gilead, amgen. that's a real story we talked about. >> if you seen this news, celgene announced in the new england journal, it's gaining acceptance. that's to me often been time to fade somebody. few look at the ibb, the rsi, the relative strength indicator, momentum. everything jeffrey was saying. are you in a third place where we are trading 81, 82, 83, which is way overbought territory. it's pulled back every single time. they have been pullbacks to buy. jumping in on monday to buy these stocks after huge runs, i think you have to be cautious. >> i spoke about this a lot. when you go with the ibb, you go with the top holdings on it. look at my clearance, clo vis pharmaceuticals down 52%. this year it rallied back. ritz up 120%. its doing better than biogen. this has been a round-trip roller coaster. i still think it goes higher. >> i would say i'm more on tim's scan. if you look at the way ibb traded today, right? we have this massive strike and a reversal. when that happens, that tells you the b

celegene and amgen they all have a p/e ratio under 23 so they are "making money" they are not overvaluedot the earnings public at the growth on the topline before they make money it is built into the share price. >> biotech is not of bubble. charles: is easy to see why it is in bubble territory. we have been around. >> i would rather talk about amgen they are "making money" also there is great data that separates certain companies though vendors and the losers i think they shall look into those companies with a good balance sheet. >> where are the blockbuster drugs? charles: i also liked the big job and drug companies. >> go back to first principles don't fight the fed don't disagree federal think they could be but look at those valuations but over the extended period of time so in the short term you can give momentum. >> let's talk about the strategies what you like gore where do see the market going? day macau would not say what i a member from a strategic perspective feisty the bio pharma small-cap for mid cap biotechnology stocks because there is people in the stocks that look for an

>> we are in an earlier stage of development as you indicated earlier, regeneron and sanofi and amgenre going to be up for approval for their therapies this year, but having said that we have not seen anything of significance in our clinical trials and in fact the drug has been very well tolerated. in fact, you know we have been saying as well tolerated as placebo which as you know is a sugar pill. >> sure. >> nice safety intolerability profile. >> i was skeptical initially only because esperion was acquired by pfizer for $1.3 billion. they stopped -- did they not stop the development of this drug? >> no. jim, the original esperion was focused on drugs to raise hdl. the so called good cholesterol. this drug was discovered and patented at the original esperion but pfizer did not work at it at all -- work on it at all during the time we were part of pfizer. and when roger who is our -- a good friend and colleague and cofounder of esperion realized that pfizer was not working on it he saw an opportunity to get it back. and so pfizer effectively sold it back to the new esperion and we hav

amgen and abvi no. amgen will be too hot.'m not crazy, but -- i'm putting united technologies as an industrial. that would go well, and i'm going to say that kroger is different enough from costco only because i don't want people to think i don't want you to buy kroger on the weakness. all three of these disney kroger, costco are precisely why you need cash to be able to buy these. these are the kinds of stocks that are to be owed. i want to go to cranthe in texas. >> caller: hello, jim. boo-yah. sdroo boo-yah. >> get rich carefully, and i think the book is very important to thank you for everything you do for us. >> thank you. a lot of us are being conservative, and i think people they needed that after today. how can i help you? >> caller: looking for some gains in the next six months. nothing too long-term. just tell me if my stocks match that -- >> that's fair enough. i like the idea of suitability. go ahead. >> facebook cisco, discover and then bah. >> okay. let me take a look at these. a lot of these are companies that

. >>> amgen is cutting jobs and closing a building in south san francisco. that companies makes drugs for chemotherapy patients. the cuts are part of a larger reorganization. the memo sent to staff today amgen's ceo said, 300 jobs would be lost. >>> some drivers in san francisco are turning city streets into parking spots. now a supervisor wants to fix it. new at 6:00, kpix 5's mike sugerman with a warning for double parkers. >> reporter: this is not news to anyone who hits the streets of san francisco on even an irregular basis. so how come you're double- parked here? double parking is everywhere. >> it's rampant. >> reporter: scott weiner calls it an epidemic and says the city's parking authority isn't doing anything about it. >> in 2014, there was even less double parking enforcement than in 2013. >> reporter: that's what he learned at a city hall hearing where the numbers showed tickets down 10%. it's not that there's 10% less double parking, just fewer tickets. >> the numbers did go down because we lost parking control officers due to attrition. >> repo

competing drug from amgen. but i think regeneron's ahead of amgen's. if the dollar strength causes a deep enough correction, the stock might actually open down on monday morning. even if the data's good. that might be your chance to pounce. we also have a footlocker analyst meeting. now, this is a terrific company. i mean really really well run. and they sell a ton of nike shoes. now, nike reports thursday. so again, let's think this through tactically. if footlocker says things are good for sneakers especially for nike and nike's down because of the strong dollar on monday, that might be a terrific trade. now, i do worry about what's known as nike's futures orders. but think about this as an opportunity. similarly, we know from speaking to kevin plank, the ceo of underarmour right here on the set earlier this week that his company's been aggressive in fabulous foodtwear. that too, could be a very good one to buy off of the footlocker investor meeting if underarmour's down because of the strong dollar. and which pulls down all stocks in the s&p 500 and

amgen looks the most defensive. reasonable value but a stock that's been trapped in this range for the last six months. the question is what is causing this pullback in sentiment today because there's nothing different today that has happened than looking at the valuations in a lot of these stocks. i think there is some reallocation going on. i think ultimately it doesn't change the biotech story. you don't do not wholesale these names today. >> is this a read of risk, willingness to take risk in the market? >> absolutely. people have come on and talked about portfolio managers getting into the biotech space that aren't experts, generalists, macro tourists in my field. they're biotech tourists. when you get something like that, the spike um, and all of a sudden it falls off, you have weak hands holding these stocks. biotech i wouldn't be as worried about as other things in the market. biotech, if you know it well, like guy does, like tim does, i think you can pick up some stuff in biotech. but the rest of the market

we've had great conversations with amgen. we would like the right price at the market. >> reporter: express script highlighted cancer as an area of focus where multiple drugs working in similar ways on or near the market. some have called the tighter pricing environment a paradigm shift for the drug industry and it's likely only to continue. for "nightly business report," i'm me >>> still ahead, the snowden effect and why the fallout from the leaks classified document is still being felt from washington, d.c. to si. >>> the non-profit behind wikipedia plans to file a lawsuit against the national security agency and the justice. the suit challenges the mass surveillance program that first came to light when edward snowden revealed the reach of u.s. surveillance back in 2013. eamon javers has been very busy. following this story and others. he joins us now from washington. good evening, eamon. >> reporter: good evening, sue. this suit was announced this morning by jimmy wales. he's the founder of wikipedia and alleging in the p

they're made by amgen, and regeneron and pfizer. this week amgen will present data on howell its drug does at reducing the risk of heart attacks and other risks. regeneron and sandfi. fooiz pfizer is competing in the space. they're expected to talk about rejenner rons and amgen's next week. actelion will have a drug for pulmonary hypertension. celexopag will be on the market. the data we see over the weekend could have implications for both of those stocks. lots of activity in both drugs and medical devices at the cardiology conference. it's clearly hard at work on our heart. >> no one pronounces those drugs better than you do. >> i stay up at night. >> sarah, down to you. >> got a big story coming up. robert frank that sounds like a juicy one. >> sara this has everything an arrest in monaco secret storage bunkers, money laundering and billionaires who say they've been defrauded. it's tripping the art world coming up next. >>> welcome back to "power lunch." we want to draw your attention to the market. we are taking a look at the ma

amgen getting a boost from its cancer drug. is this stock a buy right now? meantime the markets hitting new highs. plus the top three hedge fund strategies on the street right now, but as we head out, the stocks really fuel the nasdaq back to 5,000 since march of 2000. apple up over 3,000%. ♪ [upbeat music] ♪ defiance is in our bones. defiance never grows old. citracal maximum. easily absorbed calcium plus d. now in a new look. at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping. ae snoo lumber liquidators falling after 6 0 minutes did a story saying they sold products with cancer-causing chemicals. more details on this. costco teaming with citi and visa visa. >>> novaris? blacks coast smith cline. gsk divesting its cancer drug portfolio to novartis and buying novartis's vaccine business. speaking of cancer drugs, amgen's cancer drug for multiple myoloma was snoen a study to help patients live twice as long as a competing medicine. analysts say this should increase sales of amgen's drug despite some safe

olivia: will it be amgen's new number one drug. guest: wait until the fat lady sings and the drug gets to the market. olivia: thanks for watching. watch his space. tom: interesting to see if it's a true blockbuster drug. in our next hour, john shaft of the royal bank of canada is out with a new book and will be one of our themes throughout bloomberg, surveillance, a force of good john taft in the 7:00 hour on radio and television. good morning. tom: good morning, everyone. we're watching oil near record lows. brendan greeley has the news. brendan: just there for a week, for a wedding. i was struck. everybody talked about the gruppings scandal. petrobas is no longer trusted for what should be a national champion and is one of the largest energy companies in the world. that is a disaster. tom, what it's really a disaster if is one of the most trusted institutions in the country and we don't have anything comparable in the u.s. and as petrabras goes, so does dilma. tom: in your expertise in brazil, what has changed since we were last

just getting rid of redundancy, replacing it with amgen, roche, more of a biotech name to spread outversification in the dow. liz: larry, i agree with you. that is interesting. we have big microsoft, cisco, intel names that, i wouldn't say they're redundant. but they're all technology. adam, what do you think? >> go with what the first guest said, you have to pick ge. even though a big market cap -- liz: you can't remove ge from the dow. >> right you can't lose at&t after 100 years. liz: there you are. >> ibm, despite they're trading $158 a share. because as the dow starts to shift to these new tech companies in this new economy started back in 1999, ibm is recreating itself. it become as software company. will not be able to compete with likes of google and apple. liz: i think travelers. i think travelers is vulnerable. it has $34 billion market cap and is 05 share price. that is my two cents. keeping your enemies close? amazon opening a store on alibaba's online marketplace, t-mall for chinese shoppers. everybody from the start said, amazon and alibaba are really big competitors he

. >> why would you say that for amgen or others. they presented real data over the weekend about cholesterol lowering drugs. multibillion dollar draws. >> talking about the valuations and yields. everybody is always excited about yields. these biotech's now that they trade in many cases, they are paying dividends up, i think that's huge. i don't know necessarily dan that i think it's overly froth by any stretch but these moves have been absolutely extending and extending and extending to the upside. i love it. i just wonder when we'll see pullbacks then i think there's more opportunities. but it slows down from here. >> let's talk oil. take a look at this video coming out of brazil. more than a million people took to the streets to protest corruption calling for the ouster of the president. brazil is not the only south american country with rising discontent. venezuela is conducting mlt exercises and the venezuelan president is blaming its goes on the united states. what's going on in these south american countries, could it impact

>> amgen is a herpes virus showing considerable good results against melanoma and other cancers.ristol-myers has a drug called, optivo, which is approved now for certain types of drug caps melanoma. merck has a drug, all of which allow the immune system to kill cancer cells. gerri: this is such great news for some families out there or potentially will be. if this works, there seems to be a lot of excitement and hope around it, how long would it take to become ubiquitously used? how fast could people get this in the hands of doctors? >> the two new drugs that are fda approved are already in the hands of doctors. all these have fast-track designations by the fda. and, personally with my own patients i'm seeing things that i never thought i would see. gerri: all right? >> as an oncologist with new drugs. gerri: positive not negatives. >> positive, dramatic positive. gerri: all right. goodness, i'm so shocked by this and so amazed. why didn't we think of this before? >> we actually did think of it. it just took decades to develop. gerri: we used radiation chemotherapy, right? now th

look at what's been going on, j&j over $100 a slayer, some of these biotech names, biogen, gilead, amgenyou get yield in many of the various parts of that market in health care, unh, some of those, but you also have companies who have plenty of growth in front of them. >> josh, looking at no follow through in the dow from yesterday but the nasdaq manages to hang op. what are your thoughts on this day after janet yellen. >> >> i think a lot of people saw the late day rip in the euro versus the dollar and took that to be signaling something. at the end of the day it was a counter trend move and i think a lot of the prevailing trends from this year so far are still in force. health care and it tech still look better than most of the market. utilities are showing the same strength they normally do when bonds act well and at the end of the day it's growth versus value and it's russell doing much better than the s&p and that has not changed at all. >> to be clear you're talking about right after the fed statement or the post 4:00 move in currencies where you saw two-second rip. >> same thing.

amgen, so many of the big names are acting really well. you have to go off the beaten path if you don't have an expertise in the individual drug research the smaller companies are doing. you can stay big. >> bristol meyers. >> thanks. >> give me disney. >> wi us going say when you get a downgrade like this, it's not based on anything. it's like somebody saying, eh. those are great opportunities to buy if the stock gets knocked down. i'm actually upset that disney is up. i would rather it be lower. if you do get downgrades like this as a general rule, i look for this as days to buy, not days when the stocks are up. so i would hold off today, but look for that to happen in the future from other analysts. >> i do want to say they're coming to your defense. >> i see that. >> on twigger. and mo >> most of them are ladies? and robots. >> my wife's home today. >> pete. >> if you look at my disclosures, you'll see how much i have exposure to and it continues. you look at abbott last week. we had activity in there. those options have now doubled by

biotech stocks within the s&p 500, individually speaking, if you watch shares of biogen, regeneron, amgen, you can see down around by a quarter to 1% they're trying to move higher now, relative outperformer has been gilead sciences which as you can see up by a third of a perce percent. for that context many stocks hit historic highs within the last three to six months. this is a large pull back, possibly a value creation event but still uptick over the medium to long term. traders want to dabble in this move lower back to you. >> it's funny. number of firms are out there today defending biotech like you haven't seen. piper, biotech valuation concerns they say misguided. s&p capital iq, bioteches have more room to run. i reached out to isi's dr. mark shownbone. one day move. call me in a month. are we making too much of what's taking place in biotech. >> biotech is by definition more volatile and expensive than the rest of the market and always go to be the case and showboun has been on tv, came on cnbc when janet yellen made the overvalue case. >> we had him on the show. >> the bigger con

amgen trades at 15 times foreign earnings. gilead is 9. they're not expensive in my opinion.tocks work. but if everyone wants to sell at one time, it's going to be painful. >> coming up, solar is making a big debut. we talked to the ceo in a cnbc exclusive, right after the break. ♪ ♪ (under loud music) this is the place. ♪ ♪ their beard salve is made from ♪ ♪ sustainable tea tree oil and kale... you, my friend, recognize when a trend has reached critical mass. yes, when others focus on one thing, you see what's coming next. you see opportunity. that's what a type e does. and so it begins. with e*trade's investing insights center, you can spot trends before they become trendy. e*trade. opportunity is everywhere. >>> shaking up the solar sector. solaredge technology is making its debut at the nasdaq. pricing its ipo at the high end, it's up 15%. let's bring in the ceo of solaredge, guy selli. great to have you with us. >> thank you very much. >> not have many people are familiar with the inverter or microinverter market, but basically your customers are the installers of solar

talk about the biotechs all the time, but big cap biotechs the move on a celgene and gill he adand amgenl participating. not just the hospital stocks. nice move to the upside. i think there's plenty of upside. >> the smaller and mid cap biotechs that people continue to believe could be in a bubble? >> they're probably right on those, though, scott. people talk about bubbles in biotech you have to just look at it and say you can't make it about everything in biotech. >> i say small -- >> smaller one specifically. at the same time, those are the most exciting ones, most volatile, you want to trade. we talked about zio pharma not that long ago. the move that has made in the last week and a half or so. look at the volumes in some names as they get close to getting drugs to the market or potentially in front of the fda. you can see some of the dramatic moves you can get as well. >> joe? >> a premium being paid for growth and growth is found in the health care industry and not surprisingly enough and i don't know if the news sticks or doesn't stick but there was always the expression that we h

the nasdaq biotech index up 240% since 2012 and the biggest names, gill he ad, up 40%, amgen up 40%,iogen up 47%, celgene up 75%. >> you can understand why the stiefel analyst on monday when we talked about this on the show why there was hesitation and pause and came down to a hold position on biogen. when you look at some of these names they have taken off. it's been an incredible run. you could have said the same thing three years ago, wow, this thing is in a bubble, last year, these things have been moving to the upside when you look at a lot of these names. the moves have been extremely sharp. a pause maybe a bit of a rotation, but to josh's point i don't necessarily think that biotechs are going to be the bubble that bursts the market. i think it's a rotational market right now and we're starting to see more and more of it come out of the bioteches into other areas. >> unless, you know, selling begets selling. steve, you play a lot in this space. >> yeah. i'm definitely involved in the space. look, i'm conflicted a about it personally because i think if you point out gilead, for

amgen, buy or hold? >> it's the same thing karen will told you. >> or sell.here. >> throw a buy in there. >> all right. >> 15 times forward earnings makes the stock cheap when you compare to it major biotext and major pharma stocks. it has a tremendous pipeline, a tremendous amount of drugs out there already. for whatever reason it has not traded well the last several months. i think 150 is the base. you buy the stock. >> for pete. if oil rebounds where do you see c-drill going? >> it's really sliding. >> ha ha ha. >> yes, i would see that. and i would look for somebody out there to start eyeing up some of the names. i think we're going to see an acceleration of buying some of the beaten up names if we start to see oil move up in a meaningful way. >> you still long calls? >> i am. and some stock. >> okay. >>> coming up on "mad money" tonight, cramer is kicking off his week long tenth anniversary celebration with three big executives exclusives. jim will talk to the ceos of starbucks, pepsico and enron. he was the first ceo to come on the show when the stock w

and amgen is going to have an investor call about this race so a lot of people will be tuned into that you. >>> jim cramer gets a bit of a surprise on "mad money" last night. we'll show you after the break and ask jim about it. check out the futures at this hour. down about 56 points so far today after a nice rebound yesterday. we'll see what the likelihood is of extending those gains or those losses throughout the session. fridays are ugly, but we'll see. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver? [ male announcer ] your love for trading never stops. so if you get a trade idea about, say organic food stocks schwab can help. with a trading specialist just a tap away. what's on your mind lisa? i'd like to talk about a trade idea. let's hear it. [ male announcer ] see how schwab can help light a way forward. so you can make your m

>> these are all clients, amgen, as extraas extra 7 is a astrazeneca, what we intend to do is more andore institutions use box to collaborate and share information, that creates a pretty substantive network effect where if you are collaborating with other partners in that i have industry, then more and more players adopt the platform, that has been true in healthcare an life sciences, it is true in media and entertainment where we work with legendary, we work with paramount, dream work, disney, many companies in that space, and the same is going to be a true in real, financial services and many other categories so our job at box is to be billed the best solution to help you securely share and collaborate and that extend to the other apps that you want to use that are going to leverage your data the other institutions that you want to share with that you are going to be sharing through box, with those companies and that all builds up we think a pretty significant moat. >> rose: how conscious of businesses today who are in the cloud about security? >> so in terms of the tech companies or

biogen and amgen have seen a lower death rates.ery much, at our breaking news desk. officials are expressing concern about the dollar. a wrote a policy knowledge inc. the soft dollar is the head went for growth. mgm resorts international rejecting proposed board nominees from an activist hedge fund manager. mgm rejecting all for director nominees, setting the stage for a proxy fight. and snoop dogg says he is developing hbo series while giving the keynote at sxsw. the former gangster rapper says that he is working on a show about 1980's los angeles. it is the talk of silicon valley. the gender discrimination lawsuit filed against a company. closing arguments are approaching. what are the broader implications of the case. to join me alix ruddy. alix, thank you for joining us. for those not familiar with the case, why is it so important? guest: it is important because ellen powell has taken the courage to stand up and talk about tiny cool opportunity in silicon valley. it is a problem going on for a long time and she has the courage

what was starting to emerge apple, microsoft amgen, southwest.need to get this question in. kraft foods, they'll be there hot -- velti. do you even like a kid, too? steve: i do. olivia: can 3g turn around kraft foods? ♪ tom: good morning, everyone. thanks to our control room for keeping it going this morning. quite in the market, but a lot of news. this is david driscoll a few days ago on kraft foods. this is before the merger where he has a cell. --a sell. this is a train wreck waiting to happen that mr. buffett and the brazilians bought this morning. if campbell foods next? ed: that is one that has been speculative about for some time. -- speculated about for some time. they may want to do it, but i don't know if candles will want to sell. tom: i want to go to a colleague of yours in christ, john edwards and his presidential campaign a few years ago. are we living in to america's and -- two america's now? steve: in cities like new york, you have a huge inflow of capital, foreign capital. tongue: it's a greater divide isn't it? -- tom: it's a gr

now this new drugs to control cholesterol from amgen and regeneron showing signs they can cut heart riskshalf. heart disease is the world's number one killer. look at the share price of those companies right now, all up very nicely, thank you. >>> here's what else we have for you. elon musk has got people talking again. sent out a tweet, big announcement coming later this week. looks like a new plan to extend battery life on his cars. do you buy the stock on elon musk turns to twitter to stimulate buzz and when gas prices keep on falling? we'll have an answer next hour. >>> weddings, whoa, getting much more expensive. according to the knot.com, the average is $31,000. that's nationwide. much higher in manhattan. off the charts here. we'll talk to the editor-in-chief of the knot 12:15 eastern today. we have some gee whiz tech for you later on, the device that claims to cut a baby's crying by 50%. [laughter] i have some experience in this. not sure i'm going to buy that but we are talk to the creator. >>> here's the story that's really creating the buzz, the big money celebrity real estate

. >> not just regeneron but amgen, both up on data presented on their competing cholesterol drugs over cholesterol or ldl cholesterol by 60%. but the really exciting finding was they cut the risk of heart attack, stroke, and other card vascular effects in half. the drugs are expected to be approved over the summer and they could each draw $5 billion in sales. next we're looking ats a tra zen ka. they found a drug lowered a risk when taken over the long term over aspirin but it raised the risk of bleeding. astrazeneca is trading up a bit today. and edwards, medtronic, and boston scientific are the ones to watch. jpmorgan declaring edwards the winner out of the conference with data out on its heart valve. boston scientific getting a boost from fda approval friday of it's device for atrial defibrillation. >> going back to the cholesterol lowering drugs this is a huge market for these companies. and already there are so many estimates out there in terms of how many billions of dollars it could be. any word on what the pricing could be? compared to current statins, they're pennies per day.

if you look at the biggest names, amgen, celegene and biogen.r names that you have highlighted a lot that are seeing the biggest losses today. novavax, newly genetics and leading the index lower. other names really we're just hearing about a lot of fear in the space. this three-day losing streak is the longest for the nasdaq biotech index since february 4th. i've been talking with a lot of investors, a lot of industry folks just about what's going on here. is this a bubble? are we seeing the end of it? are we seeing the end of the rapid rise? the nasdaq biotech index over the last five years is up 280%. this is really go go go. what a lot of people are saying is this is a lot of fear coming in. this is three days this week. then it's been bad. that's playing in here. a lot of other folks say it's about whether you think the valuations are too high. is this ending or coming to an end, and there are arguments there. people say say these are worthy based on the profits and revenues and promise of the people liens. other folks say this is crazy no m

merck is not amgen, merck is not celgene, located next to each other.- it should be st. merck. we always thought of merck as the gold standard. i think merck could be making a comeback. they obviously think, they're buying back tock. but it's been a total dog. >> it has been. >> yeah, moved up but -- >> everybody believes the best opportunity for use some of their cash is buying back stock. >> we don't want tuna with good taste. we want good-tasting tuna. give us the alzheimer's drug we thought we'd get. give us something from the schering-plough deal we thought we'd get. we need results. re we need results. >> opening bell after this. hey, girl. is it crazy that your soccer trophy is talking to you right now? it kinda is. it's as crazy as you not rolling over your old 401k. cue the horns... just harness the confidence it took you to win me and call td ameritrade's rollover consultants. they'll help with the hassle by guiding you through the whole process step by step. and they'll even call your old provider. it's easy. even she could do it. whatever, j

. >> and amgen and regeneron and humana. a lot of them -- >> thank you. >> edwards life science is leading the pack. >> breaking news on hbo right now. julia boorstin in los angeles with details. julia? >> thanks so much. i'm in austin at south by southwest but this news is all about hbo and cablevision. hbo and cablevision announcing that cablevisions optimum online internet service will be the first internet service to package together hbo now, the new over the top streaming service that hbo recently announced would be launching in april with apple. now, apple has the exclusive streaming rights to hbo now, but when it comes to the regular cable and satellite tv providers that are already distributing hbo, cablevision is the first to announce that it will be bundling that standalone service with its internet service. so you no longer have to pay for a whole tv package to cablevision if you want to watch hbo. you could pay for high speed broadband and add on hbo to that. we're waiting for details on the launch date for hbo n

we'd have to look at amgen, gilead, and for one that has had a great run this year but over the last >> i am not a biotech expert. i know -- >> you just play one on television. >> i just play one on tv. no, i think the biotech space is what i call a pocket of stupidity. it is not a full-blown massive speculative bubble that will take the entire nasdaq down when it pops. that's not the way i see it. i do look at it as a space where valuations are very very stretched. let's take biogen idec. i happen to own through a mutual fund i have had for 20 years this mutual fund that i have owned for 20 years. it's i think the largest shareholder in biogen idec stock and it's the largest stock in the entire portfolio. >> but you wouldn't buy it here. >> i watched biogen stocks for ten years. from 2011 until today it has gone up eight fold. an eight fold increase means on a day like today there are people buying biogen stock at $475. they have put a value on this alzheimer drug alone of $10 billion. let me just finish. they are saying that i'm going to pay today $10 billion for this alzheimer's o

gilead amgen, celgene, and biogen. biogen 4.5%. the smaller ones are really really harder hit. them all down almost double digits. the rest above 10%. clearly a lot of pain going on. it's been a tough week for biee tech biotech in general. it's been a losing streak for three weeks. it's causing a lot of jitters about whether the biotech run up 280% in the last five years could be ending. a lot of disagreements about that, but clearly a lot of fears today. back to you guys. >> all right, meg, thank you very much. let's talk more about this sell-off in biotech specifically right now. >> joining us now is les and barbara ryan. barbara, do you look at this space and sense opportunity or is it still looking pretty risky? >> i mean, i think you have to look at this selectively. i think meg pointed out the great performance of the sector and i think it's important to note that this is really being driven by fundamentals. number one, strong topline, bottom line growth. a lot of capital going into the space. by the same token, everything has gone up in the sector and i think investors a

but the names we talk about, the celgenes amgens gileads, they're real companies so say they are in a gets back to the point that art cashin was making where we just asked him where he was seeing some interest. today he said biotech. that's maybe a place to look. ironically look for leadership again in the second quarter. >> michael. >> biotech is way too rich for my blood. we're talking about p/e ratios in the 300s. guy says what do we want him to say. here it is. you're the short-term guy. you're the "fast money" guy. so where is the market headed? is it going to go higher next quarter or not? >> let's not talk about quarters. let's talk about the here and now. we have a weird event. >> quarters do matter. >> quarter for me. it's 15 minutes from now i don't know what i'm doing. so quarter nor me is outrageous. but this friday we're going to have news come out no markets open. that doesn't happen that often. only a handful times over the last 30 years, number one. in terms of where the market is going, i just look at certain things. as long as the russell, the iwm stays above 121, an

we're having great conversations with re onron, amgen. the right price to be the price they bring it to the market in. >> dr. miller this brings us back to a conversation we had with you several months ago. i think it's great you're looking at ways to make sure you're getting the best prices for your customers 37 but i still have concerned whether consumers will be able to get the drugs they need that are new to market that are just making sure they have the access to all of those. how do you reassure consumers? >> our goal is exactly what you're saying. i would love not to exclude a single drug. what you'd really like and let's take the inhibitors. you'd like to have both products available to patients as long as they're both fairly priced. our goal is really what you're stating. most choice at the lowest price. >> you mentioned fairly priced. i'm sure your idea of a fair price and the drug company's idea of a fair price aren't exactly one in the same. >> that's probably true. we're going to aggressively push. that's how the market balan

amgen will be holding a conference call to discuss its cardiovascular development program.morning after an unbelievable crash in florida. larry dixon's top fuel dragster that's it right there, it says he was on the right. we know which one we're talking about here. as it approaches 280 miles an hour it splits in half. that would be the one on the right. the rear holding the cockpit and the engine goes airborne. the driver walked away from the crash not hurt which is weird the way it happened. >> unbelievable. >> it's weird the way it happened sometimes with drag racing. >> glad to hear it. >>> also we should tell you dairy queen is celebrating its 75th year of business this year. today is the 75th day on the calendar year so the company is thanking customers at participating dairy queens by celebrating with free cone day today. i assume that means you get ice cream in the cone, too, but customers can get a free small have a my vanilla soft serve cone. they are requesting a donation to children's hospital. >> you didn't get a heads up on this? from buffett? >> no. free cones