Million super pac to Push Congress to reform Corporate Tax. Lets check in on u. S. Futures. On this thursday morning we have a higher call from markets. The s p 500 the implied open is telling us well be up maybe two points. Dow jones industrials should be gaining by 20 points. Were pricing in close to 10. 5 points. Its a mixed picture out there. The ftse 100 here in the u. K. Were down. 5 . Meantime the german dax minimal games. The cac 40 in france not going anywhere and the ftse mib pretty flat. The follow through thate saw from the asia session. Lets take a look at individual stock movers and strg demand, yes, Strong Demand in europe and china boosting profits at daimler. Logging record sales in the Third Quarter driven by new model launches. We also have swiss pharma giant roche in the news after beating targets on the first nine months of this year. The ceo said he was positive on the companys drug pipeline in the future and publicis, the ad company is cutting its 2016 sales target after Third Quarter revenues took a hit of weakness in the u. S. Market where the ceo says the performance was simply not as good as it needed to be and then we got a mixed set of output figures from anglo american. They would delay a major Platinum Investment and also cut diamond production because there isnt enough demand, believe it or not, carolyn, for a womans best friend. Thats disappointing, isnt it . Lets move on to ebay. Ebay proving it is on solid ground after its split from paypal. Stock surged about 9 in after hours trading after topping wall street earnings projections and raising its outlook for the year. The auction site continues to grow without paypal. There were 2 million new active buyers on the site in the Third Quarter. Still profits are shrinking after they face more rivals such as amazon or etsy. Its profits fell to 539 million. Now American Express shares sank 3 in extended trading after missing on the top and the bottom line. The company said its Third Quarter earnings fell due to Foreign Exchange head winds and a rise in marketing spending. Revenue from International Operations fl 11 . Lets talk about hedge fund activist investor bill ackman. Hes building up his stake in Valeant Pharmaceuticals with an additional 2 million shares and his hedge fund is already one of the largest holders in valeant. His move comes as more than 39 on a negative Research Report from citron accusing valeant of fraud and channel stuffing. They called the report erroneous saying it contains misleading statements. Ackman Still Believes in the Company Despite these claims. This report looks back to a Specialty Pharmacy and basically theyre saying that valeant has an option to buy up more of this specialist pharmacy. Im going to try to pronounce it. Hopefully i get it right. But its filadore i think is the name of the company. Ackman himself had a long standing relationship with valeant. Part of that attempt to buy up allergan with that takeover offer rejected in the end. They lost 9. 4 so far this year. Ackman lost 500 million in yesterdays sell off in the stock and so far this year he is down, i believe, 1. 4 billion in terms of his bet on valeant but hes not the only hedge fund thats doing really poorly this year. Other high profile hedgefunds like Green Light Capital are down 13. 3 in the Third Quarter. I mentioned others. Glenn View Capital Management is up 13 and yesterday Greenlight Capital, susan, you pointed out that letter to me. They say they want it a little less hard and they have been hit so hard by some of their biggest positions out there. Console energy, sun edison, microntech. It has to be hard right now. Many of them are are doing poorly. I was taking a look at that investor note and the partnerships involved with Greenlight Capital returned some theyre down 14 in fees and expenses but its interesting theres different plays on energy because on one hand they have oil and gas and theyre going solar and wind. So, you know, i guess you have to hedge that portfolio, dont you . Still a pretty tough environment from any of these. But should we feel sorry for them . Probably not. I dont know. Lets have a look at the euro dollar, the euro is trading lower in anticipation that mario draghi will only hint at further stimulus stopping short of any further action. Euro dollar currently at 1. 1308 off by a quarter of 1 . Inflation data continues to disappoint to the down side. A reuters poll shows 70 of respondents expect the ecb to extend its Asset Purchase Program beyond september of 2016. Lets talk about billionaire investor carl icahn. He has an interesting move and comments as well. Well be talk about inversions in just a bit but carl icahn weighing into the fed rate debate and he said the central bank is harming the u. S. Economy by failing to hike. We dont have limited government in this country. What you really have done is put all the power with the federal reserve. Federal reserve cant do it themselves and they admit it. They are single handedly holding our economy up with zero interest rate. Something he said many times before. Lets talk to the chief Investment Officer joining us very early from new york. Good to have you on the program, rob, thank you so much. What do you think . Should the fed be hiking Interest Rates . Are they late in the game . I think they should be hiking Interest Rates. I think they were going to do it really earlier but of course we had the market volatility, stock market volatility, the correction. So i think they held off for that. I think they should hike and by december well see the first hike which they pretty much said is going to happen. They said this for a long time but have they actually moved yet. True. I want to talk to you about hedgefund performance. Something is wrong. The famous guys and those that have performed had a good track record over the years. They arent having a good 2015. Greenlight capital for one. Yeah, well its kind of interesting. Usually hedge funds if the stock market is having a great year thats the time when hedge funds struggle but it does seem like with this year with the market basically just treading water that they have struggled and its hard to explain except perhaps most or many Hedge Fund Managers thought we would see a rising market. A rising stock market this year and we just havent really seen it. And rob, Greenlight Capital, for example, they got hit hard by the energy names. I wonder how you feel about the industry and industrial names. Do you want to touch anything remotely related to energy right now . Caterpillar is reporting later on today. They previously cut their revenue forecast. Theyll be slashing a lot of jobs. At what point do we see the bottom . Yeah, well, lets start with industrials because i actually have an underweight on the sector because i think the dollar is going to continue to rise. Thats going to hurt multinationals like caterpillar so even though they could have a great Earnings Report today i still have some what of a dim outlook and then as far as energy goes im neutral on the space. We have started to see a weve seen rig counts come down dramatically. Weve seen Oil Prices Rise a little bit but at the same time production hasnt kept up or drop in production hasnt kept up with the rig count drop so im still going to be neutral on the energy stocks. We have to talk about apple. Youre overweight technology, traders are pricing in a 10 chance of an Apple Earnings plunge for the quarter. What are you seeing . Well, i think longterm first of all ill say longterm i like apple. Their longterm Growth Prospects look great and the stock is attractively priced. At the same time, its hard to predict on a quarter by quarter basis what well see out of them. They normally have been pretty good but yes ive heard the whisper numbers that this is not going to be a pretty quarter. For holders of am, buckle your seat belts for earnings this go around but for longterm investors should still be a good place to be. What should investors do with their asset allocation. Theres no visibility on whether the fed is going to hike or not. Were seeing treasury yields close to 205 and thats a far cry from roughly two months ago. Are you still a buyer of treasuries versus a buyer of stocks . I would be overweight stocks here. Most of the technical damage particularly in the u. S. Has been corrected. U. S. Stocks are still cheap. The economy is going to muddle along. Its a terrible earnings season but it is growing. The Retail Investor hasnt gotten back in. I would continue to overweight stocks but when they do raise rates that will start to spell the beginning of the end of the equity bull market. Not that its going to end the day the fed hikes rate but i would start to take some chips off the table but were not there yet. Were not there quite yet. Thank you for your time this morning. Okay. Lets give you a run down of what to watch for this thursday. At 8 00 a. M. Eastern time were going to get the weekly jobless claims and then we get a read on september existing home sales and leading indicators coming your way at 10 00. Three dow stocks reporting earns before the bell, 3m, mcdonalds and caterpillar and googles parent alphabet, microsoft, amazon, and much more. Plus lots of interviews today. On squawk box we have the ceos of southwest, hess, caterpillar, eli lily. Lets talk about the ipo and the debut that everybody was talking about. Ferrari making a quick start out of the grid yesterday as it debuted on the nasdaq. Shares of the italian super car maker opened up 15 higher even though the company priced its ipo already at the top of the marketed price range. Cnbc spoke to the ceo of ferraris Parent Company fiatchrysler. He said there was still plenty of scope for global expansion. For simple geographic coverage of the rest of the world its a big world. We only have 204 points of sales. We only have 180 salesmen that cover that network. The potential is much larger. High network individual. The population keeps on going up. There you go. Now we also asked him for his view on the rumors that apple should Start Building its own car. Are they going to get a car made or build a car . Those are two separate questions. I doubt it very much that theyll set up infrastructure to manufacturer cars. They have not approached this. This industry in general needs to open up to disruptors. Whether its the google car, the apple car, this notion that were seeing now with autonomous driving, assisted driving, its going to change the traditional nature of car making. Its going to change the nature of cars in the marketplace. Creeping up on congress, find out how activist investor carl icahn is setting his sights on capitol hill with financial backing from none other than himself. Welcome back to the show. Ebay beats earnings expectations in after hours trade and ferrari closes up higher on its stock market debut. Here was a political shocker yesterday. U. S. Vice President Joe Biden ended weeks of speculation saying he will not be running for president in 2016 after all. In an impromptu address in the white house rose garden he was flanked by Barrack Obama and his wife. Biden saying he believed that time had run out to mount a winning campaign. The former senator outlined the issues he thought the successful democratic candidate needed to address. That includes cancer research. Thank you for all being so gracious to jill and me for the last six or eight months and for our whole career for that matter. Im telling you, we can do so much more. Im looking forward to continuing to work with this man. Thank you all very much. Bidens exit will likely boost Hillary Clintons nomination chances while tension also returns to the republican race. Cnpc has revealed t cnbc revealed the lineup for the upcoming debate. John harwood has the details. The lineup is set a week from today in boulder, colorado. In the opening session at 6 00 p. M. Eastern time, former senator Rick Santorum of pennsylvania, current senator Lindsey Graham of south carolina, former governor George Pataki of new york, Current Governor bobby jindal of louisiana. And shortly after 8 00 p. M. There will be 10. Youll see them arranged this way on the stage. With the poll position in the center of the stage, donald trump and retired neurosurgeon ben carson. Flanking them, marco rubio of florida, carly fiorina. Moving out from there, jeb bush of florida and senator ted cruz of texas. Then former governor Mike Huckabee of arkansas and Chris Christie of the state of new jersey. Finally on the wings, john kasich of ohio and rand paul of kentucky, once again, october 28th, boulder, colorado. Be there. Be there. Someone that doesnt mince his words when it comes to politics, carl icahn is forming a super pac with 150 million of his own money. Hell use it to push for Corporate Tax reforms to end the rise of inversions. He didnt specify how the money will be used other than to say that congress will be held accountable. He also said americans are not fully aware of the great dangers of more and more u. S. Companies leaving the country for lower tax rates offshore. He believed the change could come through congressional legislation. Im putting a pac together and committing 150 million of my own money to that pac and that money is going to be used to make Congress Accountable instead of just doing nothing. To say, well, we cant compromise because we have to stick to our principles. I dont think they understand their principles. And he said congress is completely dysfunctional right now. Were going to go for a break but still to come on the show, from rags to riches our next guess is a tech ceo that made six figure sums through tshirts. Find out how, next. Youtube is launching a ad Free Subscription Service called youtube red. Subscribers will be able to save videos to watch off line and play videos on their phone or tablet and gain exclusive access to new original programs and movies. Sounds like a netflix subscription. 9. 99 a month. On netflix you already avoid the ads. I dont know how this is different. But how much would you pay to avoid ads . Is 9. 99 a month fair . You can find us via twitter as well. Teespring allows users to design a shirt and sell it with a Company Shipping directly to buyers. Users are making six figure sums from the sight with some famous campaigns on board as well. They were founded in 2012 and raised about 56 million from backers. Joining us bright and early from San Francisco is walker williams, cofounder at teespring. Good morning or good evening for that matter. How exactly does this model work . Sure, so teespring allows anyone to design and sell Custom Apparel without any risk or up front cost. We handle the manufacturing, the shipping, the customer service. Our goal is to make starting a business, building a brand about the idea more than who you know, where you were born, your connections. But you would think that you as a company would have to be a lot more selective if youre actually backing these individuals. Dont you have to look at their ideas first . You cant just have anyone designing tshirts and trying to sell them. The amazing thing about what we do is we develop technology and Manufacturing Processes that allow us to back everyone. Anyone can go on to teespring today, launch their idea, put it on social media, in front of friends, family, advertise, audience, however they can reach folks and regardless of how many they sell, whether its 1, 10, or 10s of thousands we can handle that manufacturing on demand. So we actually scale to any level regardless. So we dont have to do any prevetting. We have a rule on this show. No tshirt, no interview. What have you got for us today, walker . So im actually wearing a podcast tshirt. One of the Amazing Things were seeing is you talked about youtube introducing this new subscription service. Its a fantastic way to have youtube channels, podcasts, bloggers, authors to go out there and give fans great product and add another revenue stream for themselves. Im so disappointed. You didnt make anything specifically for us. We have to take actions into our own hands and apparently we made some kncnbc sweatshirts. What is that . First in business worldwide. You get it in different colors and cuts. Walker, just wondering about your business model. Wexers doing it in the morning. Who came up with that . Anyway, 140 million is how much you paid out in the last 18 months. Thats i guess costs to those tshirt makers. How do you make money . Do you make money . Wryeah. So we take a small cut on every tshirt thats sold. We put such a deep investment into our infrastructure that even with our small cut folks are still able to get out there and get the same pricing they could get if they went to manufacturers themselves. We paid out over 140 million to entrepreneurs to Business Owners that use teespring. We shipped more than 15 million products all around the world. Your competitors, etsy, they already ipo. Does that tempt you walker . Well, carey wrreators are ma more than 20 more on average per year than etsy creators. So etsy is focused on folks that have products and theyre looking for a way to sell them. With teespring we focus on the entrepreneur with the great Creative Spark and great idea but they dont necessarily know how to manufacture, how to fulfill, how to actually get the product into customers hands. Didnt really answer my question. Ipo or not . You know, i have a philosophy that, you know, i dont try to focus on the exit or the outcome. Were here to change this industry. We want to make ecommerce and about that idea not about who you know and where you were born. How much money you have. If you know anything about manufacturing and we believe that the financial outcome will be a result of us changing this industry as opposed to the goal. Thank you so much for your time. Really appreciate it. Walker williams, cofounder at teespring. Well stay on the theme of apparel. What analysts are thinking about under armour. Are they overweight . Well take a look at the leisure industry ahead of the Third Quarter earnings results. Well leave you with a look at the futures trading just ahead of the wall street open. Hello, everybody and welcome to worldwide exchange. These are your headlines from around the world. Ebay enjoys a life after paypal. Shares jump after the online retailer Beat Estimates and raised its guidance. But its bad news from American Express. Shares sink after hours following a Third Quarter earnings miss and cut to eps targets. Simply not good enough says the ceo of publicis. Shares are sinking after it cuts its sales target on poor u. S. Performance. Carl icahn sets up a 150 million super pac to Push Congress to reform Corporate Tax. Good thursday morning everyone. Thank you for tuning in. The week has just flown by. Has it really . Just one more day until the weekend. Lets check in on the markets and how were fair aing ahead o the u. S. Open so far. This is off two straight sessions of losses. The implied open is telling us were going to be higher. The s p 500 called up by 2 points. Dow jones industrial by 23. Heres the lead youre getting from the european session. Its a mixed bag out there. Like what we saw in the asia pacific last night. Ftse mib with gains of 10 . Same thing with the dax as welseying an advance of. 2 . The ftse 100 not going anywhere today. Michael j. Fox received what can only be described as a back to the future present from nike. Nike landed the first pair of selftying mags to the back to the future star. They were asked to collaborate 30 years ago with the brand challenged to imagine sneakers that would suit the inhabitants of the era. They would go on sale next spring with proceeds going to the m. J. Fox foundation for parkinsons disease. We still dont have the flying car. No nike, october 21st, 2015. Selftying shoes finally. Now, under armour reiterated its strong outlook saying it expects revenue to more than double by the year 2018. The Athletic Apparel company is due to release its Third Quarter earnings this morning before the bell. Lets get analysis. Joining us on the line is the managing director at citi. Consensus is calling for under armour to report 44 cents a share and 1. 17 billion in revenue. Is that your expectation . Were ahead of that. 45 cents, a penny ahead of consensus for when they report today. Tell me about under armour. Seems like they can do no wrong. They have a great host of shining stars. What about the strength in under armour right now . I think what is supporting the strength in under armour is not just the ability for them to become a global secular brand which were still in the very early innings of that beginning but the on going consistent strength of their business in the u. S. They have consistently performed above expectations with regards to the top line and thats been driven by their entire portfolio whether it be apparel or footwear accessories. Powerful growth. 40 growth in foot ware. You know, im just wondering if the stock has already priced all the strength in. Well, the valuation is always something that we hear from investors that is a little tricky for people to get their hands around and i think under armour is one of those names that were in unchartered territory with. You have a very strong brand. You have a very strong athletic cycle where there seems to be a global phenomenon where fitness and health is becoming more important which is driving apparel and footwear sales and you have Global Growth for under armour so i think the potential here is still pretty exciting and theres the potential i think to surprise on the upside with growth. Theres also some negatives. Some caveats. Very few people talk about them because theyre so excited by what the stock has been doing. Its up 50 year to date but the cfo recently left. Those are going to be tough shoes to fill. Excuse the pun. Yeah. He is very well regarded i think both by under armour management and the street. But, you know, he had been elevated to coo. They were in the search for cfo anyway and they have great leadership. They are as it is. And the founder of the company and ceo, its been his vision and his plan for how they have been able to succeed so far and he is still there. So thats the positive. Kate, the problem with under armour is they have such ambitious targets and thats backed up by the community. You have to wonder what could trip up the company. Is there anything that could go wrong and something that were not seeing right now . We dont really believe that. I mean, theres risk with every story of course but again, you know, their blueprint is pretty exciting. We have a brand that is an authentic sports brand so although theyre selling some of their product for fashion theres not this huge fashion risk in our opinion like this is with other brands. Theres so much opportunity for white space. Even here in the u. S. , they are barely in foot locker which is the biggest Sporting Goods chain in the world that we really think theres a lot of low hanging fruit still when it comes to the opportunity for growth. Kate, well leave it here. Managing director at citi. Still pretty bullish on under armour. A lot of people are. Lets talk about sports and im sure there are a lot of under armour wearers. Last night, dale murphy may have been earned the right to be called the new mr. October. He hit a home run for the 6th consecutive game setting a new post season record and the neme completed their sweep of the chicago cubs. The mets advance to their first world series since 2000. Meantime, we have the Toronto Blue Jays starter shutting down the Kansas City Royals for seven innings as they survived another day with a 71 victory. He had a solo homer and tulowitzki extended the lead with a bases clearing double. Venture range ventura will start on friday in game six against david price who is the game two loser. Well head to break. Vice President Joe Biden ending weeks of speculation saying he will not be running for president 2016. An address in the rose garden flanked by president obama and his wife. He believed time ran out to mount a winning campaign. Tracie potts joining us. And that was quite surprising. It was interesting and obviously long awaited. He also said hes not going to be silent which raises a lot of question about what his role might be in this campaign. He took a few jabs at Hillary Clinton although not by name talking about upholding the obama legacy. She has departed from the president on some issues like trade and immigration. He says we need to stick with what president obama has started and he also talked about republicans not being the enemy which is a comment that she made in the last debate. Clinton did call the Vice President after his statement. She tweeted she was inspired by his optimism and commitment. This opened the door for her with her numbers growing after the last debate. Our latest poll shows her 25 points ahead of bernie sanders. So certainly she has a fairly strong lead there right now but the question remains what about all of those people out there, the biden campaign, the International Firefighters who were holding out for Vice President biden to run . Are they going to be reluctant or enthusiastic supporters of Hillary Clinton or might they just stay out of it all together and what effect will that have on the Democratic Party . That remains to be seen. Tracy, thank you so much. All right. Our other top story leading activist shareholder and billionaire investor carl icahn is setting his sights on capitol hill funded by himself. Lets get out to landon at cnbc headquaters. What is he up to . Thats right. Best known for going head to head against some of the largest corporations now has a new activist target, congress. The billionaire sent a letter to top leaders in congress saying he is building a super pac with 150 million of his own money. Hes pushing for legislation to block tax inversions which is when a company relocates to a Different Company to take advantage of lower tax rates. 15 companies struck them in 2014 and 2015 despite tightening rules to discourage such deals but change is possible through congressional legislation and icahn says as long as someone holds congresss feet to the fire. Im committing 150 million of my own money to the pac and thats going to be used to make Congress Accountable instead of doing nothing and to say, to say, well we cant compromise because we have to stick to our principles, i really dont think they understand their principles. Icahn adding americans are not aware of the great danger of Companies Heading offshore issuing the call to action for fellow investors to step up as well. Guys like me, and ive said this before, should be doing much more to get involved in the political arena. Because the mipolitical arena today is completely dysfunctional. He plans to raise additional Third Party Funds for the super pac but has yet to specify how the dollars will be spent. Thank you so much. Landon dowdy at cnbc headquaters. Joe bidens decision not to run will likely boost Hillary Clintons nomination chances so the attention returns to the republican race because cnbc has revealed the lineup for the upcoming gop debate which it is hosting next week and john harwood has the details for us. Now the stage is set literally. With all the polls calculated so is the lineup for the republican president ial debate a week from today in boulder colorado. At 6 00 p. M. Eastern time, four candidates, former senator Rick Santorum of pennsylvania. Current senator Lindsey Graham of south carolina, George Pataki of noew york and bobby jindal o louisiana. At 8 00 p. M. There will be ten. With a poll position at the center of the stage, donald trump, retired neurosurgeon ben carson. Flanking them, marco rubio of florida and carly fiorina. Jeb bush of florida and senator ted cruz of texas. Then former governor Mike Huckabee of arkansas, Current GovernorChris Christie of the state of new jersey and on the wings john kaisch of ohio and rand paul of kentucky. I cannot tell you whats going to happen in the debate but we have a lot to talk about with the candidates. October 28th, boulder, colorado. Be there. Be there. Im so excited. October 28th is the day. Lets talk about one of the biggest movers on wall street and thats valeant. The pharmaceutical maker bill ackman engaged with to try to buyout valeant. They might be in danger while its Balance Sheets might be in question because of the option they have taken to buy up the specialty pharmaceutical. Bill ackman is doubling down with the price decline in the stock. He added more shares so he has a 2. 5 billion Stake Holding in valeant and he is saying hes sticking with it. Its interesting. So far this year, his bet on valeant means hes down by 1. 4 billion and one of the commentators said this is a guy that eats nails for breakfast. Double down on that stock. Anyway, these are your headlines this morning. Ebay beats earnings expectation sending shares higher in after hours trade. Carl icahn setting up a super pac and ferrari closes up higher on its stock market debut. Well be back in two. Care of my heart. Thats why i take meta. Meta is clinically proven to help lower cholesterol. Try meta today. And for a tasty heart healthy snack, try a meta health bar. Welcome back. Markets looking a little mixed this thursday in anticipation of the ecb, the xetra dax up and cac 40 is down by 0. 1. The euro is trading lower in expectation that mario draghi will will only hint at further stimulus according to a broad range of analysts. Central bank is under a lot of pressure to act as inflation data continues to disappoint to the down side. Route reuters poll show 70 of respondents expect the ecb to extend beyond september 2016. And were only seven months in to this trillion dollar bond buying program. Seven months in. Billionaire investor carl icahn weighing into the fed rate debate. The central bank is harming the u. S. Economy by failing to hike Interest Rates. We dont have limited government in this country. What you have really done is put all the power with the federal reserve. Federal reserve cant do it themselves and they admit it. They are single handedly holding our economy up with zero interest rate. Meantime, were looking at two straight sessions of losses at wall street. So lets check in on u. S. Futures in the implied open telling us well be up today. S p 500 higher by 4 points. Dow jones industrial with a higher start of 18 points and nasdaq with gains of 12. Lets show you whats happening today. A run down of what to watch for on this trading session on this thursday. At 8 00 a. M. Well get to the weekly jobless claims and then a read on september existing home sales and indicators coming your way at 10 00 a. M. Three dow stocks reporting earns before the bell, that includes 3m, golden arches, caterpillar, googles parent called alphabet, microsoft, amazon and more. Big named interviews coming your way. We have the ceo of southwest, hess, caterpillar and ceo of Dunkin Brands will be on. I want one right now. We didnt get tshirts. How about a donut . We heard from American Express, shares sinking in extending trading after missing on the top and the bottom line. Third quarter earnings fell 13 into Foreign Exchange head winds and a rise in marketing spending. Revenue fell 11 . Ebay beats on the bottom line as reported after the bell yesterday. Josh lipton has all the details for you. Ebay stock moving higher in the after hours. The Online Shopping marketplace reporting better than expected results. Reporting earnings per share of 43 cents that beat analyst expectations by 3 cents. Revenue clocking in basically in line for 2 2. 1 billion. This is the first report where investors are getting a clear look at ebay as a stand alone company. The retailer said it had 159 million active users on the site. Also in line with what analyst forecast. Gross merchandise volume reporting in at 19. 6 billion. That was up 6 . From here analysts want to see ebay accelerate growth and also find out how the Company Plans to keep competing with rivals and not just amazon but smaller players like etsy. Im josh lipton in San Francisco. Now shares of valeant plunging on a negative report accusing valeant of fraud and channel stuffing. Well, late morning midday today a short seller comes out with a report essentially alleging fraud at valeant. It has to do with revenue coming through the specialty pharma channel. Essentially saying theres a phantom network and valeant is booking revenue that doesnt exist. That sent the stock down as much as 40 during the day. Just down about 19 . Now valeant did come out and respond around 1 30 and about an hour later with a stronger response saying it denies the allegations and calls them false and misleading statements designed to drive down stock. It properly counts for sales at its specialty pharmacies and is in full compliance with all accounting rules, regulations and laws. Interestingly the afternoon today scott broke the news that one of the top holders said he was buying 2 million shares of valeant. That helped the stock recover from being down on the lows of almost 40 today but interesting to see everything going on here at valeant. It doesnt seem to stop coming. Strong words. Its debt fuels acquisitions and deal making boosting their bottom line and not actual sales of drugs. Bill ackman Still Believes in the story. What does he know that other investors dont know . Thats what i wonder. And does he have the right call . Its his Largest Holding now. Interesting. Bill ackman not one to shy away, is he . Thats it for todays show. Next up, u. S. Squawk box. Want moves like you do . Try always discreet underwear and move, groove, wiggle, giggle, swerve, curve. Lift, shift, ride, glide, hit your stride. Only always discreet underwear has soft dual leak guard barriers to help stop leaks where they happen most and a discreet fit that hugs your curves, you barely feel it. Always discreet underwear so bladder leaks can feel like no big deal. Because hey, pee happens. Get your free pair and valuable coupons at always discreet. Com good morning. Forget about the fed for a couple of minutes. Its all about the ecb. More stimulus from europe. More earnings out, dow components like American Express. The shares are down right now. The latest Major Company hit by the stronger dollar and valeant defending itself from a harsh report. Slashed as much as 20 billion from its value in one day. New this morning, congressman paul ryan one step closer to becoming House Speaker after getting a key backing from the Freedom Caucus and its truly amazing, the mets are on their way to the world series for the first time in 15 years. Everybody around here is jumping on the band wagon. New york sweeping the cubs to win the nlcs. Its thursday, october 22nd, sorry back to the future, cubs did not win the series. And squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick with joe kernen and andrew ross sorkin. It looks like the futures are indicated higher. Dow futures up by 22 points. S p futures up by 3. 5. The nasdaq up by 13. Markets were down yesterday. Check out oil