Joining us for part of the hour, henry bloget, founder and ceo. Its great to have you. First up, the long rumored deal finally official. Pfizer and allergan announcing. But more importantly, the new combination will allow pfizer to relocate its headquarters in ireland, which has a much lower Corporate Tax rate than the United States. Heres pfizers ceo ian reed on the deal just last hour on squawk on the street. This is a great deal for america. It allows us to continue to sustain an investment of approximately 9 billion mainly spent in the United States. We have 40,000 combined employees in the United States. So i think its, you know, its a great deal, im very happy to be announcing this deal. I know you have a lot of thoughts on this deal, but the fact that headquarters will now be in ireland, is that just a formality in your opinion . Of course its a formality. The way we decide where companies are based is absurd. Most companies are based in delaware in the United States. Its just a piece of paper in a lawyers filing cabinet, thats the whole thing. A company is reorganizing to try to get a better tax rate. This is going to continue to happen until either Congress Finds a way to make it absolutely impossible to do and i dont think thats in the interest of the United States or we come to some smarter global taxationism where youre basically taxed on sales in each individual country instead of this absurd system that we have now where you put pieces of paper in different countries. But does it matter i guess is the question. Does it matter if these companies are american companies, paying american taxes, or is the bigger failure here on pfizer for doing it or on u. S. Lawmakers for not fixing the tax code so that pfizer wasnt driven to do it . What i would ask is what is an American Company . More than 60 of its sales are outside of the United States. So what makes it an American Company . What benefits is it drawing from that that should keep it here . I think if you look at Global Corporations, theyre doing business all over the world. United states is a big market. They absolutely should be taxed on the business they do in the United States. But a special tax because youre an American Company. When you look at how companies are organized these days, its just not keeping up with the way the Global Economy is running. The deal is structured as a reverse merger. Allergan shareholders will own about 40 of the company. Despite the fact that allergan is technically buying pfizer. But the government has argued theyre being that theyre being cheated out of hundreds of billions of dollars of tax revenue. How do they make that up if they do not get that from corporations if, in fact, they would change the tax code to not have that . Its the same argument when somebody switches state because the state has a lower tax rate. We dont look at that, oh, so immoral, youre keating the state and so forth. There are all sorts of rules for how you are a resident in a particular state, new york, 180 days or what have you. To me this is no different. The more people moralize about this. This company, again, more than half of its sales are outside the United States. What is it about it being an American Company . True, but there is a story in the times over the weekend about California Water use. I used to live in california so i watched it kind of closely. The rich in california are able to use so much more water than the poor. The poor are getting restricted. It just seems when we talk about taxes and we talk about people paying their fair share and some people talk about corporations being people, it just seems sort of okay, so step back from that. Look at huge Global Corporations based in the u. S. Have armies of tax lawyers who insure they pay a tiny fraction of the statutory rate every year. So were okay with that. Are we . People seem to be. Thats minimizing taxes. Now were appalled by the idea that youre going to simply move a piece of paper that says youre headquarters in some place like ireland, ah, its a terrible moral outrage. Come on. The whole congress and the rest of the world has got to be aboard the fact we have gloebal core passi corporations now. Both ceos appeared confident of the ability to get this deal done and certainly pushing health care announced mma to top 600 billion this year so well keep you updated on that. Amid an ongoing debate about Maternity Leave in the United States, facebooks Ceo Mark Zuckerberg says hell take two months off after his daughter is born. Quote, studies show when working parents take time to be with their newborn, it is better for the family. Facebook is offering two months for maternity or paternity leave. A time when a lot of companies are announcing unlimited leave but perhaps zuckerbergs actions speak louder than words. They said, look, were going to eliminate our vacation policy. Take as much vacation as you want. You just have to be responsible about it. This is the same thing on the parental side. So is zuckerberg actually going to disappear for two months . I doubt it. I think hell probably work from home a little more. Hell stay in touch. I think the idea of this policy is, again, sure, work and life is always a balance. If you want to take more time with the kids, makes sense. Cy dont think hes going to entirely disappear but the sense i get is, he really is going to step away, in a big way. It gives parents at facebook even more of a sense that yes, i can really take the time. Theres some benefit here from the fact that his wife, dr. Priscilla, is due in december. So its really december, january, hes taking off. Also helps that facebook is trading near alltime highs. Hes got sandburg, many others, who can pick up the baton. It does draw a stark contrast to marissa mayer, the ceo of yahoo , who is due with twin daughters. She has said she will continue to work throughout her Maternity Leave. Shes been known to take only a couple weeks off. Is there anything that we should glean from the different or is it to each their own . Theres no right answer. Mark may find after two months hes bored frankly. Little kids mark doesnt got what they want. I hate to say it. He may be spending a lot of time on emaim bamail back at the of well see. The idea there should be one policy that fits everybody, its unfair to people who love to work. Marissa took two months off, she might not have a job to come back to. Shes got sharks circling. Mark, controlled company, doing pretty well. That is a good point. Youre sticking around longer today. Well hear more from you later on. We want to get to brussels which is still under a partial lockdown as police hunt a suspect wanted in connection with the terror attacks last week in paris. Julia chatterly is live in brussels with more. Thanks very much, kayla. The press briefing expected. Theyve been talking over the last hour. Will they change the lockdown situation that with find ourselves in . And did they glean any information from the 21 suspects they arrested overnight and this morning . That was the product of 29 separate raids. You really get a sense of a ratcheting up of the pressure. They didnt manage to locate that suspect of the terror attacks overnight. Hes still very much a wanted man and the search continues here. Meanwhile, the subways have been closed. Schools and universities have been closed. The big question here, is that going to be the status quo maintained tomorrow . We wait and see what information we get. Obviously, the question is did they glean any information and will that manhunt continue overnight and throughout the following days. Back to you. All right, Julia Chatterly in brussels, which is the seat of the european union, the headquarters for nato, certainly a very important piece of the Global Economy. We want to check on the markets as well. Right now, trading just slightly positive on all the major indices. The dow up just. 1 or so. Shares of glame stop after earnings missed estimates. One of the biggest losers, at its lowest levels since january. Coming up, as we gear up for black friday, new data on where people are shopping from four square. Well bring it to you. Plus, no one at groupon knows im writing this. On muss words. And goodbye streaming. Adele on track to break records with her new album 25 but how long can she stay off Services Like spotify . You cant predict. The market. But at t. Rowe price, we can help guide your investments through good times and bad. For over 75 years, our clients have relied on us to bring our best thinking to their investments so in a variety of market conditions. You can feel confident. In our experience. Call a t. Rowe price retirement specialist or your advisor. To see how we can help make the most of your retirement savings. T. Rowe price. Invest with confidence. Tand thats what were doings to chat xfinity. Rself, we are challenging ourselves to improve every aspect of your experience. And this includes our commitment to being on time. Every time. Thats why if were ever late for an appointment, well credit your account 20. Its our promise to you. Were doing everything we can to give you the best experience possible. Because we should fit into your life. Not the other way around. Supersaturday, black friday. One thing certain, this upcoming weekend will be a big one for retailers. Our next guest has traffic data from last year. More important, insight into what we should expect this year. The chief operating officer of four square. There are these projections that show thanksgiving day getting bigger and bigger. Especially mobile. And the weekend leading up to cyber monday getting bigger. What are you seeing in the in store trend . People actually showing up . How is mobile and just Online Shopping affecting that . Sure, john. Were seeing a spreading out of the Holiday Shopping season. As you mentioned, thanksgiving days get bigger. Its really becoming black november. We see with an earlier hanukkah this year. Early enticements. And the secret to the Holiday Season we saw last year is the biggest day is no longer black friday. The biggest day is actually super saturday. The last saturday before christmas. And so its really spreading out. It affects different kinds of stores differently. What can we extrapolate from pure traffic data . We heard all about showrooming. People going into the stores to look and see what they want to buy but its not necessarily a guarantee theyre going to buy something online or come back to the store later. How predictable is traffic in terms of sales . So, obviously, 134 million americans are going to be shopping in physical stores this weekend. So 93 of the economy still takes place in physical brick and mortar retailers. Mobile and online are growing fast. The four square space inside data looks at the physical traffic. Were seeing certain categories really powerful for this friday, particularly black friday. Electronic stores, Home Improvement stores, black friday is where they make their move. Actually, were seeing big box retailers and Department Stores and toy stores do very well. Physical shoppers, that last saturday. You have a lot of things left on your left and you want to cross them off in one place. Heres the buying it being ls to me like some of the big box retailers are in. Walmart moving its cyber monday sale into sunday night. Seems to me they need to move it a lot earlier than that. They want to get people in store because they probably get a bigger ticket when people are in there and they see Something Else they want. At the same time, im not going in walmart no matter what. But if they had an online deal i could buy on my phone on thanksgiving day, i might do that. Are they kind of getting themselves into trouble by trying to save the in store experience at the expense of the online experience . Yes, i think the smart retailers are going to think about the whole season as people spread out and procrastinate their deals. Theyre waiting for online deals. The nrf is predicting fewer people coming in because theyre looking for online deals. You have to have a few great deals saved for those latter week because it isnt all about the first weekend anymore, i think youre right. Were seeing a lot of categories like those physical stores still are the best place to shop for most americans. Despite the fast growth in mobile, online, 93 of the economy still takes place offline. If you bring people into the stores, they wont click away, theyll add a few more items to the basket. Your data requires either a wireless signal or a checkin. You show data for starbucks, j crew, among other retailers. Wondering if there is a store or a brand that is more, i dont know, more susceptible to having a consumer that will actually check in there and what type of lift that gives them. Yes, its a great question. So now thanks to 8 billion checkins, weve built shapes for all 65 million global businesses that matter. And so our members opt in. We see 2 billion location trials a day. We can snap them to those 65 million businesses. Doesnt require a checkin. Were able to see passive fiveminute stays within stores. That lets us built a much more robust picture of foot traffic because otherwise you would be subject to the humble brag. Maybe more people talk about being at starbucks than walmart but we want to see it all. Any one store thats a surprise in terms of how long people are staying . Well, you know, the big winner, the biggest winner last year on black friday was best buy. Thats the retailer that really has to make black friday work. Its the big ticket items come early in the season. And then later in the season, people want to go to a big box retailer and end up with the 10 or 15 last ligifts on the list. Best buy, Phoenix Rising from the ashes. Jeff, ceo of four square, thank you. When we come back, star power tops the allure of streaming with adele on track to break sales records with her new album 25. But how long can she go without spotify . What does that mean for other top recording artists . That is adele, of course, she decided to skip streaming her new album and now on track to smash the oneweek sales record, a record set by in sync 15 years ago before Justin Timberlake went solo. Are we seeing a new trend against streaming and what does it mean for spotify and apple music . John kellogg is assistant chair of the music business and Management Department at the Berkeley College of music in boston, also entertainment lawyer. Its obviously an elite few able to yield the power against the streaming services. Do you see that number of artists growing over the coming years . No, i dont. Once again, it is very elite few that can do that. Certainly beyonce has the power to do that. Think as we go over a period of time, you might see a few more. But once again, taylor swift did it last year. I think that adele made the right move in this respect in respect to her market and really trying to target her particular market. Do you see this as being a permanent move though . Because taylor swift has kept her music off of the streaming services. Whereas adele will have to wait and see what happens with this album. Do you see the services being able to woo these artists later on after the initial release or is this a permanent decision in your view . Well, i think as streaming takes off and gets more subscribers, i think youll find this business is going to come to scale. Artists are going to be able to generate and make up for the loss of album sales with the royalties they can earn from streaming. That is not the case now. I think once we get close to maybe 100 Million People actually subscribing to these interactive streaming services, more artists are in a position to say i have no problem having the album streamed at the very outset. Until then, think its going to be a challenge. It seems like a no brainer to me if youre adele, taylor swift or beyonce, and you can get people to buy the album up front, its kind of like a theatrical release. Then put it on payperview and rentals later. My question is for the streaming services. This is for kind of an all you can eat buffet where you cant have the lobster or the steak. Are people going to say, the artists who i really care about, the biggest artists, are not available, do i really want to pay this . I think that is true. Youre only looking at a select few artists that can actually do this. I think thats going to really temper that whole affect. And theyre going to continue to do it like i say until we come of scale with the interactive streaming subscribers. Interesting to note that she did release her single and it was streamed on youtube and it had tremendous streaming, 7. 3 million streams the first week. So it is available but particularly not to the interactive streaming services. John, are we in a situation where now particular artists can command bigger royalties . And if not, will we move to that, where the streaming services will say, sure, were going to pay you quite a bit more than were going to pay everybody else, especially if we have an exclusive on it in the early days . The streaming services are already paying about 70 of their revenue to the creators of music. The problem is is when does that when do those royalties actually get to the artist and how do they get to the artist . That was really the basis of Berkeley College of musics report on fairness and transparency in the music industry. I think that is going to be a big debate. I think artists are really going to have to lobby and advocate to be paid a fair share of royalties. But as the pot grows, i think youre going to be able to find that the artists are going to make more. Although for adele, the numbers seem to tell the story. Crushing the records despite the firs