. >> amgen's had a significant selloff.saw the selloff in eli lilly in september, but you don't run too far. if this was the only drug they had, there's a concern obviously that's not the situation. valuation is a concern, so, it's sell first, ask questions later, but amgen, if we can throw up chart real quick, that's had a significant drop, down to levels that's theoretically should be support into their earnings release in early august. so, to katie's point about bio tech, if you want to get granular, i think amgen is cool here. >>> coming up, joey will vin will join us for an interview. what he says is in store for the digital ad market. >>> plus, overruled. a major update in the microsoft/activision saga. what the decision means for that deal, when "fast money" returns. >>> get your trades to go with the "fast money" podcast catch us any time, anywhere. follow today on your favorite podcasting app we're back right after this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we

bill, you own amgen.a great way to diversify in the pharmaceutical space. look what abbvie has been able to do with earnings. products that surprise the upside in sales. i'm excited to see what amgen comes out with there's ftc overhang here. it's been bottoming out very well over the last two, three months, if they come out with good results, i think there will be a chase in a name like this >> jimmy, on tuesday after the bell, cvs is wednesday >> and both have been recovering, vertex hasn't had to recover much from a dip. cvs has. it has good momentum to it, good products it's not a very expensive stock. it's more expensive than i'm used to. i do think you can own it here cvs is the more interesting one here there's a lot of reasons for it. there was this medicare advantage downgrade that's likely to get reversed by the end of the year. they took out some debt and lowered their earnings estimates for this year because of that. frankly, i think they're sandbagging. when they lowered estimates, they sandba

, a new position for you. >> we added amgen. we're looking at this as a nice accumulation since the sell-off in may i want more exposure in the health care space. i want to diversify more i really think that the second half of the year we will not see another 40% from tech. be ready for that the second half of the year >> appreciate you joining us to go through that, bill baruch we'll see you back here on the set. we'll take a break in a moment before we do that, josh, i want you to give me something on toast which you doubled your position on the other day. it got absolutely destroyed yesterday, and that sell-off has continued today by another 2%. it was a double digit percentage loser yesterday. what's going on? >> this is one of those things where my timing could not have been worse literally to the minute, but, unfortunately, stick around long enough, this is going to happen my average cost is higher than where it is right now. i'm not thrilled i did buy more yesterday into the sell-off they have a $99 -- a 99 cent charge on

. >> i'm looking for amgen and horizon merger which i understand is moving along pretty well. different the sublet mergers in the letter i'm reading them i'm sure you have a copy of that what he could know but horizon is an irish company is kind of a special case they had inverted in 2014 by acquiring the irish company they left the u.s. for tax benefits. now as i understand it is looking to acquire this company they are involved in totally different drugs. what this would do is bring a company back to the united states which i is a goal we all share is bringing industry here at home. i would also ask especially since it seems to have been stopped right after senator warren said this letter if i could sit down with it some point and talk about this as well, kuwait commit to doing that? to be happy with the follow-up conversation progress i appreciate your work and thank you very much. we'll back. >> are judgment yields back we are going to take a racist. we have devoted students both are completed we will be back, thank you. you're going to get a longer recess now. [background

third worse is amgen boy, i'm calling that dead money. just a point donor to tech trades at roughly 12 times earnings remember when amgen was a growth stock? it's a sign people no longer believe it's a growth stock. it's become one more drug stock pinata that is really nothing special. frankly, nothing pharma trades well because wall street is worried about the government cracking down on drug prices this time i think it might be actual next, if you think j&j has legal problems, 3m puts them to shame with its forever chemical lawsuits that can't be put to rest, even after a big settlement with the affected communities. now there are thousands more veterans up by the way who say they have hearing problems because 3m allegedly defective earplugs these issues aren't going away tech doesn't have these kinds of problems finally, walgreens i think they're being crushed by amazon and by theft in the front of the store while the pharmacy side of the business has been targeted by multiple entities that wanted to get drug prices down, including the

the merger that you mentioned, amgen that the ftc is finishing. but we laid out in the complaint is concern over the cross market bundling that our staff in the complaint notes, we have concerns. in instances where you have worked drugs for drugs -- where you have newer drugs are drugs that have not come to market -- that has a different set of facts in instances in which we see acquisitions of existing blockbuster drugs so those are a distinction that we keep in mind. we have also heard from other capital allocators about the ways in which having a smaller number of exit paths or a handful of companies that are providing that commercialization, that there is a worry that that in and of itself is dampening the valuation or impeding their ability to actually negotiate on the deal term. even if you will have those acquisitions for that commercialization path, more competition and more jostling among the potential buyers, we think, is going to be better for the innovators themselves as well as for the trajectory of innovation. peter: can i comment on

those executives were from companies like boeing, cargill and bank of america and s&p and amgen's presidentaid he and his members were encouraged by the fact that she was pressing the u.s. case against a lot of the chinese business practices that have been really plaguing this relationship for quite some time michael hart had said this not only included the longstanding issues, but the export curbs this is what janet yellen said >> i'm communicating the concerns that i've heard from the u.s. business community, including china's use of non-market tools like expanded subsidies for the state-owned enterprises and domestic firms as well as barriers to market access for foreign firms i've been particularly troubled by punitive actions that have been taken against u.s. firms in recent months. i'm also concerned about new export controls recently announced by china on two critical minerals used in technologies like semiconductors >> reporter: frank, what is act actually a really interesting development during her trip is how the chinese are portraying this trip. they reported when her plane lande

so this loss, coupled with a loss about a month ago, horizon, amgen, many people have questions.you're right, kelly, this conceivably will send a more positive message to those considering doing a transaction. that said, if you still have a very aggressive doj and ftc, with the possibility of being brought to court, despite the fact that they may not have a good chance to win, it's something to consider. there is no doubt that the ftc's loss in court today is a significant blow to that agency's approach to mergers and its hope to put, i think, many deals that it sees as anti-competitive aside >> david, thank you very much. activision shares still $3 below price. you can argue that they didn't have a strong case, even the uk blocking it was on this hypothetical story about cloud gaming in the future how much does this start this arms race? microsoft is one of the biggest tech companies on the planet and acquires activision, what does that mean for the gaming landscape? >> activision, let's assume everything goes forward by next week you have take two interactive. they bought sega

amgen, boeing, salesforce, caterpillar had been leading the dow higher they're still in the green the index itself rolling over a bit. technology getting a big lift today from meta on the back of the blowout earnings interest rates are moving modestly higher. maybe that's part of the reason why you've had this late-day fade the 10-year moving up. gdp slowing and the fed chair left the door open for another rate hike at some point in the cycle. takes us to this talk of the tape, the march to the new highs. let's ask dan greenhouse welcome back. >> good to see you. >> are we on the march to new highs? >> i went back and took a look the last time the dow went up 14 days in a row the market went up for the next 120 years i think we're really setting up for a breakout to the up side. >> 1897 is when you're calling that out this fade, what are you seeing what do we have to keep an eye of on >> i think people have a misconception on what rates mean pre2000. forecast equities in particular because rates were more linked to the inflation landscape what you've seen post 2000, i think increasing

horizon/amgen and this being the largest ones we think about. pfizer, cgen may get a second request, even though they filed. this will definitely be a blow for them there's no way around it for the ftc, does it mean it will embolden companies that have been thinking about doing deals and halted in part because of concern? maybe, maybe not because the fact is time is also the key thing you look at. not weather you altima thely win in corporate, whether you're willing to go as as long as it takes. >> david, keep us updated. david faber. >>> boeing out with june orders and deliveries for that we'll turn to phil lebeau >> take a look at shares of boeing cutting the losses we saw earlier in the session as the company reported big numbers for the month of june. orders coming in 288 planes were ordered. that is the best monthly order total for boeing since 2014. year-to-date orders at 567 planes it's deliveries that people are focused on that's what's going to drive the earnings at the end of the day the company delivered 60 planes in the month of june

not a lot of baseball being playing in flushing these days but we mentioned bio tech earlier, amgen wants to turn >> just get off the where it's . >> "mad money" starts 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 make friends. i'm just trying to make you some money. my job isn't just to entertain but to put it in context, so call me at 1-800-743-cnbc. or tweet me @jimcramer. we take calls on the show. nobody else takes calls. i like it. when the dow gained 17 points, nasdaq advanced 0.55% all good for the bulls but there are times when taking calls can be frustrating. like when you ask me about heavily shorted stocks and i really have nothing to say that can advance the ball now, i was with someone when i was on vacation with the kids in iceland and his name is scott. he said some terrific things to me he said i saved his company. he said i kept people at wor

amgen. it's been a lagered all year long and do you see a rebound in the second half?uld be the rebound in the second half. >> i don't see the catalyst for it at this point frank and when you look at the health care sector you either play offense with parts of health care or you play defense with for example big pharma. and if i think about playing fence, mine i think steve made a great point. is that a lot of biotech is event driven. but also a better way for investors to think about playing biotech might be actually in private markets because you don't take this you know, significant risk of significant volatility in stocks that are publicly traded. i don't quite see the catalyst there. on the defensive side. the big pharma names. if you actually look at the earnings estimates for q2. they're down for health care. you knowing about 26% after merck. you know, some merck adjustments. so look, longer term, i am definitely a big bull on health care because there's so much r&d capital that's going into the space. that's going to produce significant drug discoveries. but t

course, in many of these, becomes antitrust you don't expect to see it, but you never know when the amgene ftc was going to have any issues whatsoever in fact, they have they're scheduled to go to court, perhaps in september. we'll see whether there's a settlement that takes place prior to that. and lina khan, who joined us last week here, was also at the economic club of new york earlier this week answering questions, i think, from peter orzak. but she spoke specifically, and sort of in an interesting way, about this very subject of big pharma buying smaller competitors. take a listen. >> we have also heard from some capital allocators about the ways in which having a smaller number of exit paths or just a handful of companies that are going to provide that commercialization, that there's a worry that that, in and of itself, is also dampening the valuation or kind of impeding their ability to actually negotiate on the deal terms, and so even if, at the end of the day, you're going to have to have some of those acquisitions for that commercialization path, more competition and more jostli

you may lose in amgen horizon. what if the ftc keeps losing in court? in terms of your approach? >> i've been grateful we've been able to achieve a set of successes including in the courts. shortly after i joined we refile the lawsuit against facebook and last year we survived a motion to dismiss on that including a set of holdings as part of that opinion. they really mark a programmatic step forward. at the end of the day, we bring lawsuits when we determine there is a law violation. we are going to fight hard and put together the best cases we can to explain to the courts why there is a law violation but, ultimately we follow the mandate that congress has given us and seek to faithfully discharge our statutory obligations. >> we certainly appreciate your taking time with us and we will be following the progress of these guidelines closely. thank you. >> thank you for having me. >> thoughts, questions? >> what do you think? your thoughts. you've covered this pretty in- depth. i know this is a regular occurrence but it does appear that and she's going t

they're not going to court amgen-horizon is going to court. >> that's a harder one there are going toe repercussions to the consumer. nina kahn deeply believes that rich people should not benefit >> have you read anything of her law? >> i have. >> her so-called body of work. >> i don't agree with that assessment >> i think the pfizer sale will result in meaningless battle by her and it will be defeated. >> it will raise prices. in the same that kanter blocked airline. remember there were airline companies directly duking it out with each other, florida to new york he looked at that and said no. he took stephen king's pulse when he said the writers would do poorly in the penguin deal. he's got rationale you know what he has horse sense. >> as it pertains to the banks, actually ib revenue up seven bofa. >> it's easy to talk about how, you know, they're only one of four companies, apple, microsoft, that have made $15 billion a year in four quarters. but i look at it i just say once again it's a juggernaut it's doing quite well. it happens to come after jpmorgan so people will say it's no

the leadership since the rally started are banks like goldman, united, amgen, caterpillar and the laggardscisco, microsoft, apple and bogey. that's been very heartening to see. the best case right now guys, the s&p consolidates sideways. maybe the momentum indicators come down the bulls could argue the next phase of the rally with the s&p up 18% on the nasdaq rebalancing, guys, i wouldn't worry about the close too much a lot of people don't understand this thing and you have to sell apple and microsoft dramatically and nvidia at the close because, of course, their weather is reduced in the -- weighting is reduced in the nasdaq 100. it's unlikely you will see big price moves. the indexers are efficient at getting interest on the other side and, sara, there is no rule that says they must sell te close. they must mimic the index and there's ways for them to deal with that even before today. just remember how this game works at the close back to you. >> okay. good explanation thank you bob. bob pisani let's keep the conversation going. in the words of our next guest, better than expected does

purchase of a virtual reality gamemaker earlier this year meantime, regulators are still fighting amgen'sit merger and cases against amazon are expected in the near future. amid this string of high profile losses, chair khan is set to answer questions for the first time before the house judiciary committee about her crusade against big tech joining us now is ohio congressman jim jordan, chairman of the house judiciary committee. congressman, i'm interested in the questions that you're going to be pursuing, a line of questioning, and it is not really just about big tech we have had people come on and just say that it is just tough to even contemplate any merger in what is going to happen with lina khan at the ftc right now, that business men and women aren't even contemplating doing anything right now what is the goal of this ftc >> well, who knows, but we do know this, surveys of the staff, when in the final year of the trump administration is like 87% of the staff over there thought their leadership was doing things the right way, doing things in a proper way and now it is down in the 40