myeloma drug last week was actually good news for celgene.n a way at least. it means the fda is likely to approve polylidimide. the company is conducting nine phase two and three studies to expand the use of drugs. they increased more than a billion dollars in additional sales. cegene is getting no credit for the new drugs and new indications nor the reaffirmation of earnings power. remember, next week we get the june employment number. i expect it to be weak. that will bring more money for the celgenes of the world, not away from them. this is not a broken company. it's a broken stock with terrific management that's become way too cheap given its prospects. buy half now. as all the money managers knock it down even further tomorrow and buy the rest after celgene reports. after the break, i have another name for you. believe me, it's one you know. we'll answer the classic wall street conundrum as you pick among the rubble, broken company or broken stock? i'm judge, jury and executioner. stay with cramer. >> announcer: coming up, 20% off? this

if celgene can make the numbers, not beat them.meet forecasts this stock has become insanely cheap. sure the credibility has taken a hit and they are in show-many e mode, but it's worth giving mlgt the benefit of the doubt. that has to do with my third reason for believing this is a broken stock. they have an excellent management team led by ceo bob eugin. in particular he has a history of being conservative with numbers. whatever problem celgene has, i believe he deserves the benefit of the doubt. i believe he can fix them. fourth, the european issue is not the end of the world. celgene will resubmit the application with more mature data in the future. what happened is the approval process got pushed back 12 to 18 months. that's not a franchise killer. it's a speed bump that will go away over time. revlimid is a huge drug here in the u.s. and the expansion in europe has been postponed. fifth, revlimid is a major part of the equation. there are other drugs including one for breast cancer, leukemia and t-cell lymphoma. there is a fa

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should celgene be abandoned? the credibility was damaged here. same time they reiterated estimates, talked about earning $8 to $9 in 2018 per share. i think celgene deserves some benefit of the doubt when they will follow up the uh approval when more data is available. thinking for strategically, speculations which is why i come to you. a country with serious entries in treating kidney, liver and now blood cancers. is a company that can jump-start any old pharmaceutical company. it makes onyx still a juicy takeover target. yes, celgene reminds us when a company dependent depends on one drug the stock can be more dicey than you like. even as the $3.2 million dollar drug is the envy of many. it's imperative they show growth away from it while making the claim the drug is superior to anything onyx has to offer in the blood cancer category. i hope it can do so. i want to be a buyer but i'm chasing bier. a chasing buyer of that. you can be certain that's the case. i believe in celgene, but this was a stunner. stay with cramer. how much coffee are you

and celgene rebounded 3.7% after yesterday's sell-off. celgene pulled its application for a blood cancer drug over concerns from european regulators. investors seemed relieves today the credit downgrade of big banks wasn't any worse as many of the banks effected were higher. bank of america was up 1.5%. j.p. morgan rallied 1.4% and morgan stanley recovered 1.3%. despite the higher market today, there still were warnings, including one from truck-leasing giant ryder. the firm lowered its earnings outlook. the company's fleet management business gets the blame. shares were hit hard, down 13%. volume jumped more than five fold with the stock falling to its lowest price since october. it expects weaker demand to continue through the end of the year. a different type of transportation company-- carnival cruise lines fell 2.7% on heavy volume. earnings were hurt by fuel hedging and revenues were disappointing. still, the cruise ship operating increased its financial outlook thanks to lower fuel prices. all five of the most actively exchange tra

you said a couple days ago that celgene has been a dog. what's your take on it? they have a lot of phase one and phase three trials coming out and possible approval on europe soon. what do you think? >> the ceo today announced a $2.5 billion buyback. i'm going to stand here and tell you that i want to stick with celgene. nothing's changed. great pipe. great company. sam in my home state of new jersey. >> caller: first time caller. love your show. >> thank you, buddy. where you from? >> caller: howell, new jersey. >> i'm there all the time. what's going on? >> caller: i would like your thoughts on zynga. what do you think after yesterday's decline? do you feel it might bounce back? >> this is a tough call. it's been a complete and utter -- [ barking ] -- this thing has been in the bow wow chateau since it came public. as i said during "street signs," every dog has its day. the stock is too low to sell. maybe i like playing scramble with friend so much with my daughter. if it's profitable, yeah. it might be okay. all right. mob mentality? lemmings? don't worry abou

be careful, seagate. >> celgene onyx story is one i'm going to be watching today. >> huge. yeah. >> you were doing moses supposes when we talked about fred poses. >> we still got a little bit of time. what's on "mad" tonight? >> this is a company, david, you've been following probably. energy transfer. biggest buyer and i quiacquirer pipeline. they just said they don't need to raise equity. that's important. highest yielding of all the master limited partnerships i follow. kelsey is the most inquisitive guy. i think he's a good man. >> that area is one people come to time and again when they talk about yield. >> when ben bernanke talks about how they're not going to raise rates within the foreseeable future, you look to master limited partnerships. a lot of them weaker. natural gas liquids? where we going to put them? volume hasn't been good. kelsey is taking steps to build a national pipeline network. we are short pipelines. i had the stat oil and north american ceo. look, we need more pipelines. we need to put more people back to work. talking about washington being the l

we're mentions celgene getting a upgrade.tock has been down 20% in the past three months, so seeing a nice lift today. >>> if you're worried about the stock market, fear not, we have three market watchers offering a good view. >> somebody will play the devil's advocate. here with us are erin gibbs along with jonathan galab. and it's always ladies first here on cnbc, so erin, why are you bullish? >> we're still seeing low valuations. we still feel there is a lot of ability for companies to see higher valuations, and we also feel that compared to a lot of your other options out there, the u.s. economy has the highest risk we ward. we feel that we can get a little more. >> you're saying you would not touch bonds? >> more so in the equity markets in europe and asia. >> it's interesting, we had jack mogel on the other day talking about valuations, and he agreed they are low, but she a bull on the markets any way. he is mr. buy and hold, but he acknowledged that fundamentals are not that great right now. >> i will half disagree. >>

bed bath and beyond going lower on a down beat second quarter, and seeing it down nearly 17%, and celgeneaking a hit today, and micron, weakness in the flash memory market hit hard, and green mountain and seagate as well. >> thank you, with the expected bank downgrades, we bring in larry canter. let's talk first about the banks. we're expecting the downgrade from moody's at 4:00. 17 major bank social security what they're looking at for capital related firms. what do you think the impact will be on the banks? >> probably not that much in the sense that everybody has been aware of this for quite awhile. and the ratings agencies have become a lagging indicator. the only thing that is specific is it can increase funding kors because certain buyers have to pay attention to ratings in terms of what that can and can't buy. i think it has been largely -- >> could this be a buy on the news then -- let's see what happens in the immediate -- >> i have to say i hear what he is saying and i think that's largely in there, for example, morgan stanley, if they get the three notch downgrade, it's a risk,

i'm going to be listening to celgene. and the stock was hammered today. could be an attractive opportunity. but when it comes to actual stocks that report earnings, like what our game plan actually focus on, we want to listen to dollar general. why? because one of the best acting stocks in the world right now is walmart. up 21% year over year, 10% year to date. always a bull market somewhere? hey, largest retail in the world. i'll take that. a lot of what has happened is good at walmart, they figured out how to beat stores like dollar general. they beat them at their own game now. any sign that dollar general acknowledges this trend will be a good reason to buy walmart on weakness, although it was barely down today. off 27 cents. i'm interested in stocks that are only down 27 cents on really horrible days because they tend to go up a lot on good days, and there are good days. there are also always money managers looking to buy growth where they can find it. that means we have to pay attention to a smaller company -- if you're a close watcher of this show,

problem and margin compression there and bed and bath down 16% today and taking a look at shares of celgener the company withdrew an application to sell its blood cancer drug for a wider patient population in europe. they asked for more information proving the benefits versus the risks and micron down almost 7% and said that flash memory market is still weak. seeing some pricing down, sleepily quarter on quarter. not just pressuring micron but also lsi and sandisk. brian? >> thank you very much. >>> talking with rick, are you surprised there isn't more money going in to the long end today or what? >> no, not at all. i'm not so sure there's a boatload of money going in the long end. i think there's some and some selling that ensued that may be unwinding a bit. start at the real beginning here. really in the beginning it's a foreign exchange story to some extent. look at a 24-hour chart of the euro versus the dollar and then the mirror image, the dollar index. obviously, they're the mirror image and fairly synonymous with what they're telling us. take everything that sage gentleman known as a

also celgene with the rise of yesterday an announcing a $2.5 billion stock buy back.ple of a bio tech company tapping reserves to boost confidence. shares of adobe down before and flat on the day at this point after a downgrade of jeffries. price target cut from 38 to 32. and i also want to mention green mountain coffee roasters down 5% on the day after are research shows that sales of k-cups slowed there. sue? >> thank you very much. >>> more breaking news now from scott cohen and brought us on the stanford sentencing and me's back with us live with more. scott? >> this 110-year sentence is less than half what prosecutors asked for but it accomplishes what they and thousands of victims wanted. allen stanford will go to prison for the rest of his life. he was also ordered to forfeit $5.9 billion, that is largely symbolic, as well. judge hitner didn't explain why he didn't give him the maximum and called the $7 billion scheme one of the worst financial crimes ever with thousands of victims. he said he read 350 letters about two those of victims in court, dressed in bla

also look at celgene as a number one maker in this space.al fda decision expected by not on but by july 27th. >> what does nat gas and ercana in common? >> they're both found in canada. >> and moose. >> that's -- >> they move about sharely. shares down 8%. good news/bad news. people concerned about profit because they plan to invest another $600 million to drill. they'll have about 350 oil and gas wells next year. production up 11% and spending more to drill more. going to impact near-term product. >> spend money to make money. under armour with a downgrade of ubs. i guess not happy with the new sneaker, huh? >> down 5.8%, right? ubs concerned that this warm weather not just today but from may and april is pulling sales forward. i don't need a t-shirt last week. i bought it in march. keep in mind this stock is still up about 40% year to date. merrill lynch with a positive note on the stock. one of the major recommendation lists. a firm knocking it. a good year for under armour. >> not a good q-3 for micron tech. >> pricing is the subject. to

if you want to play a levered name, celgene coming back, anyone like it for a fast trade? >> i do.had to pull back on one of their drugs for multiple myeloma, the stock made a disastrous fall but it's worked its way back very strong, i'm not surprised to hear people talk about it and interested in it. >> qualcomm looks like 54, 55, could be a tradeable bottom. pete any thoughts? >> i've always liked this name but you have to go into these names and you're looking at intel, qualcomm, broadcom, different names involved in the whole telecom space. i like qualcomm, at the levels could you get interesting. i look at intel as the overall picture, they cover it all. >> coming up on "halftime" how should you play the euro ahead of next week's eu summit? your money in motion trade is on the other side of the break. that's why programs like... ...the mickelson exxonmobil teachers academy... ...and astronaut sally ride's science academy are helping our educators improve student success in math and science. let's shoot for the stars. let's invest in our teachers and inspire our students. let's

. >> celgene down 11%. >> they withdrew the revlimid application in europe. it doesn't hurt revenues too much, about 300 million to next year's numbers and with a good pipeline i think it is interesting. >> the xhp, the home builders etf and it is getting hit. >> i believe it was isi came out and talked about how the cost of construction is increasing and labor costs increasing and that's going to hit some of the home builders. >> existing home sales weak as well, right. >> a little bit weak and actually home prices up. it is double edged sword and you want to see the construction industry come back and those people making money and the home builders have had quite a run. >> tell me about the gdx, the gold miner's etf getting hit. >> he want a little bit more out of chairman bernanke. at this point i think i am staying along the stock. i have been along this name for a while now and doesn't mean that you have to. 45 and a dime exit strategy for yourself. trading at 45 and three quarters now. >> did you say bernacy or bernanke? >> big ben. let's go there. i al

i show this, celgene whacked. they with drew an expanded offering in europe.wen to the defense. stock up. back to you. >> thanks very much. hope over to rick santelli talking to a very special guest. >> absolutely. i really liked an article john taylor wrote, the rules to the road for the american recovery. welcome john taylor. you really have quite a tradition being involved in so many administrations. maybe you could give us a quick summary how you were so enamored talking about austrian economics, 1944 works, road to serfdome. give us an idea how to get the country back on its feet. >> more predictable. a lot of uncertainty about fiscal policy, cliff. we don't know what's going to happen on the rules side. policies that are predictable, businesses can make plans on. i think there's a lot to be learned from that work. >> now, if we take some of the negatives that face the economy, what is more important? if there are issues that need mending like tax policy, let's take that, for instance, even if the progress is slow, even if you avoid the band-aids, isn't i

. >>> >>> celgene, man, you are moving. >> he liked apple, bought a ton of it from watching the show.ple defenses today. it's kind of like team defense, william blare defense it, bear defendants it. >> they pulled -- >> eu -- >> that was very important, because it was in the numbers, morgan stanley, but bernstein said specifically it was in the stock. they can earn 9 bucks, it is indeed the -- >> facebook quickly. >> i love this call. i have to go quickly, so i'm stalling here. the answer is he says it's about to reaccelerate the earnings. i didn't even know they were decelerating. fabulous. we have to go, david. >> closing --. we do. let's acset rate to the open bell. more "squawk on the street" when we come back. that could adapt to changing road conditions. one that continually monitors and corrects for wheel slip. we imagined a vehicle that can increase emergency braking power when you need it most. and we imagined it looking like nothing else on the road today. then...we built it. the 2012 glk. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz

celgene is reviewing its application for revlimid.ns, going to be a big loser today. andrew and i both love bed, bath & beyond. we do. we could be arrested for loitering sometimes because we just, we hang out there. >> it's a cool place. >> linens, i mean, pillow case. >> i'm still looking at that blender, vitamix, the most expensive blender. i look at it with awe. >> you got your eye on it. you pricing it at different places? >> williams-sonoma has it for more. we could talk about it. >> you're not kidding. >> no, he's not kidding. >> i'm not. >> are you saving up? >> this is -- >> how much more too big to fails have to go out the door at amazon before you get this thing? >> it's a $600 blender, the huge thing the blender. >> the question is will you use it once you get it. >> yes. >> for juicers? >> we got to go. you can make soups with it, margheritas, anything with it. >> the commercials look cool. >> the consistency t does something a regular blender does not. i have a friend who has one and i've been looking at it. >> this is no