allergan shares remember it's 58.30 a share in cash, allergan shares down over 3%.ps not as high as some had been anticipating, although they did raise by 10 bucks a share in cash. as you might also expect they are using the opportunity to fire back at what were the first really harsh i would argue allegations from allergan yesterday when it came out and started to really try to undermine valeant's business model and its stock price for the first time in what is going to be a long running battle. by the way, this thing is going to go on for months. no timeline, nothing going to stop it. they will have a referendum fake annual meeting. >> fake annual meeting. >> ackman has called for. that's not going to mean much of anything. valeant has given them the written opportunity. new bid 5830 and then the cvr of darpin, a quick spin on darpin, this drug, jeffreys saying that there's a less than 50% chance it gets approved, allergan rerunning a trial, next update in a few months. >> for macular. >> yes. >> be careful. >> need another phase two. >> i told the ceo, has not ta

compete with what allergan holds. to do with the transaction, of course. >> yes. i saw that. it's a bit of a strange transaction. it seems awkward that they're selling these businesses off. if you look at the individual brands, a direct competitor to botox, though it doesn't sell nearly as much as botox. it makes sense they're trying to get rid of some of the assets that compete with the assets they're trying to acquire. i think there's a small lunk there. one is not contingent on the other. if you look at the size of the transaction, $1.4 billion compared to an acquisition of allergan of nearly $50 billion. the magnitude is different. it's really a small deal compared to what they're trying to achieve with allergan. >> what are we going to hear from val and the today? are they going to be able to sell investors on this bid to allergan? >> they should. they should be doing a good job on this. as a company has been making several acquisitions, they have managed to push through. however, that said, they have had a few a

obviously allergan/valeant still out there.his one now, they come over the top, $45 a share, hsh stock going to be up sharply, seem to be trading in the premarket around that $45 level. these two companies together would produce on a last 12 months $1.4 billion in ebitda, match up fairly well. they were there, that is, pilgrim's pride was there in february and came around and said would you guys be interested, hillshire, in doing a deal. would you be interested in perhaps letting us acquire you. sitting down and negotiate. they were told no. they did not at that point, i am told, come with a price of any kind. they sat back, the question we don't have the answer to is, did hillshire move ahead with the pinnacle deal to avoid the clutches of pilgrim's pride or simply knowing they might be there to say well f they still are there, we might be able to get more out of them with this in hand because they do have section 5.4 of their merger agreement will allow them to contemplate the hillshire board, the exercise of its fiduciary du

and it doesn't know how to manage global brands like allergan's. now valeant drew more attention on the model on how to integrate allergan, now the question comes if they have to raise the bid again. or go back to the shareholders, it could take a while. in new york for "nightly business report" i'm meg terrell. >>> and there could be another deal in the works, this one in the lucrative medical deal. the american rival, striker could make a take-over bid. they say they're not making an offer and ruled out bidding for six months, the stocks slumped. but it is not over yet. a possible take insist overpossibly happening with well withes fargo. striker rose by nearly 3%. >>> housing is not as hot as it was a year or so ago but the high-end builder toll brothers are doing just fine thank you, their revenues rose 67% during the start of the critical spring season. diana olick has more about the housing in general. >> reporter: for luxury home builder toll brothers it was a banner quarter with the average selling price of 22% the pennsylvania based compan

allergan is reviewing the proposal. at the same time, swiss food giant nestle is expanding its skin care line by offering $1.4 billion for the rights to sell some of valeant pharmaceuticals products including restylane. koch industries says it will expand its chemical business by buying petrologistics for 2.1 billion dollars. the cash deal represents an 8.3% premium for petrologistics' stock and will take the company private. koch industries gains control of a plant that converts shale gas into propylene, a petrochemical used to make plastic. petrologistics shares shot up 10% wednesday. a well known proxy advisory service is recommends a shake up of target's board of directors. instutional shareholder services suggests that seven of the retailers 10 directors should be shown the door following the massive cyber security breach of shoppers credit and debit cards. target had no immediate response-- but has acknowledged the need for improvements to its system. target's annual meeting is june 11th. in today's cover story, g

we are waiting to see it too high for allergan shares -- shareholders to say no. leant has made clear they are not about developing our nt. >> they're both saying, these guys are going to come in and we don't care that much about rmb -- they don't care about research and develop it as much as we do. allergan is making that argument. up there and said, hey, look at these things in our pipeline. we still have growth on our own. do not take us over. we can keep doing this ourselves. >> short of going out and buying another company, as you explained, as a defensive strategy, it seems as though that is all allergan has left. does that argument resonate with investors? >> to an extent, but you have to go out there and make the case. tell investors, we are better off alone without these guys and we have the products something -- the products that will make this something that will boost sales and earnings and create value as a shareholder. you have to make a strong case to do that. the pipeline is not out there yet. new are betting on -- you are betting on an uncertain f

valeant pharmaceutical has boosted its takeover offer for allergan, the maker of botox. luxury retailer michael cores posting profit that the estimates, with sales rising 26% from one year ago. the companies controlled by billionaire's charles and david coke just got bigger -- koch with a propylene pain -- plant purchase of $2 billion. jeffrey immelt is taking his bid directly to french politicians, promising to create 1000 jobs if the countries leaders back his offer, support his offer for the company. for more on this thread, we are joined by international correspondent hans nichols. jeffrey immelt is turning on the charm in france, right? >> i do not know if you will be served when he sits down in a cafÉ in paris, but he is doing a the frenchnvincing government this might be in their interest. it has dominated news here and discussion. one of the reasons his bid might be improved is he has made this promise for 1000 jobs, 1000 industrial jobs, betty. you have to look at this in the context of the recent european elections. president aland -- president francois holland

>> long allergan on the other side.ill this happen? how will it play out? valeant has already said come may 28th, we'll do a webcast, raise our bid. why are you short? >> yeah, they seem to be negotiating against themselves, don't they? we're short because it's a rollup. and rollups present a unique set of problems. rollups are usually accounting-driven, and we certainly think that's the case in valeant. we think valeant is playing aggressive accounting games when they buy companies, write down the assets, and also engaged in what we call spring-loading, a term your friend herb greenberg and i coined way back when, and finally, the only people more negative about valeant maybe more than me are valeant insiders. there have been six executives who left, senior executives, in the past 15 months and a lot of insider selling, including the executive vice president of corporate and business development, who sold stock yesterday. i mean, it's -- there seems to be not a lot of confidence from inside the valeant executive suite

i want to take a look at allergan and valiant pharma.e down about 1% at the moment, liz, and we're watching these two because allergan rejected valiant's bid, and it's an unsolicited bid. and they say it clearly undervalues their company. in addition to the fact that they say there's a large stock component which then brings uncertainty and long-term growth prospects become riskier with that. and so with that we'll see whether or not you have them step up. because right now the allergan board is not pleased with valiant moving forward with this. don't forget bill ackman is involved in this. you're talking about 46, $47 billion worth of a potential merger. you're talking about botox, something that continues to be very popular and is growing. so this'll be a story that we continue to cover. both stocks down about 1%. liz? liz: well, you've got to give mr. ackman credit for being creative. thank you very much, nicole. closing bell ringing in about 48 minutes. what are the best cities in america to start a new business? and what can the res

ackman getting a 38% deal on buying allergan. remember, the shares are up 35% just over the course of the past three months. so, again, nice moves here. again, dow jones citing sources that ackman has gotten 38% on allergan. back to you. >> if this does smell awful, i realize he gets all the legal team behind him and everything, they've crossed the tees and dotted the eyes and all the rest of that, but his biggest trait ever happens to be on trade where he's part of one company that's going acquire the other company and he starts acquiring huge mass amounts, his largest ever? god, does that stink a little? a little bit? >> amen. yes, yes. >> yes, it does. >> and it's legal. there's nothing wrong with it but it doesn't pass the sniff test. >> what's interesting. he's up 18% this year, ackman, at least as of the end of april and everyone was so earthquake to right his obituary last year between jcpenney and herbalife. >> will photos be the next battleground for social media, and is the 3-d printing trade over? reporting earnings th

we have some breaking news on allergan. trading has halted.meantime, the s&p is turning positive in this hour. there it is. allergan halting at this hour. the gains continue on the s&p. the third record close of this week. >> the mood has been very quiet. it is hard to halt a dull market. i am not looking so much at what the job number is good or bad. we make new all-time highs. with the s&p 500, a good jobs number once again. there could be a possible short term stop. melissa: the space wars are on. the spacex dragon d2. reaching a deal with the faa. joining me now is jeff. scott martin is with united advisors. also a fox news contributor. >> what is amazing about this is when people in the 60s look at what things will be like now, it has arrived. this one will take people. they will be able to touch down. melissa: that makes a big difference. what do you think of this guy? everything a boy would want. >> we actually share the same birthday. it is a cool idea. it appears to be a crazy steep angle. you have to figure that this will not be for

. >> allergan came out and said their business model is sustainable. do you think you can convince investors today that they should have confidence in your business? >> i certainly hope so. i plowed of them and i have a great deal of confidence in our people and i hope that the investors took that away from the presentation as well. >> there's been speculation that allergan could do another deal, buying shire or do something to stave you off. >> i think it's unlikely. they have an unflated stock price right now because it's based on the deal. it's not based on fundamentals. i don't think any other company is going to accept their currency. it's awfully difficult for another board to come in and take their currency that's currently inflated. >> you added to contingent on macular degeneration drug in the pipeline. what are you thoughts about that pipeline and why a vcvr might make sense? >> they touted this would be a $20 million cumulative drug. we're a little less optimistic than they are on it. but we're happy to -- if it is successful, disproportiona

and there's news on the allergan/valeant side. you these questions because you own both of those stocks. valeant is expected to raise their offer for allergan. do you support the bid as it stands now? do you support the deal? >> well, we think that deals in this space makes a lot of sense, so there are synergies to be had. cost-cutting, distribution, and, of course, the tax-inversion trade. so there are rhine reasons for deals to make a lot of sense. this, in particular, i'll have to reserve comment. >> you're not ready to say whether you support the deal, or a reason why you can't discuss it? >> well, valeant came out yesterday and said that at the end of the month they will be raising the bid. >> right. >> so we'll have to evaluate the information that we get at the end of the month. >> have you spoken with the ceo of allergan? >> i have not. >> you have not. how about bill ackman, who will now start canvassing allergan share hoholders -- maybe he's picked up the phone and called you. >> i haven't spoken to him either. >> do you

. >> it will be up to the allergan shareholders. they will not back allergan into a corner. shareholders want to see more on the table. they will possibly see more on the table from ackman and valiant. between 180 and 190 is what the word on the street is. there is nothing that is going to afford them, other than the shareholders putting pressure on the board. >> they have built their reputation as a disciplined acquire. >> the company has been that there could be tax benefit that will lead you to reevaluate the price because you will factor in those costs. >> they had a big sale. >> where is this cash coming from? the sale was also because they wanted to remove one of the antitrust concerns that was around this deal. antitrustore of an thing. >> we have a presentation going on. thank you to cristina alesci. >> what happens if the market blows through your target? where is the s&p 500 right now? 1910. it is a high-class problem. what do you think is going to happen? >> my forecast is that the s&p 500 will rise towards 2100 at the en

court. >> allergan has been halted for news pending.o probably con nexted so i wanted to make sure we point that out as becheck out shares. back to you guys. >> should prostitution and drugs be included the gdp? it's a real question. what do you think? >> it gives new meaning to the term output, doesn't it? >> ew. >> i've been waiting all day to use that. come on. >> pass. >> melissa, you did the big documentary on pornography. that's a hugetry. prostitution is big, drugs. >> i just have one question. i want to know how they're going calculate this. i think that's going be difficult. >> and whether it has an impact on taxes. it's not that legal. >> i was going to say and whether we could do that here to be competitive. >> i think we'll find out with the legalization of marijuana is in certain states. >> legalize it, regulate. get the money, you know, any way to get in more revenue. >> hot snooish thanks, guys. see you at the top of the hour. >>> still dom, why the jetsons may not have been that far-fetched. we'll explain. >> in case you

the board of board of allergan, thebox to maker firing back at ackman. saying the board essentially violated its fiduciary duties in rejecting the takeover offer from valeant and suggesting that david pyatt, allergan's ceo, had a conflict of interest in being involved in elvis evaluating the offer in the first place. allergan firing back saying the board of directors is aware of its fiduciary duty to its stock quloerlds and is being advised and take issue with ackman's tactics with the blatant attempt to isolate david pyatt who has the best interests of all stockholders. they do add that the entire board is open to all options that will significantly enhance the long-term value of allergan for all stockholders. so this war of words continues. of course ackman holds about a 10% stake in allergan. back to you. >> scott cohn, thanks. astrazeneca rejecting what pfizer calls its final offer to buy the drug maker. that after pfizer sweetened its bid to $110 billion. is a hostile takeover on the table? >> the reason you see it not really trade then and astrazen

the bid values allergan shares today. shares up almost 6% to $167.46.hile valeant also ended up higher up 1.5%. >>> meanwhile, uk drug maker shire is reportedly considering a cash offer for nps pharmaceuticals. it is a specialty maker of drugs for rare diseases. for its part, np says it has not been contacted by shire, their shares jumped, shire fell a fraction to $1703.39. >>> and the ongoing saga between joseph a. bank winding down, shares of both companies got a bump after the fcc approved the merger of the two clothing stores, joseph a. bank up to $64.95, and men's warehouse spiked as well. >>> and the dividend nearly 28, the dividend paid on august sixth to shareholders of record as of july 23rd. now the company has declared a dividend every quarter since it went public in 1961. lowe's was up a fraction today to $47 and change. >>> while lowes is hiking its dividend, max realtor is cutting its. the real estate investment trust is slashing its to 50 cents a share. shares of kelly fell to 21.$21. >>> our market monitor is cautious, but that is what m

. >>> allergan shares mayóÑÑyóÑ'1a $46 billion takeover from ñr valiant pharmaceuticals.could turn down the offer as soon as monday. if that is the case it would be a big blow to allergan. >>> lot of talk today on wall street about a cross border mega merger in the advertising world that was just called off just as the fate of two other deals hang in the balance. the business world may be flatter. but rising sensitivities may keep the deal from getting money, mary thompson has more. >> reporter: when they announced the merger vehicles last july they expected their size and scales would help them to compete with google in the fast digital world of advertising. nine months later, omnicom ceo said the products took down the deal. >> if i summarized in a tweet, it would be corporate, and time. >> the ceo maurice levy had a different take blaming it on omnicon. >> one purpose is there would be equality in the management team. this has not been the case in the proposal. and i was going back and forth to try to convince them that we ó5f>wrvíiw72çyó equality. and it is possible

already a winner in the battle for allergan.aid to have a gain over a million. >> mounting tensions in ukraine remain a point of focus for currencies and gold prices. and phil from rgo futures. gold prices has certainly been influenced by what's happening around the globe. is it up 7% this year? >> we saw it get a bump up. a lot of it has been ukraine developments. we saw more developments over the weekend. the turnout was two-sided. they were calling that the turnout was great. but the westerns were always knocking down the voting because it didn't seem all that serious. gold prices getting a boost on that geo-political news. if you look at the larger picture, the u.s. economy is still improving. we will see interest rates rise. the fed is continue to go taper itself. gold on the short run, you want to look at purchasing short call options just so you have that rush in play in case something does develop. long-term prospects will go lower because the need just isn't there. >> i wonder what fair price is? you're looking at gold

the $46 billion offer by bill ackman and canada's valeant to take over allergan. the business model create as risk for allergan shareholders. >> tim geithner giving straight answers to bail out the nation's banks. it is all covered in his new book," stress test, reflections on financial crises" and that book is out today. andrew ross sorkin spoke at length with the treasury secretary. it was a pretty wide ranging one. >> reporter: it was. thank you for that. i di sit down with him ahead of the publication of this book "stress test." timothy geithner a polarizing figure in the country because he became face of the bailout, t.a.r.p. program and i started our discussion by asking about a criticism that senator elizabeth warren has made repeatedly about his efforts to focus what she believes are more on wall street than on homeowners. take a listen. >> if you want to protect the average person from mass unemployment, you have to make sure the system, the financial system doesn't collapse. you have to keep the lights on. what's the best way to think about it. you're on

who cares. >>> allergan currently higher about a percent.l ackman went directly to the shareholders about his $47 billion takeover bit with vailian. now allergan is responding in part -- this is obviously a self-serving exercise. so tyler, that battle is heating up. >>> that will do it for this edition of "power lunch." >>> "street signs" begins right now. see you tomorrow. >>> is housing really all that affordable? we hear it all the time these days. we're going to take a real dive into real estate, ahead. >>> plus why taxes tell the tale of where everybody seems to be movable, an interesting debate whether you should be required to take a simple test before being given a loan, while i got a little testy on politics this morning. okay, mandy, it was a rant. >> i can't wait to see it all over again. >>> can you smell the complacency in the ai

allergan, a real step up in price, there is no doubt about that.s an important idea off of your memorial day weekend. enjoys the 12th two since the 1930's. -- coup since 1930's. china and japan and china and everyone else, here to put in context the army chief -- i hope i am pronouncing that right -- is thailand. thailand is a remnant from vietnam to those of us who are older. i am sure everything i know about this is wrong. what do i need to know about the reds in rural, the yellows in ?angkok >> they are like the little country that cried wolf and we don't pay attention. but this matters more because the king is almost at the end of his life. succession, the rules for royal succession will be put into place by this new government. there is a big fight over .ecession -- succession a lot of folks want the crown prince and place, there is thaks in who was recently ousted and the consequence of that -- he is enormously unpopular within the country. he is considered a bit of a buffoon. effectively,ht, not just about what the government will be but wha

allergan tries to extend it. let's call it the summer.y have the summer to try to a argue that they are undervalue for a variety of reasons. they are seeing it at higher quarterly than it is currently there it is. he came to 20 for fiscal 2014 and fiscal 2015 it goes up. it is a franchise. they do and they talk about how they transform that product and they talk to the deal about r and d. it is the strategy to cut r and d to the both. they say the dollars are not productively used. in this case. allergan says we have done a great job in terms of actually coming up with productive uses for new products and existing products. they have come up with far more drugs. good luck trying to build that franchise with the extension of botox to my grains or in contnence. >> they will question their strategy because so much of that is in that currency. that process will play out. it is hard to imagine that they have gotten that far yet. it is a jewel though. it is a longer game and they need to figure something out. many argue beyond raising questions

allergan says stay away. but they want to stay in. of the allergan formerly rejected valeant's bid, at 46 billion. "after the bell" starts right now. david: let's get right to today's market action. we have tim courtney, essential wealth advisors chief investment officer who says investors should be looking at international invests for their portfolio. craig hodge, hodges small-cap fund portfolio manager warning investors not to be too aggressive in stocks, to keep some cash on hand. larry shover from the pits of cme. larry, i want to start with you. when i talk to nicole, think about what is happening with rates. rates are going down on five-year, 10-year, 30-year, they're going down. is that a problem for treasurys? are traders worried that money is moving into treasurys? >> i mean there is something that traders are worried about that there might be something lurking underneath the surface of why rates continue to to lower. however, we do have to keep in mind that rates in europe are going lower as well. so really, more of an arbit

it was yesterday or two days ago, i was talking about the likelihood allergan had at least the summer its options, try to figure out a way to create value beyond what the valeant offer will be, also try to take shots at valeant's currency in a significant way and stir up concern there, before having to do something. whi it would seem it may have more time. while the referendum may take place in july it is not binding. it does not appear if you want to act by written consent with an exchange offer that will have to accompany that, the 25% or more who would vote in favor to call a special meeting would not be able to sell a share of stock until the meeting. may make it more difficult than had been thought to get that kind of a vote even though that bar is fairly low. i don't believe they can include the 10%, owned by ackman. as for ackman himself, yesterday hearing from a number of people he did have a conversation with the ceo -- >> i didn't know that. >> of allergan, i believe it was cordial, not particularly friendly, i don't know that there was any great progress made here at all. i

holders of allergan would get $72 a share in cash and a fraction of one valeant share. household purchases unexpect lid falling in april .1%. that, folks, is the first decrease in a year. and check it out. former microsoft c.e.o. agreed to buy the los angeles clippers for a record $2 billion. one of the big stories on this friday. she shelley sterling, the wife of the clippers' owner, signed a binding contract with mr. ballmer. that's a look at some of the top headlines. >> thanks very much. now, from a sale to sails. the ocean master's world championship is in full swing and it departs new york city tomorrow. it's a transocean race across the atlantic to barcelona, spain. there are five teams and the person in charge of the new race in the world championship series is sir keith mills. he is the founder of open sports management. thank you very much for being here. give people a little background about how you came to be associated with this race. >> some years ago, i won't tell you how many years ago, i competed in an around the world race and i got a taste for what th

check out shares of allergan. the pharmaceutical saying tell not make an all-cash bit, saying it would improve the $47 billion offer for the maker of botox. it plans to announce the new bid on may 28th. shares up about a% and a half, allergan doing even better, up about 3%. >>> we have a lot of volatility. once again, palladium is, however, up better than a percent. some fractional gains in the silver market, and a bit of a los in platinum, so you're up to date on that. let's check a check on the markets. kenny polcari is with us, it seems after dudley comments we were down, but then it took at leg down. >> it fueled that argument, because people realize, according to him, anyway, he's not necessarily wait waiting for the economy to improvement significantly before he suggests we should start raising rates. so the market is quite concerned about that, right? it fully expects we're going to end questie, then we're going t wait. >> it took the market off-guard. >> it cause them by surprise. also it's a holiday week,

that really helped allergan jump.the hunger games" and lie on gate came out with. -- lions gate. >> it is with down 11 1/2%. "divergent" helped but it was under pressure from "hercules" and "frankenstein." [closing bell ringing] david: for all those say buy in may, go away. a lot of people bought in may and stayed there. liz: here go the bells on wall street. up move for the s&p 500. we've gotten some criticism for a lot of people say, stop, i'm tired of hearing about the records. this is dangerous. hey, we're just reporting news. don't get angry when the s&p 500 making new record after record. today no different. another three points to add to the index of the dow jones turned around. it was lower for much of the session. russell and nasdaq couldn't quite make it nonetheless on this friday we have a lot ahead as "after the bell" starts right now.

think allergan is looking for their own alternative strategy.ink there will be more m & a in this space. who will be next will always be the big question, but i think pfizer probably will come back next week, and we'll hear more from them. >> tim, what about the biotech industry? all of these deals we've been seeing for the past month have involved big special pharma, but, you notice biotech's valuations were so high, maybe potential buyers are -- now the valuations have come down, do you see it coming back to biotech? >> i do. i do. i think biotech is a space that's sort of been a darling in health care. i think that biotech has benefited from not only very, very strong pricing, but innovation, and they haven't really dealt with future potential large cliffs, unlike the large-cap pharma. so i think in biotech, i wouldn't foresee a major deal this year, but potential over the next couple years, you probably will start to see that industry start to consolidate as well. >> tony -- i mean tim. why do i keep calling him tony? tim, tim, tim, thank yo

>>> allergan currently higher about a percent. bill ackman went directly to the shareholders about his $47 billion takeover bit with vailian. now allergan is responding in part -- this is obviously a self-serving exercise. so tyler, that battle is heating up. >>> that will do it for this edition of "power lunch." >>> "street signs" begins right now. see you tomorrow. >>> is housing really all that affordable? we hear it all the time these days. we're going to take a real dive into real estate, ahead. >>> plus why taxes tell the tale of where everybody seems to be movable, an interesting debate whether you should be required to take a simple test before being given a loan, while i got a little testy on politics this morning. okay, mandy, it was a rant. >> i can't wait to see it all over again. >>> can you smell the complacency in the air? >> i wish it was bacon. >>> we have the vix, the fear index. it has collapsed near one-year lows. you 2014, holding on to mild gains. i forgot to mention we have record highs, with the s&p 500 hit

. >> valiant pharmaceuticals boosting its purchase price for allergan. >> the market seems to like both of them. if i were still in play, could you still continue to own them but at a certain point you have to level off but i think you're still safe staying in these games. >> options activity indicating that somebody else will come in for allergan. >> there's been paper in there forever but when you look at this game right now, just absolutely crazy, and they keep talking about the fact they're undervalued. certainly the way things are trading in this most recent bid shows you they were undervalued. >> all right. time now for the final trade. let's go around the horn. tim. >> pull back in amx. place to buy the stock. >> it's time to get the junk out of your trunk and sell -- >> talk about your own trunk, brother. >> it does mean something else? >> i don't know. i'm asking. >> i'm simply -- >> don't ask me, mel. >> why ask me? >> grasso. >> lorillard, still buyable. still has much room to go to the upside. smoking them. >> pete najarian, party pete. >> we talked about unusual activity in

i would give you valeant, also, which is part of the allergan, and endo pharmaceuticals. so i'm not going to the pipelines where i have to worry about approvals. i'm going to the ones that have more mature business models. >> it's interesting you point out gilead, because it is creating a cure. ab $84,000 treatment but only taking it 12 weeks. >> right. so what's the next gilead come along, we need $80,000 to make profits on this to pour it back into r&d. what's the next big drug company going to say if the government is successful? it can say, i'm not doing it. the unintended consequences are very, very negative. >> again, meg, with asco coming up, incite and celdex, two big stocks moving ahead of this, and they'll keep moving obviously once we get the clinical data presented at asco, both of those on your radar, too? >> they definitely are, and cancer drugs are interesting, sort of part of the equation. because a lot of these drugs, not necessarily incite's or celdex's specifically, but a lot of the cancer drugs extend life six weeks to two months, but they cost more th

and the financial times report allergan is set to reject valeant's take over offer. well it's a monday morning, trading gets under way. bob iaccino of tethys partners joins us now. bob how critical will today's market action be as you are trading here? > > the'll be very critical. the way we saw the market close on friday even though we had a new high in the dow -- a new record high, i think people get a little bit too excited about the word record high or record in front of it. it's not really a material change in the appreciation of the dow or the s&p when we get these record highs. you need to see movement with volume. we're not seeing that. the way the market traded on friday, you're going to need to see some follow-through today and tomorrow. if we don't get the follow-through then i really don't put a lot of stock in friday's record high in the dow. there actually has to be movement the following week-- that's what we should get today and tomorrow. > > earnings are winding down so what will give you clues? well i think we had a look at the guidance going into n

expectation we'll continue to see announcements, even perhaps some hostile deals, the likes of valeant and allergan which we don't typically see. it is all about confidence. tyler, when you get ceo confidence moving in the right direction and the relative not too up but not too down you start to lay the ground work for other deals, when one company does it other companies may feel they need to respond. >> and certainly that inspires investors at all the big deals that are happening. david, thank you for joining us. >>> as tyler mentioned, the dow and s&p closing at new highs but just barely with the s&p even topping the nineteen 100 mark for the first time ever. there was an unexpected slowdown in retail sales rising only one 10th of 1% last month as consumers cut back on buying big ticket items like appliances, the dow closed at 16,715, the nasdaqs lost 13, the s&p up a fraction of a point ending up at 18.97. >>> and higher prices and steeper mortgage rates blamed for the steep housing market, but relief could be on the way from federal authorities. that news as giants fannie mae and freddie mac s

they make a product that is a big rival to botox, owned by allergan. they have about 10% of the overall market. but this is huge. it sort of solves plastic surgery in the u.s. i think nestle is trying to get more into the asthmatic procedures space, you could say. so nestle is very inquisitive here. >> it is. look at the specifics when you look at nestle. in the past three years, they have done more than 20 deals. they splashed $18 billion. potentially, we should be looking at some of the u.s. rivals, the likes of valiant. they are taking some commercial rights to sell from that product in this deal. it, $50 billion on the maker of botox? we have seen valiant's debt load soar. it is trying to make such inroads via acquisitions. just putting off the bid when it comes to valiant. so far, investors seem to like what nestle is doing. grow what itaid to can do organically. it will take bits and pieces from around the world. it is not getting the rights to do in the united states as well. >> what is the difference between frown lines, facial wrinkles, and fo

allergan says the $46 billion offer is in the interest of shareholders. they did manage to come together. has agreed tond buy pinnacle foods for 6.60 in dollars. in the work between rupert moment -- rupert murdoch and the pay-tv market. murdoch competes directly with b-sky-b. agreement --n shares of pandora rose from that news. believe this will pick up a slate of new deals. cristina alesci has been following the story. could pandora be next? apple announced music,nd of news around pandora stock fell in the last couple of years. last year, when apple announced -- pandora stock rose. this will spark pandora to do something to become a protected player. -- there are no talks that we know about, but just speculation at this point. pandora claims it has 9.3% of the overall listening audience. that is growing. last year around this time, it was seven point three percent. users.78 million a big player. spotify wants to go public. there could be something to do there. we are talking about a massive valuation. forget google had also pushed aggressively. it has a

value pharmaceuticals plans to make another run at botox maker allergan. allergan rejected an offer saying it undervalued the company so it plans to improve its offer later this month. the soap opera continues. that is this morning's company news. astrazeneca, pfizer, and the rest of them, they are just an immovable force. we have money, what do you do? >> it is not whether it is going to happen, it is at what price. >> like the rangers winning, right? >> they have done incredibly well, so it is just a matter of what the score would be. >> never in doubt with the rangers, right? >> i was a little bit worried. >> macy's reporting first-quarter earnings in less than two hours. why wait until then when you can get a preview with us? bloomberg back, surveillance, streaming on your tablet, your phone, and bloomberg.com. ♪ >> good morning, everyone. bloomberg "surveillance." this is an important interview coming up on bloomberg "surveillance." we will listen to ryan chilcote, sergei lav roth for 10 years has been the -- surrogate lavro v has been the foreign min

ackman put up -- bill ackman built up a position in allergan.ome problems with pfizer trying to bright as her zeneca in the ukp at all of these merger deals to talk about. we will see more from pfizer and astrazeneca as the week goes on. let's move to the ukraine. a criminal farce was held in chaos. now some semblance of legitimacy after some sort of referendum. how vladimir putin adapt and adjust his message. she is author of the limits of partnership, u.s. russian relationships in the 21st century. good morning. what has changed over the weekend for vladimir putin? think vladimir putin can say they voted for self-rule or independence. he said we have to have a civilized implementation of the vote. what changes for him as he can go back to the u.s. and europeans and current ukrainian government and sale you guys have to sit down, you have to include these people in roundtable talks. we have to move forward to a federal solution in the ukraine. it has given him a little time. not to intervene anymore. >> we saw emerge three over the weekend of m

allergan up 2%. the company yesterday coming out and formally rejecting the previous bid.ting that. >> we may have a view on this actually. maybe i should ask you about this. we have seen a lot of activist moves. he represents many of the biggest names. what goes through the minds. paul rotting is partner and founder of schulte rotting llp. oscar schaeffer. >> good morning. >> just because we were talking about valeant and you have done some work, are you on this transaction? >> no. >> what do you make of this deal? >> well, i think it's an interesting juxtaposition of two different philosophies with respect how to develop a drug company. valeant is spend 2g% to 3% of its earnings on r&d. >> i guess i'm asking you about the front running, legal front running. the structural question -- >> he's not foggy to tell you. >> i imagine other of your clients may look at this as a model and say, look, the way to do this, i'm going to sign one a company looking to do something. i'm going to buy the shares approximate advance. what would you tell your client about this? >> from the s

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