Pace for their best day in the month of november. And as mentioned, this represents a rebound. The averages were down two days in a row. S p 500 down last week for the first time in nine weeks. We see some buy the dip action. This is on pace for its best week since about seven weeks. Strong action. And in fact, we have a bloomberg terminal, although i do not see it, it was showing the fact this is really stands out, the russell 2000 was generally weaker. Here it is. Lastue, the russell 2000s record high in october, taking a slide. Investors were worried about tax reform. At 15,a white, the vix, then at 16, suggesting it could rise more. Despite the strength from today, russell 2000 could be looking at more volatility ahead. Time will tell whether the dip buying will prove true. And the minor pullback for major averages. Taken a look at top stocks for the s p 500, we are looking at walmart and apple. Walmart up more than 8 , beating estimates in a big way. 54 is how much the online sales grew. So walmart is doing very well. Cisco putting up a good quarter, up nearly 6 . What the investors like is the forecast for the next quarter, it is the first sales growth in 8 quarters. Cheeringinvestors are that inflection point. Apple is up 1. 3 . And hedge funds positive on apple, favored by 33 hedge funds. Finally, oil is all over the map. Here is the intraday chart. It was lower, then higher going down half a percent for the third day in a row. A lot of uncertainty about what the opec meeting will lead to a november 30. And right now we see oil going back down. Investors looking for a bit more direction. Also after the department of energy numbers from yesterday, and of course we had the iea report earlier talking about the fact 2018 demand could be less than investors were looking for. Julie thank you. Uncertainty on capitol hill, the house expected to pass tax legislation today, but tax reform facing a stumbling block in the senate. Ron johnson of wisconsin was the first to come out against the bill. President trump reached out to him last night and in the white house says they are working on the issues, that will the first open the door to more opposition . We are joined by alex and laura davidson, who is a reporter for bloomberg, she is on capitol hill. Alex, we will start with you. Ron johnson is a no. The president is trying to lobby members of congress on this. What do you think will be the outcome . We were told earlier that they can only afford two nos. No onron johnson was a obamacare repeal, until he wasnt, he ended up voting for it. The white house thinks they can get him on board. Donald trump is at the capital today talking to House Republicans about their bill, which goes to the floor this afternoon for a vote. The white house is confident they will have the votes in the house to get it through the chamber and as you said, the senate kind of a mystery right now, we do not know what they will vote on. Shery hold on one moment. We have Kevin Cirilli there on the hill with a congressman, congressman cole of oklahoma. Kevin we are here with the congressman. What did you and the president and the caucus talk about . It was the president speaking to the caucus. Pretty exciting. It is a historic day for us, people have been working very hard to get here. We have not accomplished Something Like this since 1986. The president spoke about how important it was to get this done and what it would mean for the country, the opportunity in front of us. And a lot of things that could come after. Kevin did he take a position on the individual mandate. He did not. He made it apparent he thinks both packages are good. He knows there is more negotiation to go and i think he will be heavily involved in that, but like a good negotiator he will not tell you anything up front. Kevin what about ron johnson, the republican, concerns about that . I think he has ligament points he makes i do not think there is anything there he cannot be dealing with. We want to get the yes. He is open to negotiation. It is a tricky issue. We think we improved it a lot during the ways and Means Committee deliberation, but we are open to additional suggestions. Senator johnson is a successful business person in his own right, anything he would bring to the table would be seriously considered. Kevin will it get done before christmas . Absolutely. Kevin we know youre busy. Thank you for coming on. Back to you. Shery thank you so much for that. Background on congressman cole, a republican representative from oklahoma. We are going back to alex and lauren. Laura you are on the hill. We know that House Republicans cannot lose more than 22 votes there. Already yesterday, we saw 10 representatives were against the bill because of the state and local Tax Deductions being repealed. What do we know today . Laura it does look like the republicans will lose about 10. Donald trump did some armtwisting last night. When they come to compromise on the bill, will the house and senate be able to keep it under the 22 republicans that they cannot lose . In the house, there was a compromise, 10,000 property the dutch in on state and local taxes. The senate totally repealed that. They said yesterday if they go below the 10,000, i am a no. Some of the yeses could turn into nos. Julie we just heard a little bit about the president s meeting, which was relatively brief with the republican lawmakers. So what is the sentiment around whether he will be able to help unite these folks for a vote . Alex he was not in the room very long at all. I think they probably got the votes already, he did not need to come in and make promises or twist arms, or parade the members to get out and vote. I think it is locked in. He was rallying the troops today. Shery that also happened earlier this year with obamacare repeal, where he had the house votes and not the senate. How are we looking now . Onx the house was dicier that bill compared to the tax bill. In the senate, again, it is really uncertain, they do not even have legislative language over there, we do not know exactly what will be in the bill. They talk about throwing in a partial repeal for obamacare, which would complicate matters in the senate and the house. Julie what is next . We know we could have a vote as soon as today. Laura it looks like the Senate Finance committee will approve the bill on their side by the end of the week. Then they are looking to vote on the senate side after thanksgiving, so three things they really need to adjust, because you have senators expressing concern. Ron johnson on the passthrough, on the Small Business issue. Susan collins expressing concern over the individual mandate. And senator corker and senator flake are concerned about deficits. There is a wide range of issues, remember you can only lose two of them, so it is a balancing act. They may be able to work on that next week. Also when the members are gone for thanksgiving it will allow staff to maybe come up with a solution that could go to the floor on the senate for the last week of november. Shery we know the tax cuts will not be phased out, some of them talking about individual tax cuts on the senate bill, also for a passthrough, that will be expiring by 2025. Will this be updated trump . . All will bep they oppose the bill. Many voters do not like the bill and i think 15 believe it will benefit the wealthy, not the middle class. May have a lot of ground to make up on that count. The two of them for the middle class, expiring in 10 years really does not help matters for the white house. Bloombergx and laura, tax reporter on capitol hill, thank you to you both. Shery now a check on news this afternoon. Mark crumpton. Mark first Time Applications for Unemployment Benefits in the United States rose to a sixweek high. It may have to do with volatility around the veterans day holiday. The initial jobless claims rose to to a to 49,000, still continuing claims fell by 44,000 to the lowest level since december 1973. Pope francis urging lawmakers to make sure the Health Care Laws protect the common good. In a message to a medical association, he expressed concern that only the privileged can afford sophisticated medical treatments, particularly in wealthier nations. Without naming any specific countries, he said that health care lots should provide for the most vulnerable. Prosecutors in the trial of two women accused of killing the halfbrother of the north Korean Leader couldnt finish their case in the Second Quarter of next year could finished their case in the second coat of next year. It began on october 2. The two suspects pleaded not guilty, but prosecutors say they conspired with four other people to murder him and fled in malaysia on the day of the attack. The death toll from flooding in greece has risen to 16. Rescue crews recover the body of a man reported missing on the outskirts of athens. Andeople are hospitalized the search continues for another four people reported missing after flash floods devastated the western fringes of the greek capital yesterday. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. Back to you. Thank you. As house gop leaders prepared to vote on the tax overhaul bill, experts are keeping an eye on development. Shery the new york road chief joined by aby, guest with the unique insight into new york citys property. Jason hi. Yes, i am here with a guy that knows about all the things you are talking about, and a thing or two about real estate, stephen ross, the chairman of you have a lot to talk about here in new york. Certainly a lot to talk about at the conference. Quickly on the news, how does a new York Real Estate guy, Global Real Estate really, think about everything happening around taxes . Stephen ross a lot of people are looking at it like it is inevitable. Those looking into it are looking at all the areas where they will be impacted. And how negative the impacts might be. I look at it and i see the issue with affordable housing. There is such a need in our country, especially in new york city, and with the elimination of tax exempt financing it will eliminate credits and tax exempt bonds for affordable housing. Obviously, we create change and we have a lot of people who do not like it. Because it changes things and people do not like change. This will have a lot of impacts and we will need to figure out how to do it. The issue is changing things and there is not enough money to really kind of subsidize you in the areas you are taking away, where there is a need. There are a lot of concerns. Jason a lot of the buzz at the conference is about your big project, one of the biggest ever to be conceived and developed, which is just west of us. A lot of superlatives around it. What have you learned so far . Stephen ross you do something so impactful and it gets everybodys attention, certainly. What we were looking to do is create an environment. Today when you look at major cities and the growth of cities, you see so much congestion, how much can they handle there our people coming in, new jobs and New Buildings and everything else. We see that and without heads and yards hudson yards would be a way to create a live and work environment. Other cities will adopt it, adopt maybe not the necessary impacts and but the the Lessons Learned on how people react to it and how to improve quality of life. Jason one thing that struck people as interesting, especially in new york, the corporate names you have attracted to move in. Blackrock and kkr, names associated with wall street. What was the pitch . Stephen ross today, people and Companies Grow themselves, it is all about talent and really the search of and acquiring talent. Therefore they have to have the be able toldings and deliver the kind of services that can work in this type of atmosphere. So many buildings are obsolete. In new york, 60 of the buildings are 50 years and older and they were not built to operate the way that corporations operate today. Also, this is where the young people wanted to live. By building it in the hearts of that and creating a hub, they will be able to attract young talent. I think it is a combination of those, corporations that were looking ahead and wanting to and they are leaders in their fields, and we got them from every field in new york, not just one sector. Jason especially building a product of this scale, what you learned about the new world of retail and people wanting experiences and shopping online, how does it play out . Stephen ross so much is written about the demise of retail, but 8 is bought online. Certainly, people want to go out shopping as a form of entertainment. It will be and always has been. So by creating experience, something different. What has happened with retail is there has been so much of the same thing. There is nothing new. Wante want to change, they something different. That type of retail is doing well. Most retailers embrace that and they see that. From a real estate standpoint, creating the retail environment, it is important. Making restaurants an exciting place to spend your time. Not like youit is are going there for a specific reason, it is impulse buying. If you are going for a specific reason, it is better to buy it online because it is more of a commodity. Jason you put a lot of emphasis on food and restaurants. How much does it play into the real tale into the real world . Like iced o go,hen ross people want to you want to create different experiences, not just chain restaurants. We do not have those chain restaurants. These are like hand curated restaurants with great chefs. At the same time, looking to create experiences within them. We have a plaza. We are becoming the icon for new york for the 21st century. You will not want to come here without wanting to walk through the top of this. 155 feet high. And at the top we have an observation deck. And we have these experiences up there that have never been done before. It is all a form of entertainment. And people watching, that is a form of entertainment. Jason you are obviously the owner of the miami dolphins, a lot of talk about Roger Goodell how do you think he has done as commissioner . Stephen ross i like him. I think he has done a good job. These are different times and pressures are put upon him today. There is so much talk about compensation, jerry jones. I love jerry jones, he thinks outside the box. A lot of it has to do with the suspension. But over all when you look at what is going on and how important the nfl is, there will always be a target what are they doing . And how do they make news . The easiest way to make news is the talk about the nfl. Jason i appreciate you answering the question. Stephen ross, great to be with you. We will let you go back to the room. Shery great interview. Thank you so much, jason kelly. Sweetening a bid for rockwell. A third proposal. We will review the latest details. From new york, this is bloomberg. Shery welcome back. This is bloomberg markets. Sonie msn has made a emer has made a third bid for rockwell at 29 billion, representing a 3 premium to the share price as of october 30. Rockwell is a leading supplier of software and control for Assembly Line operations. Joining us is ed hammond. Ed, this is the interesting back and forth that we see. Do we know if the deal will get done . Analysts are pushing back again on whether it makes sense. Ed the reaction today would also suggest it makes sense, if you look at it since the offer came in, down 11 . This is difficult to see getting done. In terms of culture, i think rockwell has fast growth, a tech company. Emerson has a traditional conglomerate. They are in two different places. I would say that the offer is substantial, if you look at it on any basis, either traditional. It is a full price, i guess it raises the question on whether emerson has much more room to bump up or will do something to make it more attractive. Emerson what happens shery what happens if they cannot go through with the deal, who can emerson buy . ed there is not an obvious second choice. Somehas been speculation that this is a desperate deal for the ceo of emerson who is probably saying they are focusing on the small ones, then the next day he makes it 29 billion offer for rockwell. This is speculation he could be tried to build a legacy project. He could purchase some lower stuff, but there is nothing really out there. Julie what do we hear from the rockwell shareholders . Have they indicated it would do this at a particular price . Ed it is one of those never say never things. They are going to be looking at everything. They said on this deal, the sense we are getting from them is they do not think these companies go well together. They think that emerson is big and clunky. Culturally it does not fit. The other message we got from shareholders is they do not feel like emerson stock, a material part of the consideration, is as good as emerson is inclined. Shery aside from this being a legacy deal, why do they want this company . Is it for Growth Potential . Ed i think a lot of it is Growth Potential. This area of automation is something that emerson has been building and this would take them into the next step in terms of scale. They are also looking at synergy. Probably about 6 billion. What they do not talk about is what it will equate to in terms of jobs. They said they would be committed to milwaukee, but there would have to be cuts. And it is interesting. Trump and heo spoke about how important a Manufacturing Industry should be in terms of creating u. S. Jobs. There is a mixed message in terms of trying to do a deal that would result in job cuts. Julie we will see what happens. Ed hammond, thank you so much. Emerson lawmakers shery lawmakers gearing up for a vote on tax reform. Passing the bill could be crucial for u. S. Stocks in 2018. Kathleen joins us next. Stay with us. This is bloomberg. Shery live from bloomberg world headquarters. Julie on julie hyman. Shery this is bloomberg markets. A quick check of the major averages. U. S. Stocks rebounding from a selloff we felt for a couple days. Dow jones up 9 10 of a percent, volatility is subsiding. Vix losing ground after five days of gains. S p 500 up 9 10 of 1 . And we are at the highest in a week. S p 500 stocks rising at the moment, this is the broadest rally in two months. The nasdaq up 1. 4 . We have not famous in a whi