Ebola victim at the hospital and the person is now in isolation. The centers for Disease Control sent a Rapid Response team the next time someone comes down with ebola. For any hospital, anywhere in the country, that has a confirmed case of ebola, we will put a team on the ground within hours with some of the worlds leading experts in how to take care of and protect Health Care Workers from ebola infection. There isnt a warning from the World Health Organization that says a number of ebola cases in west africa may jumped to 10,000 per week by december. New rules aimed at socalled tax aversions may scuttle a 52 billion deal. A drug maker says is portable consider takeover shire. Abbvie says it needs to look at u. S. Regulations that discourage such deals. The news sent the shire shares plunging. A prophet for bank of america. 160 million was reported in net income. Bank of america agreed to a six point 16 point 7 billion settlement of mortgage investigations on Brian Moynihan said the earnings power would become apparent once a got the legal stuff out of the way and under control. Shares of intel are up almost two percent in premarket trading. It projected thirdquarter sales that would beat estimates. Intel also said thirdquarter sales set a record. We are growing the client market and shipped over 100 million microprocessors for the first time in our history and that led to record revenue and 30 operating growth versus one year ago. Bysales are being driven companies, corporate customers who are replacing old pcs with new ones using the latest chips. In hong kong, prodemocracy demonstration turned violent again. Policed used pepper spray on protesters and at least one was repeatedly kicked and beaten down. For a five people were arrested and the demonstrators have been occupying key streets in hong kong for almost three weeks. It seems the activity was dying down but not anymore. The protesters are demanding for your elections from beijing. European stocks are struggling this morning im ascending their losses to a seventh day and falling in tandem with the selloff in european sovereign debt pushing yields higher. That is dragging down u. S. Futures this morning. And we arehas more trying to make some sense out of a pretty disorderly market. Thought it was going to be a fairly calm day but we have u. S. Futures falling over the last two hours and they are now at the lows of the session. It looks like we are setting up or a lower open. The macro nature is a concern but you also have companies perhaps abandoning their tax aversion deals. Some of that is being unwound and it is playing out for the pharma companies. Dow futures are up by 108 points and we continue to monitor this selloff. A big story outside of stocks is falling oil prices, down another four percent yesterday. Brent crude extended its biggest oneday collapse in seven years. Opec is not done a whole lot in terms of arresting this price decline. Instead of cutting production, saudi arabia has been cutting prices leading to questions about whether it will try to gain market share the way it did in 1986. The country has not said that explicitly but that is certainly something having an effect on Certain Companies within the equity markets, specifically energy companies. Some people blame the recent increase inn the the dollar pushing commodities. They say it is hat outstripped the fundamentals. Thank you so much. It looks like the largest tax aversion deal on the books could be scrapped. Considering scrapping its planned takeover of Drugmaker Shire in the u. K. Which would be the biggest yasualty of the u. S. Treasur plan to crack down on tax aversion. Peter cook has been following this story closely. You can say it is a win for jack lew . Not quite yet, but you can effectively say that jack lew has loan up this deal for the moment. Has blown up his deal for the moment. Abbvie said it was effectively going to reconsider the takeover because of changes in the tax rules that jack lew announced back onset timber 22. Timber 22. This caught investors by surprise. Its the biggest drop in 12 years for the company and not everyone expected this would happen. Told a month ago, abbvie its employees this value would this deal would move forward. Comedies are having second thoughts at a closer look at what the tax rule changes are and we see some spillover effect on the shares of other drugmakers that could be in version targets. Is oneneca, for example, and is feeling pressure today because of this action by abbvie. its not a done deal and they are reassessing. Billion fee of this deal breaks apart. Are we going to get any reaction from the Treasury Department . I would not expect any. The treasury does not comment on specific deals but act on september 22, jack lew predicted there would be some companies that reevaluate whether these transactions move forward and that is exactly what the treasury is hoping for. They want to send a message to others. Could the Treasury Department actually go further in trying to target more of these inversions . We heard back on september 22 that these were simply the first steps in its efforts to try to limit inversions or make them less financially attractive. We have an waiting for word on what else they might do. What happened in this instance was they put limits on hopscotch loans, the ability for companies to access foreign earnings and loan it to the new foreign entity. That is what happened here and thats why this deal is not as attractive. Thank you so much. Financials are remaining in focus today with earnings just out from bank of america. The Company Posted a surprise thirdquarter robin on stronger revenue from increased trading. Brian charles is joining us now. He has a market perform rating on bank of america shares and also is erik schatzker. Moynihan has brian finally been vindicated in his strategy. Would you say this Earnings Report says that . I think its too early to take a victory lap. Bank of america still trading at a discounted value. That means investors have values have questions about the bank is future earnings power. The fed has not raised Interest Rates and that would be a big help. He is making progress. If you look at the legacy assets, the socalled bad mortgages that bank of america originated or owns, that numbers going down. The number of 60 days to like what laws is dropped by 44 yearoveryear. He is shrinking expenses and got rid of some 300 branches in the course of the past year. There are some 3600 fewer employees than last quarter which may sound terrible. He has a bloated bank relative to the competition. Thats what he is supposed to be doing. It needs to become a smaller, more efficient and more focused bank. That is what bank of america is doing. It is not out of the woods, look at the money they set aside to take care of the mortgage settlement with the department of justice last quarter and there is still some legacy exposure that they have to deal with but under all of that, there is progress. Maybe with a small peak of progress. Do you agree, brian . I think it was a good quarter i think there will be challenges that Brian Moynihan has to face. He was given a large task when he was made ceo. Ken lewis had acquired countrywide and generated but it was an incredible challenge for several years. With the doj settlement, he has put the focus exposure the company faced a side. There is an 8. 5 billion settlement for customers that requires final approval. For the most part, the legal costs seem to be more wellknown . Yes, the legal costs associated with mortgages. There are costs related to rate manipulation charges and that will be ongoing. Willegal expenses there probably never go away but the mortgage exposure is better. There had been an independent chairman was gone and Brian Moynihan is checking is taking over as chairman of the board which is what jpmorgan has on wells fargo has. Its more in line with his peers. Citigroup now becomes the outlier. Thats a recognition of the job, the good job, it seems that Brian Moynihan has done. You can look at bank of america in and of itself even look at bank of america relative to its peers. In this quarter, it did somewhat well relative to its peers on trading. On equities and fixed income, bank of america had a good quarter. It depends on how they did one year ago. Fixed income trading is up 11 at citigroup which was a positive surprise yesterday. If youll be early rally in citigroup shares. Net Interest Income after wells yesterday,pointed everybody was concerned that bank of america would be subject to the same forces but it increased. Over the previous quarter. Once you take away the litigation charges for this quarter, it was a good quarter. It came in at a one penny loss. Once you take away the charges, they are making progress on their net interest margin, on their asset quality, while Building Quality and adhering to regulations coming online. Ryan mine on is joining a good job. Brian moynihan is doing a good job. I think it was a good quarter. Thank you so much, Brian Charles. A great big thank you to erik schatzker. Facing a, banks are new challengethe rise of electronic payments. We will have the former apple ceo john scully and what he thinks about all of the competition. Hes not just a former apple ceo buddy r. I. M. Pepsico in another life and we ask him how he thinks snacks and soda giants should respond. Stay in the loop. Alipay is looking to make headway in the united states. The companies introducing something calledepass, and electronic Payment System that connects chinese consumers with u. S. Retailers. Bloomberg sat down with the president of alipay to explain this goal. Epass is a basic service to u. S. And european merchants tothat they can use epass have access to chinese consumers. Everyone in china has the alipay account so by allowing u. S. Companies to accept epass as a way of payment, they can transactions with the chinese consumers. To bring this move into context, i want to bring in my guest post this hour, former ceo of oh pepsico and apple, john scully. He is also the author of moonshot. We will go through your book in a moment but i want to get your take on this. I thought this eve pass was interesting. Chinese consumers being able to buy, another way to buy u. S. Products. Is it a matter time before we get American Consumers to buy alibaba from chinese consumers . I think this is a smart move from jack ma. They own a company in a circle of trust. Alipaythe companies is and it touches 800 million customers in china and its about 80 of the ecommerce sales. Its a huge deal over there. Now they are bringing it here and targeting just the chinese consumers. It could well expand way beyond that. Watch very carefully what jack ma does. He is a smart man. Paypal is watching this carefully. It is nowhere when it comes to doing anything in china right now. Youve got alipay and a stronger alibaba coming into the u. S. Market. It is a long as is a short time until paypal disappears . I dont think they will disappear. Its a smart move to split and it will be a valuable company all by itself. Its typical for American Companies to become leaders in china. Jenna picks alternatives to Big Companies like why do and others. It will be hard for paypal to crack the china market but it will do very well in other markets around the world. Another tech company that is getting into the whole mobile payment area is apple. We are waiting for the announcement tomorrow. It sounds like they will unveil more do details on hardware, on the ipad and the imax but people will be focused about what they say about apple pay. Apple is different. Apple requires a special piece of hardware. Its called nfc Near Field Communication and it enables secure wireless transmission over short distances but youve got to get the retailers to install special readers. Apple has cleverly put together 220,000 large retail accounts with the largest retailers, all the major credit cards behind it, so it has laid the foundation carefully. Its a great experience but it will be a long time to build this out to 3 million retail outlets in the u. S. We got this chart which is fascinating which shows the number of accounts apple has versus amazon and others. You would think amazon would have more accounts because it has been around longer. Apple is the white line and it has that much more growth in accounts and that huge gap between apple and amazon just goes to show if there is any company that can conquer that business, wouldnt you think it would be apple . Sure, but you have to remember what you are measuring. Amazon is primarily online whereas apple sells through retail. Has 800 million credit card names on itunes that it can wire into this new world of apple pay. Apple has come up with a great interface, one touch to do it so apple is doing smart things here. There is going to be competition out there and no one will build out a retail infrastructure with new reader devices unless they can work on other products like android, not just apple. Stay with me through the hour because we will talk about more than just apple. Up, scully and coming walmart is holding its annual investor meeting today in the Worlds Largest company is expected to tell shareholders that size does not matter. We have more coming for consumers. Walmart is facing an allstar lawsuit over some of the shoes it sells. Stay in the loop. You are watching in the loop congo on Bloomberg Television, streaming on your phone, your tablet, and bloomberg. Com and now available on apple tv and amazon fire. Good morning, im betty liu. The chipuisition in industry, qualcomm has agreed to csr. K. Chip maker, the deal will help qualcomm expand in the technology for connected appliances. Citigroup co. Resident is planning his departure. He is close to retiring according to a person familiar with the matter in the news comes as the citigroup Mexican Branch fights fraud allegations. The citigroup ceo called the fraud accusations appalling. Nikes converse is suing walmart and h m accusing them and other retailers of selling knockoffs. We all one of those when we were teenagers. To 1917. Ers date back it still current 10 cool. Its 26 points past the hour which means we are on the markets. Investors have a nervous about the market and whether this is a real correction. Is it the beginning of a bear market or a pause onto a further bull run . S p futures are off over half a percent ahead of the opening bell. We are on the markets in 30 minutes. Walmart will host wall street analysts at an investor day where walmarts u. S. Ceo as well as the ceo Doug Macmillan are expected to answer questions on their strategy and outlook. Julie hyman is covering the walmart meeting for us. Scully,h me is john author of the new book, moonshot. He says the customers in control and they will have a better shot at success. That is what walmart is trying to do . And you would think that would be obvious but this represents a change in retail and a change in walmart. Walmart at the Shareholder Meeting earlier this year said before we would present what we would present in the customer, and now is more customer driven. I went to an event recently for walmart where they showcase some of their holiday food items. Items surprised me. You had things like french macaroons. You can buy them frozen at walmart. They had appetizer pops that were frozen p uffs which is at. Mommy e damame Jack Sinclair said our customers wanted all. They want choice, they want these exclusive products but that wanted at a low price. It is interesting that if you look at the income of the walmart shopper, as you would imagine, its lower than at target or whole foods. They still want that stuff. They want the same products. Your book is all about how companies who know the customers are in control, those are the ones that succeed. Is walmart doing a good job at that . I think walmart is just beginning what will have to be a long, tough journey for them. Is making customers smarter than ever before. That means that customers now are paying more attention to what other customers have to say as far as product ratings and referrals and links all these things and is shifting the power to the customer. Someone like walmart who has come out of a different year and been successful in the past, this is a major adjustment. At aturning a big ship critical time and can they turn it fast enough . You have alibaba who will show up on our shores and amazon with incredible success. And they all have great data . Yes, this is walmart scrambling from behind but can kind of change, adaptive and innovative change. Can a big company do that . That is the challenge that walmart is the size. Any kind of change whether it be small or radical is more difficult and the companys ceo has talked about that, steering a ship differently when it is an enormous ship can be difficult to do. Its more than strategy, its all about how to get a culture of urgency. How do you get companies to behave differently and realize that everything they have done in the past may cause them to be a victim of their previous success. You have to be able to think differently and connect the dots and that is about what i talk which ismy walk focused on entrepreneurs but has real applications for Large Companies as well. We have some economic numbers out that i want to bring in. Matt miller is at the breaking news desk. Is at 6. 7 which is really low compared to economist estimates of 20. 25. We are focused on retail sales down more than expected. We were expecting some salesss in retail especially after the big number we had last month. Economists were looking for a rather at 1 10 drop because of a reduction in prices on gas which often boost retail sales and things like elite materials which were the big game or one of the big drivers last month. One of the big drivers last month was auto sales and auto sales this month were fairly subdued. That is why we expected softness but not this much. We got 0. 3 drop which is more than had been anticipated. If you remove auto sales which many people like to do to smooth out the l