our meg tirrell did. she mapped her dna.he'll tell you what she found in the second part of our series "unlocking your health." tonight on "nightly business report" for friday december 11th. >>> good evening, everyone. i'm sharon epperson, in tonight for sue herera. >> and i'm tyler mathisen. welcome, everybody. baby, it's not cold outside. not at all for december across most of the country. but inside trading rooms and portfolio offices from boston to berkeley, from minneapolis to miami, it sure felt frigid this week. stocks logged their biggest weekweek ly decline since the summer months, august. send the children out of the room, folks. here are the numbers and they're ugly. the dow industrial averages tumbled 309 points to 17,265. nasdaq off more than 2% down triple digits. 111 points. and the s&p 500 gave back 39. for the week all three indexes were more than 3% lower. one of the main reasons for the decline, of course, oil. domestic crude off another 3% today to 35.62. a seven-year low. after the international energy a

meg tirrell has been following the story and she joins us now. g, he's infamous for raising the price of daraprim. but these charges aren't related to that so exactly what are they? >> reporter: that's right. people think all this attention from raising the price might have put a target on his back. but really what he's being investigated and he's been charged with today relates to his activities before he founded turing. when he was a hedge fund manager at a hedge fund known as msnb capital and then at a company he founded called retrophin. he's being accused of seven counts of securities fraud, securities fraud conspiracy and wire frayed conspiracy. the department of justice saying he defrauded his hedge fund investors and misappropriated more than $11 million from retrophin which has since distanced itself from him, saying "he's using it as his personal piggy bank." has from the department of justice. he's facing a maximum sentence of 20 years in prison and the fbi investigation is continuing. >> it was a big amount of bail. $5 million xwobond

meg tirrell has more. >> reporter: two big pieces of news today from the drug ind.imerix a smauls pharmaceutical company in north carolina plunged this morning after nungs its experimental medicine failed to meet goefl a late-stage study. the drug called brinsadofavire is an anti-viral and was being tested for infection after stem cell transplant. josh shimmer lowered his price target on the stock to $10 from $63 on the news. kimerix and this medicine have been making headlines quite a bit in the last two years, first in early fwf as the subject of a battle over compassionate use for 7-year-old patient josh hardy. after intense pressure on the company to provide the experimental drug they started a new clinical trial with hardy as the first patient. he recovered but the company's ceo stepped down after the controversy. then later last year the drug made headlines again for its experimental use against ebola. after the results reported today kimerix is seeking to explore its next steps for development of the drug. in other pharmacy industry news embattled drugmaker v

tonight meg tirrell starts our series "unlocking your health." >> reporter: when the first human genomeuenced at the end of this century, it took more than a decade and cost almost $3 billion, spelling out all the letters that make up our dna, it promised to turn medicine on its head. >> genome science will have a real impact on all our lives. and even more on the lives of our children. it will revolutionize the diagnosis, prevention, and treatment of most if not all human diseases. in coming years doctors increasingly will be able to cure diseases like alzheimer's, parkinson's, diabetes, and cancer by attacking their genetic roots. >> reporter: 15 years later all of those promised cures haven't yet materialized. but the business of genome sequencing is booming. it currently stands at more than $2 billion a year, and it's growing at a rate of 20% annually. according to cowen analyst doug schenkel. >> the rapid reduction in cost complexity and time required to sequence whole human genomes or parts of a genome has led to pretty rapid adoption of these tools. >> reporter: sequencing is bei

don't miss meg tirrell's special report.ou're watching consumer first in business worldwide. they wor. sup jj? working hard? working 24/7 on mobile trader, rated #1 trading app in the app store. it lets you trade stocks, options, futures... even advanced orders. and it offers more charts than a lot of the other competitors do in desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivative pricing model, honey? for all the confidence you need. td ameritrade. you got this. >>> all right. about three and a half minutes left in the trading session, pretty good rally although on light volume bob pisani is going to be mentioning here. let's show you how we're doing so far today. the rally for the dow just started in the morning and just continued to build into the afternoon. we're coming off the highs right now. oil also rallied, so once again, equities and oil have been in correlation and that wti up 2.8% today, bob pisani, we are at $37.85. i know you will look a

thank you, meg tirrell. we will be getting more details from you as they become known in afternoon. heading to the close right now, kelly evans. 48 minutes left in the trading session here, the dow was down more than 190 points on the open this morning, now down 163. >> and we have a full line up here at the yale ceo summit out of the wall dorv hysteria. jim chanos and doug yearly among them. find out how the fed rate hike alters their business strategy. >> apple gets a new chief operating officer. is this a sign of a success plan emerging already? we'll discuss that coming up on the "closing bell." when you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. that's where at&t can help. at&t has the tools and the network you need, to make working as one easier than ever. virtually anywhere. leaving you free to focus on what matters most. aduring sleep train's ur latriple choice sale.ig for a limited time, you can choose up to 48 months interest-free financing on a huge selection of tempur-pedic models, or cho

let's bring in meg tirrell. you've got your own animation. you missed it. >> it was a bad day for biotech today. this follows the uncertainty we've been seeing the entire year. it's been an incredible run for biotech. since 2007 the etf we track is up 314%. that compares with a 45% increase for the s&p. it's been a tremendous couple of years. this year we are on track right now up about 6.5%, at least right before the close we were. that would be the worst performance since 2008 for the ibb. in 2008, it did decline 12%. every year we've seen a gain since then. among the biggest losers are companies like agios and clovis. clovis came out with a surprising announcement about its lung cancer drug and drove the stock down. agios is confusing among the biggest losers this year. it's not necessarily anything bad about it. they just started the year on a spike. they are going to have data this weekend at a hemotology conference and he expects more of the same positive developments on their cancer drugs. on the more positive side, you see companies l

meg tirrell is outside the courthouse with the latest.>> can't take it. i can't do it. >> that's what a lot of mutual managers are saying after posting their worst returns since 1998. but that could be good news for stocks. we'll explain why when "fast money" returns. >>> welcome back to "fast money." martin shkreli leaving the courthouse on a $5 million bond after being arrested on charges of securities fraud. meg tirrell is outside the courthouse with the latest. on twitter people are tweeting karma. >> people are saying this is the big karma business. he was arraigned in brooklyn behind me. we have video there of him walking out of the courthouse to his car, giving no statements. we asked him how he was going to respond and defend himself. not talking at all. it was a violent an intense scrum there, as you can see. some of the charges facing him, he's got seven counts in what the department of justice is calling a ponzi-like scheme. essentially shifting money around between his hedge fund, msmb and his old company which distanced its f

. >>> meg tirrell is mapping her human genome sequence. it could lead to the next big group of biotech breakout stocks. (politely) wait, wait, wait! you can't put it in like that, you have to rinse it first. that's baked-on alfredo. baked-on? it's never gonna work. dish issues? trust your dishwasher with cascade platinum. it powers... through... your toughest stuck-on food. better than finish. cascade. >>> i think it might be troubling. if you can't identify the source, how do you eliminate it in the future? >> unfortunately what got people sick was no longer in the system by the time they even showed symptoms. the silver lining comment is that it has caused us to put in place practices that our expert says will put us 10 to 15 years ahead of industry norms, and i believe this will be the safest restaurant to eat at. >> that was steve ells, chairman and co-ceo of chipotle. trying to reassure customers and investors contaminated food outbreaks are a thing of the past. did the ceo wait too long to address the media? certainly investors like

biotech reporter meg tirrell is live from orlando, florida, with the key themes from the meeting. what are you hearing, meg? >> reporter: the main theme is that expectations coming into the conference were just extraordinarily high. and some of the data aren't really meeting expectations. let's start with companies working on drugs for sickle cell. those are blueberg and global blood therapeutics. blue bird down 38% and global blood down 26%. we sat down with the ceo of blue bird and talked with him about why they are calling these data mixed. take a listen. >> if you think about it from a patient perspective, and you look at the data and taking the patients from a situation where they have a shortened life span to potentially having a normal life span, i'm not sure i call those results mixed. >> so a lot of data also coming at this conference in blood cancer, specifically leukemia and other stocks and immunotherapy like juno and cellect is. we talked about this stock reaction and here is what was said. >> the market reaction is very difficult for me. there are things i don't under

for "nightly business report," i'm meg tirrell. >>> a short seller flips his division on lumber liquidator. that's where we begin tonight's "market focus." the flooring retailer said it would see its stock price go to 0 but now changed his mind said he received information that didn't indicate the material in the flooring. shares of advance auto parts spike something on an unconfirmed report from "street insiders." according to the outlet the company is exploring the sale following an approach by a poll buyer. >>> qualcomm has decided no the to split itself up. the chipmaker has been under pressure from an activist investor and has said that it would review the option of sprafting its chip and licensing business but concluded that the break-up wouldn't be beneficial. shares were up 2.5% to 4$48.02. >>> yesterday morgan stanley cut its apple shares. shares of apple down nearly 2% to $110.49. smith & wesson saw its shares slide following a "new york times" report. a new york city public advocate is requesting regulators to investigate whether the firm made adequate disclosures in its financi

our meg tirrell had hers own sequence. she'll tell you the results next. >>> welcome back.much do you want to know about yourself and your dna? genome sequencing are in that exact business. meg tirrell decideding to her own dna mapped. >> we're here because you're interested in getting yourself sequenced. >> reporter: if you had the option to know. >> there's no-month-old recommendations that support this, so we're on the cutting edge here. it's perfectly legal, perfectly ethical, but something you should understand is kind of novel. >> reporter: earlier this year i set out to have my genome sequenced. i didn't know what i was going to learn. i get it back, the blueprint to me, but the biggest question was, was i prepared for something care,? >> thank a moment to think about this now and decide if this is what you want to do. >> i think i want to see it all i got it mapped from illumina, for $2900, a personal guys to my own dna. it turns out getting it sequenced is a lot like any other medical tests, with the program you go to a doctor's office, give a family history a phys

back over to you. >> thank you very much, meg tirrell. we'll watch it closely. >> fascinating story. >> yep. making big, broad general media headlines today. all the morning shows focusing on something that was a business story earlier on. >> i think a lot of people are offended by what he did with drug pricing. they feel -- they would like to know if this is related. i believe this investigation has been going on for some time. after listening to the fabulous u.s. attorney talking about the lent of the investigation, that's not something they just put together. >> the investigation began before he became notorious for having raised the price of daraprim 700%. >> if you're in a hedge fund, it's clear, this is the scam. well, alleged scam. about how you could not know what's going on in a hedge fund. i think a lot of people may not know what was going on in third avenue, a mutual fund. >> he a tiny hedge fund. it was 30 million bucks. 8 investors, 10 investors. >> i'm saying as an analog, it was incredible how easy it was to fool investors

. >> i saw you talking today with meg tirrell about exactly that issue. at what margin? so that's great. they lock in sales. the it's a vote of confidence. however, you really don't know what that means to the bottom line. so if it's saying it's replacing philador sales, which seems to be high margin and this seems to be less margin, that seems to me somewhat problematic. >> an analyst day tomorrow as well. that should be an interesting dynamic. >> to tim's point, though, it's going to be about that, but it's not going to be about that for another three or four weeks. until then, it's about the shorts that now have to cover the name. dan and i got -- not into a heated debate, because we don't get into heated debates. i didn't dude him. we talked about potential for a move of this magnitude. >> still ahead, apple sitting out this rally, dipping below 110 bucks a share for the first time since october. we'll tell you just how much more pain could be in store and if share shoulders should be worried. i'm melissa lee, and you're watching "fast money." in the meantime, here's

people bat down that rumor but those are two. >> no one knows more about pharma and biotech than meg tirrell. >> i would beg to differ. >> you're wrong about that. that's the one thing you're wrong about. >> see you later. >> we're heading to the close, we have, what, 20 minutes left in the trading session here with the dow down just 28 points. freeport mack ma ran's co-founder is stepping down from the board months after carl icahn revealed a stake in the beleaguered coal company. >>> plus disney and "star wars" continue to defy expectations as the sci-fi seek we will storms it's way to the box office faster than any movie in history. >>> slight down day to begin the week of what is traditionally the santa claus rally, hasn't happened yet, although look at that, we do have a few stocks that are higher today among the dow 30, disney leading the way after the big numbers coming out about "star wars." so it's the leader today. by the way, i hesitated because art cashin was just signaling to me the buys today is $300 million to the buy side going into the close here. a little slightlyup ward bi

meg tirrell has more on the story. >> melissa, that is right. just seeing news coming out that point 72, the steve cohen investment fund has taken a 5.3% stake in the company. kate kelly has tried to find out more about the stake. they declined to comment. they don't comment on their positions, she tells us. it is not clear about the timing or the thesis of the stake. on monday the stock lost 80% of its value after a late-stage clinical trial failed to meet its goal. this is tressing a anti-viral drug drug which is designed to prevent infection after a stem cell transplant. that was expected to be positive. and it missed the goal and the company lost most of the market value. now a lot of folks have basically wiped out all of their sales for this drug or at least morgan stanley estimated a billion dollars in revenue and now bringing that down to $200 million. and coming out saying maybe that is not appropriate. there could be a path forward here potentially in kidney transplant and we should get more data and clues as to that in february. and th

meg tirrell. let's talk about this. and what is outstanding and from the wall street research i read today, still outstanding in the minds of investors is the role of reducing price and whether or not you get the volume to make up that for that price give-back for walgreens. >> good job for the update. and number two, they changed the business model a few months ago, it might work, it might not. but the volumes but better there. but it doesn't matter. there is so many shorts in the stock. where is it going, 125. the 50% correction from 180 a few months ago. >> 125 important level on the stock. if this deal is successful, the question will this increase or hasten the demise of the open formulas. this is what is making the companies -- it is like they've acknowledged, we're going in a different direction and the market is endorsing -- i think the deal is very important. others will follow. >> but you want to see 120? >> 125 is a level where i would take something off the table. that is a tough level. >> and the fed raisin

. >> meg tirrell, thank you, our biotech reporter. what is the trade on valeant? >> i think you stay away. there is too much uncertainty in the stock. one, they have already probably priced in the change in the business plan. but the uncertainty surrounding it at this point to me is a no-touch. there are other places to be. >> what is interesting, when i saw the headline over the weekend, i thought the stock would go up. the stock had an analyst meeting and challenging the board, if they don't like it. so the board probably has a couple of ideas as to who would be the ceo. but i'm not sure the stock would go up. >> and i'm long the stock, the investor day was bullish. granted ebidta and revenue numbers were pushed down but you got to a place where you could see transparency into 2016. this walgreen's deal may have impact on the dermatology products and that is a big part of where they come from. but to speak to what dan is saying, for a company with a significant credibility and transparency problem, suddenly there is a nom ownia that knock this is guy out and cre

our meg tirrell did. she mapped her dna.ll you what she found in the second part of our series "unlocking your health." tonight on "nightly business report" for friday december 11th. >>> good evening, everyone. i'm sharon epperson, in tonight for sue herera. >> and i'm tyler mathisen. welcome, everybody.

our meg tirrell did. she mapped her dna.he'll tell you what she found in the second part of our series "unlocking your health." tonight on "nightly business report" for friday december 11th. >>> good evening, everyone. i'm sharon epperson, in tonight for sue herera. >> and i'm tyler mathisen. welcome, everybody.