David faber. A landmark potential deal with pfizer. Europe this morning that the architect of the paris attacks has in fact been killed and we will get to the news moving bonds and oil as well. Road map will start with major developments for the architects of the attacks. Well go live to paris with the latest. We have the latest going on with the deals in the works between allergen. And well get you the action and plus the interview with jack dorsey. First up, the Paris Prosecutors Office announcing that the alleged mastermind of the attacks last week in paris is dead. Michelle carusocabrera is in paris once again. Reporter abdelhamid abaaoud, Police Believe he was the architect of what happened here on friday night that killed 129 people. More and more details are coming out as the days go by. The Associated Press is reporting that the woman the suicide bomber who blew herself up in yesterdays tremendous raid conducted by the french s. W. A. T. Team, that she was the cousin of abaaoud. So there is a Family Connection now, according to the Associated Press. There are six raids going on in belgium around the area of brussels where they are raiding the homes of the friends and family of one of the suicide bombers at the stade de france. They brought one person in to custody at this point and woel see if that reveals more information. And finally, the lower house of parliament here in france has voted to extend the state of emergency by three months c. The state will take it up on friday. Its widely expected to pass. Its not just extending the duration but also about increasing pretty sharply the powers that the police and government have during a state of emergency to do certain things like put people under house arrest for fear of dangerous attitudes. So were watching that and the political response progress as well as the criminal investigation as well. David faber, back to you. Thank you very much, michelle carusocabrera. On now to corporate news. Late yesterday, news started to come out about the talks between pfizer and allergan and how far they had advanced. The two companies, as we know, had been in significant talks about a deal under which pfizer had acquired allergan. They are centered around a deal which would exchange a bit more than 11 shares of pfizer for each share of allergan. The exact ratio to be determined. A number that i shared with jim a couple of weeks back. You gave us that. That is the number, roughly, that they are dealing with right now. Of course, the overall value will depend on pfizers stock price. It will be an allstock transaction designed to make sure that shareholders will own more than 40 of the combined company. Why . Many of you know why. Because of corporate inversions, the regulations at least that were proposed by treasury back in september 2014 and making sure to get the benefits of said deal because it would fall under, broadly speaking, the measure of equal provision. Thats where they are right now. In terms of an announcement, dont expect to see anything this monday though there had been reports that the companies were aiming for that. The fact is, late monday we got this letter from jack lew, the treasury secretary, in which he stated that they will be issuing guidance later this week to return the economic benefits of corporation inversions. What that guidance is going to be, you might imagine pfizer and allergan want to know and feasibly well find out later this week and that was in a letter that came out late wednesday. And so you want to give yourself time to see what it is, to digest it, to understand it, to see whether in fact it is important to deter your plans and im going to get in to this more later and perhaps also make sure its included as a carveout of the Exchange Clause in your merger agreement. All of that said, heading into the thanksgiving holidays, you might imagine its going to take a bit longer. Sources close to the situation also tell me that at this point they are in the final innings of discussions while they are still waiting to see what treasury actually brings in terms of guidelines. Thats where things stand. Where is the 3. 80 . 33. 31. Do you know what that gets you . Thats where the stock is now. Right. So its the premarket down. All right, david. Its very clear jack lew said we cant do anything to stop this without congressional approval. And thats been the case all along. Dont forget the regulations issued back in september of last year. They dont exist. You need congress to make it true. That had a deterrent. And did not do shire. Correct. Because of what part of lose instruction defeated that and this has got to be amped up. Yeah. That is its own situation. Of course, medtronic decided to do it and there have been other deals but there were provisions that have the potential regulations that they felt would be onerous and benefits of the deal and there was pressure out of chicago whether it was on their director and as a result of durbin being the senator or rahm emanuel. You can imagine. Youve got jersey and new york. David, the last thing i need to know about this, allergan is so big. You can just say, listen, kind of a merger. Its been discussed and you and i have sort of talked about it, the idea that if it came at them, could they conceivably turn around and make allergan the buyer. At this point, its not contemplated. That makes the deal more certain. Stock was at 310 before lew and then dropped to 297 for lew and now at 305. On an earnings basis, i would say that the stock belongs here. Its not clear what treasury can do. Right. However, it still comes down to the risk that the two parties are willing to take on and that becomes a key consideration for them. I want to talk more about it in a report as well. A little over 11 final innings of discussions but dont expect a deal on monday. A lose point that Congress Remains key. Right. Meanwhile, square making wall street debut trading under sq. Payment pricing at 9 which is below the range of 11 to 13. Half of the valuation that it earned from private investors, were going to talk to jack dorsey this morning and then match group debuting on the ticker. The home of tinder. Match group spoke on squawk box. Take a listen. Were obviously price sensitive but not so price sensitive that we thought going out and getting the independence from ic was strategic going forward. It was not really an option. So weve got im going to ask you, jim, relative bargains compared to what the private sector has been valuing these companies at . I think thats what you have to put it at. Relative bargains. I nealt if the public comes to square, its cheaper than other companies. Its cheaper than the stock of pay pal. Should it be cheaper . Pay pal has a lot of other features to it. Jack dorsey will tell that you they are very embraced by other companies. Why didnt starbucks stick with you . Howard schultz says to use it, it will be like a retailer that does a trunk show in your house. Right. Its very they have 2 million customers and its growing. What about the larger takeaway here that the ipo was a down round, so to speak, in the parlance of venture capitalist. Many would say this is game over for the 20 unicorns and i think that it was pronounced the death knell of unicorns. They said, lets get realistic. This idea that fidelity is trying to figure out what the price is and what some of these other investors no. Lets come the conclusion. We know listening to him is pretty amazing. Yeah, lets take a listen to that. Most Unicorn Companies, jim, are staying private way too long and i have friends of mine who are cos of those Unicorn Companies and ill tell you the same thing i tell them, get out into the Public Markets. This is an opportunity to rationalize your valuation. Let the market decide what your valuation is. Instead of trying to maximize your valuation, let the market decide. Well, when the market decides, its 50 of what it was. Square not a profitable company. Intermittently they said that they have strived for profitability. Its a growth story. It definitely has growth. What this says is dorsey was willing to bite the bullet. Other than air b and b, they are all too high. Really . Uber . Yes. Air b and b has a supply problem. They dont have enough hotel rooms. Ive got to tell you, were going to see massive look, i brought street public and were over valuation. Yes, it was. And it was a race to the door and this time the door is closing so quickly. I mean, this square is a company jack dorsey Everybody Loves jack dorsey. His mom marsha when she rings the bell today, being a project of twitter. It was like the duck came down. The duck is here. And youre paying too much for the duck because its a turkey. Were going to have the live interview with jack dorsey later on. In the meantime, stick around for a rare and exclusive interview with ken griffin with citadel. All three averages positive, once again, for the month. And the dow going for four in a row to the upside if futures turn around. More squawk on the street from post 9 in a minute. U h moving lower and the dow component cites lower than expected activity because of the Affordable Care act. Looking for 6 now, jim, and they say its a proactive step and they will determine the first half of next year whether or not they can even continue to serve these markets. Its shocking. Im going to quote this. Steven hemsley, a very good ceo, by the way, guided up in july. Keep that in mind. In recent weeks growth expense expectations for individual Exchange Participation have tampered industrywide. Higher risk and more difficulties while our own claims experience has deteriorated taking proactive step. Every single one of the Companies Involved in this is going to have to do what u h did. The large insurers are watching these exchanges, watching the relative amount of people in the exchanges fall. The cooperatives, which you know, have priced incorrectly failed. Typically in a situation like that where you had legislation, you would need to make some changes. Yes. And this has happened before. There have been changes made in these kinds of legislation. Right. The expectation here, of course, is there is not a chance that youre going to get any changes in the aca. The republicans want to kill it and so it may be being killed by the publicly traded companies that have been participating. Remember, u h serves in accordance with the aca. Everyone is going to pull out. They are not all going to pull out. They are not. The big boys are going to pull back. I talked to some of the other big boys. And they are going to participate and they are raising their rates. And just lose money . For now, yes. Why . Because of the goodness of their heart . Because of the government . No, because they have to. Thats amazing. This thing is really turning out to be they would also hope that there would be legislative fixes. How is that possible . Its not possible. If we had an operating government it might be possible. This is very damning for aca. Its very damning because these are you know, in recent weeks, think about those terms. In recent weeks what happens . What happened in the last did you get your premiums and people said i dont want to pay anymore . Yes. People are dropping off. Thats particularly the concern because people are healthy. With a relatively good risk pool. Yes. Relative to the rest of the nation. Its just staggering. It is a real its a potential crisis point. If no one is making money in exchanges, how can they not exit . They have to be there . Where in the legislation do they have to be . I dont know the answer to that. Because u h is saying i think that eventually this will turn in to a profitable business and im sure that opinion is not necessarily widely shared. Ive spoken to a couple of other ceos of other insurers who intend to maintain, at least as of a month ago. That covers everybody. I have to cut numbers everybody. But the overall story is larger than u h. Yes. Its staggering. Its staggered by this. The aca has got some issues. Yeah. You know, this is a political bombshell, not just a corporate bombshell. Obviously implications for the dow this morning. Well get cramers mad dash and countdown to the opening bell. Jack dorsey joins us at the nyc later on this morning. Dont go away. Here at the Td Ameritrade trader group, they work all the time. Sup jj . Working hard . Working 24 7 on mobile trader, rated 1 trading app in the app store. It lets you trade stocks, options, futures. Even advanced orders. And it offers more charts than a lot of the other competitors do in desktop. You work so late. I guess you dont see your family very much . I see them all the time. Did you finish your derivative pricing model, honey . For all the confidence you need. Td ameritrade. You got this. Maybe you heard us chatting on camera, off camera. We have a message for thursday. I think what is important, going towards 8 billion, Fastest Growing enper pricterprise. Who is it coming from . Who loses this business when they get it . Thank you. The cloud deniers. Hes literally throwing a grenade into a crowded room. Companies who have been clouded deniers, like s p are paying a horrible price in single digit and negative growth. They will tell you that thats a mischaracterization. It seems like it. Were trying to like you say, jack, i think this is really important. Thats who is taking orders. Right. Thats who he is taking the stuff from. Every cloud deniers. Cloud deniers. You know, when ellison hears this and i know larry you watch, when Bill Mcdermott hears this, they are not cloud deniers. Are they throwing things at the tv . They would be very upset. To cool them deniers, thats going to ignite a war. Almost 33 this year. Look, he talks very lovingly about microsoft. He talks very lovingly about amazon. He talks about google. These are his partners. In particular, he threw great love towards nadell and looked thin. Looked great. Yes. But microsoft, the partners, they are friendemies but theres no love for s. A. P. Oracle. The cloud deniers. All right. There you heard it. Jim cramer. That is his name. This is squawk on the street. Jack dorsey will be bringing the bell. More squawk coming up. Announcer if youd give thanks for a better nights sleep. [barks] sleep train has just the ticket. [train horn blares] during sleep trains thanksgifting sale save up to 300 on beautyrest, posturepedic, serta, even tempurpedic get up to three years interestfree financing plus, choose a free gift with selected mattress sets but hurry, sleep trains thanksgifting sale wont last sleep train [train horn] your ticket to a better nights sleep youre watching cnbc squawk on the street live from the Financial Capital of the world. Thats a shot of square where jack dorsey will be opening in a few minutes. After square opens for trading, hell do it in a special way. Hell periscope it. Meantime, at the nasdaq, email provider security celebrating its own ipo and well watch match open at the nasdaq later on today. And the m a, we already covered. Jobless claims come in, sub300, the longest sub300 streak since 73. See, you had a kind of what many people are saying was a goldilocks moment and they say, were going. Were absolutely not going to go after that. And that combination, whats really been worrying people is once they go, its rapid fire and when you get off the desk with a lot of people, dont even fool yourself. Its rapid fire. They basically said, put us down and its not rapid fire. So we can raise and then we can wait and i think that made a lot of people feel emboldened to buy common stocks. A very interesting moment where people seem to want to hear more that they are done after the fact that they are going to do. Oil Saudi Oil Minister arguing for more sustained output. People are, woeonce again, digg out for a goldman washout for 20. I dont think thats going to happen but i know the saudis have dramatically increased their reserves and the reserve numbers and i think there are a lot of companies that there was no way that they could pump this much. They are talking about fracking techniques and the production im going to use the numbers, sounds absurd. It could add ten times more frac. The saudi reserves . Yes. Ten times. So much for peak oil. No. Fossil fuels are going to be look, the world is against coal. The world is not against natural gas. Were going to be exporting natural gas in january. I know. Middle of january. Well begin exporting natural gas. Estimates internal estimates saying if we fracked, it turns out we have far more oil than we thought. Very realistic. Their costs are low to begin with. All of which adds up to what . Were going to be looking at 40 oil for a long time . Lower, longer. Lower prices for longer. Go buy southwest air, go buy delta. This is going to be interesting. There is jack dorsey periscoping as we speak. Ringing the opening bell with his mother, marsha dorsey, not a bad twitter follower in her own right and making a purchase from squares very first seller, the sound of that completed transaction is going to be coupled with the nyse. In fact, a lot of Small Businesses, jim, basically the core of their clientele add to that. This is a Small Business plan like what it is not is an international scale. Remember, starbucks leading them. This is very important. They lost a lot of money on starbucks. The rap again wrap is they hat been able to scale at all. The board of directors. This is blue chip. Fun fact, wherever square prices its ipo tomorrow and meaning today, will determine the new fate of the tech company from the last decade. Obviously a little bit of i do believe the 120 unicorns had to listen who was really focused on square and the fact that the people paid too much in that last round. Who were the last round payers . Maybe they were. Its funny you mention sunedison. Thats what carl was just telling you about from mr. Andreason. Oh, my, jim. Sun edison done another 3 . That coupled with ptrp, sort of in that new alternative Power Generation family, if you will, down almost 5 , these are both very Big Hedge Fund names as many people may know. We talked so often by valiant and the losses there. Sune and take a look at the charts. If we could show you the charts. The debt has ballooned. You use the term family, this is very much like all unhappy families are unhappy in their own way. This is the unhappiest family ive ever seen. The ttrp is a disaster. The stock is down 83 for the year. How do