The futures are weaker. Dow futures down 22 . Snas dak down by 4. 5. As joe mentioned, oil prices under some pressure as well. You can see theyre down another 3 . Wti, january contract, sitting at 40. 62. The crude december contract expired on friday. The january contract had been trading higher, but as you can see, its coming right back down to where the December Numbers were. Here are some of the other big market stories were watching as joe was talking about. Pfizer set to buy allergan for 150 billion. Thats what it is even though the networks report that it will be structured so that allergan will buy pfizer. Well talk about that. An announcement is expected later this morning. This is an inversion deal with pfizer planning to redomicile. Thats a fancy way to say theyll move their headquarters to ireland. Ian reed will become the ceo of the combined company. Well talk a lot more about this deal with an analyst. Likely to be politically controversial. In other news, petco will be acquired by cbc partners are reportedly planning to buy the company from the retailers current private equity owners for 4. 7 billion including debt. The deal news keeps on coming. Atm make jeer diebold buying wincor for 1. 8 billion in cash and stock. Staying here, right . Thats do you get any inversion benefit from i dont know. To go to germany . I dont know. If they moved over there something particular about the way Pharmaceuticals Get special treatment in terms of r au r d. Glad youre here. Hope youre here for a while. Yeah. Me, too. Id like to get through thanksgiving. When you leave and go to bad things are happening. Unless you need to go cover a trial with this guy after they catch him or something. If they get him alive. Yeah, probably. I dont think theyre eager to do that. Maybe not. In auto news, ford workers fairly approving a new fouryear deal. The outcome was uncertain until the very end of vote counting. Meantime, uaw leaders ratifying a new deal with gm. About two weeks after most workers voted in favor of the contract the delay was caused by skilled trade workers voting the deal down. The sides did eventually work out an agreement. The stocks to watch, Procter Gamble. Barrons considering breaking up. P g businesses could be 90 billion if traded separately. P g down and the radical action would give p g the chance to compete with more competitors and give investors the chance to invest in Companies Growing from a smaller base. We have a new fancy schmancy dry cleaners right in the middle of the town where i live, tide dry cleaners. Big tide logo. The same . Oh, it is. It is definitely that tide logo. I dont know whether its p g franchise. Ing. Remember they had those drelle. It doesnt straighten things out. Thats like, you know, thats like washing your hair with the spray in your hair. The dirt works for a while. Procter gamble, doesnt it feel like theyve trade everything . Getting rid of smaller and smaller businesses, focusing on the core competencies. For barrons to say its worth 90. It was less than a year ago. Trying to break those out. Stocks down sharply over the last 11 months. Developing story out of europe. High terror alert and continuing hunt for the key suspect. Julia is reporting live from brussels this morning. Julia. Reporter thanks very much. Pretty dramatic scenes in brussels over the last 24 hours. 22 separate raids. 16 suspects now being held in custody. At least for the next 24 hours. But clearly one of the main targets, one of the suspected paris attackers, a man called Salah Abdeslam was not found. He remains at large and clearly live the search for him is going to continue for what weve got here is a city operating under the highest security alert. Why . Well, the Prime Minister of belgium told us yesterday that they believe that they have evidence that there is an imminent terrorist threat, that it could be at multiple locations so were talking about a copy cat attack similar to what we saw in paris a week and a half ago. As a result, theres an extreme crackdown. The subway stations are closed today. Colleges. Schools are also closed. I think the best example i can give you is this shopping street. A lot of people walking around, children. I can show you behind me. You can see three military trucks. I think 10 or 11 Security Police and soldiers walking around. Every five minutes were passed by groups of three or four of them trying to get people here a sense of calm among what is a very uncertain time at this stage. Whats interesting is people that ive spoken to here tell me theyve gone too far. You have to feel for the belgian authorities. Last week we were criticizing them saying they werent cracking down on extremists here, and yet today people in belgium are tilling me now theyve gone too far. As far as were concerned and i think the authorities here are concerned, this he have no intention of backing down at this stage. The lockdown continues and the hunt for this final paris suspect continues. Guys, back to you. Julia, reminds me of boston after the attack on the marathon when they shut down the whole city. There was that question at the time about do you really shut down an entire city . Does it look like youve given in to the terrorists at that point when you disrupt everyones lives in the hunt for them. Reporter you know, actually, a lot of people have been saying to me this morning, looking at this environment now, arent you telling them on how potent the threat of them actually is. Youre validating how important they are. Its a great point. The other question is, even if they find the suspect, will the lockdown still remain . Because, of course, its far bigger than just one individual here. If were talking about the imminent threat of multiple terrorist attacks. A great deal of uncertainty here, my 14e8. Thank you, julia. Nowin situation for the government. You cant prove what would have happened if you hadnt shut things down. If its just the one guy, which im sure thats not it no, thats not it. Theyre worried about mass attacks. There boston, how old is that guy . One guy was hiding in the boat. The entire city was locked down. Everyone was at risk because of this teenager, young man. Over here im sure they have more. Its more than looking for this one guy who evaded authorities which makes it scary. I mean, i believe that thats what it is. If its just looking to are this one guy from what weve heard, there had been imminent threats of multiple attacks. They dont tell us that though. They dont tell us how they know. They dont tell us if theres wire tapping. Theyve been doing it with some secrecy. Youre not telling people exactly what theyre doing. Youre not convinced the 16 people are necessarily involved . In the United States you have to be charged. Here they can detain you for 12, 16 hours and let you go. Detaining and arrest over there are different than arrests over here. Is that consistent through the European Union . I dont know that answer but certainly true in france and belgium. Other foreign news, big election in argentina. Macri wins the president ial election. He has been Promising Business friendly reforms to spur business investment. Macri is the two term mayor of buenos aires. After a combined 12 years of leftist populism. You didnt practice that guys name . No. Coming back from france i wanted to say macri rather than macri. Its in your gene. You just are able to are you really fluent in totally, completely, incredibly sflunt you know the whole could you read dont mind him. Could you read i can read huh . I can read el pais. Reading gabriel is difficult for me. Another level gabrielle. Same guy. Talking about three people. The newspaper, theyre written for won a nobel prize . Did he win the nobel prize. 100 years of solitude. Im not as stupid as not as stupid as i pretend. Lets get a check on some of the broader markets this morning. We showed you that the u. S. Stock markets are under a little bit of pressure this morning. Moderate declines. You can see right now in germany, that market down by 1 3 of a percent. The cac in france is down by 3 4 of a percent. The ftse is down by. 6 of a percent. In asia overnight you saw that the markets there actually closed relatively mixed. The nikkei was higher but only up by. 1 of a percent. Chinese market with the hang seng down by. 4 of a percent. If you want to take a look at whats happening in the bond market, it looks like the ten year note is yielding 2. 3 . 2. 289 . Lets take a look at the Foreign Exchange markets. Right now it looks like the dollar is up across the board. Euro is up at 1. 0628. That felt great. You can really feel it. Also take a look at the dollar yen. 123. 15. Dollar 1. 51. If the paris this is the dollar higher. Yeah. Back to the back to the deal news of the morning. Drug giants fooiz jer and allergan agreeing to a 150 billion tieup. A sp were joined by amile. If it wasnt for the Tax Implications would it make sense to put these two companies together . I think thats a great question. Given the price tag were seeing them pay for allergan, its tough to justify it without the tax benefits. A little bit of strategic overlap. It really is that tax benefit i think at the end of the day. Pfizers been very vocally pushing for. It looks like theyre going to be able to obtain through this acquisition. In conversations with ian reed on tv and otherwise, do you know the number of the actual number that this frees up to put into r d . Hes told me a billion dollars at least that the company will be able to spend if they would have shipped off to uncle sam can be put into r d. Its difficult for people to understand how they do the tax planning, what the number is. Its certainly that large or maybe even bigger. Its not just for r d. I think they view this as an opportunity to do what they want in terms of future acquisitions. They feel at a competitive disadvantage to their european peers in terms of doing deals. Not being able to access cash. And dividend and share purchases as well. A number of reasons they want to bring that cash back to the u. S. Without paying uncle sam. So i think investing in the business, investing in r d is part of it. Surprisingly vocal about how much they want to get this done. Looks like theyre on the verge of doing just that. Allergan is you know, its not the old allergan. Its forest labs, its a lot of i dont its not just botox. Is the pipeline at allergan the stock is growing more quickly than pfizer obviously. Does allergan have a really good r d pipeline, better than pfizers or comparable to pfizers . Yes. I think the activas is being sold off. Its a combination of the old allergan along with forest labs as you mentioned. Okay. I think the botox is the key in the aesthetics franchise in general, juviderm. The pipeline is okay. I wouldnt say its near the top of anyones list in terms of pharma pipelines. They have a lot of products that theyre developing. Many of them could be smaller opportunities. A couple that could be larger. One for eye disease as you mentioned specifically that theyre excited about. In general its a number of smaller shots on goal. I put it sort of the middle of the pack. Anything without the inversion that theyre looking to get here, i dont think the near term growth or the pipeline alone would be enough to justify Something Like that. Vamil, its michelle. Ive read that bern saunders is the valiant school of thought and doesnt believe about spending on r d spending or having more money as a result of the inversion. What do you think will be the commitment to r d . Hell have a role even though ian reed will be the ceo. I wouldnt put that all the way in the value model. I think theyre somewhere in the middle. Certainly they look for opportunities and maybe they can get things that are later stage or close to the market to maybe have a lower risk type acquisition if possible. They do still invest somewhat in r d. That was the drive by allergan getting bought by activas as opposed to them going to valiant under the hostile takeover. We may see a couple of foopfize. The other one may be focused on established products, ones that have lost pa tercht protection or will lose patent protection. It will be much more about cash generation, maybe more targeted deals in emerging markets. We could see a couple of entities emerge a couple of years down the road. The innovative side of pfizer will be very driven by r d. Can we very quickly ask you about regulatory constraints . Is this a situation where you think the regulators get involved . Youre looking at pfizer with a market cap of 200 billion. Another 150 added on to this. Murk is a much smaller. Will they get involved with that . Will treasury do something that would retroactively take away some of the tax benefits . Do you worry about that . In terms of the ftc and we think its less of an issue because theres not a big overlap. There are a number of large competitors spread across a number of therapeutic areas. The treasury is the big question. We saw notice come out last week that this deal, could they do more. I think its certainly possible. They have interest in potentially doing more. Thats going to be the biggest risk that people will keep an eye on. Is the administration going to allow a company of pfizers size to leave the u. S. For tax purposes. A lot of people wonder if thats possible. If not, what will they do . If they do something, how might it impact other companies . Invert it . True multinational company. Are they going to be impacted if the treasury feels the need to act very aggressively to prevent pfizer from leaving the u. S. Thank you. Thank you. See ya later. Tide is expanding beyond the laundry care with the latest innovation to care for your clothing. Tide dry cleaners. P g has a subsidiary that will help you if you want to get a franchise. This is when you know youve trusted tide for more than 65 years, michelle, and now in my washing machine. And now the company has created professional dry cleaners that you could never quite package in a box or bottle. Very hard to put an entire dry cleaning place in a box or bottle. This blends science and service to actually help bring faded colors back to life. Not only that, it removes stubborn stains with every load every day it says. Im not selling p g thats not where im going. Im not a bengals fan. I do realize that. You see what happened again . Yes. They want you off the bandwagon. Someone said i hope you didnt watch that hope you didnt watch the Third Quarter. I did not see a kickoff, a snap. I know better. Although i heard this time it was an andy dalton fault. Theyre like 0 and 500 in primetime games. Thats too bad. I thought the greatest innovation was the tide pods. I love those. Not as heavy to carry home. Right. Doesnt matter. Franchise opportunities combining seven point inspection process. Theyre all over. Yeah. Coming to a town near you. Tide dry cleaning. We do have much more to talk about today. When we return, a big drop in gasoline prices. Could this be a big win for consumers and retailers ahead of what should be the most wonderful time of the year for the industry . Well talk about that. First, as we head to break, heres a look at this day back in history. When youre not confident you have complete visibility into your business, it can quickly become the only thing you think about. Thats where at t can help. At ts Innovative Solutions connect machines and people. To keep your internet of things insync, in realtime. Leaving you free to focus on what matters most. Welcome back to squawk box, everyone. Gasoline prices sliding to a tenmonth low. The price of regular unleaded dropped 11 cents to 2. 14 a gallon. Thats more than 70 cents below where we were a year ago. Beautiful number. 2. 14. Its 1. 70. Do i hear a one handle. Indiana was 1. 79. Excellent. Premium . No, thats for regular unleaded. European stocks dropping in early trading. Hit by falling commodity prices. Wilford frost is walking the wall in london. Hey, wilford. Hey, michelle. Yes, indeed. Prices down so far in europe. Of course, last week the best week of 2015 for the s p 500. It was strong for europe at threeweek highs and had the best week for a month. That hasnt carried through today. Were looking at declines for most of the major markets. We had some data out and pmis for the most part were better than expected, especially in germany, which was a surprise. May suggest that the country is shrugging off the fallout of the volkswagen scandal. Well have to wait, of course, a little longer to know for sure. French pmis were soft on the services side. 8 decline there. Germany doing well. Ftse 100 down 0. 8 . If we look at the biggest minus, the weakness has played a part in their declines the likes of bhp, glencore. That has weighed on the sentiments for the ftse 100 but for europe as a whole. Ill round off with the euro dollar which as you can see for around about a week or two now it really has stayed at the low 106 handle. 1. 0627. That very much focused on decembers Central Bank Action as opposed to anything else. As we stand here, declines in europe. Guys, back to you. All right, wilford. Thank you. When do we hear about currency moves . The dollar can appreciate as long as its orderly. You see how long weve been. 1. 06, 1. 07. Reuters line this morning the first attack on 1. 06. First attack. Well see. Below 1. 06. They said it was getting close to below 1. 06. Another fed official making a case for a rate hike in december, seems like that might be done, but John Williams, San Francisco fed president , is he involved in like this new star wars movie . He is. In the new star wars music how does he do both . You remember Michael Jordan running westing house and i was thinking of the other Michael Jordan playing baseball and basketball. Thats why i said Michael Jordan. He actually did do both jobs himself. He he didnt run westing house. He actually never really did baseball. Anyway, i dont know if he ever actually hit the ball. Not that i could. Saying in his words, assuming that we continue to get good data on the economy, a strong case to be made in december to raise rates. Ill tell you what we decided last week that finally made sense, guys. We said theyre going to do it but given the back drop its going to be like one and done. Not only the slowdown slower slowdown or faster slowdown in europe, but you look at retailers here, you look at manufacturing, china. They want to get one on the books but if it was really one and done, you dont need to do the terminal pricing up at 3 . The dollar probably sees its lows somewhere its highs somewhere in here. If its one and done were back to the rac