allegan would have bought them a lot of therapeutic areas they were not in.s is slowly building up in smaller bits, and this is in the dermatology area. more are we going to see smaller deals and fewer large deals? have beene big ones getting turned down by regulators on both sides of the atlantic. >> i don't think pfizer wants to go into this again, especially this year. if they decide they want to split, i don't think they want to go to investors again with another big deal and have another misstep. i think they want to do small deals that are less likely to ruffle the feathers of regulators or government. they have said they are not going after inversion. they don't believe they can be comfortable with where the government stands on issues at the moment relating to that. they have had problems with our didn't getting shut down. i think they want to stick to things that will build up the pipeline and company so they can comfortably say to investors here are two stand-alone entities strong enough to be on their own without having to go through the rigmarole

icahn decides to throw his weight behind allegan. have they demonstrated enough evidence of a sustained turnaround? politics are front and center again. speaking about donations. why he is raising -- falling behind raising money for his campaign. we are through the trading day. let's get a check of the markets with julie hyman. low volume was a hallmark of trading. we are seeing that again. julie: you get low volume in the summer months. it is about 14% low the average. you can see there is not a lot of movement in terms of one direction or another. the dow is pretty deeply in the red. the s&p is not falling nearly as much. we have this recalibration of what the fed may do. they may raise in june or july. the personal spending data is coming out ahead of estimates. leadingstops have been gains. consumer staples are lagging today. that is a counterbalance that we are seeing. let's check in on the first word news. taylor riggs has more. taylor: president obama is being pressed to speed up efforts to help syrian refugees. the administra

>> allegan has been one of the most prolific acquirers out there.y have done deal after deal after deal to get to be one of the pharmaceutical giants. i think they are probably taking a pause. they had levered up substantially. they are continuing to pay down debt. i think they are also going to say we need to focus on the company. this has been a ton of growth through m&a that they have done. it is an opportunity for them to take some of the cash and i think they've probably looked around the landscape inside the best thing to buy is our own stock. there is a limit to how big you can get through deals, unless you are taken out by somebody like pfizer. mark: could they be taken up by somebody else? >> the fact they were willing to do the pfizer deal at one point suggest that maybe they would be again. at the same time, they are now also so large the potential acquirer has to be truly massive. pfizer was one of the only companies out there with the appetite inability to do this kind of deal. >> easyjet reporting a pretax loss of 24 million pounds for

if you look at large cap pharma companies, allegan reports earnings tomorrow.ohnson & johnson on the right. these of the biggest contributors in terms of the games we are seeing in the s&p 500. terms of what's driving -- driving them there, kevin, the big maker of generic pharmaceuticals be estimates and says that its generics pricing is actually not dragging down earnings that much, as are has been widespread concern about pricing of generic drugs and whether it would continue to decline. they said they didn't think they would see that much more downside. that is having a ripple effect. they also say they are going to complete their proposed acquisition of the allegan generic is this by the end of june, which could help those shares as well. then there is horizon pharmaceuticals. a specialty pharma company that has been beat up recently. shares have had a seven-day slide but you can see that they are rebounding today. earnings-per-share in sales beating estimates, saying that cash flow should improve through the balance of the rest of the year. in the past hou

allegan is getting its own injection. news -- stocks are up.e buying back $10 billion in stock after they sold their generic business. betty: sales have declined 13% since pfizer walked away from the takeover. why buy back instead of merger? what else could they have done without money? it's a good question. why not another merger. >> they have been one of the most prolific acquirers out there. they are with these pharmaceutical giants. i think they are taking a pause right now. they are going to continue to pay down debt. i think they are also going to see me to focus on the company. there has been a ton of growth through m&a that they have done. it's an opportunity to take some the cash and i think they looked around the landscape. they reported results. betty: that can't be overlooked. we mentioned this earlier. they are so large at this point. the type of asset they would have to buy, every time you do one of these things, the next thing has to be huge. they didn't rule out doing a transformational deal. there is a limit to how big you can

icahn decides to throw his weight behind allegan.emonstrated enough evidence of a sustained turnaround? politics are front and center again. speaking about donations. why he is raising -- falling behind raising money for his campaign. we are through the trading day. let's get a check of the markets

it may not be a bad thing when pfizer allegan ended their merger last month.s called after after off after you knew u.s. trading regulations were announced. the numbers don't lie. global established product unit generated more than 44% of its 2015 sales, thanks to the merger falling apart. the delayed spinoff of this group is now being revisited. that could come in the fourth quarter of this year. and pfizer's edition of austere increases the attractiveness of the established business. this is that white line. more than $6 billion in sales in the fourth quarter. the main driver was its pharmaceutical drugs and vaccines. the blue line rose 40% in 2015 driven by a pneumonia vaccine and prevnar. outside prevnar and its breast-cancer drug, in struggle pipeline doesn't look that exciting to analysts. you would think that new rules might slow down, the last thursday, there was $40 billion in new deals. we are watching the results quite closely. joe: two thanks to watch -- the reserve bank of australia out with its decision. you don't want to miss this. alix: john: w

julie: this is a much smaller deals and allegan. this is a $5.2 billion deal. they are the target. what's attractive about anna core, it does have revenue to treat fungal infections in the toenails. it is developing a drug that looks like it's expected to be a high sell it to treat eczema. it has had some positive steps in terms of approval and in terms of studies over the past year or so. 9925.ice per share is that is a 55% premium. we're not talking about a transformative deal by any means. it's more just an add-on would look atd what has been going on for the past year, they saw a big surge last summer after the were positive trial results for that eczema medication. the stock has performed well. there are some other merger monday things coming up. in at is increasing its offer to buy tribune. statement, it's not enough percent of the closing price. that is the last trading day before get at publicly said it would get an offer for the company. to see if we are now going to hear back from tribune once again. they have been resistant to a deal. we are seeing a rise in yahoo! share