however, allergan stocks sold off hard today, shedding $3.44.cerns of operating margins and cash flows that some felt were below expectations. let's talk to the chairman and ceo of allergan, welcome back to "mad money." let's go over some of the things that people heard and said, because i don't think they tell the story, but i want people to understand why a stock went down. first $1.1 billion in cash flow, many people thought it would be 1.5 to 2. >> we did a deal for crisper technology. and we closed take deal. you'll start to see $1.5 billion to $2 billion next quarter. >> and the second one was lower margins, because you're struggling to build more drugs here. >> q-1 was our lowest sales quarter. when you have lower sales, you have lower margins, put on that a little bit of product mix, as we have some higher royalty for products growing faster like linzest and others. that margin should improvprove throughout the year as well. >> you have this pipeline, let's talk about what's the biggest up in the pipeline, you're in development progress

my wife is a huge fan of allergan stocks. >> i like it. >> silver is good. i want to be contrarian and get long slv. >> i think you can do call spreads to do it. >> not outright buys. >> thanks for watching. i'm melissa lee. you can check out our website and in the meantime, have a great weekend, see you next friday. "mad money" with jim cramer starts right now. >> the following is a paid presentation, brought to you by beachbody, but filmed by me on my iphone and directly from my heart. >> hold up. i want to ask you a question. how do you feel when you look at yourself in the mirror? not so good. like, "ugh. gross." who is this person? like, you know you have to do something, but it's so confusing! there's fad diets, extreme workouts, and it's working for other people, but it is not working for you. you just want a system, a program that actually works -- hello! -- that doesn't feel like punishment.

allergan is too cheap. >> that may get you done, pete. >> i'm mellissa lee, thank you so much, see us tomorrow at 5:00 from las vegas. meantime, do not >>> my mission is simple. to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica, my job is not just to entertain you but to educate you as well. so call or tweet me yaat jim cramer. and maybe the trump trade is all about not paying attention to donald trump. i have to tell you it's shocking to me that the president can fire the fbi director. out of left field, possibly for his handling of the hillary clinton e-mail investigation something that possibly got trump elected. but more likely because of the russian probe, and the stock market was down points. even if the s&p actually is lower than 11%, not taking advantage of the 4%, have the investors simply stopped caring about the stuff or was comey so hated by both parties that no one was bothering to freak ou

to treat migraines and even underarm sweating, but now the maker of botox, allergan, says it may havet another use. helping to treat depression. >> i would say i've had depression pretty much as long as i can remember. >> reporter: chris raimondi explains, after taking medications that didn't work long-term, he turned to dr. eric finzi. he's a paid consultant for allergan and says the reason botox seems to be helping his patients with depression, has nothing to do with vanity. >> there are hundreds of studies before botox was ever tested showing that what you do with your face actually influence your mood. >> reporter: finzi says using e where frown lines form, appears to have a psychological effect. >> the brain gets the message, "oh, okay. you haven't frowned in the last month. life must be pretty good out there." >> reporter: the treatment is still being tested, but raimondi says it's helped him. >> i don't think it's like cured me, but i'll take what i can get. >> reporter: some experts say while it's giving some patients hope, more studies are still needed. botox cost an average

my wife is a huge fan of allergan products. >> i'm a huge fan of the charts. so i like it. >> time for the "final call." carter? >> silver, so bad it's good. i want to be contrarian and get long slv. the eft. >> i think you can use call spreads to do that. >> disney earnings, i'm going to be an outright buyer, call calendars. >> looks like our time has expired. thanks for watching. i'm melissa low. check out optionsaction.cnbc.com. have a great weekend, we'll see you back here next friday. >> announcer: you're watching a paid presentation for veggie bullet, brought to you by veggie bullet, llc. from the makers of the world-famous nutribullet comes the next innovation in whole-food nutrition extraction. introducing the veggie bullet, the world's first cyclonic spiralizer and lightning-fast food prep accelerator. now you can spiralize nutrient-rich whole foods in seconds for incredible pasta recipes, like zucchini spaghetti and meatballs or ribbon spirals for great lasagnas, even the family favorite -- curly fries. the secret is the veggie bullet's cyclonic-acti

allergan. i thought the quarter was great.rett saunders did a great interview with jim cramer the other night. >> oh, botox. >> obliterating. jim talks about this. look at what goldman sachs did, they downgraded to stock. they raised the price target. not a big deal from 260 to 262. i think sell-off in allergan is overdone in my opinion. >> you look at the charts, go back to november, alta coty fell off a cliff. it's still 10% lower than the high. alta is 10% higher than the november high. if i were to buy one, you got to go to the smooth chart. that's alta. >> guy looks good up here. >> so you want to tell the folks. >> there is a push, a big push to have live botox on tv and we might actually do it. >> geeze. >> we might actually do that. >> i'm 53-years-old, you dance with a "gone girl" you brought to the prom last ike e week. you know what i'm say something. >> oh, snap, shares getting slammed in the first quarter. we will bring you the very latest. i'm people lis owe /* mellissa . >> the first rule of thumb is -- >> buck

just a name. >> europe unhedge favors right. >> allergan. >> bond.y trade down. >> thanks for being here. "power" starts now. >>> here's what's on the menu. your money is very close to doing something it has only done three times since 1971. and that is only the beginning. what that is and what it says about the market coming up. plus, auto loan alarm bells, why the term subprime is starting to rear its ugly head again. and president trump expected to pull america out of the paris climate agreement despite calls from some of america's top ceos to stay in. is the u.s. better off in or out? i'm brian sullivan. "power lunch" starts right now.

also trimming in allergan.arl icahn took a new stake in conduent and increased its position in navista and herbalife and sold out of allergan. warren buffett doubled its investments in apple. george soros took a stake in snap ink, also sold amazon, abbott. green light cut its stake in apple, rite-aid and time warner. they also hiked stake in gm and xwra hu yahoo! dropped position in yelp and took a new position to micron. >>> jeffrey immelt is pouring more money into his own company. he bought another 100,000 shares of the dow component yesterday for roughly $28 per share each. immelt now owns more than 2.5 million ge shares. ge has had a difficult start to 2017. >>> the top story out of washington, the white house denying reports that president trump shared highly classified intelligence information with russian officials. tracie potts has more. >> good morning. the report says that the president shared information that perhaps russia already knew, but the intelligence ability lie wally who gave us that inform

>> i would point out a $10 fly on a 250 strike, my wife is a huge fan of allergan. >> carts, i'm a huge of charts. i like it. >> time for the final call. carter, what do you say? >> silver so bad it's good. long slv, etf. >> i think you can use call spreads to do that. >> disney earning, calls calendars is there it looks look our time has expired. thanks so much for watching. for more optionsing a, check out our website. in the meantime, have a great weekend. see you back here next friday. "mad money" with jim cramer starts right now. >>> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it. "mad money" starts now. >>> hey, i'm cramer. welcome to "mad money," welcome to cramerica. other people want to make friends, i'm just trying to make you some money. my job is not just to entertain, but to educate and tweet you. what the heck is it going to take to get this market really going. the house managed to

the velocity of an allergan before that company ceo has promised to them it is price increases to 10% a year as part of a social contract. a video to report a jump in first-quarter revenue "after the bell." analysts remain bullish about the prospects as concerns rise over increasing competition from the micro devices and also been held. lauren: coming outcome of the oracle of omaha, warren essay, says beware of reaching both in the stock market. >> the public its oversight of god stocks. >> adak now? >> i don't think so. lauren: a look at the market for one fund manager. 16 points and s&p and nasdaq futures up about a point. you are watching "fbn:am," your first look at morning markes and breaking news. ♪ nicole: good morning. 5:15 a.m. in new york gave president trump casting doubt on testimony yesterday he was right about former national security adviser michael flynn. former acting attorney general sally tes testified she told white house officials that a secret contact with russia's ambassador made him vulnerable to the mail. trump coulter's statement old news. meanwhile, presiden

another forecast raise for allergan reflecting their acquisition.ir main product is still the botox injection. still to come, the call to go along em and short as pyd. -- short spy. that data segment is coming up. this is bloomberg. ♪ ♪ this is "bloomberg markets ." i am mark barton in london. vonnie: and i am vonnie quinn in new york. here is julie hyman. julie: the were some highlights from the stone conference yesterday. .e said some things about cef his big idea, his big trade was .hort the spy and long eem toant to bring up the chart show how it would have performed over the past year. part has worked well and it is not the -- and it is the short spy that has not worked so well. what you make of it? >> if you have ever seen him present, he is one of the best because he is very bold and he makes a lot of calls. he's very sure. severalade this call times, because he really loves india. past&p is up 95% over the couple of years. is up 10%, so it is a kind of enticing trade. in terms of how to play with an etf, it is interesting that he used eem an

. >>> here's the problem with piggy backing, hedge fund extraordinary, a smart buy, buys some allergan. he buys a ton of bristol myers. jana offloads most of its bristol myers stake. maybe it's time to sell, sell, sell. yes, it's 13-f time where funds disclose their holdings and investors might want to piggy back, they've done the research, right? why not tag along for free, what an opportunity. it's a time honored concept. and with the concept of hedge funds, even though they're a group that underperform, it's amazing that we still actually care about this nonsense. they aren't telling us anything, they aren't advising us. and for all we know they're selling these stocks for any number of reasons, including if they have a profit or if they have redemption, maybe what they sold, they just bought it back. we have no idea. just in case you think i'm crazy and these people are worth piggy backing on. back in 2013, we learned that carl icahn sold all of his stock in apple when it was at $75. what was he worried about? he said i am worried about china, so he dumped the stock, here's what's

. >> this reminds me of allergan, they talked to cramer about body sculpt.e was going crazy about that. growth business. >> they came out with the first one, we came out the most recent one which is off to a tremendous start. we just completed that acquisition. report before we bought it, it has some sale force turnovers. >> where are the other big growth driver, tilting towards women's health? >> we've been largely a women's health company. no company on the planet has probably done more for women's healthcare over the past couple of decades. we have been the world leader in mammography. we developed the 3-d mammography. we also invented for cervical cancer screening the pap test. we've had that for over 20 years now. great product. had enormous implication for cervical cancer. that's expanding around the world. so we got this incredible base between breast and cervical cancer screening and now we also have products for fibroid removal, abnormal uterine bleeding and sexually transmitted infections. >> which do you prefer, obamacare or what passed the house

and then allergan looks like the m&a strategy is paying off.nathan: the opening bell is about 28 minutes away. summarized by the front page of most newspapers, the vix decreasing nearly 8%, while the s&p 500 finished onterday's session unchanged a record joining us is steven wieting. he joins us from his office in new york. talk to me about those two headlines. they are on a lot of people's minds. andequity market is so high volatility celebrate walk me through it. stephen -- volatility so low. walk me through it. catalysthere were no that could have turned up negative. risks from the french election, with one candidate campaigning for the breakup that the main two partners of the eurozone and it did not occur. inc. about the next part of your question in terms of markets trading high. u.s. ratings have grown about 15% from one year ago. some part of that will not follow through in every single quarter, but this is going to be a year where the united states and eps can grow to double digits. in asia, for example, international trade indicators

also trimming in allergan. carl icahn took a new stake in conduent and increased its position in navistar and herbalife and sold out of allergan. warren buffett doubled its investments in apple. sold out of 21st century fox. george soros took a stake in snap ink, also sold amazon, abbott. he added positions in conocophillips and fireeye. green light cut its stake in apple, rite-aid and time warner. they also hiked stake in gm and yahoo! dropped position in yelp and took a new position to micron. an old holding way back when of einhorn's. >> that's right. that was his. he was really excited about it. that's gone to single digits so many times in my life. >>> the s&p 500 and the nasdaq closing at record highs. let's talk markets with simien himen from pro shares and todd gordon, founder of tradi tradinganalysis.com. and a cnbc contributor. every morning i wake up and look at the futures. what's happening today. it just -- it's never down 150. you know, we have constitutional crises, all kinds of things happening.

allergan, purdue pharma, january son pharmaceuticals and cephalon.torney general in this case followed up on a specific drug companies as, contributing, i should say to the opioid trend bedeviled so many states. totoo early to say what thlong term market impact especially if other ates opt to follow suit here. >>> meantime we're following something else half a globe away, what is occurring in britain. theresa may's grip on election seemed like a gimme for her slipping away, losing momentum and maybe her day as prime minister as well. "wall street journal" editorial board member mary kissell what is going on here, sort of the anti-"brexit" "brexit." what is going on? >> theresa may is taking conservative parties back to prethatcherrite days. i think this is classic political mistake. she is not satisfying the right moving away from conservative principles but not satisfying the left either. no one is coming to her. on other side, jeremy corbyn, labor leader. for all the crazy things he believes, socialism -- neil: he is like their bernie sanders. >> i

one stock weighing on health care,aller beg care, allergan, the sector the worst performer week to date for the month and up about 9% year to date. one sector to watch for sure overall. as we talk about the idea that markets are girating, lack of volatility. technology, financials, key to watch along with health care. the three biggest in the s&p 500. that does it for this hour of "squawk on the street." let's send it back downtown for the start of "squawk alley." back over to you guys. >> got to look for metrics of volatility somewhere. it is 8:00 a.m. at disney headquarters in burbank and 11:00 a.m. on wall street and "squawk alley" is live. >>> good wednesday morning. welcome to "squawk alley." a lot to watch today. disney, oil snapped tonight. the top story is the president firing fbi director,

. >> allergan. >> bond. i think they trade down. >> thanks for being here. "power" starts now. >>> here's what's on the menu. your money is very close to doing something it has only done three times since 1971. and that is only the beginning. what that is and what it says about the market coming up. plus, auto loan alarm bells, why the term subprime is starting to rear its ugly head again. and president trump expected to pull america out of the paris climate agreement despite calls from some of america's top ceos to stay in. is the u.s. better off in or out? i'm brian sullivan. "power lunch" starts right now. >>> and welcome to "power lunch." i'm melissa lee. a winning month with a losing day. the major averages lower across the board here. we did hit record highs with the nasdaq and dow jones utility average before the markets went lower. crude oil, meantime, hitting three-month lows. traders are worried the opec led cuts to reduce global inventories are being undermined by those outside of the deal. financials, big hit here. regional banks on pace for the

five drug forms for fuelling the opioid crisis, they include purdue, jansen, part of j & j, and allerganering if we are looking at the next tobacco mega settlement. >> i think the pressure will stay on because of allegations they weren't clear about how addictive some of the drugs were and also the prescription guidance and practice of the doctors. the difference to me with tobacco is cigarettes, if used as directed and intended -- >> kill. >> so it is not exactly the same situation. >> good point. jp morguen says trading revenue down 15% so far in the second trade. banks trade poorly off the back of that. jpm saying this is low volatility hitting home. i don't know what you do about that if you are a trading business but it goes back to prior -- >> you don't do anything about it. but it is surprising it would come as a surprise to the market. we are all looking at the same metrics that go into how much trading opportunity there's been, but to have them say it -- also i think, running 15% below a year ago in trading revenue, at least at this point, that's a little bit of an eye opener. >

. >> okay turning to earnings this morning allergan higher if premarket the maker of botox supportingults, also raising 2017 are forecast to cli an acquisition. we reported that earlier this pe and a quarter percent, and then we are also watching discovery communications, the company earnings fell short of expectations the stock down 3% premarket, media sector we should say hit with lower advertising revenues, and there are renewed fears of cord cutting across country former president bill clinton teamed up with one of the best-selling he enforce he willists clinton james patterson a novel entitled president is missing published june 2018 so far not a lot of details about the plot maria, but many presidents, of course, have written memoirs, but not many published novels after leaving oval office i don't think anyone has written a novel called the president is missing might be good we will see. >> we will see. thanks. >> coming up expanded electronic ban why you polite not be able to take your laptop on your next flight to europe you beer in canada taking self-driving research to anoth