The trading session. Julie hyman has the latest. He had this huge rally yesterday after the fed minutes. Starting tos are drift today. I want to start with commodities. Lets start with oil, because we are seeing Goldman Sachs make a call that the mild winter cause oilpact could to fall below cash cost of 20. Their forecast for brent remains at 50 a barrel. Citigroup says that commodities have not fully priced in the effect of the higher rate, a rate increase, which is contrary to the conventional wisdom with the plunge we have seen in commodities. Definitely some negative tone on commodities this morning. I found ather front, cool chart to look at on my bloomberg terminal. This looks at the average temperature at laguardia airport. What i have done is look at the last 10 years nec eight of the month this far have had above average temperatures. November, the average is 23 above the average of the past 10 years. When we talk anecdotally about the warmer weather, that puts it in real terms, at least here in the new york city area. Presumably one can extrapolate that to the northeast of the United States. Gold is seeing a little bit of a rebound, actually quite a bit of a rebound, up by 1 even though here to there is a lot of andimism being expressed potentially talk of gold falling below 1000. What could be helping gold prices this morning, lets take a look at the u. S. Dollar. Be seeing a positive in the rally we had been experiencing so the dollar today, taking a look at the chart, we are seeing the dollar index pullback by about half of 1 . That seems to be what is giving a leg up to those gold prices. Betty stocks are pretty much meant. What is the biggest drag . Julie i want to talk about. Ealth care United Health care is going to consider pulling out of obamacare. They are the nations Largest Health insurer. They said these plans have proved more costly than it had anticipated, and earlier had talked about expanding its exposure to the Affordable Care act, so quite a big step. And then there is pfizer and allergan which appeared to be getting closer than ever to a deal. There is the problem of inversions, because there is talk that congress, or the administration is close to imposing some rules restricting tax in version deals. Betty two big pieces of news in the health care world. Lets check in on bloomberg first word news. Vonnie quinn has more. Vonnie thank you so much. The suspected architects of last weeks attacks in paris are dead. This is according to the prince french prosecutor. Abdelhamid abaaoud was identified by his fingerprints after a swat team fired 5000 rounds into that apartment in saint denis where he was holed up with a group of associates. Belgium cracking down on suspected terrorists. Detentiontend police of certain terror suspects to 72 hours. It faced International Pressure after the three americans held hostage for two months in yemen are free with the help of oman. They had been captured by shiite rebels. The Largest Health insurer in the u. S. May pull out of the Obamacare Insurance Exchange market. United health cut its earnings estimates for the year and have been struggling to make profits. That is a look at our first word in news right now. More news on these and other stories at bloomberg. Com. I am vonnie quinn. Betty vonnie, thank you so much. This Unitedhealth Group story is big. They may depart from obamacare. What that means for the external andnsurance Exchange Market why they are deciding to do this, i want to bring in drew armstrong. Drew this is a huge deal. I cannot over emphasize this enough. United health care was not one ,f the biggest in the market but they are the biggest Health Insurer in the country. They just last month said they would expand to 11 new states in obamacare. Weeks later, they are reversing. They are saying they may exit in 2017 they also said on a call they have stopped putting Promotional Materials behind they are higher selling this year. They said these plans are not profitable, we cannot make this work, and this may not be a market we want to be in. The biggest Health Insurer and the market is saying that all of these people who were supposed to be covered, we do not think we can. This is a huge deal and everybody is looking at the other insurers. It could have a ripple effect. Drew i think this will be developing over the next days, weeks. And betty the stock is down about 4 . What exactly happened, how did they overestimate the impact on their bottom line . Drew i think one of the things we have got here is we created these new markets and said, we will give people subsidies, and the insurers would come in and try to capture this business. There are some Government Programs to help stabilize get ats so lets say, you bunch of new customers and they are sicker and cost more than you thought, there is a payment from the government designed to stabilize the market. Those have not necessarily paid out as much as insurers have expected. You have seen some insurers really underpricing plans and willing to take a lot of risk. United health was one of the more conservative and they are still saying, this does not work for us. Newhave basically a whole pool of millions of people and the deal they made, we will take these new customers, they are saying that maybe they cannot make this work financially and it is not worth them being in it. Betty it does not answer the question why just a month ago they were saying they were going to expand. Not think we know. It is really a shocking reversal. Betty something must have happened. Drew keep in mind, we do have the first two weeks of people signing up for plans so they have a little bit of an idea, but far from the full picture of what the market will look like next year. I think we are really still waiting to find out. I have beenc. Talking to are calling this an atom bomb in health care. Deals,speaking of master pfizer looks to be going at it with allergan. Drew this would be far and away the biggest deal in the Health Industry forever, one of the top mergers in corporate history ever. Betty and they all seem to be done in 2015. Drew i think we had 220 billion in deals last year and we are well positioned to eclipse that. Betty is this about pfizer wants to move overseas and not pay taxes . Drew a huge part of this is about taxes. They stash a lot of their profits overseas. Has a double tax domicile. Jerseyffices are in new and if pfizer was able to do this deal with allergan, it is going to save them a significant amount potentially on taxes. That amounts to billions of dollars a year. It allows them to take cash they have kept overseas out of the reach of u. S. Tax authorities and put that money to work. At a isnt this happening time when jack lew and the treasury department, arent they about to issue new guidelines on tax in version . Drew yes. Said they are going to issue some more guidance, make a couple of statements, but also emphasize the to stop the tax and version they do need legislation. There is a lot here and it is going to cause it out on investors of whether pfizer allergan gets done. This could be the Administration Just using a little bit of off fromo scare people these deals without necessarily getting into the legal fight to stop it. There still is some skepticism. The deal price could be significantly under where they are trading. Betty drew, thank you so much. Drew armstrong, our health care reporter. I just want to break the news, square, the firstrate has just opened at 11. 20. It is above that right now, a gain of about 34 . Makes you wonder whether they left a bit of money on the table at pricing this ipo at nine dollars a share. Muchraise 243 million, lower than what was talked about preceding this ipo and a lot lower than what it was privately valued at. We will have more on interview on square in an interview with dr. Dorsey jack dorsey. Betty good morning and welcome back to bloomberg markets. I want to show you again where square is trading. The opening trade just happened at 11. 20. It is trading higher than that as you can see, up already by about 33 with a gain of about three dollars. This, they looks at would say good for the stock or the company, what did they price the stock too low . The valuation much lower than what it privately was valued at. Lets go to the markets desk where julie hyman has a check. Urig Green Mountain is where im starting with that stock jumping. Even though earnings and revenue fell yearoveryear, they did not fall as much had been anticipating. The stock is down about three quarters of its value over the past 12 months. The has been a lot of concern about its valuation and the demand for its new system. All of those concerns appear to remain however the stock is getting a pop. Also on the winning side today is salesforce, and i love this quote from brett sale. He says they are the taylor swift of the industry right now, talking about the cloud industry. Salesforce is one of the earliest cloud companies. That is what it initially really specialized in. It saw gains in all of its Major Regions around the globe. In the opposite direction, best buy, we are seeing continuing signs of weak demand for electronics going into the holidays. We heard walmart and target talk about that. Best buy is saying their revenue is down 2. 4 and for the holiday quarter, the revenue will decline in the low single digit percentage rate. You, julie hyman. Square opened at 11. 20, priced at nine dollars. I want to head out to emily chang, who is on the floor of the stock exchange. The stock is trading much higher , up almost 30 , but was there some disappointment with evaluation . Emily we are going to ask that question to jack dorsey. 11. 20 a share is way better than nine dollars a share, which is what the Company Price that last night. Are looking at close to a 4 billion valuation at the high end of the range. Off from the 6 billion valuation they were looking at in the private market, and it goes to this question, is square a Technology Company or Payment Company . A lot of analysts say this is more of a Payments Company. Payments make up 90 of their business. That is their core business. Mark andreessen just tweeted the fate of square today will determine the fate of all Technology Companies in the arere. I think people looking at square as a potential of an over value of Tech Companies in the private market. Betty maybe he is digging into the hyperbole that he cares in the media. What happened where mutual funds, investors, with a less hot on this company . Emily you had people on both sides, people walking in saying they were not going to a vast and people saying they were going to invest. The revenue is growing but they are losing more money. The revenue is growing 57 . Square is targeting longterm 20enue growth at closer to to 25 . Betty amalie, what changes now . Emily, what changes now . Jack dorsey will become the ceo of twitter and is now with square. What happens now . Emily they just hired jackie reese from yahoo to head square capital. They are trying to figure out how to build some of these noncore businesses, like square cash. We might see them make interesting Strategic Decisions regarding a company they acquired earlier this year, caviar. Dorsey,g to ask jack what is going to change for you now that this is a Public Company . Betty thank you so much. I know you are going to be speaking with jack dorsey in a moment live from the floor of the new york stock exchange. We will be back. Betty welcome back to bloomberg markets, betty liu. Time for the Bloomberg Business flash. Carmakers from around the world are showcasing the best and latest at the l. A. Auto show, but for volkswagen of america ceo, it is yet another opportunity for a mea culpa over the emissions scandal. Have a remedywill for the over 5000 cars sold in the u. S. We apologize and we cannot stop apologizing because we need a remedy to our customers. We completely understand that apologies are not enough. Betty they must present a regulatory plan to california authorities by tomorrow. Americans said the economy is improving and 45 say it is saying the same. Staying the same. You can always get more Business News at bloomberg. Com. Lets turn to politics. Most americans want to stop admitting Syrian Refugees, with more than 50 of those surveyed saying we should not allow them in at all. The nation is also divided about sending troops to iraq and syria to fight the Islamic State. A pretty even split. I want to bring in margaret tallest with more on this. Like when it comes to admitting refugees in the United States, the republicans have a bit of an edge and are more in line with the public. For now, at least, this is absolutely true. You have hearings beginning in the house over the syrian refugee policy. You have discussions about to even threaten a government the republican governors and republican president ial candidates coming out at least in favor of previous programs. For president obama, and maybe more on point for Hillary Clinton and the democratic field , this is a political hot potato. Betty we are showing some live pictures of the house hearing that you referenced. How big of a hot potato is this going to be . We know the candidates want to two foes focus on other issues. Our syria and the rack going to dominate the debate . Margaret certainly. Foreign policy and National Security tend to become general election issues and lets go back to the stereotype, republicans like to paint. Emocrats week argument isamas notgreatest threat is through the refugee program, but the Public Opinion is at least one of hesitation. When you add everything together, the majority of americans say, we do not want to go forward until we know more about how this work. Betty there is another poll about the president ial candidates themselves. Trump wins on getting things done and carson wins on personality. Margaret these matchups are very interesting. You could spend an hour getting lost in the miraculous nests. One thing that we need a little time to settle, what the implications of the paris attacks and these new wave affairs about the Islamic State is going to have on the front runners, and the second wave candidates who have been more establishment and waiting in the republican field to argue that experience matters. Betty margaret, thank you for joining us. Much more ahead, including more discussion on this fed minutes. I just had a horrible nightmare. My companys entire network went down, and i was home in bed, unaware. But that would never happen. Comcast business monitors my Companys Network 24 hours a day and calls and emails me if something, like this scary storm, takes it offline. So i can rest easy. What. You dont have a desk bed . Dont be left in the dark. Get proactive alerts 24 7. Comcast business. Built for business. Betty way our live from bloomberg World Headquarters in midtown manhattan. The suspected ringleader of the paris attacks is dead and test confirm that he was one of the two people who died during a raid yesterday in a parisian suburb. Hans and goals is on the ground in paris and brings us the latest. Authorities have identified the body. It ringmasterpose of the terrorist attacks. He is a Belgian National who spent time in syria. He was killed on wednesday in that raid. It took a long time to positively identify his body because of the prosecutors saying his body was riddled with bullets, over 5000 rounds were fired. On thursday, you had police raids taking place in belgium, trying to sweep up neighborhoods to look for additional suspects. The french president wanted additional powers in the lower house to expand his Emergency Authority for three months and thats expected to pass in the upper house tomorrow. We do not know the whereabouts of one of the drivers who was in that sprayed several of the restaurants in paris with gunfire and he is still at large and no new information about his whereabouts. That was hans nichols reporting from paris. For more headlines, lets bring back vonnie quinn. Vonnie president obama will not veto any republican proposal to tighten screening processes on Syrian Refugees. The bill would block syrian and iraqi refugees from entering the country unless top Law EnforcementTell Congress they are not a threat. The white house says that would not increase u. S. Security. Thebill would also pause president s plan to admit 10,000 Syrian Refugees into the country. The u. S. Has impaled a new counterintelligence strategy that had been a production before the paris terror attacks and identifies infiltrating and disrupting adversaries, protecting vital computer networks, and protecting insider threats. In manila, police battled protesters not far from where asianpacific leaders are meeting. Emonstrator shouted slogans against the aipac forum and criticize the philippines for ties with the u. S. Jerod fogel entered a guilty plea to sex pour and child born in sex crime charges in indianapolis courtroom a short time ago. Illicitled to engage in a legends Sexual Activity with a minor and prosecutors want 12 point years. As attorneys are looking for five years. Thats a look at our first word news and you can get more 24 hours a day at the new bloomberg. Com. Betty thank you. The l