post impending, to vest a jerk of generics, the new allergan to a great degree looks like the old allerganus maybe you can add, clearly, the very valuable assets from forest labs and some of the other acquisitions that forest made. betty: ok. but let's say it a grating some of those assets into pfizer, what do you think pfizer will do with it ultimately? >> in any large-company, the question is, how do you maintain focus? i have always been very vocal on that one. i think companies should really ideally be number one or number two in each of the therapeutic areas they operate. that is how you become a partner of choice, how you maintain a situation, how you grow the market as the leader of the market will stop and i think that is one of the key challenges to the new pfizer incorporating allergan. betty: and maybe to the point were they have to state innovative and flexible, with a have to split the company up? forhat is really a matter pfizer. i can just all of the reports just like you and the viewers, too. betty: you gave your keynote speech at the conference, and speaking of splitting,

i get an update from allergan after earnings. so stick with cramer! >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer, #madtweets. send jim an e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. >>> over the last year we have seen a great many once red hot stocks totally lose their mojo. now that the market is finding its footing with another good day for averages i think it is worth continuing to explore the anatomy of a broken stock. why? in this environment you have to tell the difference between beaten down stocks that deserve your money, deserve to be bought and stocks that deserve to be beaten some more which brings me to the gap. gps, parent company of banana republic, old navy. during the late 1990s and early 2000s you couldn't walk down the block without running into a new gap store. business cooled off for a decade until gap launched an impressive come back a few years ago. the stock roared higher in 2012. then 26% in 2013. ano

i get an update from allergan so stick with cramer! >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer, #madtweets. send jimimn e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. check this out, bro. what's that, broheim? i switched to geico and got more. more savings on car insurance? yeah bro-fessor, and more. like renters insurance. more ways to save. nice, bro-tato chip. that's not all, bro-tein shake. geico has motorcycle and rv insurance, too. oh, that's a lot more. oh yeah, i'm all about more, teddy brosevelt. degree motionsense is the world's first deodorant activated by movement. as you move, fragrance capsules burst to release extra freshness all day. motionsense. protection to keep you moving. degreeit won't let you down. that's a lot of dishes& no problem. i'll use a lot of detergent. dish issues? get cascade platinum. one pac cleans tough food better than 6 pacs of the bargain brand combined. cascade. enough

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allergan moving up. if you look at radius, rdus, this is a company that is up huge, has an osteoporosis drug. amgen's osteoporosis drug did not test as well this stock would not be up this much if they were having this sanders bash drug company, hillary back drug company. watch these stocks get their multiples back because hillary will not bash the drug companies as much as sanders. >> as she gains momentum -- >> moves to the right. better for the stocks, better for drugs. >> so much of it is rhetoric to begin with. >> true. but rhetoric scares people. >> does, doesn't it? >> it does. you have trunk attacking the banks. i was talking about morgan stanley. should morgan stanley be at 24? >> i don't know. >> business is not bad. >> not particularly good. fixed income is not good. >> getting some m&a. >> we're getting some, though the -- the beat on m&a has slowed. >> i know. >> it's slowed considerably versus last year. if you're gore maman don't you there and say how did this happen? we're not that bad. g

valeant is a huge mma player, allergan as well. cynthia: not only is allergan coming out.r is coming out. a lot of other companies say they are looking for small, new clients, to augment their pipeline. that has been the tone and tenure. , maybeome of the deals there are bigger deals to be done. it still seems like the massive deal of that era are coming to a close. scarlet: your final thoughts? at least from valeant's perspective, they are on the sidelines. allergan and pfizer -- the pfizer-allergan situation, those companies may likely continue, but it is hard to say. alix: thank you very much. every corerector of isi -- evercore isi. scarlet: yahoo! is looking at potential bidders as early as today. and, a backer of john kasich presidential bid. the details coming up. ♪ scarlet: you are watching bloomberg. scarlet fu. alix: i am alix steel. this is your global business report. scarlet: here is what we are watching. building a global safety net. the international monetary fund says it will build market confidence. alix: currency traders are becoming a dying greed on wall

geate from allergan after earnin. >> annou >>nnouncer: don't ss a secondf "mad money."ow @jimcrameon twitter. have a question? tweet cramer, #madtwts. send jim an e-mail to madmon@cnbc.coor give us he to madmoneynbc.com. ch out, bro. what'srohei o geod gomore mogsinsuranc b-fesso and m lienteayto bro-ta chip. that's not a,bro-tehake geo motoycand rv i, ohatohh, i'm amoreddy ev geo. expt sangs ana whole lot re deionsens world's rst deodoranacvated by movent. e, fgrce capsurst motisense.roction to keep you ngdeit wou that's a l odish& no problem. i'll useot ote sh isss? get cae platinum.onc tou bter ancs othe bargainbrancombined.sce. enough pssurin here for ya? m goa ke mucsis-x. too , we'raboutotake off. ese diolve fast. th're w id gs. anoming with m.. ald st munex sinus-liquid gels. ssolves fast to unleash maxtrh di. . olay t effects a skin transformionthativalthe ading dertment ore isturizer. vives skin to fight 7 sis of aging. with y age ls,es els. h!eaburn! no on myatch work st and don't t chal.m...azin ve heartrn alelea reefch enjoy threlief. >>> over >>> over the l

and allergan rising as congress makes noise about this implications of pfizer buying allergan, but those shares are doing well today. t-mobile's parent coming out with numbers that beat estimates. they do benefit from that defensive play in today's session as well. let's get to bloomberg's first word news. mark crumpton has more from the news death -- news desk. will hostident obama republican leaders tomorrow about the vacancy on the u.s. supreme court. the president will meet with mitch mcconnell as well as chuck grassley of iowa, the head of the judiciary committee. they will be joined by harry bothand patrick leahy will democrats. ryan sandoval has been mentioned as a possible replacement and says he is not interested in the job. he says he does not want to be considered for the nomination. fbi director james comey says the avenue -- says the apple cases the hardest case i have seen in government. members of the house intelligence committee asked about a judge's order to help the fbi unlocked the iphone of one of the san bernardino shooters. >> these san bernardino litigation is not

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 business or greed? >> i think we have to balance the question of whether a corporation is supposed to be return too the shareholder or whether the corporation has other stakeholders, suppose to do things for its long-term advantage but also for people and comomnities where they live. we have always had that debate. it has to be a balance. the problem is with a 39% corporate tax rate, and $150 million to be made each year, if you do an inversion like the one you talked about, then the balance tips and people move jobs overseas. so we have to take away the pepeerseincentives, especially

that's allergan. almost all candidates want prices down and mergers that s lower taxes like the deal that the foreign domicile is doing with pfizer which will result in an entity that can give itself a tax break versus if it were in america. new, not the island of. my charitable trust at action owners plus.com has a significant position and the stock isn't doing that well. perhaps they can spell out a road map for a higher priced stock. a a maybe one that allows the company to achieve eventually at least a $60 increase in the stock price. something that was hoped for when the original allegan pfizer tie-in was announced. it's been a rough ride to own any pharmaceutical company with the exception of johnson & johnson, the new favorite of investors.opouou after the close we hear from one of the most controversial companies we follow. fitbit. some sort of fossil, apparel, accessory. confirmed by dr. david agus, author of "the lucky years" who this week on the show said devices like fitbit can play a vita

i own allergan. i think that it's going to be a tough hold in the next couple of months anyway. >> teva looks terrible. both of these stocks are for sail a sale. >> coming up on the show, seeing some unusual activity in weight watchers ahead of earnings. are traders betting that oprah delivers? >>> and the check on oil, dropping today after a record build in supply. we head to the futures pits for the trade next. this just got interesting. why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ach

think amazon, credit suisse has data on this or pharmaceuticals, there has been selling in allergan andpe of stocks. >> and yet contrary to the track record since the crisis, hedge funds as a whole have grotesquely under performed -- >> especially given the fee structure. >> and level of redemptions remained relatively modest. explain, is it the environment of institutional investors so bad that they need to basically throw money at the hedge funds on the hope they are going to outperform in some way? why don't they redeem their money from these hedge funds? >> this is the biggest question in the industry, assets hit a record $3 trillion and there's no sign that's going to go away. it's because a lot of public pensions out there look at the markets and haven't made any allocations to alternatives and don't know where else to go. >> this is the key point. >> just like oil. >> you're in a world where the 10-year, what was it yielding, 1.6%, if you're a pension funder and institutional investor, you're like, there's no way you're getting there. >> the problem for oil, the low are the oil p

. >> that was the ceo of allergan speaking with jim cramer about the high cost of drugs. don't miss the full interview coming up with jim cramer on "mad money." >> the volatility index hitting its lowest levels of the year. one options trader thinks it will fall lower. mike coh is in austin with the action. what did you see? >> the vix obviously is dropping down. we haven't seen some of the lower levels in quite some time but what we did see was a buyer of 13,000 of the june 15 puts in the vix. they were paying about 20 cents for those. 15 is a long way down even from the levels that we've seen it decline to today. that would actually take us back to the vix levels that we saw mid-year last year so substantially lower and for the vix to get to that lower the s&p would need to rally quickly and by my work to 2015 or even higher and at least one person is betting that this rally could continue. >> do you buy into that, mike, do you believe it? >> well, down to 15. i actually think that's a little bit low. i think for us to get there you need to see the commodity complex vol

finally, we want to take a look at allergan.ngs that beat the estimate because it is selling more botox. it is up 1% in the premarket. coming up next, credit markets may not be as distressed as they seem. areas where opportunities may exist. ♪ matt: you are watching bloomberg . with the: we're back founder capital management. we need to talk about credit market. at the end of 2015 we thought credit markets were a window into the volatile 2016 we would be facing. here we are, at something in the market has turned around. talk to us about where you the credit markets are today. spread,cials have widening this year. they are widening in different sectors, it has been quite incredible. hundreds of basis points, depending on the sector you focus on. it is important to distinguish between the fundamental factors that are causing the widening. there is corporate credit risk, and when you have declining energy prices, you have to going commodity-- declining prices, it is not the reason to not unreasonable to see his widening. stepha

botox sales allergan up 3% higher for the stock. not much.goldman raised the stock target. fitbit, they report after the bell today. nicole come in and tell us where they are now. nicole: let's see you wear it on your wrist and feel healthy, guess what they really, really disappointed down 40% from the ipo price, down 70% from the high. today up almost 6%, 16.48 a share and everybody is waiting for the number after the bell. there's competition from apple and other wearables. stuart: i keep hearing this, that yahoo! is exploring a sale. i've been saying that for months. nicole: i know you have. but this morning, it came out again. i read it on the bloomberg terminal and it's on the news feeds and some names now are being attached to it, such as yahoo! verizon, comcast, at&t, those could be possible bidders, as well as buyout firms that were named, capital, kkr and tpg. stuart: okay. nicole: so we're seeing yahoo! to the upside today. stuart: they struggle back to 30. look alt the big board, we've got a 190 point rally in the first ten minutes

pfizer has agreed to a $160 billion bill with allergan that will eventually break up into two companiesme investors are losing their patients with david einhorn after his worst underperformance ever. his main fund a capital plunged 20% last year. investors withdrew around six or billion dollars from the firm, about 5% of assets. it gained more than 1% last month. in today's global go, we had to zÜrich here it shares of ubs dropping the most in over a year after the investment banking business fell in the fourth quarter. bloomberg's manus cranny just spoke with the ceo. >> i think when you look at the dynamics of the fourth quarter, you look into how it started, you could see a trend continuing. of course, there's a high level of risk aversion. people are happy with their asset allocation in general. but there paralyzed by this high volatility. and also, the geopolitical phenomenon. matt: manus joins us now. this is the ceo who has put all his eggs in one basket. this he regretting that now as far as investing so much in what management and scaling down invest -- wealth management and sc