amgen holding the late-stage pan kree attic drug. expectations were low and if amgen's drug succeeded it would have been a $2 billion to $3 billion drug. bristol myers squibb completed the tender bid for amylin pharmaceuticals. it will become a subsidiary of bristol-myers. the stock trading slightly lower. eli lilly are receive $1.3 billion and as a result raised the 2012 profit forecast saying it will use the extra cash on the pipeline. at the moment, trading lower. tyler, back to you. >> thank you very much. >>> coming up next, guys, some really nasty ads hitting the air waves and we are still more than three weeks from labor day. we've got two ads that you will definitely want to see. >>> an you'll want to see this, as well. find out what happened when a young couple went in and ordered a tv set in washington, d.c. you'll never believe what they got instead. maybe you will after looking at that picture. before the break, five big movers. we are back in a flash. mcdonald's, again, to the downside. >>> welcome back to "power lunch."

and the amgen foundation. additional support provided by the william k. bowes jr. foundation. anne s. bowers, the robert noyce trust. the dirk and charlene kabcenell foundation and the vadasz family foundation. support is also provided by -- >> before there were airplanes, before there were trains, there were sailboats. without them the world as we know it would not exist.

santa rosa is hoping to become a key part of the am again tour of california -- am jen tour of -- amgen california. [ thunder crashes ] [ male announcer ] if you think all batteries are the same... consider this: when the unexpected happens, there's one brand of battery more emergency workers trust in their maglites: duracell. one reason: duralock power preserve. it locks in power for up to 10 years in storage. guaranteed. so, whether it's 10 years' of life's sunny days... or... the occasional stormy one... trust goes a long way. duracell with duralock. trusted everywhere. >>> lake tahoe has put in a bid, it was announced, to be the host for the 2022 games for the olympics local officials and businesses talked about partners for environment facilities. >>> amgen is hoping to host the bid the owner of the tour. in may, -- escondido wants to host the tour as well. >>> 8:55. richmond police are helping local kids kick off the school year this morning by giving away 400 backpacks. kids ages 5 to 14 will pick up their new backpacks from the richmond activities league gearing up for school to

think about apple or whole foods or amazon, some of the major biotech companies, amgene, celgene, backn big pharma was synonymous with growth. remember, when we buy a stock we're paying for a company's expected future earnings per share. that's right. i'm going to repeat that because it's really important. expected future earnings, not past. future. future earnings. it's the basic valuation algebra, the share pace, equals the earnings per share, "e" times what's known as the multiple, "m." price-to-earnings multiple. e times m equals p, tells you what investors are willing to for example over for a company's future earnings. blew me away when i got to goldman sachs. we're solving for "m" and the most determinant for the price ingredient that's the most effect on the size valuation, it's the company's growth rate. that's why we pay so much attention. the growth rate is what matters more after the balance sheet and diversification. growth means earnings will get larger and larger in the years ahead. as a general rule of thumb when it comes to high octane secular growers the stock can tra

the amgen tour has visited santa rosa six times since it began in '06, but there's no guarantee theye give you real big club card deals each week. this week, local seedless grapes straight off the vine are just 79 cents a pound. starbucks coffee is only $7.49. that's less than a quarter for a great cup of coffee. tropicana o.j. is just $2.88. real big deals this week and every week. only at safeway. ingredients for life. >>> welcome back. the time is 10:28. live look over san jose. what you can see from this picture is the sun is out in full force but there's kind of a tropical feel out there. kind of an overcast sky, as well. hazy conditions. we are going to get more of that tropical moisture for the weekend, maybe even some showers in the north bay by saturday. but today will be another hot one inland. 76 degrees right now in concord and livermore. we've got good to moderate air quality. feel free to open up the windows as temperatures approach the triple digits. as we head throughout the next couple days, temperatures drop off even more so heing into the weekend. we'll talk about

making headlines, amgen halting a late stage trial of an experimental drug.reatic cancer. they concluded the drug was unlikely to significantly help patients, which is a disease we haven't had much success with so far, pancreatic cancer. that's a tough one. >> now to the futures pit. daniel stetisch. that's the first time i've seen that name, daniel. when i'm running down towards the vault and i did a perfect flip and landed, did i stick the landing on your name? >> you most certainly did. >> like a 10, right? do you see how that's done. >> 9.7. >> i'm watching. i'm learning. >> boom, done, first try. >> that's been butchered more times than you can imagine. >> shannon miller. call me shannon. >> daniel we said when we came back from break we would get someone to tell us will we continue this streak? yes or no, does the market close up or down today? >> i'll say no. we've had too much anticipation of good news in the past few days. we're probably due for a little break. i don't think you can make much of it. this morning we have jobless claims, obviously a ve