pimm: cava has about a 4.6% stake and mylan. has about a 4.6% stake in mylan.ing a look at china, policy makers coming up with new tactics to try to stem a route that has $3.2 trillion off the world's second-largest stock market. that: not everyone finds plunge disheartening. >> china is taking an economy of $11 trillion or $12 trillion in trying to grow it at 6% or 7% a year. year and at at 10% a but had ever done it at that rate. there are some areas of concern but generally i think the chinese economy is a good place to invest. betty: we are joined by bloomberg's laura score be who boris -- foursquare be -- skorby. boris: you have greece on one side and you have china being completely overshadowed but it is largely a story of retail investors in china being egg on by the chinese government to scoop up shares, to expand the equity market. the script gets entirely flipped. you have some selling and then it is basically widespread panic. the state does not intervene to prop things up, and now the chinese government has no control over the situation any longer.

the offer from mylan was similar numbers.ok at how much they make in revenues it's $6.5 billion compared to $8.4 billion. it seemed like a slightly bigger is this and they are paying a lower price. teva is a former allegan command. it gives mylan a push for its acquisition. maybe we will see more deals in the weeks to come. francine: this goes to the point that health care and m&a have gone hand in hand this year. we may see more the next few weeks. ruth: we hope so. i am sure we will. francine: thank you so much for the latest on teva and the abandonment of the mylan deal. manus: let's take a look at the rest of the radar. ubs smashed earnings with a rise of 53%. income from managing funds for the wealthy has doubled on lower costs. the bank published its results a day early afternoon correct report in a swiss newspaper yesterday. they were up 53% from a year earlier and beating analysts estimates of 915 million swiss franc's. francine: chrysler has been hit with a record fine. this follows an investigation if a delayed acti

mylan probably has to do something.hether they do something offensive, something more defensive is yet to be seen. we know they don't want to be in play. the most likely outcome is they do get the deal but at what cost? >> pete najarian finding something unusual. stick around to find out what that is. china, stocks suffering the worst drop in eight years. so who could take the biggest hit in the long run? we'll take a look at the companies with the most exposure over in asia and that is up next. >>> coming up on power lunch, the eight tentacles of china. how fees could have ripple effects in asia, europe, the u.s. currency, gold, copper, the fed and the etfs. plus, we're expecting a major announcement during "power lunch" about infrastructure spending in america. so we're going to bring you the infrastructure stocks that you need to watch and it is the second biggest event of the year. we'll look at the winners and losers. >> chinese stocks seeing their biggest one-day drop. dom chu breaks down the most with the exposur

>> mylan was down double digits. >> long mylan, long teva which we call a texas hedge, as teva dropped bid for mylan but was rewarded i guess, good earnings on the street. liking this. but it seems like as long as the street keeps rewarding large acquisitions even if they're dilutive, even if they're expensive, why not continue to do it when you have those huge cash hordes? >> it is interesting to see the acquirer being rewarded. >> this deal sounds so friendly, right? these guys -- the head of generics ran allergan at one point. lightning the mylan deal -- i think people are throwing a premium on this deal because they think they can work together. >> guy, what's your trade? >> pete has talked about ways to play mylan vis-a-vis options i'll let him do that but i think identifies yers interesting. pfizer's definitely in the game. the stock's traded well in the last six months. i think mylan down here is big. i don't think there's any way anybody buys amgen. a 10% premium on their market cap makes that $135 billion deal. i don't think there's any shot of that happening. that said i thin

tivo -- eva -- teva is withdrawing its offer for mylan, in that sense, the shares of mylan promotingown more than 13%. orders for durable goods came in higher-than-expected, rose by 3.4%. it was the first time in three months there is been an increase in durable good orders and that reflects a surge in demand for commercial aircraft. president obama has become the first u.s. leader, the first sitting president to visit ethiopia. the president met with human -- ethiopia's prime minister. that hea made it clear raised concerns about the country's record on human rights. discussedobama: we steps that ethiopia can take to show progress on promoting good governance, protecting human rights, final freedoms and strengthening democracy. this is an area we intend to anden our conversations consultations because we strongly believe in ethiopia's promise and its people. olivia: human rights groups accuse ethiopia of using security concerns as a next used to stifle opposition and curtail basic freedoms. fox is making a big bet on fantasy sports. daily fantasy sports website draft king is adding

teva is dropping its mylan bid and reconsidering what it's going to do with that 4% to 6% stake in mylan. if you look at the stocks of all the players today, you think teva and allergan trading up there. mylan getting hammered down 16%. perrigo up 6.50%. mylan will be under increased pressure to make the perrigo deal happen. there is another name in this. a fifth stock and that is abbott. abbott is mylan's largest shareholder after it bought part of mylan's generalje ne sais quoigeneral generic drug business last year. abbott's ceo came out in support of the perrigo deal and against the teva deal last month. folks are annoyed that isn't happening on the abbott side. >> you made the point earlier allergan could go in your words, elephant hunting, looking for the big deal. >> one analyst was picking names like amgen, biogen as potential targets. and he talked to sam eisley act actavis could be shrinking itself to be bought. >> how much consolidation and concentration are we seeing in this industry? what effect will that have on prices people are paying for these drugs? >> one side people s

they then 1.1 lead dollars in shares in mylan. -- $1.1 billion in shares in mylan.t the same time, they were working behind to get this rgen deal done. what about this wave of mergers that we have seen in the health care industry? how do you explain this? d: there is so much confidence in the industry. and the other thing that is happening, as one big deal happens, other companies look, particularly in the same subset. we have seen this in biopharmaceuticals and recently in health insurance. mark: does that translate to the overall u.s. economy? ed: i think it does, and the other thing you have that is slightly different in mergers from the rest of the economy is issue withp dealmaking. people did not want to do them because they thought it was historically cheap debt, but not necessarily what investors wanted. deal coming to the surface. scarlet: and just to quantify the kind of deals we are seeing, within the pharma space here in the u.s., we had year-over-year a 14% increase over the same time last year. it's not an insignificant amount. talk about the macro envi

mylan which located outside of the u.s.ecame a bizarre beneficiary of moving outside because of the way the government's rules work abroad were they relocated it made it much more difficult for teva to pursue a deal. >> how do you think the mylan shareholders feel about the big fight? how do they feel this morning? >> in the immediate case i think that they can't be thrilled. long-term, mylan's ceo has made the argument and i actually buy it that there's more value to them -- >> reinvesting -- >> -- by reinvesting and being independent. >> so we'll see what happens there. >> can i ask a really important question? >> yes. >> friends of mine would like to know. does this get us any closer to a botox -- >> that's what friends would like to know? >> i have women in their 40s. >> ben is going to be here and he has offered -- >> i think he offer the chin thing. >> the chin. >> or the eye? >> no goes right up to the chin. we should tell you that -- >> for your prostate or something. it involves needles in all of these places. >> b

para go has been rebuffing mylan's efforts. we will see if the latest deal changes anything and tries to get bigger among these drugmakers. getking of the drive to together, take a look at my bloomberg terminal at m&a. they greenlight the number of fields and them sorry the symbolic number of deals. the number of deals, relatively small, this is an announced deal, but their big deals that we are seeing is so large in this particular case. who is going to be the next to fall here? our again said it is going to look to potentially use the proceeds from this sale to make other acquisitions. a couple of names have been mentioned by analysts. we are looking at bio chen. gen.t bio an acquisition by the company can help resume -- help restore consumer confidence. i guess we don't have time. selling very sharply last week after the company cut its announcingd disappointing results. >> thank you so much. >> mike huckabee making headlines. come -- brenda, -- brenda: it was part of a general pattern that was considered ridiculous if it we

it can drop its bid for mylan and will consider its stake in mylan trying to figure out what to do to folks are respond to go this positively for teva and allergen. teva, it makes it one of the top ten global makers. for allergen, the chance to pay down its debt and consider other deals. folks are speculating a lot about what it could look to buy next, big potential buys in the works there. for mylan, folks not responding as favorably, down 10% on that teva bid. they say it has a knock for making wealth destroying decisions. this puts a lot of pressure to do that deal with perrigo. their stock up about 4%. we're in an environment in health care where it appears consolidation gee begets consolidation. allergan's ceo saying consolidation among pharmacies went into the rationale for doing this deal. and now you're seeing allergan might be able to turn around and do more deals and mylan may be forced to buy. we're in the middle of the swarm. >> it seems we have a new deal every single day, meg. we appreciate you keeping it straight for all of us. meg tirrell at 30 rock. we want to check i

mylan is being left out in the cold. it is down by 13%.eing health care lower despite these two stocks doing very well. elsewhere among different asset classes, take a look at the u.s. dollar today. the dx why down about three quarters of 1%. also want to mention what is going on with oil and gold. we have a little to have a rebound in gold prices today, even as oil continues its selloff. olivia: thank you so much. copper dropping to its lowest level in six years. in asia, the shanghai composite plunging, falling the most since february 2006. it sent the emerging markets in next to a two-year low. we have more from hong kong. >> this a lot in china's equities was across the board monday with the biggest one-day fall since every 20007 -- since february 2007. investors are concerned the rapid rally is sparked by government intervention and is unsustainable. commodity prices contributed to the selloff. banks led the decline. markets around the region were lower for a fourth session. now let us check this morning's top stories. police in maryl

mylan is a dutch company. the key one that teva made was not having to try to acquire them before the share holders voted to have it invert and become a dutch company. here we are at this date. this morning, press release from the stichting, it has stoken and said the following. we are going to issue these preferred shares and exercise our call option represents 50% of our total outstanding since the issuance is a temporary nature. the stichting wants to know that it does not intend to keep the shares for any longer than it needs for its purposes. it wants to create a level playing field. members of the stichting have been in the u.s. talking to share holders of mylan and teva. they have established that both have highly dissimilar business approaches and culture, financial models and related compensation schemes going on to say after conversations they are are taking out some of the top players and bringing up the antitrust concerns here as well. for any number of reasons and there are more than that i highli

mylan has been trying to buy pair ago, and teva's consumers mylan -- pursuit of mylan consists of droppinguite a cop located -- a complicated day with ease. >> both of those stocks are gaining thanks to josh for pointing that out. we are not seeing huge declines our wait? -- are we? after europe we saw 2% declines we are still seeing stocks down 2%. euros stocks down exactly 2% right now. mary: re: even off all-time highs in the s&p by 5%? it's amazing how much consternation there is no major corrections in three years. markets barely off and people wailing like it's the end of the world. stephanie: josh, does he wailing? josh: we are not. global markets are going to increase fueled by industry globally. there's no other place to take your money. you see a little selloff, every time we see a selloff, people buy in the markets. interest rates are too low right now. equities of the best place to be. one of the reasons i think the s&p's and office much as europe is because after europe close on friday, the s&p one down. europe is catching up to the s&p as well. stephanie: this is a five-day l

this comes as mylan is trying to buy a generic drugmaker on its own. saga and drama continues here. back to you guys. >> i think the community, the hedge fund community that owns a lot of mylan doesn't believe this is going to happen. you get a free option. >> totally agree. i deal the does -- they have played this very, very well. this pushing back, trying to do the perigo deal. i think eventually teva takes this name out. >>> we got three hours left in the trading day. i want to expand on what we talked about earlier on the markets more broadly. you got crude down 5% today. that's something to keep an eye on. is it not? you have real concerns about what's taking place not only in china from an economic standpoint but a stock market crash that's taken the shanghai composite there down 30% in some three weeks. >> that's part of it. i ran negotiations are part of it. china is the big issue. as i talk to hedge funds and other managers, that's the number one issue they are bothered about. >> are people too complacent about what's happening in the chinese

this puts more pressure on mylan to get this deal done. of the deal in the drug space continues, carl. >> it's so hard to keep track of in story it's amazing, thank you, mech meg terrell in new york. when we come back this morning disney's bob iger speaking out on "squawk" early this morning, what he had to say about the future of espn. more on that exclusive in a momentch before we head to break, another check on the market. the s&p moved, it is obviously still very early. we'll be back in a minute. >>> disney's bob iger speaking out if an exclusive interview, talking everything from china and the future of television and espn. our and drew ross sorkin joins us, what an interview, man, it's all everybody is talking about today. >> thank you carl thank you for presenting that. we did have ob iger on. perhaps the big news we haven't heard him talk about this hinting at what happens in the world of real unbundleing, two it's prized asset, espn a third of disney's business questionings have always existed to what happens to that in an unbundl

rival mylan for $40 billion. they rejected an offer. mylan has been pursuing it's own deal for the drug maker so the health care match up continues. >> u.s. firms spent more than 124 dollars buying companies so far this year. that's a record high. the takeover back in may is not a takeover yet guys. we don't know if it's going to happen. that might be a standout deal and i would argue that's the case for many of the deals that have been announced. we don't know if they're actually going to go through. so syngenta still doesn't want to be taken over but there's a big currency factor here because many are buying european companies because they have strong dollar and it's a lot cheaper for them to buy weaker euro companies. >> but i will point out a lot of the multinationals hold most of their cash overseas so it's more expensive to repatriate it back into the u.s. but they make acquisitions to bolster their bottom line. >> the fear of missing out in the m&a spree. >> that's one of your favorite hashtags right? fomo? >> you don't know what

the mylan shares are down sharply today. has been trying to acquire drug maker based in ireland. now will see what happens after this latest deal is done. take a look at my bloomberg terminal. we have this deal flow going back in the pharmaceutical industry. the blue lines are the amount of deals, the dollar volume of deals. even though we have had fewer in ,erms of the number of deals the dollar amount has gone up to a record. who could be the next to come? take a look at the pharma stocks on the rise. am j rising significantly. maybe leading to a potential target. allergan is selling off this generic business and getting $40.5 billion it is week to continue to make acquisitions. it has been very inquisitive thus far. the other stock we're talking about is via jen. the shares are arriving today. take a look at my bloomberg tarbell. it would make me a good acquisition chart. they announced a study of alzheimer's treatment, but it has been coming down from that seaurge. i have generally had its forecast was sending the shares

teva is dropping its bid for mylan.chers were joined in cooperstown for the induction into the baseball hall of fame. pedro martinez is the second dominican to enter. tom: randy johnson, when he threw the ball, his hand was halfway to home plate already. brendan: when you are thinking about particularly this class, it depends on where your affections are. are they with the 1990's braves? are they with the 2000 red sox? brendan: all four -- tom: all four deserve it to say the least. futures worsen negative six, now -10. there is a weight to the market led by brent crude 53.76 on brent crude. we need to make you smarter with a brief on china. a decline, it plunge. chinese equities. our guest is with bloomberg intelligence and joins us now on the bigger picture. it is the second time down. they learned something on july 8. how will china react after the experience of the stormy july? jim: it is really interesting. you know all the measures put in place to arrest the fall. what was interesting on the heels of july 8 and the

that brings us back to mylan ease bid for perigo.l in one of my many reports there was a big argument, mylan saying where the stock would trade is around $68 a share. yesterday i think we got the answer on what the real unaffected stock price will be. i'm sure the company's chairman will take issue with it but it's 55.45 right now. that's the let's call it the unaffected stock price and that becomes important for mylan as it bids for perrigo and what that bid will be. the vote probably no longer really in question since it's no longer a referendum on te va's bid for the company. it's 50% of the votes cast to. under irish law you have 60 days to get shareholders to tender into the exchange offer, enough to do that so you control and take control of the company. so we won't know until let's call it early november where this thing really stands. but, of course a stock price of 55 is a lot different than 68. so is the implied multiple and the overall value for perrigo shareholders. we will see thousand progresses from here. but you have

it will free mylan up. there are still issues like price and management.ever a deal agreed to there. does make that the little closer to happening. betty: what does this do for drew: they will be unquestionably the biggest up maker in the world. they were already near the top. now we are talking about an unquestioned diane -- giant in the industry. it will give them more drugs where they can go to distributors and insurers and say we can offer this huge portfolio, buy from us. to scale.ve economies probably a little bit less on the pricing power. generics is a commodity name more than anything else. it gets them the ability to compete on price more than anything else. also to say we have this portfolio. you can come to us and get everything in one place. thank you. drew armstrong. stock marketday's plunge in china causing concerns for international companies that get a good portion of their sales from overseas. we will get more insight from international trade professor. we will be back. ♪ >> and cisco, 1 p.m. in new york, 1:00 a.m. i in hong kong. chinese

the original bid valued mylan at $4 billion to $6 million. scarlet: europe is suffocating from record high temperatures. a heat wave has pushed the mercury to its highest levels in germany since records began in 1881. the national weather service says one reading from northern bavaria topped 104 degrees fahrenheit. on there is some relief way. storms across the country are bringing temperatures back down. mark: an american rock band long strange trip comes to an end. the grateful dead took the stage in chicago last night for what the group said would be its final show. and responded accordingly. 71,000 tickets were sold, the most for any event in the history of soldier field. ended out the band's two weaken performances in the windy city, both of which topped 70,000. the previous record was in 2009, from a concert from u2. nearly 60,000 tickets were sold for that show. coming up in the next half hour -- scarlet: while most are focused negotiations, iran's negotiators are going down to the final hour. mark: amazon hopes to shop a starting -- s

at the same time, teva is withdrawing plans to buy mylan. mylan down by 14%. >> thanks mandy. >>> time for the "power rundown." auto additions. phil lebeau that big fiat chrysler crime. what did they say fiat chrysler failed to do? and is the government getting sear jess now about recalls if they're going after companies at this level of what? nine-figure fines. >> reporter: well it is $105 million fine. yes, the government is getting serious. this is a record fine in terms of an automaker being hit for a penalty when it comes to misimagine recalls.mis mishandling recalls. you're looking at 23 different recalls. we won't run down all of them but it affects about 11 million vehicles. they basically say it was a pattern of poorly handled recalls, safety issues. that's why they put the hammer down on fiat chrysler. >> despite all these recalls though phil cars are selling like crazy and fiat chrysler's jeep mark is doing the best of all, basically. >> i said it this morning. i'll say it again. i would be surprised if you see any impact on sales

where does this leave mylan, no longer a target for teva. it only intensifies to buy rival parago a deal that so far parago has rebuffed. the consolidation frenzy is a rise rising health of costs. drug companies in turn must buy in order to get a bigger piece of the pie. for nightly business report i'm meg terrell. >>> a record find for phi at/chrysler over mishandling safety recalls. it's part of a settlement which has been highly critical of how the automaker handled defects. that pressured the stock which fell nearly 5%. the agreement comes just days after chrysler recalled more than a million cars to block hackers from taking control of the vehicles. will that recall impact sales? phil lebeau has the surprising answer. >> it's a whopper of a penalty for fee at chrysler the auto maker will pay $105 million to the federal government for manage handling recalls of more than $11 million vehicles including $70 million in cash $20 million to improve how it handles future recalls, and $15 million if there are future violations. an independent a

i'm long both teva and mylan.th mylan and teva. >> what's the chance you're watching this game? >> zero. i shouldn't say zero. but very small. >> facebook reports end of the month. finally it got its mojo. 85 had been a level it couldn't get through. now north of 90. you probably have a 31, 32% eps growth. i think this next quarter's going to be fantastic. pete and i were talking. i could easily see this thing triple digits post july 29th earnings. >> by the way, that was a completely unfair question because in the break you said there is no shot that you would be watching yourself. >> what's unfair about the question? i don't understand. why is that unfair? oh, the implication. >> yes. >> i see now. >> we've got your first move for tomorrow when we come right back. stay tuned. verizon say neversettle. t-mobile agrees. never settle for verizon's overpriced gimmicks. try the un-carrier risk-free for 14 days you'll love it, or we'll pay for you to go back. attention investors! vectorvest mobile is here and it's free

another is raising its bid to about $43 billion for mylan. mylan does far has been spurning tecva's proposals and tried to make a defensive move by offering to buy another company. isthis caps a blockbuster year for pharma deals. matt: i will pull out my hs screen today to see how much money you can make off this deal. julie: do it. stephanie: only on the bloomberg terminal. matt: historical spread. it is my favorite function on the bloomberg. samsung side seven straight quarterly profit drop today. operating income fell 4% to $6.1 billion in three months ending in june. sales of the galaxy s six short of expectations despite the fact that my dad bought one. this company is having a hard time winning users away from the iphone 6. stephanie: it is the apple ecosystem they have grown addicted to. you are using it and all forms of your life so it is hard to get away. matt: i will editorialize a little bit here. it is the best ecosystem out there. there is no better platform and no better os. it is simple intuitive. is that too much? stephanie: i

are going to raise their bid i-4 dollars to six dollars per share when teva attempts to take over mylanscarlet: can you keep track of all of that? alix: that, i got. health insurance? forget it. one retailer looking to save $30 million and jobs. american apparel has lost million dollars in the past five years. is raisingucks prices again, increasing raising five cents to $.20. for example, small brood and large group coffee will go up by $.10 more than most areas of the pipe -- bringing the the price of a large coffee to $2.55 per store. is that something else? is, these prices are down year on year. it's not like they are getting huge input. scarlet: did they raise the prices when it was going up? alix: they tend to lock in about 18 months ahead for the next year. knows coffee steel prices. alix: coming up in the next hour, hillary clinton making the rounds in new hampshire, reporters following her words literally kept intel. and over a recent executive dismissal with accusations of censorship on the night. scarlet: turmoil in greece causing the country to lose value over the next year

and then mylan on the deal, so mylan is out, they say they've got other plans and looks forward to mergingigo. so because of the deal they're up and down. >> i've got my scorecard . stuart: well look is who is the next. eric balling cheap oil good for the economy. butbut 150,000 people already lost their jobs because of the chal cheap oil. we'll have that in a moment 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. [ male announcer ] some come here to build something smarter. ♪ ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪ ♪ >> i'm nicole with your fox business brief. the dow industrial average has been down close to 170 points now. down just 82. we are seeing selling across the board. we took it from china the shanghai disintegration had its wor

teva is planning to raise its offer for competing drug maker mylan.s reporting that a new $43 billion offer may be announced this week. mylan is also pursuing an acquisition, trying to buy an irish drugmaker. ill tempered movie dinosaurs did not dominate the box office after all. "jurassic world" is the top u.s. draw. the animated movie pulled in just $30 million. those are the top headlines. tom: i watched it. vonnie: you did? you are only telling me this now? it is tuesday. tom: i was dragged to it. i was pleasantly surprised. i have a crush on discussed. she is in green. for those of you on radio, "inside out" by pixar. vonnie: did you learn a lot about yourself? [laughter] brendan: keep talking, oh, keep talking. please do not let us move on. tom is talking about his imaginary friend. tom: let's move on. a crisis in greece for u.s. investors looking this july. well, the bubbles burst it in china. there is a real question about the u.s. economy. we know this earnings season also we have to get back to the fed as they dash to september. there is no

. >> shares of mylan down. keep an eye on that one. it is an ongoing saga.he huge deal that was done on monday between allergan and teva nature they . they have to get stock prices up. i got push back saying give us a chance here to get the sellers out of this stock as we move ahead toward our shareholder vote. some people think they're not going to get that vote of their own shareholders. i think that's crazy. they will most likely and then we'll see perrigo shareholders like the deal. if 87 % of them like the deal, that's an important threshold. >> that is so complicated, that situation. perrigo is an israeli company that's based in ireland. the manufacturing products are in michigan but it's really from philadelphia. >> and mylan is a pennsylvania company but actually dutch, although for tax purposes it's a uk jurisdiction. uk taxes. corporate but -- >> who can understand this stuff? >> incorporate ratedd in the netherlands. >> >> let me hash tag head explosion of pfizer ceo. >> it is not a level playing field. it is not. with the taxes and everything els

which has yielded nothing, and the price could be almost exactly what teva was prepared to pay for mylanan interesting -- i don't know if it's a consolation prize, because some people are reporting that this is in fact what teva wanted from the get-go, that they wanted the generic drugs business as long ago as last year. this might be a surprise move. caroline: give us a sense of how much m&a is in the air. it's a phenomenal amount we seen. ryan: this remains to be seen that we might hear an announcement as early as today. that would mean that the value of an end day in the pharma sector is closing push close to a quarter million dollars. all of last year in pharma we had more than $180 billion worth of mergers. that in itself was a huge number. a pretty extraordinary -- it brings everyone up to do different stuff. larrikin can go on with different drugs the result of its own merger when activists bought it and rebranded it. true to the form of the merger mania that we are in there was a bolt on acquisition to the tune of about half $1 billion. caroline: thanks, ryan chilcote with the up