tyco health care, tyco electronics, now known as t.e. connectivity and tyco international where breen remained at the helm. in 2012 he broke up the rump of tyco international into three separate businesses yet again. he spun off the flood control business. sold it to pan air. he split off the security business as att worldwide. you know, adt. adt symbol. and he kept the fire and safety business under the tyco international banner. this guy's a master at break-ups. if you want to understand why i believe he can work miracles at dow dupont, which before breen stepped in were healthy companies, you want to look at how much value his multistage break-up at tyco has created. how much exactly? we went through it with the staff and i have to tell you, i was just shocked at how much let's go over the numbers. when breen took over tyco was trading $13.51. in 2006 he spun off tyco health care. that became covidien which was bought by medtronic. he also spun off which became the t.e. connectivity. right now trading at -- but if you take out the int

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. >> tyco frost is executive director of the corner project a nonprofit that rung a syringe exchangegram. >> we know that individuals in new york do not have a stable, sterile space to inject drugs. we have lost so many people to overdose. so many people, young people. wonderful people. artists, creative, smart, wonderful people that didn't need to die. >> when those addicts od staff members are trained ogive maloxone, known by its brand name, narcan. it reverses the worst effects of heroin but frost says it is just a band-aid. >> it is not a solution to what's going on. >> in 2014, new york saw mosh mormoredeaths from heroin overdn from homicide. and among drug users those who inject in public places are twice as likely to od. driven by a fear of arrest or being discovered, they often rush their injections and increase odds for an overdose. that is why frost is leading a coalition of lobbying groups, leading to a radical idea, a place where addicts can inject safely under supervising professional. >> we need to fight for them. >> this is a kind of thing a safe injection facility is

tyco caroline, thank you. -- guy: caroline, thank you.a back, hong kong back. >> it is due to multiple concerned that the channel growth story and the global growth story. plunging oiles and prices have a big impact. this has had a followthrough affect. you look at the asia-pacific stock index with the exception of japan, it is closed. we are seeing most groups trading lower good financials down 1.4%. let's see how markets are trading in respect to currency. risk aversion in the markets. comments from janet yellen have an impact on southeast asian currencies. they are gaining on the expectation that the fed may delay in further rate increases. taking a look at what we have in the markets that are closed. sold today, trading to the lowest level. in new zealand trading lower on the day. australia managing a gain. the miners doing well. these stocks we kept a close watch on in australia. down -- virgin australia expects a full-year profit. however the stock is not reflecting that today. tinto come on rio out with results. a difficult environ

. >>> wisconsin based johnson controls and tyco international announced a plan to merge with a company headquarters in ireland. they say it is not only for tax reasononthe move is expected they are part of a trend of businessesoving overseas and lowering their tax bill, in part because the u.s. corporate income tax is 39%, among the highest in the world. although with the deductions and loopholes few companies actually pay the full rate. using a technique called inversion they can reincorporate in another country and pay the rate on the income it earns there. year to combined u.s. based pharmaceutical company fooizer with allergan and moving to the tax rate the $152 billion deal is stillllending and they are not alone. it includes medtronices which moved to ireland. even miami-based fast food giant burger king merged with tim hortons. when american companies shift theiei legal headquartererabroad for a lower tax bill who wins and who loses? walt wither isaacson is the ceo can of the aspen institute. thank you for being with us today. >> great to be with you, becky. >> is this good busi

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johnson controls, for example, has announced its intent to merge with tyco. tyco was once an american citizen before it became a citizen of bermuda, before it switched to become a citizen of ireland. all the while being managed in new jersey. and pfizer, the largest pharmaceutical company. it's seeking the luck of the irish. the irish taxes, that is. but it certainly refuses to charge americans lower, more reasonable irish pharmaceutical costs. these are the same companies that are insulted by the notion that they ought to pay a higher rate on their earnings than the people that clean up the board room at night. the republican chairman of houston oil services company wrote me a long time ago rejecting this notion as unfair and unpatriotic. he said, quote, we're proud of our country and we're willing to paes taxes to receive the wonderful benefits of u.s. citizenship -- pay taxes to receive the wonderful benefits of u.s. citizenship. if some company wants to be health quartered in some tax haven, then they should give up their own citizenship and move there. i

some people may remember adt itself was a part of tyco many years ago, having been broken apart whend breen ran that company. he's now running dupont, and breaking that one apart as it merges with dow. >> not quite the same way. >> a 40-day go shop which is typical in these deals now when they do a private equity deal that may include management being a part of the potential company as it is acquired. we'll see if anybody shows up. given that premium, doesn't seem particularly likely. >> they were a back up here in april of last year. that's reversed the losses. >> when you go back, you can see they're right near what is the 52-week high. the all-time high was higher than that. there was always concern that the cable companies could do this same thing and take business from adt. >>> the latest on the firestorm engulfing washington following the death of justice scalia. and let's look at where we are on futures. coming back from a good day on friday. the biggest gain we had for the month of february. looks like we'll be able to make headwind on that. ♪ they say that in life, we should

>> the you're so ago, now 18 months, i was criticized for likening valeant to tyco.all know pretty much -- i think looking back, a lot of -- betty: which is why you decided not to do the deal with the. >> and from a material point of view. 62% of the valiant offered was in their stock. we has a board of directors were really obligated to do our homework to say, what kind of equity are we accepting on behalf of of our stockholders? and the more we did to analyze that, the more skeptical we became. in june of 2014, we pointed out the importance of price increases to that business model . of course, at the time, we did not really understand how philidor was going to develop. of course, we could not predict the amount of debt that would be taken on by valeant. i think in this risk-averse markets, it is going to make it very difficult for valeant to continue to purchase assets. it ago so the answer to the recovery is to become smaller or split off their assets? >> i read the comments made by valeant management and it is very much focusing and paying down debt. if i were t

tyco your -- guy: you're on the bloomberg, you had rsi. it breaks up all of what we are saying.t is all about momentum. charts where you're going -- where you're going in terms of momentum. you can do it on any index in indy -- in any security. guy: caroline, thank you very much indeed. hide bring us this little function here. i'll to talk about what is happening on the equity front. we are seeing many of these markets surging here in europe it is financials that are leading the story. italian banks are on the rise this morning. an interesting aspect all of this. a lot of focus on the story. so, we will continue to focus on that. the hour, a big rally in european equities. the stoxx hundred up by 200.28%. oil a little bit later on. what is interesting is you have broken that link between brent and equity markets. equity markets on the upside brent is on the downside. -- equity markets on the upside. brent is on the downside. mckay 225.for the -- the upside for the nikkei 225. stimulus to come through for the boj. draghi is going to be talking later on. now that we have seen the

like the old tyco or fortune brands. maybe you see them create value and they just want in on it themselves. they don't it this run is over because they recognize how much better the company will be whether divvied up. well, for us, buying after big runs can be a bit reckless and lazy. most investors are smart enough to wait for a pullback before they pull the trigger. insider buying after decent runs tells me they don't think there will be a pullback and there is nothing more bullish than. that sure i want to wait for a pullback after they bought. that is the best of all possible worlds. you usually don't get that one more methed off the madness, when you see insider buying of a stock that had a solid run, you want to be buying, too. >> caller: jim, steeler boo-yah to you. all right. why not? what's up? >> caller: jim, i have a when the fed raises interest rates, good companies with lyn rapidly go out of favor. can you add some clarity to why? there, bob. once they see rates go up, they a while. if that's the case, they

. >> and tyco there as well, but just before we go, energy, that's the one everything is this finally the year? >> the fact is year-over-year numbers are up -- 2.5 ilen, i think we still have some stabilization? crude, some stability in prices. you won't see deals go forward. >> we know you'll keep us abreast. >> 17 minutes to trade, the big news of the trade is rebound in dow terms we've got from negative 200 to positive 150 in broad terms, so 350-point move. >>> once the symbol of action and adventure, but go pro has been more a symbol of inertia and legacy, lethargy for some. [ laughter ] >> hanging on with my fingernails. up next a preview of what earnings they'll come out with tonight. >>> and his name sends shudders up and down water. bernie 34yrnernie madoff hits t interview on what it took to play the part. >>> wild wings ceo, how wing prices and labor costs could play the bottom line. "squawk box" tomorrow on cnbc. >>> welcome back. what a session. less thank 15 minutes from the closing beg. some interesting individual names driving the action like caterpillar and like exxon.

is there any question that when you look at a johnson controls and a tyco with an irish address they'reing to really problematic legislation that in its entirety is known as the corporate tax code and they make a viable decision to interact with it? that outcome is being controlled by the likes of treasury secretary jack lew, did you it doesn't seem like anybody wants to fix what is wrong, which is the legislation. how do we get ourselves out of this spiral? you finish up, what should we do? >> what we should do, obviously, is simplify the tax code so that you don't have all these complicated areas that require filling in the blanks by the executive branch, by regulations. but you also need a president who is willing to use the congress more and to work with the congress more and not simply write his own rules and say i'm going to be, in effect, a dictator. unfortunately we have a president now who has been using executive orders in this way. and we do need a different approach coming out of the white house and we need a congress that is going to simplify the code. in addition we need a

. >> maybe they were even making this approach as you had the johnson controls tyco deal come together. is there some general sense that the conglomerates are trying to figure out if they can rationalize or are these companies -- they've been circling each other more than a decade. >> it was 16 years ago i reported when utx was very close, a day away from getting a deal done that ge jumped that deal and couldn't get it done because of antitrust and eu. i think there is more to it. it's not just coincidence is my sense at this point. >> thank you so much. joining us again as we continue to see what happens this go around, david faber, be sure to catch gregory hayes on squawk box. seema, what's happening? >> fitbit reporting earnings that came in well above expectations, 35 cents versus the 25 cent estimate for the q4. revenues also topping expectations at 712 million versus the analyst estimate of 648 million. here's the thing, q1 guidance revenue and earnings well below estimates and that seems to be what's impacting the stock. in the press release the company saying it expects to incu