we're up a healthy 1.3% on the sn nasdaq biogen the best performer on the s&p today. coming up we'll discuss whether you should be buying the bio tech company right now >> and then the chairman is going to join us for the details of those results >>> plus the global trade war spilling over into bourbon country. >> kentucky distillers slapped hard with chinese tariffs. what does it mean for the bourbon industry i'll coming up on "closing bell." with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it. this wi-fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. >>> welcome back to "the closing bell." we're up almost a percent on the s&p. the nasdaq and the be

biogen also helping the nasdaq to those gains. bloomberg. ♪ i amenejra: live from london, neighbor chejra cehic. vonnie: in new york, i have vonnie quinn. in our stock of the hour, biogen shares. emma chandra is here. how big of a breakthrough might this be? it was a large-scale clinical trial of this news alzheimer's drug with 800 patients involved in this trial. it was done with the japanese partner. the partner rose by 19.95% along with sweden by optic, which is the discoverer of the drug. what this drug seems to be doing is that it means the disease progressed more slowly in the patient. they took the drug over the course of 18 months. the previous trials had a habit of 12 months and they had not seen much positive outcome there to the extended. of 1 period of 18 months and it's really a bright spot in the research of an alzheimer's drug. nejra: how important would this be for biogen's pipeline? emma: pretty important. we have a chart showing the two top-selling drugs for ms and cancer, the revenues aren' in decline. we should

of biogen fell sharply in initial after-urs trading. meg terrell has more on the results here.they showing? it soundedrosing for the stock. what happened? >> it's important to note that the stock had u run into these results and moreover they were confusing, but on t basic level, the highest dose of this experimental alzheimer's drug was swn toeduce the progression of alzheimer's by 30% cpared with placebo. on top of that, the drug was also shownle to the plaque from the brain that are associated with alzheimer's disease. experts in theield say this is very important. those two things appear to be linked, that removin those plaques had an effect on the disease progression. it's importa to note that patients were still getting worse and this is noim oving the symptoms of alzheimer's and it is slowing the declinend the ability to think clearly, guys. >> might that be why the stock did fall in today's trading session? you did pointut the big run-up that it had, but the lack ofar y on those results pain hit the stock. >> yeah. well, it wa expected that it wasn't going to improve th

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. >>> and shares of biogen soaring today.e announced positive results of a phase two trial of its alzheimer's drug we'll talk to a researcher coming up. much more ahead. >>> we begin with a full-blown trade war between the u.s. and china. this morning 25% tariffs on $34 billion of chinese goods taking effect, and president trump promising even more. diana olick in d.c. with that but let's begin in beijing and the fallout there. >> reporter: well, chinese authorities say that beijing had no choice but to fend off what it has described as the largest trade war in economic history. the foreign ministry confirmed today that china has launched its retaliatory tariffs immediately after the u.s.' move customs officials are already collecting duties on 545 items worth $34 billion matching the amount subject to u.s. tariffs the targeted products include crops like soybeans and cars tonight the commerce ministry said they're taking it one step further and they have brought the case to the wto. now, the chinese move is just escalating w

i am not going to stop looking for the biogen i'm not going to stop looking for the j & j.p two points yesterday. how about proctor. proctor up six trade points. okay i'll take that. but the optionalty what they can do why does it matter because in the end, it's a market of stocks it's so easy i can be gloomy. do you want me to be gloomy? >> no. i like you're positive what you're describing is a more difficult game to play it's a stock pickers market more than a long time. >> yes and everyone wants to make it an etf. they're worried about single stock. people went to bed with the washington nationals behind 9-0. did you know they came back 14-12. that's what i'm talking about. >> the sunshines on the nationals sometimes. >> yes the chinese stock market, that's a bear market. we don't talk about it because their economy is slowing. >> maybe we should be talking about it more. i was reading about it this morning. >> think they're immune? they have a stock market acti one of the most ill advised things the communist did because they have to prop it up. >> we cared about what w

there's not more data on this particular drug for a while so sort of all clear for biogen in general. look at health care, biotech from a general perspective, they are underweight, very underweight biotech in particular look at m and a, some of the desperate deals announced. novartis makes an $8 million acquisition of a company, gene therapy company in april the company doesn't have approval for their product yet there's a lot of desperation with larger cap names. i look at gilead, there's a name that's going to have to make strategic. >> they did, made a deal. >> was small enough not to get juices going look at the way gene therapy drugs are -- >> so to the point -- that was not enough for investors for investors burned in the sector before because of fears about drug pricing concerns, war, whatever you want to call it, and then they are waiting for m and a, m and a happens, nothing happens to the stock for investors in there, didn't get much out of it, they are sort of like, you know what, why am i going to be there again. >> i hate to be the debbie downer in the story. >> hi, debbi

it's i put well fargo in that camp i put freeport in that camp and i'm skeptical of biogen here there are probably other better names within healthcare. >> look how nicely chris played the game. >> the only guy who played the game and getting tiresome that our guests are better than we are, frankly >> coming up, amid the carnage, bitcoin is the best performing large-cap coin and wall street's queen of crypto says it could be a safe haven in the space. tesla going all in on china. shares rallying after it said it would build a new gairm plaplan. >> it could be a summer sizzler to investors and the stock is up 6% in the last week. how do you spell giddy up. >> we're live. it's the nasdaq and times square much more fast coming up straight ahead honey, this gig-speed internet is ridiculously fast. i know, right. we are seriously keeping up with the joneses. i know, right. we are seriously keeping with the anderson's. we are finally keeping up with the ford's. keeping up with the garcia's. keeping up with the harvey's. keeping up with the wahh-the-wahh the romeros. carters. patels. the all

in many cultures, young men would stay with their families until their 40's. >>> biogen upgraded to a buy at citi after the company had the positive data. they raised the target on the stock to 371 bucks. >> i think this creates so much excitement and generates on part of others the interest to go out u there, invest in rnd, be part of everything that's going on and then additionally besides that, this is social hi excite ing as well. >> i disappeared >> you're going to find out what that was in a second our call of the day courtesy of shaquille o'neil he was ring iing the bell, by reaching up. >> he's standing underneath the thing. >> that's a little bit of a teaser for you we'll tell you what he's doing here in just a minute. >> it's very ed about this for a long time. it's exciting for the mashlgts it racreates the buzz you need. >> i think we should be very, very caution some of the results, if you're going to look at this the way we're supposed to look at it, they are analyzing the day in in a different way than they have in the past. >> one thing you pointed out, it was a great

we were talking about biogen surging since 2004.eing positive results in the clinical trial the raised hopes for treatment of this disease. experimentbeen 100 of drugs and no breakthrough on how to cure it. jpmorgan cut to neutral. analysts writing about the outlook for print circulation and advertising for them in this environment of rising newsprint costs. had denied a report in a german magazine in his part in deutsche bank. there is that someone will buy a stake in the company. price hasank's share been terrible over the last couple of months. today it is a by 3%. joe: let's take a look at the government bond market starting with the u.s.2 and tenure -- 10-year. there down by one basis point. speaking to the jobs report, it is the thing that is decent but nothing else in the feds have to tighten. if we look at the intraday chart of the 10-year, you see decline. it faded a bit, that was the initial impulse of people looking at that unemployment growth,e mediocre wage and tsonga is no inflation. scarlet: let's look at -- and there

long huntsman and long biogen, short, evhd, short, and i'm sure the guys, and biogen for me is the huge optionality and if they get alzheimer's right it could be a double here that is actually fact. they rely on their ms business right now to get alzheimer's right, it doubles. the most interesting one and we've had the ceo on, take two interactive. people will knock this on valuation justifiably so with their earnings growth, but this is a hot space and tim has pointed out a number of times and samantha greenberg has gone to 170, and risk reward, take two is the best one out there. >> coming up, we have much more from the alpha conference and michelle caruso-cabrera still talking to steve bannon. that's a live shot we also heard from interviews with those two men, barry silbert and jeremy allaire they're two of the most prominent voices from the world of crypto and we'll hear from them later on. we are all over ibm and american express both reportingearnings moments ago. you see their split raids and we'll bring you the very latest. we're live from the market from new york city's times

shares of biogen surging today as an alzheimer drug from the amazing company and the japanese partnerd positive results in a large clinical trial. the drugmaker's showed that patients who took the drug showed significant decrease in production in the brain. that is your latest bloomberg business flash. nejra: let's look at where european markets are trading as we head to the close of equity trading here in europe. as you look across the indices, pretty much dead flat. the dax edging into positive territory, but we have been unchanged for a lot of the session. let's look at fx. here's been a story of dollar weakness following the u.s. jobs report. that translated into the pound getting a lift that's ahead of a crunch weekend for prime minister theresa may around brexit. the euro heading higher against sterling. finally taking a look at what yields are doing. we have seen yields move lower in the core and the periphery certainly if you look at continental europe. a basisear yield up point. this is bloomberg. ♪ with all of bloomberg world headquarters in london i may rich a hit. you can

biogen is one of them. disappointing news of its trial. people are voting with their feet today. there is facebook of course, a historic drop in value. one of the stocks and let the market higher. that will pressure this market. for more on that we are joined by sarah frier from san francisco. disappointing as we are seeing slower growth and lower margins area it wasn't a surprise with facebook. i think the market is quick to say that maybe this is because of all the scandals and criticism over the last few months but what is going on here is really something quite bigger than that. more impact on facebook's future which is that facebook the main social network has reached a saturation point around the world. there is not that much more growth left. in that name property. they will have to rely more on their other properties like instagram whatsapp and messenger which have much less mature business models and much more experimental business models. facebook can't definitively say will work. reviewing their mode of operating based on new data privacy rules coming out of europe. is

biogen helping the nasdaq to one and a quarter percent gain as well.e take a look at the dollar index, it has been fluctuating around the 90 or all session. -- 94 all session. the 10-year yield at 2.83% we have seen gains today for nymex closing in at $74 a barrel today. amanda: we know the u.s. s a lot ofpay attention to the trade deficits. ,t is that a 1.5 year low commerce department data showing but less we.6%, assume too much, some of that is ahead in parisng in the soybean trade. a little bit of unusual activity and before anyone claims victory in the trade war, the deficit with china is at a record high. nnie: we have to keep an eye on these numbers. president trump pulled the trigger after months of thr eats. 25% on billions of dollars of chinese imports took effect last night. now president trump is threatening to impose tariffs on every single chinese imports into the united states. jenny leonard is in washington with the latest. how much further can the trump administration go? t is threatening to tariff everything and more. iffsy: the tar b

let's take a check of the stock, biogen.resident today on the uncertain i -- 10% today on uncertainty. what's happening here, doctor? great to see you, by way. >> great to see you too, liz. a very, very, very small trial, and this is a step in the right direction to give us hope, but it's definitely not enough. 161 people have received high doses, that's the key, high doses of this new medicine. and it did show in some of them that their cognition improved and the level of amyloid, the plaque buildup in their brain which affects their thinking is and their memory and causes confusion, decreased. but the problem is this is not fda approved yet. we need a lot more trials, more phases, and it's very much in the early -- elizabeth: so people just question the study, right? >> question the study, is it too good to be true. we need more testing, more time to do that testing, ask we need more patients as well. elizabeth: let's move on to this food-borne illness. it seems like an outbreak. now they're tough botulism in cay coe, the

we also have breaking news on biogen.ompany coming out with study results on a drug to treat alzheimer's. and their partner company said the phase two trial slows the progression of the whatse by 30% compared to ony said was 25% expected estimates from analysts. meantime, we can see biogen down along with facebook. we will get back to facebook in a moment. i want to get context on the president and jean-claude juncker's announcement. what's bringing kevin cirilli, our chief correspondent there live. kevin, give us a sense of how surprised the attendance -- were in hearing this where juncker was clear on saying his main intention in these discussions was to work toward zero tariffs in industrial goods. very surprised. as our producer pointed out, the president was joined by republican lawmakers in the rose garden. this comes at a time when the president has been urging republicans to calm down, and really focus on the agricultural double laments -- agricultural development. the president pointed out soybeans saying they go

now biogen has led a really favorable rally in this particular group in the biotech.reful just like faang seems to be rolling over a little bit. this could cause even though celgooen had a new drug that looks promising, this could cause a pullback that could be surprising given the fact biogen looked to be the star of tthe - the ---the - the ---al himer's so hard -- >> this was the company that was the discussion point between stevie cohen back for the sac, remember >> yes. >> 20 minutes conversation. >> 12 . -- >> then it was a fail. >> it failed to meet the end points and let it go for a little while when you deal with ceos trying to solve this at the major -- they say listen, we've spent fortunes can't do it people are getting suspicious now. and it's cooling off i thought this would be a multiday rally i'm wrong. >> that is fascinating. >> jim, tonight. >> core labs, we have david demshur, there's two different entities, international oils and domestic oil production and nations and the nations are what really keeps a lid on oil. the nations aren't spending like t

american biotechnology company - biogen and a japanese drugmaker say the drug...hich is an anti-body... reduced new clusters in the brain... and it reduced existing clusters by an average of 70 - percent. the buildup of plaque in the brain... is a hallmark of alzheimer's disease. experts are "cautiously optimistic" the results will be duplicated in future clinical trials. ( marty ) you might want to think twice before grabbing a late night snack. researchers looked at the eating habits of more than 15-hundred people with breast or prostate cancer. they also looked at the eating habits of more than 2-thousand healthy people. the study revealed those who ate before 9:00 at night had a 20-percent lower risk for breast and prostate cancer compared to those who ate a late dinner-- or went to bed right after eating. doctors say more research is needed to understand the connection between meal times and cancer. ( dave )morning fog and afternoon clearing for the bay, hot inland. your forecast is next ! ♪ strummed guitar you can't experience the canadian rockies through a

pharma company biogen revealed results disappointed results revealed biogen company pharma alzheimer's? pharma results disappointed investors what do we know about the relationship the know about what do we investors disappointed investors disappointed investors what do we know about the relationship between a woman's reproductive history and alzheimer's? and we're affects people in the l-g-b-t community? more than five million americans have the disease...and that number is expected to triple by 20-50. they showed that patients who received the highest dose had cognitive decline a placebo after -blood pressure-the relationship women's history and -first study on dementia in lgbt -treating non- symptoms: synthetic cannabinoid, light impact of "z -new guidelines diagnosis connectionfor clinical trial bathroom bathroom signsrainbow flagspeople holding (anchor) taking a live (anchor) (anchor) taking a live look outside... at the san mateo bridge.(anchor) time now to check on our weather... with chief meteorologist lawrence karnow. lawrence karnow: temperatures cooled a little around the b

reflections its confidence in itspi product line especially its experimental alzheimer's program and biogeninished up 4% to 72.84. glaxosmithkline said its experimental drug 2 treatment for hiv proved to be just as effective as treating the virus as the standard therapy made up of three drugs. as a result, glaxo says it's planning to approve the two-drug protocol this year. shares are up a fraction to $41.21. health insurer senteen that strong membership goals for the affordable care act helpedal ov results beat analyst expectations. it's optimisti about enrollment rates in 2019, as well and so that it plans further expansion in those aca a marketsnd it's raising its full-year outlook for revenue, and still shares fell 4.5% to $132, but we should point out it's been up more than 60% in the past year. >>> jetblue's adjusted earnings expected tter than even as higher fuel costs ate into results, but revenue missed estimates and the company warned it's planning to trim growth in the second half of 2018 as fuel costs surge. shares fell 10% to $17.79. also, after the bell, at&t reported a faster

biogen trading up 20% on strong alzheimer's drug data. the biotech index having its best seven days since the election back in 2016. let's take a look at a few of the movers. .here's biogen down 3.5% today the alzheimer's data released last week is pretty ambiguous weighing on some of the other names as well. strength big source of for both the nasdaq and the s&p 500. here's an intraday chart at the highs. best day since 2009. right now up 3.9% on pace for it best day since 2011. they beat earnings estimates by 5.8%. againes in line and once snacks driving the growth and finally some other top movers for the s&p 500. we are taking a look at southern company as we have barclays initiating with an overweight. that's a utility company. as we havearly 2% wells fargo positive on executive changes that will really sustain perhaps a long-term turnaround and then finally quest diagnostics up 1.8% raise to an outperform at ever for isi with analysts saying that lab stocks are a haven in these times of uncertainty. a pretty interesting call. vonnie

check out shares of biogen this morning.r's drug actually succeeded for patients receiving the highest dose biogen is developing this drug in partnership with the japanese company whose shares also surged in trading in tokyo. >>> let's get to our all star jobs panel as we count down to the big number cnbc contributor jared bernstein joins us good morning to you, sir also phil swagel is here good morning to you. and jim paulsen. great to see you, sir. let's get a breakdown. how are you -- i don't want you guys to tell us the numbers because we're going to do that -- we like to stretch this out a bit. >> yeah. i'd like et to get the number before i give you the prediction this time. >> we're going to get to the predictions. but one of the things that has fascinated us all month is the idea there are more jobs openings out there than people to fill them in. now on the high and low end, we had one guest talking about how they can't find enough people to deal with blockchain and the different types of blockchain work on the other

. >> reporter: drug maker biogen reported at a major alzheimer's ence, after 18 months of treatment, patients that received the highest dose saw a 30% reduction in mel memory and function decline. the drug removes fruildup called amyloid plaque the brain thought to be responsible for alzheimer's. while similar drugs failed, the key difference, the new drug was given to patients at the earliest stages of the disease that had the plaques. >> if we can intervene early, we can slow the shrinking of cethe brain and re the accumulation. >> reporter: it's important to detect this as early as possible? >> absolutel >> reporter: while researchers will continue to study the drug, they asked the fda to fast track approval. the news today giving hope to those like 41-year-old greg donovan that lost his father and grandparents to the disease. >> it's a critical society need and there is so much human suffering involved with alzhe, i hope research continues. >> john, so good to have encouraging news, something positive in ght against this disease. how long would a patient typilly have to stay on t

massachusetts biotech company biogen calls a new drun ban 2401, they say it slowed the progress of these by 30%. meanwhile, a separate study found aggressive attempts at lowering blood pressure may reduce the chance of developing early stage dementia. scientists say more research is needed on both studies. >>> up next in "the pulse," bra lady. >>> plus, the song dividing a country thanks to cvs pharmacy. if these packs have the same number of bladder leak pads, i bet you think bigger is better. actually, it's bulkier. always discreet doesn't need all that bulk to protect. because it's made differently. the super absorbent core quickly turns liquid to gel, for drier protection that's a lot less bulky. looks like good things really do come in small packages. always discreet. for bladder leaks. you finished preparing overhim for college.rs, in 24 hours, you'll send him off thinking you've done everything for his well-being. but meningitis b progresses quickly and can be fatal, sometimes within 24 hours. while meningitis b is uncommon, about 1 like millions , your teen may not be vaccinate

biogen, raised its forecast. when you do that the stock generally goes up. biogen stock up 5 1/2%. jetblue hit by higher jet fuel costs and that stock is down 3%. 19 on jetblue. drugmaker eli lilly, it lost money. sales were up. investors looking at the up seas. the stock is up 2%. >>> kimberly clark make variety of products including kleenex. lousy forecast, when you do that your stock goes down. they blame higher commodity costs and strong dollar. the stock is down 1.25%. >>> lockheed martin number one weapons supplier. raised sales forecast. strong demand for the f-35 fighter jet. >>> better profit atly davidson, it expects motorcycle tariffs to cut into products that is the future. the stock is up 4 1/2%. i will not call that a trade casualty. i with i will say whirlpool is a trade casualty. they cut the full-year profit outlook. they can't offset effects of steel tariffs. going down 11% lower. i call that a trade casualty. >> if you look through whirlpool's announcement, the company has a lot more going on here. they made a big acquisition going on italy. having a a hard time

biogen, the biotech giant is down 9.4%. the worst day since 2015 after they beat and alzheimer's drug align technology is down. investorssappointing and is being punished this morning for that. caroline: we are looking 90 minutes to the close of trading here in europe. what a day across the atlantic for facebook but here, we do see that we are up points 6%. we have all forgotten this since the facebook drama that trump and the eu commission president on tradese-fire between the eu and the united states. this is helping auto. .aterials overall, this is a relatively brisk happy day in europe. let's have a look at what is happening in the auto sector. we had the announcement where they agreed that we -- that they would try to solidify trade agreements. it will also look to buy more soybeans. and we will not see terrorists slot -- and we will not see mercedesd onrifs -- not a deep slump in the prophet. chinans between u.s. and are still ringing in our ears. let's look at other key earnings. this is even, as we speak, some of th

. >> reporter: aeparate stu shows promise for an experimental drug from pharmaceutical companies biogenpatients showed cognitive improvements and year a half into treatment. >> a combination of lifestyle with therapeutics is the future for alzheimer's patients and people with dementia. >> reporter: erica edwards, nbc news. >>> she's a gir afe and internet sensation. >> more than 1 million people watched her give birth on a live stream. appears congratulations arede i again. >> monitoring the monocacy, that river in frederick is getting t clos flood levels. storm team 4 will be back aer thftis >>> hello, evebody. still tracking these storms as they move on through the area right now. still summer out in the d.c. metro are starting to see more push towards the east in the heaviest rain. in through parts of prince william county over towards parts of fairfax county and montgomery county asl. w zoom on into this area. you can see what i'm talking about here. s very stronrm right now, heavy rainfall there. a couple of showersround the oxon hill area. making their way towards sterling. this o

american biotechnology company - biogen and japanese drugmaker eisai (pr: ay-sai) announced their resultssterday. they said the drug... which is an anti-body... reduced the formulation of new beta amyloid clusters in the brain... and it reduced existing clusters by an average of 70 - percent. the buildup of beta amyloid plaque in the brain... is a hallmark of alzheimer's disease. experts are "cautiously optimistic" the results will be duplicated in future clinical trials. (pam) disney is planning to eliminate all plastic straws and stirrers from all of its locations. the policy will be in place by mid-2019. disney says it's part of the company's "long-standing committment to environmental stewardship." it will get rid of more than 175 million straws and 13 million stirrers annually. earlier this month a ban on plastic straws took effect in seattle. since then staburcks and marriot announced a ban on the plastics and san francisco followed uist...banning straws and other plastics beginning next july. (ken) now to our four zone forecast. you're looking live at the golden gate bridge.the gol

steered us in the right direction in 2013 and 2014 today's question brings us back to biotech with biogenems they're on the cusp of a breakthrough with alzheimer's. i want to get your take. >> this is a hard one. i think they were very promotional and put out their news they failed to make the end points earlier and said they made the end points. if that's true the stock doubles. if not, it gives up 40 points. that's the risk reward you have to make a judgment. it's above my pay grade. >> to richard. >> caller: long time fan, young investor, 22 years old, going for long term investing, my ticker is regents financial. >> i like regions financial. not gigantic banks to diane in mexico >> caller: thank you for speaking with me my inquiry is regarding lockheed martin, has a $2 dividend and lost $2 a share from its 53 week high of 63.53. do you think it's possible to recover? >> i do. with my travel trust you can follow if you join my club lockheed is fine don in massachusetts >> caller: hi, jim, how you doing? >> i am well, how about you? >> caller: doing great my stock is u.s. fan corp. usb.

ed lee will break down the tech news, and we have the ceo of southwest air, biogen.squawk box. >> that's a big morning. thank you. >>> shares of royal dutch shell are lower in europe. earnings came in lower than expectations, even though the company did see a rise in quarterly net profit and announced a share buyback program. >>> let's bring in rober roberto freelander this is a big time for the oil companies. you have conocophillips today, exxon and chevron tomorrow what are you guys expecting overall? >> it's interesting. we put out an in depth earnings preview. tomorrow you have exxon reporting. you will see a real differentiation between tepermi producers. last quarter permian producers outperformed they have one of the biggest rig activity in the permian. what they say on commentary versus permian, you dived into this numerous times, it's forcing a lot of these permian producers to be almost uneconomical so the permian versus the bakken differentials, a lot of these guys in the bakken are profitable at $41 a barrel 65 is the new 100 for a lot of these guys in th

.- biogen it is on pace for its best day since 1999, on paper, right now, it's best day since 2007. this is because of the company's alzheimer's drug, a potential $30 billion market. as for tech strength, a lot of andstors cheered amg twitter. amd may be in sympathy with bitcoin, up 10%. twitter, look at this. a $17 stock. easy comps for the year. investors like it. the shares of today as well. and apple and microsoft. as we hacked back into the bloomberg, energy the third best sector for the s&p 500, oil up on the day by 1%. these are the weekly moves for oil this year. overall, up 22% this year. out,i would like to point after gaining 13% over the last two weeks, oil is down just slightly, on pace to perhaps snap that streak. but overall recently oil has been pretty strong. not in dimonuld uptick, could you, abigail? coming up, one of the most important decisions president trump will make -- whom to put on the supreme court for life. an authority on the court on what goes into the decision. that is next. this is bloomberg. ♪ david: this is bloomberg markets: balance of power. we t

haidi: chinese biotech company biogen aims to raise $190 million u.s.ondary listing in hong kong. raised $20this has billion globally over the past 12 months. this compares with the previous time. listing onthought of nasdaq. ramy: u.s. oversight until the end of the year, compliance measures still insufficient as of the end of the decade. the prosecution was to have expired at the end of the weekend but it has been extended to december 31. they have made significant progress but have not reached the level required by the deal. haidi: australia's opposition labor party emerged as a winner for elections. we are joined with more. is this a setback for the prime minister? paul: the opposition labor party are happy with the result. it was a suggestion from the government it stood a hope of picking up seats in queensland, tasmania, but there was swing to the opposition and all of the seats, the other one that was held by the alliance -- no success at all for the government on super saturday. malcolm turnbull brushing it off, said the opposition has nothing t

. >> just to go back to biogen and the headlines sound very positive and the stock moved down 6%.that the first details of this study came out about a month ago, and it jumped 20% then so it's just paring back some general gains from this good news over the last month or so >> yeah. there was a huge gain for both biogen and isai and they gained $20 million in market value when they reported that the trial had worked because that was so unexpected the stocks continued to rise into today so perhaps it's not so surprising even on what looks like a possibly positive headline they are giving back some gains now. >> isn't this a big step forward just for clients just for patients and health care in general, that we are able to find something to actually slow the progression of this disease >> it does look like it slows the progression of the disease what it appears that people are concerned about is the lower doses of the drug may not correspond in the way that people expected, and so there's just a little bit of confusion about the data right now as people parse through it and try to r

one in particular from biogen already. you know, i just take this as kind of a nominally positive data point not a hugely significant data point. doesn't seem to impact the shares on friday >> called is a seismic move in terms of the stock's gain of $13 billion in market cap. where should the stock be valued right now in your view >> so my price target is at 323. i think this is with a 35% probability of success for -- i saw no reason to really change that meaningfully. it was my price target going into friday. it's my price target going out of friday. i think all i really saw here was a 20% move that i'm taking my one -- my hypothesis on the stock when i upgraded back in april was that it was just a cheap stock. i wasn't pricing in a lot of positive news, and continued to have a good cash flow from its ms franchise and, you know, just played out quicker than i was even hopeful that i was even going to play out. i took the opportunity to see what i feel is an overreaction from the alzheimer's to drive the stock out where i

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differences aside and accomplish something in plus, why today could be the most important day for biogen in years and take a look at this stock today's mystery chart up more than 80% this year here's a hint. will it keep delivering? we'll be talk iing to the ceo about earnings coming up lfmeept bk ter this see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade is this at&t innovations? yeah, wow..this must be for one of our new unlimited wireless plans. it comes with a ton of entertainment options. great, can you sign for this? yeah. hey,

we had numbers out that stock is trading about flat roller coaster ride this week with biogen. >> yeahzheimer's drug up first and then. they didn't need the end points. >> the study was muddled in terms of t terms of how they collected the study. the patients with the highest dose were not genetically predoes posed to alzheimer's so the disease progression is slower in general in those patients there's questions how the study was perceived and how it was executed and that sort of muddied the waters for biogen which is showing a decline of 1.3% biotech under pressure as we have technology as a whole, i believe, it is higher. >> yeah. amazon is up about 2.8 the market value is above $900 billion. you can do your own figuring out of what exactly bezos' network is. >> another favorite parlor game along with the market cap trillion dollar. >> yeah. he's the richest guy around. i think that's safe to say. >> in history. >> almost down 7% after the numbers it was the margins that people are concerned about. >> margins. >> data center, revenues, obviously this is an interim ceo, as well we had

biogen, well that trial success for awls heimers -- alzheimer's, big move for biotech. winning week. back to you guys. david: thank you, nicole. happy friday. phil, oil was up a little today but down for the week, snapping a two week winning streak. that is good news for the week. >> it's a good news if you're a buyer of oil, no doubt about it. a lot of concern in the oil market about more production coming online from saudi arabia but even a bigger concern, dave, this week was concerns that a potential trade war could actually lower global oil demand. but it seems like oil traders shook off those fears later in the day. that strong jobs number in the u.s. means strong oil demand obviously. also there are some talk that south korea is going to join the united states and get zero oil from iran. they will join president trump's call for zero oil exports. that was a very supportive story. you have to look at the atlantic, dave. there is a category one hurricane in the atlantic. david: yes. >> it's a small storm, hurricane beyrl. but it could empact floats of oil going in a

biogen said an outsider's drug showed good results. we will talk with our markets reporter su keenan on that. those were in the green. let's go flip the boards and look at currency. the bloomberg dollar spot, down .3%. that was off of the mixed jobs report we had friday. wage growth was not as strong as people were expecting. 0.2% versus 0.3%. that has a knock on effect in terms of the rate hike path for the fed. the euro, seeing flatness, but british pound up a quarter of a percent because theresa may and her soft brexit plan getting some confusion and support from her own cabinet. haidi: watching sterling again this week. looking at the set up in asia we had a buoyant friday despite all of that. the asia-pacific stocks were still nine out of 10 worst performing markets for most of last week. a fourth straight week. we have kiwi stocks looking like .aggards, off .4% we are looking for an upside in sydney, half a percent in the green at the open. the kiwi dollar 68.41 and the cents.dollar above 74 we have key numbers this week includin

big biotech to report earnings, and rounding out a very solid quarter for these amgen, celgene, and biogen and gilead its quarter actually looked very good and something that michael yee from jefferies noted for us. >> meg, thanks pf meg terrell. what do you do, guy? >> it was at 201 or so and we're basically up against it now. that's, i guess, the good news and this is the way i look at it they beat the quarter and this is the second quarter they beat by 28 cents and they raised the lower end of guidance by 50 and that's great and they lowered it by basically 28 sepps and take it for when it's forth valuation is up where amgen and you see it down in the same amount of time we're at the top end of the rage if you've been in this for a couple of months you absolutely have to take the top >> i wouldn't be surprised to see it's all in the news scenario tomorrow morning and it will be interesting to see how it reacts tomorrow a lot of the big-cap name his a run-up into earnings and it's a news, vent we'll see. >>> still ahead, check out shares of amazon up around 3% and pepsi in after hours an

. >> dana: a potential medical break through with biogen and their japanese partner.g worked as an anti body and works on protecting brain cells. for people with mild alzheimer, it offered promise instead:those with a placebo. the treated group had slower designs on cognitive test scores. >> did michael cohen betray you? >> thank you, everybody. >> mr. president, are you worried about what michael cohen is going to say to prosecutors? are you worried about what is on the other tape, mr. president? >> keep going. thank you, everybody. >> why is vladimir putin not accepting your invitation? >> keep going. thank you, everybody. >> let's go. thank you very much. >> a cnn reporter trying to ask president trump in the oval office about his former personal attorney, michael cohen and vladimir putin. in the process, stirring up a new controversy. the white house disinviting her from a rose garden ceremony saying she kept shouting questions after everybody left. joining me is howard. i want to lighten this up. take a look at two instances that we found in the last month of a s

one of the best performers today, we're going to take a look, it's interesting, it's biogen.s stock is surging, 19% and change. analysts are applauding some positive results in an alzheimer's trial by this biotech company. the trial showing significant slowing in cog any ty decline -- cognitive decline. that's a very important milestone. the bullish news is pushing other big pharma be stocks higher, astrazeneca, merck, telepharmaceuticals, all of those names in the green as are the broader markets, so we're watching those names for you. and we're also seeing u.s. stocks that stand to lose the most in the trade war with china. actually, this is fascinating, rallying today. look at this. this ranges from semiconductors like advanced micro devices, invidia as well to food and agricultural stocks, mondelez, sanderson farms plus apple up more than 1% today. the iphone, folks. so this is a fascinating reaction by the markets to what could have been very bad news. they could have taken it as bad news, and they haven't. also we're looking at -- and the story continues -- the saudis,

biogen and eli lilly both up 15%.al equipment company thermo fisher rallying double digit these are big moves. guy, what do you make of it? >> i make of it that the space is extraordinarily cheap. >> cheap with those moves >> right after president trump had that little conversation with pfizer, the stock was trading 36 or so it sets up really well on earnings and the highest the stock has been up 16 years and best single-diday performance i don't know how long and i think they're relatively inexpensive. >> they're certainly a catalyst and argument in terms of the valuation. i just look at biotech and the earnings are starting to see improvements in the pipeline and the balance sheets are fantastic and the valuation in the market, you have to look at the ibb and it will be a great chart and it continues to be. >> all right dan? >> yeah. just all right >> are we doing options action >> one trader made a big bet >> fast pitch. >> or as guy said it, power pitch which is a totally different show we just talked about is hea

. >> reporter: drugmaker biogen reported at a major alzheimer's conference after 18 months of treatmentatients who received the highest dose saw a 30% reduction in memory and daily function decline versus those given a placebo. the drug removes buildup from the brain called amyloid plaques thought to be responsible for alzheimer's. while similar drugs failed, the key difference is that the drug was given to patients at the earliest of the disease. >> we can slow or reduce the shrinkage of the brain. >> it is important to detect this as early as possible? >> absolutely. >> while researchers continue to study the drug they asked the fda to fast track approval. the news giving hope to craig donovan who lost his father and grandfather to the disease. >> it is a critical societal need and there's so much human suffering involved with alzheimer's. i hope that research continues. >> that was dr. john torres reporting. >>> in a surprise announcement president trump and jean-claude juncker has a truce. as part of the truce both sides agreed to work towards zero tariffs in exchange to minor eu co

we also got a nifty number from eli legally and a strong one from biogen.till, though, the session was dominated by the money flowing into the techs and out of the industrials in the morning and uthoff non-fang techs andinto the industrials for the rest of the day. done as surely as the tides go in and out, something that's natural when it comes to the ocean, but insane when it comes to stocks. so how do you navigate your way through the crazy environment? simple like i said last night, individual stocks still do matter, but the corollary is that individual stocks don't have the kind of pin action, even the drugs like i just mentioned, they don't have that kind of pin action like they use to because eps has less power to drag the whole session it's absolutely true that alphabet had an amazing quarter. but that doesn't mean you should buy all things tech, even though that's exactly what happened at the open it's true that 3m had a good quarter, not a bad one, but the selling knocked down almost all the industrials. when the investors figured out 3m was doing

begin pressure, the drugmaker falling in tokyo as well as biogen in the u.s.hough the alzheimer's drug has done quite well in earlier studies, analysts are still not blown out of the water, the worst performer in terms of member may -- member ranked returns in the region. manus: i'll need some of those alzheimer's drugs quite soon, i would say. trump anddonald jean-claude juncker agreed to spare new chairs while negotiating over trade. --ald trump explained by what both sides will work toward. >> we agreed to work together toward zero tariffs, zero nontariff barriers, and zero subsidies on non-auto industrial goods. huge ambitions. meanwhile the president of the european commission said the u.s. and the e.u. will hold off on other tariffs while negotiations proceed. >> is the united states puts the 20% tariff on car parts and other countries retaliate in kind, it would cost the u.s. economy $50 billion from lost gdp by 2025. but we made a deal today, because we agreed that no other tariffs would be introduced as long as we are in negotiations. manus: joining u

the shares of biogen are down sharply, more than 11%, the worst day since 2016. disappointing data around the alzheimer's drug. and align technology, the dental , and it iswn 4.6% interesting because of course, this will be the last piece of the faang trade to go -- if we include apple, not so much, but in terms of the original faang trade. facebook and netflix are disappointing, google and alphabet are strong. facebook has a history of putting up strong quarters and then puking, so investors could be worried that this is this kind of the quarter. let's hop back into the bloomberg, because this is the amount of value, market cap lost by facebook on this day. more than 100 billion, the largest in history. the last biggest drop in market intel,oes back to 2000, when they lost 91 billion dollars in market cap, so this drop we are seeing for facebook compares to the.com oblast. let's turn to where we have some strength, in the utility sector, sector, up 6/10 of 1%, really being driven by deason earnings from pg&e and edison international. there is some light at the e

stuart: by owe again they have a new be alzheimer's treatment -- biogen. can you spell out, dr.el, what promise showing for alzheimer's, big interest in this? >> identifying there is genetic problem that leads to alzheimer's and protein that leads to build up of alzheimer's. if you can revent the plaque from worming, get rid of it once it is formed, there is big promise. you do better preventing it from forming in the first place. this drug is on target but still premature how it will work in terms much actual patients over a period of time. stuart: but if you got the plaque, you got the alzheimer's, and this can get rid of the plaque, that sounds to me like a cure rather than a treatment. i'm sure i'm going much too far but we're headed in that direction? >> yes and no. by the time plaque is there, damage has already been done that can't be reversed this is treatment more than a cure. i give it a big plus, a big thumb's up. even better if you can manipulate the gene to not produce the protein that causes the plaque, that clogs the brain in the first place. that is some other dr

japan's asa has plunged after an experimental all summer's with biogen slowed progression of the early disease. this is the first in decades of failures,ittered with but dr.'s stress more information is needed from the larger, longer studies. a 3% gain in the regular session. is talkingnk ceo expansion again after spending his first four months on the job cutting jobs and building capital. he's told bloomberg that the bank and grown the second half of shares falling after fixed income trading reported the week second quarter since the global financial crisis. this is bloomberg. ♪ ♪ yvonne: 8:30 a.m. in singapore. good morning to you guys this morning. half an hour away from the open of trading there. i'm yvonne man in hong kong. in new'm ramy inocencio york. let's get to first word news with jenna dagenhart. president trump has reached a deal with jean-claude juncker avoiding a transatlantic trade war for the time being. the two sides agreed to extend liquefiedmports of natural gas and soybeans. and to lower industrial tariffs on both sides. washington and brussels will hold off on oth