amgen, pretty adamant amgen is a terrific drug. lilly, there are other drugs that amgen has that will make it so that you might want to be in it, but i would be very, very concerned if you were banking on amgen to make stand here. they are adamant the stock is wrong. i have often found when you're talking like that the stock is right. >> how about tonight? >> i've got hp and we have to find out best buy is down big and this is the -- look, they have the ai pc. what we're struggling with other than marc benioff, the ai pc a failure? >> already? >> yeah. well you get -- you know you get -- >> i thought they were just coming out. >> you have to ask -- you want -- >> who has one? >> remember the day microsoft added the button and said that was an important day? >> you are getting some early returns. cory barry says it's not. >> we're circling around marc benioff's comments about whether it works well. and i have to tell you that while i think this iteration doesn't. >> you talked a lot about the ai pc. you were all excited about it. >>

i think amgen is surprised that someone found tand under covered it.w if they knew it was there. it's all in the public domain. and so anyone you don't need a log-in. this is the phase one nature arm. you can look at it, unclick it, and it all pops up. so it was a fluke that we found it. definitely important data. obviously, it's getting a lot of attention. of. >> how does this impact your forecast for maritide? >> yeah, look, the thing is, we don't know how big of a risk this is. this was from a phase one data set. very small patient numbers. and they do have phase two data coming by the end of the year. it's in a lot more patients, a longer follow-up. a 52-week study. there are a lot of unknowns. but this does add a risk. i will say this was a known theoretical risk around bone marrow density before today, but now we actually have data on it. like i said, small patient numbers, so hard to know really how much weight to put on this data. we have don't know if it will plateau, keep decreasing over time in a long study. amgen is working on different tit

especially for a company like amgen.his is not just apoverreaction, a misplaced reaction. >> all right, chris, great to have you with us, thanks for your perspective. >> thank you. >>> and a quick programming note here. once you recovered from your turkey bay binge, we are bringing you special coverage of the weight loss obesity week starts off next week, monday december 2nd bringing together top ceo's and thought leaders right here at 5:00 p.m. eastern every day next week. >> that is not nice. obesity week after thanksgiving. [ laughter ] >> come on, people go back for an extra plate of stuffing. >> it is just that we happened to pick next week. nothing to do with thanksgiving >> does tim have a role in obesity. >> the performance is not good. i am intreesed by amgen. when you see a big draft down. the stock was down 25% off of the midyear high. it is intriguing when you get a heavy volume, gap down, following the decline. the last time it happened was a short term low, the market was bottoming, too. it tends to be clim

now amgen is trying to get in and all of these other companies. for novo, people want to see can they make or get into the 2030s here and still remain competitive in this space? >> one other question for you, we'll talk about nvidia earnings coming up today and everybody keeps trying to figure out when's the top? when will they stop beating estimates. when will the demand cool off? is the concern for the glp-1 drugs is going to cool off? >> there were questions last quarter if the demand is softening. novo nordisk and eli lilly said there is still plenty of demand here. he have one will be watching closely. these earnings are similar to nvidia where people want to see exactly how they can compare to the estimates. i think it's still early on if you listen to dave rickts at eli lilly, he says we're in the first inning. >> he sounds like dan ives. the after party, a whole thing. very interesting stuff. anjelica, thank you for joining us. >> thank you. rlidcoming up on "wodwe exchange," cnbc disruptor canva making big moves ahead of the expected ipo.

take a look at amgen. here's the reason for the dow being down. it's plunging. december apowbting results -- disappointing results for a weight loss drug, shaving 235 if points off the dow at the opening bell. without amgen the dow would be up. >>> today tom homan will join the governor of texas, greg abbott, in eagle pass visiting the southern border. bill melugin is there. what can we expect from the visit? >> reporter: hey, stuart, good morning to you. we expect tom homan and governor greg abbott to arrive here at this texas military base around noon local time. in the meantime, we want to show you some video of yet another large are group of illegal immigrants crossing in eagle pass. our cameras were on scene as this group of more than 20 the 00 was quietly smuggled across the border by human traffickers and cartel members. of that group, about 50unaccompanyed minors and children traveling completely alone with no parents or guard guardians. there was a teenager when told us his cousin paid $6,000 to get him into the country. we talked to two little girls fr

our favorite is amgen. amgen has a very good shot on goal.s good and it matches the company's body language, the stock has a good risk/reward. buy at a reasonable price with a good yield and you have the possibility and good upside on the weight loss drug. >> you are looking at the positives, david. we want to show the chart since election day. amgen. down 7%. a lot of people -- excuse me. 4% and 8%. a lot of people thought less regulations would be good for bio-tech. any reason why amgen is trading lower? >> analysts pointed out the phase one study on the weight loss drug the bone loss density. the company did come out and say they knew about that information and they don't think it's an issue. in this market, when something is bad, the stock sells off. when something is better, it typically doesn't recover until it gets hit on the head. >> david katz, the pick is amgen. great to see you. >>> here are a few of the stories we are following this morning. president-elect trump announcing he will impose additional 10% tariff on china when he tak

amgen's a great guy. cisco systems. >> their earnings come out after marketed told, so it's always risky because they sometimes have a big drop after earnings, and other the times you can go the other way. the stock is up huge this year. big dividend growth. we bought it at $19 a little over 10 years ago, and the dividend has grown every single year. and so cisco comes up today to, they really reinvented the company. they till still do network serve everybodies, routers, can -- servers, but now they've got a huge consulting, subscription, recurring revenue business. stuart: you've held it for how many years? >> over ten years now. stuart: once you buy something, you hold it so long as the dividend goes up. >> unless it gets too expensive to where there's an opportunity to take profit and go somewhere else. stuart back to you real fast on rivian, the ev maker, of course. they've just deepened their partnership with volkswagen, and they're the up 15%. >> partnership was previously valued at $5 billion, we n

the dow had just turned positive despite what we saw was a big drop in amgen.ld think if you said, okay, you're showing some real improvements in weight loss, that would be enough. instead, the stock moving in the opposite direction today. >> executive, and i think it just speaks to the competitive dynamics that were in here because you do have these two effective treatments on the market from lily and novo, so the bar is higher. amgen did say people who took merritt island lost on average 20% of their weight but the street was looking for closer to 25% so already there's a disappointment. and with the side effects, 11% of people dropped out because of any side effects and 8% specifically because of gastrointestinal issues, things like nausea and vomiting. they are common with these drugs together, that brings a mix that raises questions about really how competitive they can be here. again, lily and novo, who have a big head start. so there were also some questions about really what's next for amgen, what their plans are for the phase three, and they didn't ans

amgen. angelica pooebls joins us.as the details on that. >> hey, becky, we finally have the long awaited results from amgen's experimental obesity drug. th the stock is down almost 10%. amgen saying the shot helped people lose on average up to ha. wall street was looking for about 20 to 25%, so this could be seen as a disappointment. amgen is saying they didn't see a weight loss plateau, so there is a possibility that people might continue to lose weight as they take this drug longer. this is also part one of a two-part trial, so part two, people will be taking this for another year and again, it's possible that we might see more weight loss, but at this point, it could be seen as a disappointment. they're also saying about 11% of people discontinued from the trial because of any adverse event and like other drugs in this class, gi issues, nausea, diarrhea, playing a big factor in this. no association between bone, mineral density. an issue that has come up recently. a lot to digest here. again, amgen has already said

amgen is down 10%. the tenure treasury yield going up a little, 430. 69, 67, bitcoin all the way down to $93,100 a coin, the latest read on new home sales. ashley: not great reading. down 17.3%, annualized rate of 60001000. the estimate was 725 and a drop at 1.8%, and new-home sales. stuart: and the number on consumer confidence? ashley: the estimate was one hundred 11. 3, the highest reading since july 2023, a year and 1/2, the stock market helped sentiment, things are going on in washington. led to consumer confidence. stuart: now this. if you didn't get the message you've got it now, the dramatic trans formation has arrived, the president-elect is not tinkering with policy, no minor adjustments here, the second trump presidency is something very different. he won the election convincingly, won hands down in court, organized his team in record time and voters likes what they have seen, he's off and running well before he talks office. last night's announcement was a shot across the bow to canada, mexi

dow jones industrial also weighed down by amgen to a large degree is also down about 0.8 or 8, the 9% of all new york stock exchange stocks to the upside. the leading stocks though are some of the old megacap winners of the first half of this year with nvidia and microsoft doing their part to support the nasdaq 100 and the s&p 500 as well as honeywell international. the that closing bell. we'll send it to overtime with morgan brennan and jon fortt. >> that's the end of regulation. state street global advisers and the world gold counsel ringing the closing bell. doing the honors at the nasdaq. well, the recent rally taking a pause at least for today as the s&p 500 ends in the red for the first time since the election a week ago. that's the scorecard on wall street, but the action is just getting started. welcome to closing bell overtime, i'm morgan brennan with jon fortt who joins us from washington, d.c. >> yeah, a little light off the dome, but not mine. well the dow and the russell 2000,

. -- amgen. how so? >> absolutely. when you look at what the powers of measures hs actually are, they can't do soming of the things like stop the reimbursements for certain drugs, lower demand. he's just not in that type of position 100%. what i love about lilley and amgen, they're both getting involved in what i think could be a more than $100 million market for obesity treatments. amgen has a phase one drug candidate still in trial, so there's so much upside potential -- potential, you have to see what that drug with do. stuart: i wonder how many people in the united states are actually using wegovy or drug, weight loss drugs. i wonder how many people. is it millions now? tens to of millions? >> i think it's probably more people than will tell you. [laughter] stuart: that's for sure. if i get the pill, i would definitely not tell you. you brought a small play, abercrombie. what's so great? >> every -- they have the earnings next week, the stock's been knocked down a little bit. in the time that that gets settled out,

amgen, perhaps its worst day since 2000. flipping between 2000 20 and 2016. down 8.4%. there weight loss shot in a trial that disappointed investors. people did lose 20% weight but 11% of the people dropped out on side effects. apparently the weight loss of 20% not as much as some of the other companies who have the drug such as eli lilly. president biden is proposing medicare and medicaid coverage of the obesity drugs so you can see eli lilly up near session highs the better part of 6%. let's take a look at the shares of rocket lab up for the fourth day in a row. up 30%. today up a healthy and 9.4 percent after they completed two lunches in less than 24 hours. you are mentioning the tariffs. they may not be affecting the broader market on the surface level but the automakers who will be a sexually sensitive to tariffs, the 25% tariff mexico. ford, and gm down. dm has the largest exposure any terms of cars produced from mexico. down eight point sent -- don't 8%. might be worse than the day of june in 2022. the stock keeps going to session lows. ford come about 400,000.

in a statement, amgen saying the phase 1 study results do not suggest any bone safety concern or changein the promise of maritide. eli lilly out with more detailed results from its three-year weight loss drug study patients remain diabetes-free over 176 weeks and some retail names showing strength, tjx and walmart hitting fresh record highs in today's session. meantime, some headlines from cnbc's delivering alpha investor summit cnbc's leslie picker has all the details. >> hey, melissa. yes, sat down with green ligh capital's david einhorn who said he was surprised the election outcome was so decisive as he was expecting it to be a little closer with less political stability but as a result of the election, he's increased his bets on inflation because he thinks the policies of the next trump administration will reignite those price levels not to the levels that we saw in the pandemic era but closer to about 3.5 to 4.5%. he also disclosed a new long he said he's been building in cnh industrials, an agricultural machinery company. you can see those shares are up 7% in afterhours trading >

gains are being capped by big losses from amgen. remember, that's the drug company that did not meet sky-high expectations in a mid-stage trial for the weight loss drug. amgen down about 6.5%. we also have results from multiple retailers. best buy, one of the biggest decliners after saying that electronics demand remains weak. they lean heavily on imports from mexico and china. let's talk about tariffs. automakers taking it on the chin today because many of them produce cars in mexico temperature gm and ford are a few that we're watching, gm in particular down 8.5%. let's get right to it with our floor show. joining me now, fitzgerald group principal keith fit if scwerld and mainstay capital ceo david kudla are. david, how worried are you about these tariffs even though right now it's just a threat? >> well, it is a threat right now, but it's a threat that president trump-elect, president-elect, president trump is getting out in front of it. he's actually doing some posturing right now with the 25% tariffs on, that are on canada and

crowdstrike down 6% and amgen.released a study about a weight loss drug yesterday and the stock fell hard. checking the bond market. the fed showing the central bank expects to lower interest rates gradually. this morning we are watching oil with upside movement. the permanent cease-fire between israel and hezbollah goes into effect this morning. oil, both up about a third of a percent, and both also below key levels. last but not least bitcoin, still holding the line. trading at about $93,650. but it is a tough week for the digital currency. that is your morning money set up. two trading days in november, smallcaps, the russell 2000 up. the party, it could be just getting started. of theically the russell 2000 out performs the s&p starting yesterday through early january. let's bring in portfolio analyst at goldman sachs. >> yeah. you have interesting retail numbers coming in, small cap retailers getting ready for christmas and other things people get ready for. the january effect. part of that is that santa claus

amgen up 63% merck up 32% and fiedser pfize 21%. >>> coming up on the show, new details on a major milestone the biden administration's race to protect that initiative. the latest developments when "worldwide exchange" returns after this break >> announcer: sectornomics is sponsored by sector spdr etfs. >>> welcome back news alert for you with taiwan semiconductor. the $6 million award to the company official megan cassella has more on the chips act story. megan. >> reporter: dom, good morning this award was announced a few months back, but as of today, it has been finalized the company and government have entered into a binding contract. tsmc hit the milestone and the $6.6 billion can flow. it is likely to receive at least $1 billion of the money before the end of the year. tsmc is the first of the companies to see the award finalized. it is investing private money along the government money to build three fabs in phoenix, arizona creating 26,000 jobs in construction and manufacturing in the process dom, this finalization is a big step for tsmc individually, but it is a sign to lock the chi

and amgen has the ability to manage supply. just given the infrastructure. >> what is the history. i can think of cholesterol medicine. we started with lipitor and there were so many. what does the history show us in terms of a new entrance into a market that has existing therapies and where the differentiation and impact would not seem to be too great? >> diabetes was a case where, there was still a duopoly to a degree. we have seen cardiovascular where you had multiple entrance. i think here, where we have the anti- obesity market, it is one where people will have a selection for what they want and not everybody needs to lose more than 20% of their weight. not everybody wants an injection . they might want an oral or a less frequent injection it may be a subpopulation of patients that have cardiovascular disease and opt for a drug that looks better in that population. i think it will be broken up in subpopulations based on patient preference. >> what about the proposal from the white house we got yesterday for medicare and medicaid to cover anti- obesity drugs like this for obesi

mod -- amgen and big tech doing well, microsoft, amazon, apple, alphabet, nvidia and microsoft up $7.t is 1.7%. don't you love it. check the 10-year treasury yield going up, 4.21%. now this. more biden harris attempt to knockout donald trump's candidacy failed. jack smith spent $50 million to prosecute him. what a disgrace. it was a case of election interference and deliberate attempt to use the courts to beat a political opponent. it's the kind of thing we associate with dictatorships and democrats so hated trump they were prepared to go around the constitution, the supreme court straightened them out, our democracy works. in new york, da, democrat alvin bragg, and attorney general, democrat, letitia james, bent and twisted the law in another deliberate attempt to knock out the republican presidential candidate. day after day, in middle of the presidential election campaign, trump had to sit in court while james sneered at him. then-over a very dubious bookkeeping charge, fined over $400 million. they're trying to bankrupt him. even put him in prison. do these people have any idea wh

and again, i would look at a amgen, a gilead specifically especially when you look a gilead's oncologyanyone? no, let's move on. what did you pick? >> listen, we've talked abou bond rate volatility, we'v talked about year-to-dat performance. i looked at high yield credi spreads. and i'm looking to make a bull case for the market goin forward. you know, harken back to the days of tina, where we had n alternative. >> tina louise >> no, there is no alternative my argument here is if credi spreads remain tight and trend lower, yes, the risk-free rate will offer you an alternative. you'll likely see ebb and flow in risks off into treasuries and then risk back on into equities. it'll take a widening before the higher levels of the cap stack offer the risk/reward you'll need to see from that. >> all right, guy, you're next >> in early november alibaba went from 83 to 117. tim came on the show, i think, in the mid ol of that move whe it was 115 and said you've got to sell some up side that was short lived you know what, we've round tripped the entire move. if you've been waiting, here's your o

it this is amgen, my wage trade that has not performed.of. >> the a in your trade is also one you're thankful for? >> and i'm also thankful for the fan base, large and small, young and old. right now, harper sullivan, ten years old, is glued to this show. she's a melissa lee fan. >> she's the one. and aem, look at that. can't go wrong there. that mining stock has done well. but boeing, i have tried to say a reason why boeing should bounce and the reasons why it made sense. >> they've been struggling. >> i've been struggling with that. >> but karen bought it. >> i did. i did -- i could have done better. when they did the big raise, the $20 billion in debt equity in debt, convertible debt. i should have bought right then, but i did buy it now. >>> up next, final trades. (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund

when it first started, you had lilly, then you had novo, and now it's viking, amgen, and you just namedow does the person who is six degrees of separation, maybe three degrees of separation away from this trade the space? >> steve, i don't know, actually. it's a great question, i mean, this is a game of leapfrog, it seems, not in person tube tip, but at least over the next couple of years. i think you have to have, from a trading standpoint, you got to have one lead horse that you go with, that could be lilly, that could be novo, depending on the day, depending on valuation, depending on what the catalyst path looks like, so, one of those, i think, is probably worth owning, kind of at all times because they're the market leaders and will be for awhile. and then i think you got to just go down cap and find a couple of players that you believe might be instrumental over the long-term. so, a viking, a structure,al turn, there's a bunch of these much smaller players in bio tech, so, pick a couple of those. viking might be one of them. you know, maybe you get lucky with data or an acquisitio

amgen hopes to launch this drug to compete with weight loss drugs already on the market, like wegovy.> millions of americans could have cheaper access to some of those popular weight loss drugs. fox's caroline shively has more from washington. on a new biden administration proposal in which those drugs would be paid for by medicare and medicaid. >> millions of americans who are obese could soon get the government to pay for their weight loss. on tuesday, the biden administration proposed a federal rule that would require medicare and medicaid to pay for injectable drugs like ozempic and wegovy. >> big pharma is charging you exorbitant prices for the prescriptions. you may badly need. literally higher prices than anywhere in the world. >> the rule would not be finalized until january, after president elect trump returns to the white house. but his nominee for health and human services secretary robert f kennedy jr, is not a fan of the drugs and could block it. >> most people who have diabetes are pre-diabetic, can be cured with good food, and if they choose instead to be cured by ozemp

salesforce unitedhealth, amgen, all dow stocks.having 130 points off the dow industrials. >>> president-elect trump made significant voter gains in major cities. he also a did well in the business community. madison alworth in brooklyn, new york. madison, what powered those gains? >> reporter: the economy. it was the economy, stu. we're here at people's bakery here in new york, it's a small business that tells the large err story. the owner voted in 2020 the for biden. this time around a though he voted for trump with the economy front and center because as a small business owner, he really needed to vote for change. take a listen. >> people got fed up with whatever policies that mr. biden applied to the general public. it doesn't help the middle class, to be honest with you with, you know? i tried to keep my business going but try not to waste the products, but what am i supposed to do when i pay, you know, x amount for eggs, flour, sure? -- sugar? everything went up. >> reporter: the fox news voter analysis shows votes for trump