we are getting from point a to point b if they expect them to buy in and stick with us. >> can they influence what the front office does? >> i don't think we are leading public opinion what we think. >> i would imagine that you can't. >> making sure their understanding why we are making decisions we're we are making in helping them to see the logic behind what we are doing even if it isn't always intuitively obvious. ,> you talk about the celtics the championships. when you look at that tradition, does it hold sway with advertisers and broadcasters given the fact that your most recent championship was 2008. famousre world championship brand. >> those banners and the rafters mean something. >> our organization stands for something independent of the performance on the court. we're in a cyclical business, i think people get that. if they have confidence in the management and the ownership of the team and the management is invested in putting the best product for it and willing to spend money to put a championship team on. associated with a winner. if they are not winning, you need to help them understand the steps you're taking to win. that seems like they did in kansas city with the royals. they told the fans, just wait, just wait. now, they are in the world series. >> we're hoping not to wait that long. >> all right, rich gotham, president of the boston celtics. champion boston celtics. the latest polling for the race for the presidency in brazil. >> the race between brazil's president dilma rousseff and opposition candidate aecio neves remains in a dead heat less than a week before the runoff. the two candidates have clashed over the economy, consumer prices, and corruption. polls show them statistically tied ahead of the runoff. that is your latin america report for this tuesday. more now of our coverage from the robin hood investors conference. my colleague stephanie ruhle just finished chatting with dan loeb. what was the take away from your exclusive conversation? famous, always elusive dan loeb. i wish he was sharing his thoughts with you personally, i did have a moment to sit down exclusively with him and he discussed his best idea, amgen. he thinks it should trade below biotech companies, he thinks it pharmatrade above companies. he thinks it is a name that has been misunderstood by the street and there's is still a great deal of value to unlock. he is working constructively with the summer. he met with the ceo. they have over a billion dollar position which makes them in the top 15 holders of amgen. next week, they will be holding. will be holding an analyst day simply because he thinks they need to tell the story. he thinks the facilities need to be updated. since two thousand two, their sales have been up over 3% but the margins are flat. this company needs to be cleaned up. in terms of pipeline drugs, he is very excited about a cholesterol drug which many believe is going to be more successful than lipitor. it is about a year away from getting through revelatory requirements and hitting the market. is an's opinion, this position to be in. he thinks more people will get interested because it has simply been a story that has not been told well, a stock that is not misunderstood. while we hear about dan being a hostile activist. he thinks it is a company that just needs a cleanup job. we had a chance to talk about some other companies. right now come it has been so controversial. should she be at that seat? while he thinks that star board does a great job, he thinks they have missed their mark on what marissa's contribution has been. he said that it was unfair to say that she wasted money on mobile. like yahoo! weather is among their past and we should thank their mobile engineers. she gets criticized for expensive purchases like tumblr. if you look over time, that is not so expensive. she doesn't get credit for hedging their yen. she restructured their position holli baba so they can't -- so they could sell us and hold more. if she can't figure out how to have a sizable war chest so she can in kenya to help yahoo! on their growth strategy as well as returned, the profits to shareholders, she will be and a much better positioned. he is saying, don't count marissa out. he has reduced his position at aig, he is out of softbank, he is out of sony completely, is out of hershey, very excited about alibaba. third quarter, moderately volatile. july, he had losses, august, he has gains. his gains have been mostly in equities. lastly, he attended a private dinner with ben bernanke, he walked away from that dinner mostly concerned with the ecb, do they have the ability to take action and get europe out of a tough position that they are in? that was my sluices conversation with matt loeb. -- with bob loeb. -- that was my sluices conversation loeb.an stay with us, "bottom line" continues in just a moment. stephanie ruhle just finished an exclusive interview with bob pittman. >> first of all, it is old because it has been around for ever. people are loyal to it, 1970, 90 2% of the people listed the radio. it is a part of people's lives. the data is great because it tells us about who those people are. as we talked to advertisers, they're looking for, how do i find the person who will find diapers 11:00 in the morning that is out driving their car so i can put a spot at 1030 to get to them. all of the people who listen to say 20,o eventually, 30, 40% of them will listen to i heart radio. when they do, we can find out who they are. we can find out exactly who this person is, not by name but by behavior and now we can say, ok, this is the person who is buying the diapers. theave all those people on 100. when you're able to do that, you can become much more efficient for the advertisers. what they do is make the screens better for the consumer because we can now figure out what songs they like sooner, we can figure out what songs they don't like and we can begin the balance to music. the discharges, they are able to change their experience because they know more about the consumer and they know what the consumer is responding to. you'll often see someone like elvis durant starting a conversation on facebook. you hear less and less of things that you don't connect to and more and more things that you really have a strong interest in. >> it sounds like radio today is the most valuable, most curated it has been. seen it-- why have we going down? >> and this is separate from the consumer experience. radio has not suffered at all with the consumer. we've done a very poor job explaining our medium to people. this is an industry that basically dealt with radio buyers. thatne has artie decided radio should get this much. we have to go way upstream and talk to the cmo, the heads of the agencies, the planners, the strategists, the creative agencies. what i love about radio set nielsen came in and finally did a single source measurement. in my day, i was thought that radio and tv provided about the same impact at the same level. ratingse, as the tv decline, the cpm tripled. today is about three times as expensive as radio on a cpm basis. it is no surprise. most people think that tv is about to. >> in terms of an ad spend, is rated getting crowded out because there are so few mediums where -- so many mediums were people can advertise. >> we are not pushing the benefits of radius of people can understand how we fit in. toan industry, we are slow embrace the data we have, we .ave been slow to embrace roi we are stepping up now and saying, ok, we have got the fax, we have got the roi, we are developing big data. we are able to divide you all the tricks that you see in the new media. by the way, cable was new media. the question is, at the end of the new media phase, the radio is stuck. consumer --ings to these are things to consider. think the internet will stick. >> the internet was thick but not everyone thinks that the internet will stick. $2 billion with i heart. where is this going to go -- $2 billion with diehard. where is this going to go? monetizessiness under what it has. most businesses over monetize what they have. the secret of social media and new businesses if you have this urge towards the shiny new thing. catch up.o rush to it was like that at mtv, it was the same at aol and the we have problem.se -- it was the same at aol. we have the reverse problem. >> stay with us. "bottom line" continues in just a moment. atget the latest headlines the top of the hour on bloomberg radio, streaming on your tablet, and on bloomberg.com. that does it for this edition of "bottom line" on bloomberg television. i am mark crumpton, thank you for joining us. "on the markets" is next. look at howe a stocks are trading almost an hour to go, little more than an hour to go until the closing bell and we are still rallying here for the three major averages. it is rallying. the biggest gain in four days we have seen since february. energy, health care, industrials leading the pack higher. all 10 industry groups are higher at the moment. we are watching pharma in particular, activist shares are rising after it was reported that the pharmaceutical meganies among belgians a pharma. this is the latest influence we've seen in recent years. with a look at what is driving consolidation is drew armstrong who covers the industry. veryctivists have been acquisitive in particular. what is going on in that particular case? >> activist has been involved in what it feels like to steal after deal after deal this year. i talked to one of their senior executives about a year and a half ago and the way they describe their charity is they have two hands, they can pull one deal in with the left and b reading up for the next one and it is one thing after another. that pfizer was after them, then there was talk that they were after allergan. they did a deal for an wasn't even at blip with all the stuff they have going on. they are highly acquisitive. crazy inacquiring like order to do it. >> of course, not are not the only one. we have seen this across the industry. are companies trying to buy pipeline and growth because the older drugs are rolling off, is that the primary driver? about $450 billion and deals that have been announced or completed. this blows the roof off. there are whole bunch of things going on. the beginning of the year, before we had all the action with the treasury rules on taxes and tax inversions, people were trying to get out of the u.s. corporate tax rate before those came down. now, we have the new rules. it blew up a couple of deals, people are looking for other stuff. synergy, pipeline, it is this absolute deal frenzy. we are all exhausted. >> let's talk about allergan in particular. that is not an acquirer at that point in time. , maybe looking for some kind of defensive play. >> yes, they have been talked about. now it is trying to buy them. they're looking to make themselves potentially too big for value to buy. there was talk that activist might buy them at one point. they were rumored to have some other deals. everyone is trying to figure out, how do they live, how do they avoid getting bogged, but it is just -- >> all of this has been good for pharma stocks. all of this deal, talk, and action making the stocks. thank you so much, good to talk to you. that is it for "on the markets," street smart is next. >> welcome, everyone, to the most important hour of the session with 60 minutes to the close. i'm trish regan. stocks rebounding for the fourth day partly due to speculation that the ecb is buying bonds. we will get the numbers and hear from marissa mayer after the bell. and i'm joined by former hp ceo carly fear reena -- carly fear reena. -- carly fiorin
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