we only got amgen is one of the biggest ones and one of the only ones.verybody is really positive on their ability to absorb some of the debt they are putting out, so everyone is looking forward to snapping up a bond like this. matt: what is special mandatory redemption language? they have taken that out. josyana: is basically language some of these companies put in when they put out a bond before they close an acquisition. it's to make sure if they put out this bond, unfortunately, an acquisition doesn't close, there is an ability to redeem these and people get their money back. pfizer wanted to switch their language a little bit just to make sure investors are really solid on it and were sure they would be getting their money back if anything happened. jon: providing a little flexibility for some of those potential bondholders but just reading what you have been putting out today, it echoes what you have been saying -- it seems like the appetite is strong enough. just plenty of players happy to get into the mix with this offering. josyana: 85 billion d

but if you're amgen and you found something that might be great for lupus and you have a real army oflp, wow. if you have lupus right now, you're thinking who the heck is lina kahn to make it so i might not have a drug that could change my life that's who you're going to be up against if you push this stuff this isn't jonathan kantor saying stephen king says we need five publishers. this is something about every mother in this country with a kid that has lupus saying, is this really the way we're going, not having a great company get together with a small company to try to cure what my son or daughter has i think this is outrageous this is the overreach that i hope somebody like amgen takes them to court and says this has to end this is a tyranny of price versus hope. people who have lupus should be up in arms about this. >> meantime, jim, we mentioned some of the upgrades in travel doing pretty well today. expedia up by gordon haskett artemis takes royal caribbean to buy at 88. these consumption numbers goldman says are even better, and retail sales -- >> caribbean is a great bargain

they're down about 15% amgen down 1 1/2%. and you can just add this to the growing list of mergers that are kiboshed, either in or could be in the same position facing government opposition. microsoft-activision the biggest. but also spirit and jetblue. t-mobile and rhine reynolds' mint mobile among others shares of cgen down on worries its takeover by pfizer could catch the attention of regulators and pfizer could use the boost, its stock is down 27% this year the worst of any stock over $100 billion in market cap. obviously there's a huge business impact and we'll get do that but let's also start with the human toll horizon is working on treatments for rare diseases. would those treatments get developed more quickly and easily if amgen took over or not? let's ask michael yee, managing director with jefferies. what's the implication for the drug pipelines >> good to see you i think there's two important implications first is that the acquisition of horizon poised to benefit this drug because of the infrastructure amgen emplo

we've got amgen down 2.5%.the entire biotech space you see this often happen the f tc campaign cracks down on big pharma mergers like pfizer's acquisition for 43 billion falling on the news it's down 5.25% pfizer lower by one-third of a percent. by the way on friday, pfizer and cjen submitted paperwork to the ftc for its emergencier which be the biggest in bio pharma since 2019 if it were to go through the ftc has 15 days to object before the two companies go ahead with the transaction. good luck. the april retail report showing food and drink sales actually climbed to 9.4% year-over-year as americans appetite for dining out continues to be wetted because sometimes, dining out is less expensive than shopping in the grocery store but do they have the stomach for forking over extra dough for the tips? especially when there was no service. this has become a thing, madison madison alworth is at bryant park with more on tipping fatigue. reporter: hey, liz. it's definitely become a thing. i talk with my friends about

is amgen a bad actor, maybe.em like there's anything to worry about here so, it's a little bit of an anomaly. does it crush m&a hopes, maybe, but i hope it gets worked out. >> let's say it gets blocked would that just mean the end of m&a across the board the whole point is to acquire new drugs and pipelines and to have some sort of efficiencies, consolidation, right >> well, the certain thing is on one hand, the government is saying, we're going to, you know, we're going to mettle around with the pricing dynamic, we're going to make sure that prices come down and that impacts the financial statements of all the large cap companies then the other hand, they're saying, well, you can't go acquire assets, which are going to supplement or compliment the existing business. it seems unfair to poke them both ways, but we'll have to see. it would certainly be detrimental, i think, for this entire small and mid cap bio tech complex, if it were to be voted down but at the same time, it would be unprecedented, i think. >> i

amgen intends to challenge the objections in court.plete the nearly $28 billion deal by the end of the year guy? >> i thought this one was a foregone conclusion. this clearly came out of nowhere. stock market's telling you that, as well. amgen said they are going to mount a -- what's the word, vigorous defense, i'm probably paraphrasing and i think they will wind up getting it done. i'm not sure what the objection are. amgen is just too cheap here trading at levels we found support a number of times, so, on valuation, yes, and horizon, i think, just got whacked too much, as well. i think horizon is worth more. this deal is going to get done one way, shape, or form. >> today's news sending horizon's options into overdrive. mike khouw has the details on one huge bet against the pharma name mike >> yeah, well saw over three times the average daily options volume in this, and the most active options were the january 2024 85 strike puts. a block of 10,000 of those trade for $10.75, two more blocks of 5,000 apiece traded for similar price wi

one is for gout and one for thyroid eye disease because it might allow amgen to get better redates?ger the ftc's challenge to cause amgen to walk away i wouldn't be surprised if the ftc goes after pfizer's attempt to buy c-gen which has an excellent anti-cancer franchise. pfizer would give them that heft which is obviously bad for the rivals, but good for those who have incurable cancer. at the same time the ftc is suing to block the acquisition of black knight even though ice decided to sell the most problematic part this is the latest in a long list of mergers that the ftc has tried to stop. against the microsoft activision blizzard deal and tried to block meta from tying within on the latter deal a federal judge shot them down summarily even as they tried to argue meta could make a similar product themselves i don't even know what to say about that it's like the ftc treats all mergers guilty until proven innocent there was an incendiary piece where it was argued that almost all mergers are anti-competitive and benefit only the wealthy in the end i don't think khan cares too much

and speaking of people close to a amgen, they are certain that they have a winning case and that theyill, if it comes to it, defeat the ftc in court. those who are less, perhaps, biased and reading the complaint, at least that i have had an opportunity to speak to, think it's a weak complaint. it talks about bundling in particular and the power of bundling that amgen would have with pbms, but in this case, these drugs are not bundled. they're sold directly to hospitals, doctors, because they're orphan drugs, and amgen seems focused on well that showing when it has bundled, it's done bioslimilars to get lower cost drugs into the market or it's bundled not to exclude others, though, from doing so. again, they feel they have a very strong case, and in fact, there is a belief that you could actually see some period of litigators kind of prepare for six weeks or so and some sort of sentiment around bundling that would not be a major hit to the transaction, allowing it to close. will that happen i don't know but there does seem to be a belief, perhaps, that this thing won't even make it to

challenge the legal tenant to this and so you have some volatility around that, right, if amgen ends up winning, if they sue and they win, that has a lot to say about how things will be consolidated there's some real nuances to this particular acquisition. so it's hard to get a read through, other than to say, wow, you know, the ftc is a being a little bit more aggressive here. hard to say that that will be a readthrough. because the bifurcation of the biotech market -- horizon is not -- horizon is a really big company, relative to many biotechs and while it's been an innovator, it's not an early science innovator. so i think the readthrough on this is actually, big pharma might actually look to smaller acquisitions and smaller biotech as a potential readthrough here, if, in fact, there's a problem again, as always is the case with biotech and with health care, like, one size doesn't fit all. it's hard to get a singular event like this as a total readthrough on the entire landscape or in the entire ecosystem. >> that's interesting. i was going to ask if you as a banker expect now a c

i think the ftc's gone off its rocker we need good solid companies like amgen to buy the horizons ofis about health care not profits for heaven's sake. so what do we do with viking therapeutics here? well, as much as i like the fundamentals we're definitely late to the party. stock's up nearly 500% since mid december i wish i'd recommended it when jamie in michigan asked a few weeks ago as it's up over 16% since then but you know what? you could have said that about any point in the last six months then again, even after this move viking isn't that big, with a $2.3 billion market capitalization which includes $400 million in cash -- to put that in perspective madrigal pharma is valued at more than 5 billion. i think this one's better. while madrigal's drug is closer to the market viking's drug looks more effective and they've got more going on in the rest of the pipeline plus even though ftc wants to ban amgen's horizon therapeutics take over that's a big $28 billion deal i don't think that has that much impact on smaller biotech deals. they're still natural takeover targets for big

. >>> shares of horizon sinking ahead of the open after reports the ftc is challenging the amgen deal to buy horizon. the ftc says they plan to tie up innovation and slow the pace of drug development the suit is expected to be made public today. >>> and elon musk is firing back at the u.s. virgin islands over a subpoena tied to the lawsuit over jpmorgan chase and convicted sex offender jeffery eps epstein. it has reason to believe epstein may have referred or attempted to refer musk to jpmorgan chase as a client and seeks to documents related to the accusations. now no comment from musk's legal team, but musk is tweeting calling this subpoena i diotic o so many levels to think i would listen to advice from a dumb crook is absurd >> big interview coming up today with elon musk and david faber silvana, thank you >>> turning back to the markets. investors seeking portfolio protection as the risk of u.s. debt ceiling default ticks higher and drama in the economy. that includes a shift toward shorter maturity trieeasury bils according to strategists at jpmorgan chase made up 74% of t-bill

amgen down 1%. big deal with biotech that could be facing some severe hurdles.nd it back to you >> dom, thank you. >>> our top story for the morning, dual hearings on capitol hill the first one, sam altman testifying on the dangers of ai before the senate judiciary committee. the second one, the senate banking committee, xwgrilling te ceos of the banks that col collapsed. joining me now are my guests welcome to everybody leslie, what are the headlines so far >> so we're supposed to be five events in 72 hours really drilling down into the cause of these bank collapses. one got post poped, but the headline here is really trying to figure out who to blame if you take a step back and look at the conversation that ensued for the last 2 1/2 hours or so, that's how long the hearings last, basically the executives were like, no one could have seen this coming if we had to do it over again, given all the information we had at the time, we wouldn't have changed a thing. then you have the lawmakers on the other side of the table who said, where were your interest rate hedg

. >>> take a look at amgen and horizon therapeutics the ftc blocking amgen's acquisition. this is the latest deal to come under scrutiny from the biden administration this one was a big surprise, as david mentioned earlier, because they weren't seen to compete, these two companies, on any of the drugs. we'll wait to see what the government's argument is it's having an impact. horizon down 15% some other biotechs are down. >>> let's go post to post with bob pisani a couple hours into trading. >> home depot misses on revenue and guides a little lower. this general theme they want to put out that the consumer is a little weaker, particularly on the big ticket items, this is largely priced into the market this is not new news that the consumer's a little weaker here. you can see it in the trading action here's home depot. 7 million shares, that's pretty heavy volume it normally trades 4, but it's earnings day so not surprising home depot is only down 1% on a bad guide for the year, because it's already been down 10% for the year this has been pretty well telegraphed what's goi

all of that, frank, really unnerving the folks in the foreign business community the amgen chief saidrn people have is lack of transparency around the developments >> eunice yoon, thank you for that report. >>> turning to the news alert here in the u.s. the white house revealing president biden is looking to create rules around airlines rules requiring the carriers to compensate passengers for significant delays or cancellations. this comes on the back of the holidays where the delays and cancellations created chaos. airline stocks down this morning. southwest is down 1% that was at the center of the holiday issues american airlines up 2%. >>> still ahead on "worldwide exchange," in inside the issues with the bkianng sector. more on "wex" when we come back in a moment. >>> woelcome back to "worldwide exchange." a major sector comeback on friday with the kbe and kre both snapping four-session losing streaks. leading the charge on friday, pacwest and zion up between 17% and 82% one regional bank finishing the week uniscunscathed. synovus. a solid balance sheet has helped them out the ce

that is the sort of amgen of government where a lot of ministers and special advisers and staff willurse of the day for government business. people are starting to leave that building now. it's quite clear that the police have the situation completely under control, it also looks to me like they are starting to take some more off the cordon. there will be big questions about what happened here this afternoon about why that car crashed into the front gate of downing street about whether it was an accident or whether there was some motivation behind doing it on purpose. all we know at the moment, we have no information at all on that. i'll now at the moment, as we have been saying for the 20 minutes orso have been saying for the 20 minutes or so is the at 20 past four, a car collided, armed officers arrested a man at the scene on suspicion of criminal damages stay with me, because i want to put on the of the arrests. there it is, right in the centre, a man being led and put into one of the vans that you see that right at, so as nick was saying, and the police have told us that is on ta

amgen's deal to buy horizon therapeutics will be challenged by u.s. regulators.ederal trade commission is expected to file a lawsuit to block the $27.8 billion biotech deal on fears it could hamper innovation and slow the pace of drug development. manus: adrian, they do very much. he is much famed, the movie was great, michael burry at s cion, he gorged on jd.com at the back end of 2022 but he piled in high again in the first quarter. he was a believer in the reopening trade. alibaba and jd.com, have a look, they are now 20% of his assets under management at the fund. dani: now i can't stop thinking about christian bale, so thank you for that. jd.com on its own, 11% of his fund. the reopening trade has not been the most successful, shall we say. the other things you flagged was banking stocks. we are no when he put on those bets, but regional banking stocks have fallen. pac west is down 80%, western alliance down nearly 50%, let's hope he offloaded before those losses happened. manus: these are the positions in jd.com and alibaba, but to your point, at the end of

didn't really get it er like american express well, i think it's easy to say it's a clear mess on amgen and one for the bears. i want to think you focused on the dow, a better preprepresente of the health care industry. and boeing, you want to buy it when it has more production. it has more orders right now than it had handle i wish we could go below 200 to get a better story and caterpillar, fail fod rise its forecast it gave the bears free reign to make up stories about order cancellation, and that is what happens at this point in the business cycle they are forgetting all the federal infrastructure i came back from washington after having lunch with mitch l landrew. and next, chevron, they have a misfortune of reporting the same guy as exxon no one cared exxon was tremendous what's not to like coca-cola, they just crushed it, as always. they came out with 12% organic growth when wall street was only looking for 10 yeah, a lot of that is incollation. that is not coca-cola's problem. they had tremendous pricing power and solid share takes. a win 's a win dow did okay i know the estimat

on potential antitrust concerns amgen shares are fractionally higher on that news.s happening with capital one financial those shares are higher by 6 to 7% roughly 20 to 23,000 shares of volume it's getting a new investor and that's berk share hathaway warren buffett's firm built a new stake worth rough ly $9 billion. it's unclear if it's buffet himself that was behind the investment, becky, but as you know, anytime berkshire gets involved with anything with a new position, it tends to move markets. i'll send things back over to you. >> that it does. let's bring in liz young, head of investment strategy at sew f sofy and you say there are a lot of warning signs that make it pretty tough to feel good about the bull case. what are those signs what are you seeing? >> they're very classic sort of late-cycle warning signs things like yield curve inversions across different terms of the curve things like retail slowing down, continuing jobless claims ticking up and continuing to move up, month over month. and when you look at even just things that are happening more recen

bloomberg has learned that amgen's deal to buy horizon therapeutics is to be challenged by u.s.egular -- federal regulators. the federal trade commission is expected to file a lawsuit later today to block the $27.8 billion biotech deal on fears it could hamper innovation slow the pace of drug development. the u.s. is preparing to buy up to 3 million barrels of crude oil to refill strategic petroleum reserves. the country's emergency stockpile is at the lowest level since 1983 after the release of more than 200 million barrels to curb high energy prices last year. deliveries into the government reserves are planned for august with awards to be announced in june. global news powered by more than 2700 journalists and analysts in over 120 countries. i'm sarah halls, and this is bloomberg. francine: sarah halls in dubai. coming up, the latest chinese data shows the post-pandemic recovery is actually losing momentum. we dive deeper into that next and this is bloomberg. ♪ francine: welcome back to the open. we are 22 minutes into the european trading day. tom was telling me if you look

. >> what do you think about amgen?want and i think the company needs a shake-up there are so many other pharmaceutical companies i like more cole, i think it's fans it tick but i have to send you to eli lilly. erica in pennsylvania please erica. >> caller: hi, jim how are you? >> i am good how about you, erica >> caller: i'm doing great i got a good question for you. >> okay. >> caller: all right so ai is a super hot topic in tech, right? >> yes, it is. >> caller: but i think quantum computing is waiting patiently on deck for its time so i'm looking at ionq and i'm wondering what you think >> it's intriguing but losing money and i remember jensen saying quantum computing is where it will be but it's not there yet and they're losing too much for me to get behind but i like your sentiment there will come a time but not yet. mike in florida. mike >> caller: boo-yah, skee-daddy >> what's happening, mike. >> caller: sorry about your sixers there >> that was very tough whoa it was almost too tough there. how can i help what'

home depot, chevron and amgen leading. let's go to "the half" at post 9. >>> and welcome to "the halftime report." i'm scott wapner front and center this hour, the tech tail wind for stocks. how long it might last and what happens if it doesn't. we'll ask the investment committee, debate the road ahead for your money joining me for the hour stephanie link, josh brown, jim lebenthal. take a look at the markets here. well, we're a bit muted today. i think eyes are still on the debt ceiling negotiations. we are focused, though, on tech as we have been almost every day for good reason. the nasdaq is coming off its highest close since august of 2022 the nasdaq 100 the highest since april of last year, another new high for microsoft today we'll get to all of that however, we have a trade alert from josh brown that we want to get to first you've doubled your position in -- >> toast my history recently bought it right before an earnings call and, of course, it went immediately down had a new earnings report two weeks ago which i t

home depot, chevron and amgen leading.lf" at post 9. >>> and welcome to "the halftime report." i'm scott wapner front and center this hour, the tech tail wind for stocks. how long it might last and what happens if it doesn't. we'll ask the investment committee, debate the road ahead for your money joining me for the hour stephanie link, josh brown, jim lebenthal. take a look at the markets here. well, we're a bit muted today. i think eyes are still on the debt ceiling negotiations. we are

i've only got four winners, intel, amgen, microsoft and walmart. winners.l cards for he could pay for college to being a mega-successful sports memorabilia auction near. now he's got his own netflix show, the king of collectibles. ken golden is here in the studio, he's coming up next with a jersey that that a e may sell for $5 million or more. walk on in. come on, man, good to see you. ♪ ♪ and if your girl ain't right, i got a remedy ♪ every day, more dog people, and more vets are deciding it's time for a fresh approach to pet food. they're quitting the kibble. and kicking the cans. and feeding their dogs dog food that's actually... well, food. developed with vets. made from real meat and veggies. portioned for your dog. and delivered right to your door. it's smarter, healthier pet food. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network,

to focus on can frazier who ran merck can who ran amc's charles phillips ran oracle kevin shear ran amgen myself ken and i are the two co-chairs and we're working with all the big companies in the country to re credential their jobs, supply and demand can i fix the demand side so that when it's not required to start, take it off and then build a whole culture around skills for your degreed people as well reward them for their skills. and then the other side is now can i get people who don't yet have a degree enough skill to get started in a job so they can begin their journey in? and i just think it's like the root of democracy in this country. ireland to me is one of the most if people do not a better future, they'd prefer an alternate system. and this is why i'm so committed to this work now. sounds great. all right, i've got some questions. yeah. thanks for letting me. i do that my for the work. well, you're going to all hire people. always remember and you have it in the third section. it is a book called the power of us. like if you think you can't change the system, you'll see lots

example, nobody thinks they have a shot of winning that complaint they brought last week ans against amgen maybe them. >> i don't think they're happy with you talking to musk these are things not supposed to -- they don't like anything, two entities seem to get along. >> they're going to bring an action against me for talking to elon musk. >> why not. >> antitrust. >> collusion you people, you talk to him. that's how -- people joke about the ftc these days they really do. >> i know. >> they just joke about it. >> the spread in the pfizer deal, the spread enormous for no apparent reason. >> such a good deal. they will never have the money to develop the anti-cancer drugs. i lost my mom to a cancer that seagen has a formulation for she would have lived if sea gen would have merged with pfizer. >> ten seconds to tell us on media. >> skyworks solutions. >> we'll see you tonight but i'll see you tomorrow in california we'll be face to face again. quick break here. >> we'll collude we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell

i amgen fer casarian and i work here at san francisco international airport.r therapy dogs got started the day after 9/11. an employee brought his therapy dog to work after 9/11 and he was able to see how his dog was able to relieve passenger's jitter. when we first launched the program back in 2013, our main goal was to destress our passengers however what we quickly found is that our animals were helping us find a way to connect with our pang. passengers. we find there are a lot of people traveling through the airport who are missing their pets and who are on their road a lot and can't have pets and we have come in contact with a lot of people recently who have lost pet. >> i love the wag brigade. >> one of my favorite parts is walking into the terminals and seeing everybody look up from their device, today everybody is interacting on their cell phone or laptop and we can walk into the terminal with a dog or a pig and people start to interact with each other again and it's on a different level. more of an emotional level. >> i just got off an 11.5 hour fligh