perigo, biff joined it. it was a great company. when i joined while i was there, it was a great company. >> but mabel perigo needs you. i mean, you liked it at 160 and now they're at 94. maybe perigo needs joe papa. >> i'm really excited about the opportunity at valeant. i'll leave with it the great succession plan that occurred and i'll look to trying to make a difference. >> that i know they're as many of the i'm that line. what's the first thing? i know you said stabilization. does that mean get multiple investigations behind you? because it could behinder what you're trying to do. >> i think the first thing, rerecruit my employees to my company. they get the engagement. that's an important message. they've had a tough nine months. no doubt about it. i think i can do that. i've got to deal with some of the regulatory issues out there and we have to plan to do it. just last week we announced we on put together a patient access and pricing committee. >> how can you roll back prices? >> i don't know the action yet. we're clearly go

think about perigo, it has very good relationships with various forms of distribution of pharma with payers and otherwise. he's a very experienced executive and also a very calm, low-key, stable super high integrity person. when i asked someone else, i was doing due diligence on joe, someone i highly respect in the industry, everyone loves joe. he's a very likeable guy. people have enormous respect for him. totally non-promotional. exactly the person you want to bring into a situation like this. >> let me ask you another question. his pay package has drawn some criticism. he will make $67 million but if the stock hits $270 a share, he will get a pay package and stock equivalent of $500 million. >> $270 is about 10x the current. >> i would give it to him. >> my point is, doesn't that incentivize him to do some of the same things that mr. pearson was criticized? >> no. >> senator collins calls the pay structure of mr. papa quote, outrageous. >> first of all, unfortunately, when you read the story in the media they don't often get it right. let me tell you what we did and the thoughts b

on thursday we hear from perigo. they admit they've been having a terrible time in the core business. the best you can hope for is a total reset. the company can demonstrate some sort of core value. we need a mea culpa for not accepting the takeover bid which would have resulted in a double with where the stock is trading. finally, i'm focused on two koimd. the japanese oil makers have had a run for a long time because of the run on the yen. it has gotten very strong of late. the government can't keep it down. that's terrific for ford and gm. i want to know, it report very good quarters. the stocks haven't done much. how about jcpenney? a lot of trash talk, the hiring freezes. given my thesis, nothing would surprise me. i wouldn't want to own penney. the not great, i know. what can i do? it is in the mall. it's been a very brutal week. one that has seen continual selling like tech, banks and pharma. the bottom line, earnings are driving these bull and bear market rotations. let's hope next week gives us a sedge of wh

. >> i know joe for a long time from perigo. to find out what happened to perigo and what's the story for vealeant. people are excited this morning that they're going to file their quarter. >> yes. >> that's a low bar, isn't it? wow, they're going to file? great. anyway, we'll see what joe says. frying pan fire? out of the frying pan into the fire? >> yeah. we were doing the math earlier on the mylan deal and what it's worth. >> $167. kind of regret that. avon-like. >> yeah. given its $90 or something like that. >> and you can say who's really running valeant? is that ackman? i don't know. papa? nice pay package. but there's a lot to ask. >> yeah. all right, we're getting some traffic numbers out of southwest. april's up 4.7. record low factor 83.4. delta's getting a little more love today on a percentage basis. >> they just crushed this group. no volume to these things. and i have to tell you, i had gone long gary kelly and wherever they are, they're a price-cutter. wherever they go, they're cutting price. and i think this grou