eli lilly is our last stock.mber solid raised their forecast but that wasn't enough for the street. because of a tax bill and they were worried-a-their drugs not selling as they start. what's the chart? >> clear down trend since march. it's clear resistance. levels today, first report around the bottom of the july range around 105. that fails. look at 103. alix: good stuff, thanks, bielema loan ye. coming up, j.p. morgan management and global market strategist. this is bloomberg. this is bloomberg. jonathan: the johndown to the open starts right now. ♪ jonathan: a macrobellwether is taken center stage. and the never ending bridgewater story. parliament boxing johnson's plan to rush up its deal and mark zuckerberg heading to the hill. good morning, good morning. here is your wednesday morning price action. futures negative. no drama here. euro drama unchanged. and a bit into the treasury market. 1.74. big issues. the outlook for 2020. >> >> maybe we are looking at better earnings for even 2020. >> expectations wer

eli lilly coming right back.ome are worried their strength in their cancer franchise was climerical i think it's the real deal although the stock has run too much at this point don't want you to chase it which brings us to the real anomaly the one that's driving me crazy yes of course it's the elephant in the room it's johnson & johnson. now, the bears will tell you that j&j is no longer a drug company it's really more like a law firm that happens to have a sideline in pharmaceutical medical devices these days the stock trades based on litigation last night j&j said they can't find any asbestos in the thing they recalled. stock rallied 2.9% still tip of the eye iceberg. opioid lawsuits original talc lawsuits could end up being very expensive i think the stock le main tough tone until we get resolution here that said this too shall pass i'm betting any charitable trust money that j&j comes out on the side of this in good shape but you can't earn unless you take on a lot of pain end of the day though all of these d

for example, when i was chief of staff brought the microsoft and eli lilly cases which launched the privacy and data security programs at the ftc so the issues are the same when you boil them down and they take different forms but the dynamism is what makes that exciting. >> host: to questions before we get too far from the facebook and mentioned the attorneys are pursuing facebook and potential regulation of facebook or punitive damages against facebook. mark zuckerberg recently companies. i wanted to get your take on that and on the ag's pursuit of facebook. >> guest: i am not going free speech isn't readily important and with respect to the ag has a good and cordial working relationship with the state ag's and we collaborate with them on a number of cases on both sides of the house but obviously i can't comment on any ongoing case or investigation. >> guest: there is so much interest in antitrust as peter mentioned. you have the doj looking at these companies. what do you make of that and then also how you navigate what different government agencies are looking at? >> guest: great questi

caterpillar, eli lilly, ford, microsoft and tesla. >>> facebook ceo mark zuckerberg will be on capitolfacing about the power, privacy issues and tolerance of false or hateful speech. he will testify about facebook's currency which has run opposition from lawmakers from the u.s. and europe. last april he was grilled about the cambridge analytica privacy scand scandal. >>> mark parker, nike's ceo will step aside in february as nike's business is posting strong sales but the brand faced a number of prcrises. last year he apologized for allowing a toxic corporate culture that excluded some staff and failed to take workplace complaints seriously. most recently nike's top running coach was banned amid doping allegations. so stepping into quite the job there, guys. i'll send it back to you. >> no kidding. thanks so much. >>> coming up here on "today in the bay," 4:42 for you right now. nbc bay area is issuing a microclimate weather alert due to a red flag warning and high fire danger. meteorologist kari hall tracking all of that for us. >> we'll look at our wind speed forecast. it's also goin

. >>> sales of o of e eli lilly's top selling drugs misses th mark.where we begin the market focus. rebates and discounts on a lily's diabes drug trulicity curved revenuend came in shy of targets but the dru make are topped expectations and raised earnings forecast. shares fell more than 2% to 107.40. angst emropes more than 20 peppers thanks to enrollment gains from people enrolled in medicare advantage anddi medica. anthem's 2020 guidance was better thanfeared, easing concerns that did kmaltd medical costs would cut into profits. helping to send shares up to 263.51. >>> norfolk southern with tariff uncertainty and global weakness could impact the coal and steel transport markets. notspg southern shares slipped more than 2% to 184.87. >>> and shares of resid owe technology fell following the company lowering revenue guidance. the smart home and security products company also sai c its cfo will be leaving and it has beguhn gun a kprens. shares lost nearly 40% of value to finish at $9.50. and after. the belel ford postea lower than expected profit as h

so, for example, when i was chief of staff we brought the microsoft and eli lilly cases which launched the privacy and data security programs at the ftc. and so i think the issues are the same in some sense when you boil them down. they take different forms of the dynamism is what makes it exciting. >> guest: . >> host: two questions people to get too far from a facebook any mention of the attorneys general of the united states. 47 of them are pursuing facebook and potential regulation of facebook or punitive damages against a facebook. and mark zuckerberg recently had a "wall street journal" op-ed on free speech in social media companies. i wanted to get your take on that and on the ag's pursuit of facebook. >> guest: so i am not going to dress his op-ed. i believe that free speech is important. with respect to the state ag's, the federal trade commission general has a very good and cordial working relationship with the state ag's. we collaborate with them on a number of cases, on both sides of the house and consumer protection and at the trust but all this i can comment on any ongoin

one in the survey says all of the home here is 18 he was a top executive at insulin manufacturer eli lilly and during this time there the price of the company's best selling insulin more than doubled. we wanted to ask him why secretaries are. which tells us one question about description prices insulin doubled when you were president that he will usa. why did you do something about it been. one of the. sectors i know you can hear me i know that you when you're president it will usa insulin prices double why didn't you do something about it that. the. president from said pharmacy companies are getting away with murder was he referring to companies like you would present itself. it's corruption and it's legal companies are free to do most of what we're talking about here today they can pay to delay their competition they can extend monopolies for years or even decades they can spike prices by 5000 percent if they want to making medicines affordable is not a question of cracking down on illegal behavior it's a question of cracking down on legalized corruption in the system that we have create

coming up, eli lilly out with mixed earnings this morning.e right back. stay with us. oh, wow. you two are going to have such a great trip. yeah, have fun! thanks to you, we will. aw, stop. this is why voya helps reach today's goals... ...all while helping you to and through retirement. um, you guys are just going for a week, right? yeah! that's right. can you help with these? oh... um, we're more of the plan, invest and protect kind of help... sorry, little paws, so. but have fun! send a postcard! voya. helping you to and through retirement. mornings were made for better things than rheumatoid arthritis or psoriatic arthritis. when considering another treatment, ask about xeljanz xr, a once-daily pill for adults with moderate to severe rheumatoid arthritis or active psoriatic arthritis for whom methotrexate did not work well enough. it can reduce pain, swelling, and significantly improve physical function. xeljanz can lower your ability to fight infections like tb; don't start xeljanz if you have an infection. taking a higher than recommende

among names leading higher, i will lumina, eli lilly watch the health care names. >> all right, dom, thanks very much. >>> when we come back, a lot more on today's rally. dow session high u21p 0. we're up 148 don't go anywhere. if you're on medicare, remember, the annual enrollment period is here. the time to choose your medicare coverage... begins october 15th and ends december 7th. so call unitedhealthcare and take advantage of a wide range of plans with a variety of benefits... including an aarp medicare advantage plan from unitedhealthcare. it can combine medicare parts a and b, which is your hospital and doctor coverage... with part d prescription drug coverage, and more, all in one simple plan... for a low monthly premium or in some areas, no plan premium at all. take advantage of primary care doctor visits... preventive dental care and an eye exam... all for a $0 copay. plus, earn rewards for completing other preventive care activities, like flu shots and annual physicals. you could also get over $150 in free health and wellness products. so now's the time t

. >>> for today's power movers, eli lilly falling to its lowest level in more than a year.ientific rising as the company's earnings grew faster than analysts were expecting and finally, the home security company says the cfo is leaving to pursue other opportunities. and beginning a comprehensive operational and financial review, oppenheimer bank of america downgrading this stock, which is down 40%. >> the broader markets are lo r lower. $55.91 2.5% up. benchmark is 61.12 that's a gain of 2.5% as well. a reversal from losses earlier this morning it showed that crude stockpiles have fallen by 1.7 million barrels last week, analysts were looking for an increase of 2.2 million barrels. oil had been weaker since late yesterday afternoon when the petroleum institute showed a build of 4.5 million barrels the questions remain about how long it will last given that broader story about a slower global economy a nice move higher, steadily, 4% lower or higher than the lowest high of the session today. back over to you >> markets climbing toward record highs as earnings have been mostly

for example, eli lilly got hammered down more than 2% and boston scientific rallied 5% why?ecause this market is not willing to give drug companies the benefit of the doubt not in a moment when the democratic presidential candidates who are debating single payer and even the ones against medicare for all tend to be in favor of cracking down on them the medical device companies are much less hated. sure enough the earnings season we have gotten so far it's revealed some terrific numbers from the medical device plays. not only are these stocks in style at the wall street fashion show but they're underlying fundamentals are in fabulous shape. let me tick them down for you, starting with intuitive surgical which reported fabulous quarter last thursday. you know intuitive surgical is behind the da vinci platforms. the idea here is that the machines get you in and out of the hospital faster and shorter hospital stays translate into more savings for the health care system isn't it great to have an icon come back as a machine like the pictures that we have of da vinci? all this poin

deal with privacy issues and is a significant topic of discussion and we brought early cases like eli lilly and the mega soft where its representations were made or data processes resulted in up sharing data in ways consumers would not expect in those were good cases for the ftc to bring and we also brought we created the do not call registry and given the experience we have with robo calls today we realize technology has outpaced the sales rules and in the same way there developers that have outpaced some of the thinking that we did in the early days about how it would be brought to bear. frankly, we found the authority in this area so i am in favor of regulation and i had to grapple over the last several months with eventually embracing the need for federal privacy legislation and there's a great paper by feel better who explored all the different ways he could address harms and abuses and working through his rubric helped me get comfortable with federal privacy legislation in syria and ultimately as mrs. need flexibility and certainty in the vast majority want to follow the law but right

eli lilly was a major one. pfizer was in the space. ross again entech. merck.to the am lloyd build up in the brain and with whether the hypothesis is right. and they say they think it is and maybe the other drugs didn't hit it direct are connectly weren't getting into the brain well enough. they have ways of explaining why the trials didn't work where they say theirs does. >> meg, thank you. meg tyrell at headquarters. >> we have been saying a while now -- and it's lagged we've been saying a while biogen is too cheap obviously this is the headline this is the lead this issue news and the fact gnat fda didn't shut it down and there is a pathway is encouraging but look at the earnings release. they had a fantastic quarter 9.17 eps the street at 8.30 beat on the revenue side they have many other drugs at 9.5% forward earnings with the move today i will say again biogen is too cheap. i was dispoint appointed how it sold off laet the day. i don't think you can achieve the raymond james analyst. i don't want to vindicate or criminalize the wrong person but zero% prob

but stocks like bristol-myers, merck, eli lilly, biogen, they can and should be bought on the way down let me give you a couple of others monday mondelez and that's attractive to me when we get these sell-offs, we tend to hear broad sweeping predictions. we hear apple moved up too far too fast or starbucks didn't rally so the quarter may not be that good. i want you to view this pullback as a gift. cross your fingers and hope the market will let you into apple at lower prices because it's gotten too cheap given its fantastic evergreen stream of revenue. tell yourself the sellers are wrong. it is time to pick up some starbucks, which had a truly fantastic quarter which rallied a paltry 37 cents. that stock is a buy. bottom line, when you look at the sell-off through that prism that i just gave you, the one after everything taking into account that's going right, you'll recognize that nothing has changed here except the stock prices got cheaper the market is throwing you a sale that it doesn't need to throw. that's opportunity, not tragedy. mark in arizona, mark? >> jim, what's up? >> no

everybody, everybody has been searching for it no one ever finds it johnson & johnson failed eli lillyailed and looked like bejoegen failed earlier too. in march they halted a drug that could stop the progress of alzheimer's but how about for everybody else who's deathly afraid of getting it but earlier today at one of the most astounding turnabouts, i mean truly i would have devoted my whole morning show about this, david faber and i talked about it bioagain tells they've done a new analysis and the drug is working. long duration high dose administration is giving us all the right signs, better cognition, improved ability to ham what are known as the activities of daily life, independently traveling, personal finance so bioagain is resuming trials after meeting with the fda if the fda has encouraged hthem to proceed with the studies, it's not the company doing it but the fda saying, hey, green light this could be a game changer. if this thing works and side effects are minimal it could be right now the biggest drug in history. a blockbuster to end all blockbusters, exactly when i get

michele oshman, the director, federal advocacy and alliance development at eli lilly. dr. gwen nichols, the chief medical officer at the leukemia and lymphoma society. doctor erin o'shea, president of the howard hughes medical institute. doctor peggy hamburg, the foreign secretary of the national academy of medicine and former commissioner of the fda. and doctor janine clayton, director of the nih office of research on women's health. our moderator this morning is lucinda maine, ceo of the american association of colleges of pharmacy, and the pride to say boardmember of research america. thank you all leaders. we look forward to this. >> my thanks really to organizers of the forum this year for giving us an opportunity to talk about some things we don't talk about so much, and we have an exemplary panel that brings a ton of experience from public and private sectors and looking forward to moderating the conversation. just a little bit by way of background. over 50% of the phds that it recently been awarded in bioject gone to women. and yet i think it goes without saying th

eli lilly stock's sugar high crashing a bit anditting a one-year low as sales of its top selling diabetesrug can whiffed. the drugmaker cites price declines, stock is down 2.5% x. who had chipotle for lunch today? my team did. we all did. chipotle mexican grill was supposed to surge to $1,000 after earningsings. well, today not happening. the stock is feeling the heat despite a third quarter earnings beat as operating costs go up, valuation woes weigh on investors. the stock is down 4.75%. five hours, can you sit somewhere for five hours? that's what mark zuckerberg is doing on capitol hill. enduring, now as we said, going into the fifth hour of withering questions from congress specifically about the cryptocurrency project libra. and if you want a metric on how he might be faring, just take a look at bitcoin. bitcoin is swooning right now to about a loss of 7%. that's a five month low. perhaps indicating that some of the exchanges, particularly one with an infuriated gregory nicks of new york, who's also a lawyer, are leaving some bruises that might indicate libra is in jeopardy. listen.

americans one in the survey says all of the home here say he was a top executive at insulin manufacturer eli lilly and during this time there the price of the company's best selling insulin more than doubled. we wanted to ask him why secretaries are. which tells us one question about description prices insulin doubled when you were president that he will usa. why did you do something about it been. one of the. sectors i know you can hear me i know that you when you're president it will usa insulin prices double why didn't you do something about it that. the president from said pharmacy companies are getting away with murder was he referring to companies like you would present itself. it's corruption and it's legal companies are free to do most of what we're talking about here today they can pay to delay their competition they can extend monopolies for years or even decades they can spike prices by 5000 percent if they want to making medicines affordable is not a question of cracking down on illegal behavior it's a question of cracking down on legalized corruption in the system that we have created

affairs at kl pharmaceutical michelle ashman, the director federal advocacy and alliance development eli lilly. doctor gwen nichols, chief medical officer at the leukemia and lymphoma society . doctor erin o'shea, president of the howard hughes institute. doctor peggy amber, foreign secretary of the national academy of medicineand former commissioner of the fda . and doctor janine clayton, director of the office of research on women's health. our moderator this morning is doctor loosen the main. the evp and ceo of american association of colleges pharmacy and i'm proud to say board member of research america . thank you all leaders, we look forward to this. >> my thanks to the organizers of the forum this year. for giving us an opportunity to talk about something that wedon't talk about so much . and we have an exemplary panel that brings a ton of experience from the public and private sectors and looking forward to moderating the conversation. >> just a little bit by way of background. over 50 percent of the phd have recently been awarded in biology on the women i think it's goes without sayi

. >> any trial lessons from eli lilly?tially, had promising data but ended up failing in 2016. >> some people are wondering if this is going to potentially resurrect old programs with this same approach targeting amaloid data in the brain. whether the drug actually targeted it in the right way or even got into the brain enough in even older programs, people said those people didn't even have build ups of plaque in the brain. so there is some question about whether a lot of these programs will get revived and people will over again spend billions and billions of dollars. >> because there is a lot of desperation where it comes to this. >> absolutely. and if it does -- i mean, obviously, if it does work, great. but the back and forthright now is fascinating again, about steady after yesterday's big gains. next, what looked like a really bad sign from a big earnings bell were caterpillar results this morning stock initially fell almost 7% after missing on profits and sales. that's the trifecta. it's up 1% now texas instruments

we brought early cases like eli lilly and microsoft case where misrepresentations were made or poor data hygiene practices resulted in sharing of data in ways that consumers would not expect. those were good cases for the ftc to bring. we also brought, we created the do-not-call registry, and i think given the experience of the number of robocalls today we realize technology has outpaced the telemarketing sales rules. and in the same way there are developments that have outpaced some of the thinking that we did in those early days about how the ftc could be brought to bear. frankly, we found the edges of the thorn in this area. i am in favor of light touch regulation, and i had to grapple over the last several months with eventually embracing the need for federal privacy legislation. there's a great paper that export all the different ways you could address harmful abuses. working through that rubric help make it comfortable with the core federal privacy legislation in this area. and ultimately i think businesses need predictability and certainty. the vast majority of states want to foll

the insulin manufacturers, eli lilly, novo and others are increasing their prices dramatically as you can see. and they are doing it in lock step. market forces are not driving these increases. and yet, insulin, the drug that sustains america's 30 million diabetics including taylor, keeps getting more and more expensive. all while profits for the drug companies continue to skyrocket. drug companies are price fixes because they know their market is broken. they know their monopolies are legal for now, and they know their 30 million consumers cannot influence price because their demand isn't negotiable. they need their insulin or they will die. this is anti-consumer behavior at the most egregious and most harmful, and this is where americans need the ftc. my question for both of you, but for you, commissioner chopra, specifically because you mention the outrageous cost and prescription drugs in your testimony. what is the ftc doing to stop the drug company price fixing? and what additional authorities would you need to save consumers' lives from the greed of these drug companies? >> wel

he attended indiana university school of medicine and eli lilly andon company scholar. before serving as the united states surgeoni general, dr. adams was appoint as the indiana state health commissioner, as the surgeon general dr. adams spends his time focusing on combating the opioid epidemic. he has been an advocate on behalf of public health in our country, and we're just very proud of his service, and we're proud to have him as, hail from our state of maryland. >> the three of you, if i just go to the testimony, don't feel bad i don't introduce you -- [laughter] i talked to all of you about it in my opening statement because of the time constraints, i want to start with the surgeon general. so would you start and then what we'll do is, is go in the order that you're sitting there at the table, and then we'll have questions after you all get done. >> fantastic. well, good morning, chairman grassley, my wife lacey says to tell barbara hi, and we can't wait to bring the kids out to farm. i hope she told you about that. >> everybody knows about my wife. does anybody kn

earnings assets under management growing by 21% the stock, though, off just marginally right now eli lilly and hilton worldwide, the company raising its full year earnings forecast, but it narrowed its forecast. anthem offering upbeat guidance of its government-backed health plans and those stocks moved 1.5% this morning. >> a bipartisan coalition of senators is pushing for a divestment of china. marco rubio is a member of the foreign relations and intelligence and small business committees it's good to see you i want to talk to you about divestment from china but i would like to ask you some broader questions about these trade talks with china given what we're seeing today, i know you've been very hawkish on this, we've heard from a lot of companies today hearing howthe trade talks have impacted their business the honey well ceo is hoping to see a deal get cut down the road what do you say to those companies who are struggling >> if you think the trade talks are impacting your business, wait until one of china's companies puts you out of business, they've stolen your intellectual products

and eli lilly said we'll play by your rules if that's what the canadian government insists on. so when i hear my friends like the senator from texas get up and talk about the invasion of government into our rights, this mother in rockford would certainly like to have her government, our government, step you and give her a chance to have affordable insulin so she could have peace of mind for her -- for her daughter. it is not too much to ask. mr. president, the reason i came to the floor was to discuss an issue that is truly american. for 528 years now in this place called america, we have had immigrants coming to the shores of our nation, starting with the fellow named christopher columbus, if you buy that side of the story -- and i do -- we've had millions come to our shores and they have become part of america, with the exception of native americans and indigenous people, they come from every corner of this earth to be part of the united states. you would think with that history that we would have a pretty clear idea of what our policy should be when it comes to immigration.

but i think there are many similarities, so, for example, when i was chief-of-staff, we eli ht the microsoft and lilly cases, which launched the security d data programs at the ftc. and so i think that the issues the same in some sense, when you boil them down. different forms, but the dynamism is what makes it exciting. we get uestions before too far from facebook and you entioned the attorneys general of the united states. 7 of them are pursuing facebook, and potential egulation of facebook or punitive damages against facebook. recently had a all street op ed on free speech. i wanted to get your take on this and on the a.g.'s pursuit facebook. >> i am not going to address mr. ed.erburg's op i believe that free speech is incredibly important. a.g.'sespect to the state the federal trade commission generally has a very good and woal working relationships the state a.g.'s, obviously ongoing omment on any case or investigation. > there is so much interest in lawmakers and ftc, all in different ways antitrust and these tech companies, as peter mentioned you have the states, the d.o.j., looking at these co