i watched coil like bristol myers that i owned, drop and drop and drop some more.n't realize it was a rotation into stocks and company that were in machinery companies with business that's would heat up. start popping. i didn't get that if i want to perform daily. i realized i would have to dump my heinz and bristol myers. i needed mining companies. if my fund dropped by more than 10%, i would have to open the doors and let people out of their contract with me. i noticed it sank and sank and sank because it was filled with best of breed and not what was fashionable. finally when i had fallen to 9%, i rebooted my faves. quickly got to even and then much more so. it was a sobering lesson i never forget. if you want to perform on a daily base, you have to take action. you can't just sit there and get your head handed to you because you own best of breed. there's a problem. this isn't one you can play at home without being a full time professional. here's. why it got hotter and hotter and the stocks kept getting higher and higher. at a certain point, it got too hot. pe

bristol-myers squibb thanks the patients and physicians who participatedi>in the opdivo clinical trial. to you, they're more than just a pet. so protect them with k9 advantix ii. it kills fleas, ticks and mosquitoes. k9 advantix ii. for the love of dog. of the week. 14 countries, hundreds of athletes, one unforgettable cause. here's bob woodruff. >> reporter: the second invictus games, and the heroes we will never forget. retired marine lance corporal sarah rudder. tell me about this. >> superwoman is one of the strongest women i know. and to know that a woman is known for her strength. i want to be known for that as well. >> reporter: the mother saying the games mean so much to the heroes, too. >> this is wonderful. >> reporter: this is one of the moments you don't expect. >> no, i didn't. >> reporter: the games, created by prince harry, seen cheering on the sidelines the whole time. and we remember this moment. active duty army staff sergeant elizabeth marks, injured in iraq. asking prince harry to bring the medal back to the hospital that too

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the xlv is the top five holdings, companies like johnson & johnson, bristol-myers, merck, things that very well. i think there's a potential for some of the other names to play a little bit of catch-up. some of the stocks that are well off of their 52-week highs versus the ones i just mentioned. a few percent from the 50-week high. >> how much of a weight is biotech? >> that's what's so interesting. traditionally, the real key here is traditionally this is a defensive area of the market. biotech has skewed all that. in terms of the -- in terms of what's important here, the top is the big pharma names. what does act well, devices act well, health care facilities act well, managed care, so forth. you need a little bit of play from some of the big biotech names and this thing can -- >> some of those companies actually, if you're taking a look at what the valuations look like, those are actually the cheaper names in the group right now. the big cap names you're talking about, johnson & johnsons, 22 times multiple names, actually trading in the mid-teens and have much more growth potential

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the xlv is the health care select, the top five johnson & johnson, bristol-myers, merck, things thatwell. i think there's potential for some of the other names to play a little bit of catch-up, amgen, bio jen, some of the stocks off their 52-week highs versus ones i just mentioned that are a few% from their 50-week highs. >> how much of a weight is biotech? >> that's what's interesting. traditionally -- the key is traditionally this is a defensive area of the market. biotech has skewed up a that. in terms of what's really important here, if the top is the big pharma names, devices act well, health care fa sill tiz act well, managed care, u in h. you need a little bit of play from some of the big biotech names. >> some of those companies, if you're looking at what the valuations look like, those are the cheaper names in the group. the big cap names, the johnsons and johnsons, gileads and like that trading in the mid teens and have much more growth potential. from my perspective, they don't present a great deal of risk to the group but they do offer a good potential tail wind. >> is pa

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i want to see the numbers made by acceleration of revenue, ala bristol myers.ing the opposite of bristol myers. >> they do raise their full year just a touch. part of that once again on easier 4x -- >> i'm no go. that's why we can't lose that prop. if you look at the quarters that pfizer talked about a weaker dollar. we need a weaker dollar to be able to make the numbers and raise numbers in the future. if we lose this day three, we can't lose that, that's the major theme. >> meanwhile, whole foods beats by 3 cents. though revenue missed, they cut their guide as cutting these produce prices isn't driving sales. comps down three. >> i wasn't crazy about that quarter. they are rolling out 365. there's a lot of excitement on the conference call about 365. just because i'm a creature about the -- there's a lot to like in terms of buyback. but if you're just looking at how a typical retailer does do well, they didn't have it. stocks inexpensive based on a real turn if you get one. look, same-store sales, they were ul a little bit for the previous. just not a great q

put in bristol myers. we'll put in general election. industrial.nd then we want drug, then we'll have a tech and entertainment. and oil. we have to do that even though alphabet, we run a much bigger portfolio so therefore we are diversified. let's do an ulta am i diversified. >> caller: i'm calling to see if i'm diversified. rpm, khc, bmy, aapl, and aep. i am a diversified? >> let's check on this. all right. apple, own it, don't trade it. rpm, the great little industrials. industrial attack a drug company. a utility. and a food company. bingo! i need polyin ohio. >> caller: mr. cramer. thank you for taking my calls. >> my stocks are next era energy, met life, alcoa, i am a diversified? >> okay. met life is a very fine insurance. victoria's secret, there were some issues there. yum, alcoa is up to sboo a highly value added. we have an industrial. a utility. we have a retail. and we have got energy. that's perfection. only one person was not diversified. can a toothpaste do everything well? this clean was like - pow. it felt like i had just gone to t

think there's anything wrong with owning it myself question there are such better company like bristol-myers. i regard it as a not so good pharmaceutical company of you want to down dow out? not on my watch. bears be damned! all mad tonight. with oil back in control of the stock market, it is more important than ever to understand how individual stocks vary. piece by piece including one industrial i'm buying aggressively. then a $1 billion bet on apple. should you follow their lead? and hospitality and gaming companies. tonight i have the ceo. do not miss my exclusive with mgm resorts. >> don't miss a second of "mad money." follow @jim cramer. do you have a second? tweet or send him an e-mail. or give us a call. miss something? head to "mad money".cnbc.com. ♪ in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, the lowest taxes in decades, and new infrastructure for a new generation attracting the talent and companies of tomorrow. like in rochester, with world-class botox. and in buffalo, where medicine meet

the drug for cancer which is a breast cancer drug, it was a drug infected at the nih license to bristol-myers squibb which was a pharmaceutical company. there was a clause in the agreement that said the drug should be priced at a reasonable price so congressman wyden at the time was interested. i started working on this drug and that led to looking at the federal government and funding all cancer drugs that were put on the market since 1955 and other types of drugs for hiv and severe illnesses and other rare diseases. as a result of this work that i was doing on drug pricing in the united states like these issues, i began to become more aware of the role of international agreements and international discussions about what the us could do and what was happening in foreign countries and in 1994 i was invited to argentina and brazil by people who picked up my name as someone working on these issues and i became aware for the first time of the extent to which the united states or the state department and the trade-off and the whole apparatus of foreign-policy putting pressure on developing countr

and certainly every bit as strong as bristol-myers. and the move seems to have some staying power. then we have some rallies in three stocks that haven't been able to get out of their own way recently. bill ackman gave scott wapner one of those cases. it seemed pretty compelling. it's been called a sewer by charlie monger the same day. the resurrection is duly noted. and the back from the dead jump today. maybe -- let's just call it extraordinary. maybe it is a new beginning. i'm open minded. i took a lot of trashing on social media, when i said the stock at chipotle wouldn't be destroyed. it's one of those moments i become so used to when i stick my neck out. i'm rated as a crown. call me crusty, see if i care. the stock is unchanged from the end of days quarter. i reiterate that, i believe the stock's going higher over the long term. last but not least, there's apple, stock had been down for eight straight days. last night tim cook came on mad money, and cook made a case that perhaps the service revenue stream isn't being valued correctly. it will keep going regardless if the uni

a big pharma meeting, hearing from bristol-myers, and pfizer. not moving so much in the after-hours. the real update could come at the conference in two weeks. >> thank you, meg. 5,000 data sets. interestingly, biotech was on the move in terms of a sector. we were mentioning it at the top of the show, a lot of sort of risk-on sectors were moving today. biotech was one of them. >> trading 262 now. i still think that 285 level tim cited numerous times is critical it gets back above. i don't see it happening anytime soon. i still think it's sort of mireed in this level. interesting options activity, when the stock was 208 or something, i think it's in the 220s now. i still think the top stock is way too cheap. i get the whole pfizer thing. but i still think allergen sets up well. >> i'm curious when meg starts to hear the rest of the information start to roll, it's huge. asco, that is the event of the year. i'm looking at names like insight, they have a huge pipeline of drugs they're talking about. cancer drugs mostly. just about everywhere from lu

bristol-myers squibb thanks the patients and physicians who participatedivo clinical trial. >> steve kroft: morley safer has worked in television news for 61 years. he's spent 46 of those years on this broadcast, longer than anyone else. as a traveler, he holds some sort of record, taking planes, trains, boats, even bicycles to the ends of the earth, often visiting more than once. by the time he was 35, he'd middle east, africa and southeast asia. it's fair to say that nobody alive today has seen as much and reported on it as brilliantly as morley. he's retiring now. and no one here is happy about it. simply by example, he's made the rest of us better journalists. his writing is the best in the business. his toughness and kindness and sense of humor are legendary. you'll see why in this hour. >> morley safer: this is morley safer reporting. this is morley safer. >> kroft: when he first spoke those words on television, dwight eisenhower was president. >> safer: it all began when an officer-- >> kroft: morley and television news grew up together.

there is no question that cross-border activity will be -- tom: i don't think bristol-myers has everhe midwest. they get out a trophy, they have to be the ugliest of ugly. way down from all the glory people we follow. you got to help me here. you can't make money on stocks. this is the industrial america. are the dirt cheap and a time of a higher pe multiple? jonathan: you can pull up a lot industrials. they are showing up something -- they are showing something different. 20 becauseoser to there is expectations of an earnings recovery. when earnings are depressed on a lot -- earnings are depressed on machinery. they are trading expensive with a plague him on the resurgence of earnings. tom: peter, let's translate this. you have a 20 multiple on a fallen hurts stock. in 20 multiple is a tough sell. peter: it depends on what you're currently looks like. cash today is very cheap. depending on the company we are talking about, in some cases, their equity can be a very highly valued currency. so, what we end up talking about on a specific basis is what is the value you are delivering ver

we're going to be looking for a lot of data from big pharma companies like merck, bristol-myers.hich just got a new approval this afternoon, well ahead of schedule. so this has really turned into an immunotherapy dmompbs soconf some ways. but others are being closely watched. >> i'm glad you mentioned because it seems like an interesting quirk how this happens. we have to kind of wait until the actual event for more clarity? >> yeah. often this can be earlier data sets and they will be updated or sometimes the final data gets released tonight and you hear more presentations at the conference but it is odd how it works how some data sets are released in advance and then you learn more at the actual conference. >> thank you for joining us. we'll let you go for now. and those results will start coming out after the bell. well after the bell. 15 minutes to go here. dow is down 53. s&p is down 56. the nasdaq is hanging on to a gain of 8 points. >> next, has the fed lost control of the yield curve? talk about that after this this is my retirement. retiring retired tires. and i never ge

it was invented at the nih and being licensed to bristol-myers, which is a pharmaceutical company. there was a clause in the agreement that said the drug should be priced at a reasonable price. so i was brought in to evaluate the claim. congressman wyden at the time was interested in the issue. i started working on this drug and that led to taking a look at the role of the federal government in funding all cancer drugs since 1955, and other types of drugs for hiv, and for severe illnesses, rare diseases. and as a result of this work that i was doing on drug pricing in the united states and looking at these issues, i eventually began to get more aware of the role of international agreements and international discussions about what the u.s. could do, but also what was happening in foreign countries. in 1994, i was invited the to argentina, then brazil by people that had picked up my name as someone that was working on these issues of drug pricing, and i really became aware for the first time really the extent to have the united states through the state department was putting pressure

alsohaa mention that this interviewntvi today is being sponsored by thee pharmaceutical company bristol-myersforu,hank having me on. >> oh, well, it is a delight fot us to have this time with you. y and thank you for using your celebrity for such a good cause more about exactly what immuno oncology is? >> well immuno oncology an exciting new treatment for new e cancer that uses your own immune system to sort of awake ken youu immune system to the cancer can cells in your body.ody. our immune systems are built tot kick out, you know, whatever isr not supposed to be therere viruses, bacteria, whatnot, but cancer is sneaky, cancer isr i tricky and cancer is a real jera if you know what i mean so with immuno oncology this treatment t awakens your immune system toyse those cells that have been couldn't tan nam 98ed by cancer and harnish your own body too eject them and fight them and to make them more exposed so that your body can fight the cancer with chemotherapy and radiation those are poisons.. your pie sonning the body andody hoping all bad goes away but awa you're killing the good and you ho

it was a drug invented at the nih, and it was being licensed to bristol-myers squibb, and there was a clause in the agreement that said that the drug should be priced at a reasonable price. i was brought into a valuate the claim. -- to evaluate the claim. a congressman was interested in the issue. i worked on this drug, then that led to taking a look at the role of the federal government and funding all cancer drugs on the market since 1955. other types of drugs for hiv and for severe illnesses, such as rare diseases. as a result of this work that i was doing on drug pricing in the united states, and looking at these issues, i eventually began of the role ofre international agreements and international discussions about what the u.s. could do, but also, was happening in foreign countries. in 1994, i was invited to argentina and brazil by people that had picked a my name as someone that was working on these issues of drug pricing. for the became aware, first time, the extent to which the united states and the state department, and through the trade-off -- the trade office and foreign p