a the ceo of allergan is customer himself.ompany, thishe -- they said surprise we are going to give you a treatment here on stage and actually had someone come out and give him some boko's and -- botox injections. he has kept it up he told us. >> what age range are they targeting here? there are other uses for this. they are talking about men in their 20's. >> their prime target is men in their 40's area. old.37 years >> would you consider having botox? >> many people get botox before they actually needed. need being a flexible phrase. allergan would certainly like to convince us that that is the case. >> is their embarrassment? >> this is something i have never thought about. >> i have a baby face. i look like i am 12 years old. keep it coming. >> it is interesting getting over that apparent stigma. botox is an incredible drug, we talk about it the ending, but aren't there many uses for it? >> cosmetic use is primary yes but it has other clinical uses. you are always looking for, what else could this be used fo it is mostly k

to engage in a management and board shakeup they're pushing allergan to split the office of chairman and ceo, both roles are held by brent saunders find a n cha ceo, reat least tw directors on the board, and upgrade management and key operating units. tepper silverman said they should refocus their attention on running a pharmaceutical and aesthetics business and forego its m&a strategy previous letters indicate they have met behind the scenes and have been communicating with the company for months it's rare, of course, to see appaloosa and senator en in such public activism. last high-profail case was three years ago when apaloosa and a consortium of hedge funds pushed for buybacks at gm they didn't immediately respond to our request for response, but shares of allergan are down 32% over the last year together, apaloosa and senator hold less than 2% of market cap. as you can see there, the stock is up about half a percent today. >> stay with me for a second i want to go to our breaking news desk to courtney reagan who has some shocking and sad news from the world of retail courtney

. > allergan is being urged by two of its biggest shareholders to split the roles of chairman and chiefxecutive into two separate roles. they'reth calling o drug maker to reconsider its acquisition strategy and shake up management all in an effort to give new life to allergan's stock which today was up to $152.21. >>> the pharmaceutical company myalin said the fda has approve its drug that's intended to prevent infections in patientrg unng chemotherapy. they said they plan to market the medication in the coming s. we the shares finished up nearly 4%. and shares of twitter get a three-year high on news that it will join the sde 500 the social media company is monsanto, which is remurjpling winithg booir. the change will take effect before the market opens on thursday. twitter's shares jumped 5% to finish the day at $39.80. >> coming up, why big tech is pouring big money into the race for san francisco mayor. >>re facebook and google being sued by washington state's attorney general. he says the companies failed t maintain information about political advertising. that information is requi

right, well, if you own these three stocks listen up because they're in focus today number one, allerganarl icahn has built up a small stake in the company and there was a letter pushing the company to overhaul the management it is unclear what his intentions may be, but he's a long term supporter of the ceo >>> five below on the rise the retailer reporting better than expected first quarter earnings and they boosted the sales forecast for the year. >>> finally okta, it reported a smaller first quarter forecast and it's expanding the operations in the u.s. and europe don't tell you that we don't bring unknown names. okta, a name for this morning. >>> we are just getting started on "worldwide exchange." up next how america's labor shortage is hurting the real estate market. >>> also, why a company named after a norse god may be a very important incar ditoand what it's saying this morning landon dowdy has that after the break. >>> this cnbc program is sponsored by -- ibm. e unexpected friends. e unexpected friends. these zebra and antelope. they're wearing iot sensors, connected to the ibm

. >>> now to leslie picker, who has a market flash leslie to shares on allergan.ention they're higher on a letter from two investors, urging management at allergan for corporate governance shakeup it's one of several letters to e board of directors but this is the first one to be disclosed publicly it comes on the heels of the latest strategic review about a week ago where allergan said it would sell its women's health and infectious disease units they're down about 32%r so over the last year two investors say the strategic reviewsents a continuation of a, quote, untenable status quo. now, appaloosa and senate group are pushing for major changes here a split of the ceo and chairman, both held by the same person a nean or ceo from outside the company, replace two additional directors on th board and upgrade management personnel in critical operating unit units. it's unclear whether either of those investors will be nominating their own candidate to the board we'll be monitoring this closely. back to you. >> leslie picker, thank you. >>> when we return, a little bir

with the ceo of allergan brant saunders.henat a there's active interest in allergan. who wrote avid sternly worded letter to the board of the company on tuesday and says the sell some units recently was a half-hearted attempt to restore strategic momentum. does need a restoration of something. 30% overs are down the past year. they're getting a little pop on the headlines. youl continue to keep posted on further developments. scarlet: let's get you to the bloomberg business flash. a look at some of the business stories in the news right now. ubs eliminating jobs at its unit.management the firm plans to focus on growth in china and passive and sustainable investment. has learned that the smallest of the operating divisions already eliminated at least 100 in areas including distribution and about 30 of those cuts were in the u.s. passive, ubs strategy products account for $310 billion, almost 40% assets managemented. mexico's plan to impose 25% tennessee whiskey could be bad news for the maker of jack daniel's. the biggeste of

they unveiled a letter to the allergan boardlier today in it, they discussed pushing allergan to divideurrently held by presebrent sas and bring in at least two new directors among other changes, guys >> look at the stock and the stock popped around 10:30 or so but now is only up by about 0.5% does this have to do with sket schism surround appaloosa as an activist, formation of the board of allergan and the ability of some outside force to actually ange, because maybe is board is stacked or something like that. staggered, i should say. or is it skepticism about activism overall as a force for change >> i think if you read the analyst's notes, it appears the different recommendations that they are putting forth are things that will take a long time to really play out and generate an improvement in the stock price. it's all on the management side of things with the ceo and chairman roles bringing in potentially new blood to the board, new blood to the -- on side there. it's not something that they're looking to sell the company immediw assets, which would usually generate more of an immed

allerg allergan financials a huge opportunity. this is also a place where people are asking can it go higher from here, that being the markets? yes, it can but you can find plenty of things to sell and plenty of things to buy. >> you're the one that's been making trimmings of your portfolio, now i'm wondering how you factor that into the big picture over the next six months >> good question, mostly like pfizer, using those to get into the bio-tech stocks. and msg, i'm surprised doc, this didn't catch a bid with the news from time warner and a look at more opportunities in energy. there's been a rally, but plenty of opportunities there so the point being, yes, the market is going higher but you can find plenty of overpriced stocks >> do you want to weigh in what we got this week from tudor jones. we never hear from him saying things could get a little crazy. we had the gundlach this week. and where the fed is going to be >> and it's interesting because this follows in the previous two, three weeks, previous banks saying the recessi

>> look at the seconder, gw pharma, i think it's still worth owning >> karen >> yes, allergan has beenure for a long time but with appaloosa i think something interesting could happen. >> ib, position in the stock forever. now i think it's a buy against a 139 level of support ibm buy. >> can we just play that -- >> there we go. >> too bad you didn't have your costume on you. >> hold on, i can go ahead -- no >> final trade, please >> i keep in the the back room i thought the selloff in applied materials is overd i think ahmet mat is going to keep up to the rest of the tech >>> my mission is simple, to make you money i'm here to level the playing e'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 save you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. even the best leader isn't enough to get this market roaring. if no one else is willin

i bought allergan last week. it's down today.t's lower than where i bought it >> would you buy the utilities morgan stanley upgrades those today to overweight. there was a selloff because of rates mong higher. to your point and josh's point of things that have sold off, whether they present good buying opportunities, morgan stanley today suggests they are. >> i would not the principle reason is he thinks rates have peaked or are naer peak i near peaking i don't think rates haveeaked. depends on the holding pd. there's not a n side to them you have a nice coupon don't mistake a yield for protecting your down side. >> you could always find a home for defense in a portfolio i would argue and i agree with steven when you look at the valuations of cyclicals versus defensives, right now cyclicals are trading 15 times on a forward pe defensives are trading 19 times at a forward pe. defensives are actually now rich ner terms of v richer in terms of valuation we will see a significant unwind there's no reason now to move away from cyclica

thor down 6% and allergan higher on the reporarl icah taken a position in drugmaker. mike, its shares down 3% >> pepper and carl icahn that does it for closing bell. thanks for tuning in, everybody. "fast money" begins right now. >>> fast money starts right now live from the nasdaq marketsite overlooking new york city's times squa i'm melissa lee, pete najarian, guy adamy and tonight on fast, if you love bitcoin, this is the show for you first, we're talking to wall street's new crypto king, the first financial institution to open a bit coin trading group and later we're setting down with brett redfearn. these are two interviews you will not want to miss. plus, elon musk winning back the heart of his investors at least for today. tesla posting its best day in more than two years after the ceo described what's been a hellish few months company and we'll u the details and first we start off with the markets the dow surging 230 points and the nasdaq closing at a record and the financials joining the party surging nearly 2%. what is the breakout and the missing ingredient

. >> carl icon building a small position in allergan what do you think brent saunders feels today? >> he's feeling a little bit of heat. >> put the heat on with that letter now these reports -- >> talking about selling off a couple assets that are not core assets to the company. they've done some changes within they are asking for more david tepor is being much more aggressive, splitting the chairman from the ceo role there's a little bit of pressure you can see today on the stock, it's a nice bump to the stock. >> somebody's betting something's going to happen. >> there's going to be changes going on there that's very interesting. >> interesting >> icon has a long history with saunders from the forest lab days. >> yes he's been in the name before as well >> yes, he has. >> we'll see how patient he is this time. >> we'll see what happens there. thor industries missing on earnings tariffs imposed on steel produced, quote, headwinds john, you used to own it. >> what do they say about buy rumor sell news, scott in this case, it's sort of the reverse. people knew about the sanctions hu

also in the biotech and pharma space, picked up allergan. there are plenty of opportunities. i trimmed a little pfizer tohol. >> i'm with you. >> just trimmed it also today, i trimmed a little bit of apple i'm not selling the stock. it's still a huge 5% position in my portfolio, but for the clients who are 8% and 9%, that's too much. >> nothing about the consumer's behavior is going to change because of the events in singapore oor the central banks. that's the folkish right now whether you're looking at trip adviser, marriott, they're eating out, fixing up their homes. you talked about home depot and lowe's being in a recovery phase. the consumer behavior is what you want to focus on this week doesn't adjust that behavior >> kevin, you are making some significant portfolio moves. i'm curious as to what they are and why you're doing it now. >> during the g-7 insult fest, and i agree it was a nothing burger as far as the markets were concerned, something occurred in it canadian market they had an election in the province of ontario. canada has been an unmitigated disaster for i

in fact, i actually picked up shares in allergan this week can was forced into it when carl icahn took his position. i had been waiting for an even cheaper price, but you know what, sometimes the bottom comes in a day >> when apaloosa went public - >> the day before. but the point i'm driving at is yes, we have to have technology. and i know people when they talk about technology, they worry about the multiples and they worry about the multiples on the market overall sarat was driving at this. there are pockets of the market, substantial pockets of the market that are trading meaningfully less than the 17 1/2 times pe on the s&p 500, which by the way, is not too lofty of a multiple to begin with >> josh, how do you see it there's so much to size up you have a note from tom lee saying staples, which if so, underperformed, have bottomed. took them to neutral maybe the worst is over in the staples. some renewed life in the financials this week technology obviously doing what it's done in the past ten days what does it all mean? >> i like everything that's been said on the desk so far, eve

. ♪ maria: welcome back, billionaire investor carl icahn acquiring shares of allergan.ker is under pressure from activist shareholders, the size of investment not disclosed but icahn has been a long-time supporter of allergan supporter sanders. investors pursued icahn not to pursue. shares down 7% so far this year. alice mary johnson is free woman, president trump commuting life sentence after she spent 21 years behind bar for nonviolent money laundering charges. her release coming after kim kardashian west lobbied president trump to get her release, this picture is from last week. okay, remember this vulgar comment, comedian samantha bee, oldest president's daughter last week. >> one mother to another, do something about your dad's immigration practices. he listens to you. [cheers and applause] >> put on something tight and low cut and tell your father to stop it. cheryl: well, she return today her show full frontal and apologized on air for that comment on air again. >> a lot of people were offended and angry that i used to describe the president's daughter and advise

thor down 6% and allergan higher on the report pearl icahn has taken a position in the drugmaker.losing bell. thanks for tuning in, everybody. "fast money" begins right now. >>> fast money starts right now live from the nasdaq marketsite overlooking new york city's times square i'm melissa lee, pete najarian, guy adamy and tonight on fast, if you love bitcoin, this is the show for you first, we're talking to wall street's new crypto king, the first financial institution to open a bit coin trading group and later we're setting down with brett redfearn. these are two interviews you will not want to miss. plus, elon musk winning back the heart of his investors at least for today. tesla posting its best day in more than two years after the ceo described at

sources say carl icahn bought a small stake in allergan. the ceo pushed the company to overhaul the management. unclear what icahn's intentions are in this, but he has been a long time supporter of the alher general ceo saunders they're surging today after the discount retailer reported better than expected results and the company is raising the sales forecast for the year. much more than five below this morning. >>> okta reported a narrower first quarter loss they make cloud based identity management software is issuing upbeat guidance for the year and the expanding operations in the u.s. and europe. >>> coming up we have more of the exclusive interview with warren buffett and jamie dimon including their take on the jobs forecast in the country and then the potential candidates then at the top of the hour, former florida governor and former presidential candidate jeb bush will be here. we'll talk to him about the trump economy, immigration and one of his real passions, education reform and his plan for that "squawk box" will be right back.