perrigo shareholders reject a possible takeover bid. first, let's head over to the markets desk with julie hyman for retail talk. julie: one of the things weighing on stocks today. we had retail numbers for individual retailers and the overall economy. advanced retail sales coming in below estimates. around the lows of the session at the moment. i've forgotten to call up the chart. you the will tell consumer discretionary is the worst-performing group and has been throughout the day. down by more than 2%. technology a close second. one of the worst-performing stocks today, the worst 500'smer in the s&p fossil, down 35% after the watchmaker came up with numbers that missed estimates and its forecast is below estimates as well. it sells jewelry and accessories as well but it was all about watches. david: you've been looking at department stores as well. julie: it has been a rough week. we had macy's numbers on wednesday that pushed department stores down and then kohl's helped matters yesterday. nordstrom hurting again today, down 17% aft

. >> coming up later, perrigo urging shareholders to reject the offer from mylan. live at post nine for an exclusive interview in a half hour. >> the ceo of priceline is calling out airbnb for the first time publishing figures to demonstrate it built up as many as three times apartments and villas to rent and all instantly bookable online. priceline stock is lower on downbeat guidance from the current quarter on lower bookings in this country, albeit with better than expected earnings and revenue figures for the quarter that just passed. joining us live is ceo darren houston. welcome back to the program what do you think about the quarter? >> well, simon, i think we had a fantastic quarter. we beat 5% on the bottom line. we had 12% bookings growth. but, in fact, in cost and currency it was 29%. we continue to face currency headwinds. we hope those will abate going into 2016. overall, i feel great about the quarter. >> it's inevitable doing the job that you do, that every quarter people will wonder whether or not the company is slowing down. if you look at the rate

take a look at mylan and perrigo.elieved that their hostile bid for perrigo will not go through. perrigo seemed to be disappointed but maybe they should have tendered more shares. retail is the topic of the week. this is the reason stocks are down for the week. jcpenney, which disappointed with its outlook, nordstrom disappointed on every level. no one knows how to pronounce this, but bebe stores will be closing about 30 locations in the next few years. i have been going through some analyst notes on nordstrom. a lot of them say there is no way to divorce the long-term positives from the disappointments near-term. stephanie will hate this, but the problem is nobody is buying jackets or coats. sois a really warm fall, retailers say this all the time, and maybe this time i believe them. this is my bloomberg. the red line here is department store retailers. the white line is discount retailers. department store retailers are trying to mimic this discount strategy. for example, the nordstrom rack is not working. and why w

. >>> perrigo has sent a letter to shareholders urging the rejection of a takeover bid by mylan.eo explaining today why he doesn't think shareholders should approve the merger. >> this is a bad deal for the perrigo shareholders for a lot of reasons. so as we look at that situation in terms of the spread today we think that if this was going to happen you would have seen that spread narrow. and the fact that has not narrowed today suggests to us that the perrigo shareholders as i've said believe this is a bad deal and therefore are not going to tender. >> and shares fell more than 1 1/2% today. they finished $159.66. >>> malenkrot saw its shares tumble after the short seller citron research said the stock could fall more than its peer, valeant pharmaceuticals, warning that its business model, malenkrot's, that is, is in danger of unraveling. this is the same stock commentary site whose post helped propel vailtant's recent stock decline. malenkrot has responded to the comment saying it's confident in its business strategy. shares nevertheless 17% lower at 58.01. >>> college footbal

perrigo -- are up 13%. perrigo is down nearly 7%.erg terminal at the push and pull we are still seeing, i would say it is oil but energy stocks are still down. material and health care are the best-performing groups. scarlet: her answer is always oil. any question. julie hyman, thank you so much. alix: we want to check in with mark crumpton. officials military say they are reasonably certain that the extremist known as jihadi john was killed in an airstrike today. has been seen in numerous videos showing the beheadings of western hostages. officials say his death eliminates a symbolic figure in the group's reign of terror. >> we are reasonably certain that we killed the target that we'd intended to kill, which is jihadi john. it will take some time to be able to finally know if we have had success. mark: if confirmed, his death would be a coup for the western allies and particularly for homegrown extremism. john kerry is in vienna for a critical international diplomatic meeting on the crisis in syria. he won't meet with foreign minis

. >>> perrigo shareholders rejected mylan's hostile $26 billion takeover bid. failed deal ends a months-long back and forth between those generic drugmakers. mylan up 13% today to 48.78. perrigo off 6% to 146.90. >>> spring leaf holdings, a personal and auto loan company, says it has reached a settlement with the department of justice that will let it go ahead with an acquisition of one main financial. the justice department says spring leaf will have to divest more than 120 branches so that it can proceed with the purchase. shares there up more than 11% on this otherwise down day. they finished at $49.23. >>> staples and office depot are transferring -- offering to transfer $600 million in corporate contracts to a wholesaler. this is according to dow jones. the move is an effort by the firms to persuade the federal trade commission to grant the two companies antitrust approval so they can merge. shares of office depot rose a fraction to 752. staples down more than 1% to 12.61. so what should investors know when it comes to today's uncertain marketplace? our ma

every single day, every second of every day, 1600 people take a perrigo product.lieve those are the kind of things we can add value to have good by being more efficient. scarlet: so the policy is not hurt profitability? mr. papa: no, in reality, more and more people are coming to the store-brand, private label part of the business. therefore we think it will be more favorable to the long-term. , thank you forpa joining us. ,nd bloomberg's cynthia koons our health care report. coming up, building more casinos in macau -- two gaming giants are confident they will be returning. we will have details. like previous airstrikes could stop the islamic state's moneymaking businesses. we will tell you about how much money they have and what is being done to stop the terror group. later, and excessive interview with peter benedict, the cofounder and partner of the united talent agency. he will talk about the art of the deal -- not the donald, but the art of the deal. those stories and more on bloomberg markets. ♪ scarlet: you are watching bloomberg. i am scarlet fu. alix: an

in order for having a chance it needs at least half of perrigo shares to attend by the deadline.o the wall street journal, many institutional shareholders would have to attend by last night in order to be counted in the final results, and mylan hasn't got the requisite number for top why we had they go -- i h perrigo ceo and a week later we had the mylan chairman trying to woo israeli investors, and the ceo is saying that the premium is not that great. it is about 11%. there are no synergies. perrigo mainly makes over-the-counter medicines for brands according to the stores they sell them to. on top of that he also instituted a shared buyback program and the cost-cutting program, although they seem to have persuaded shareholders to follow the advice of their ceo and rejects this bed and ignore the words of the mylan chairman who says it is baked into the cake and that these two companies are better than they would be going it alone. guy: what's next? what happens if this doesn't work? elliott: well, this is a $27 billion question, isn't it? the chairman of mylan was saying that t

at one point, they said we don't have to have perrigo.as trying to signal hey, we have our eyes out, we know what cinemark it. we are doing -- we know what in the market. we are doing transactions all the time. im sure they have plans up their sleeve, and i think we will probably know sooner rather than later. betty: does this change anything in the m&a landscape? hostile deals are tough to get done. this would've been the largest of its kind and an unexpected outcome if it did work out. the question for health care now is how much are the issues andcting the debt market the ability of some of these companies to get the debt they might need to do some of the larger deals? that's what we need to see play out over the next couple of weeks. , stocks are ahead falling, heading for their first weekly loss in six weeks. the nasdaq on pace for its biggest weekly loss since august. we will check on how this is impacting the options are good. -- options market. ♪ betty: welcome back. it's time for a look in the options market. joining me for today

perrigo trying to get share holders in line to not tender.ying to tell those same investors who have concerns, for example, about governance -- the schticking, remember the continuous director provision that allows the ceo or the chairman of pilen, rob cory to appoint new directors if some are booted out by shareholders? they're trying to tell people, we'll take care of those. we'll get rid of them if you reward us by tendering more of your shares. mylan would really like perrigo to go to the negotiating table to hammer out an overall agreement under contract. it's unclear whether they will be successful in that effort or convincing at all to convince enough perrigo shareholders to say yes. this morning they got a bit of a bump from bernstein who weighs in saying the chances mylan will prevail has gone up. why? news involving the epi-pen. there was a competitor from san santa fe who was pushed off the market, and a competitor from teva, no longer the case. that's helping the stock price and according to bernstein the overall chances that myla

surging afterre that bid was rejected by perrigo .nly 40% of shares were tendered as opposed to the 50% required. this is consistent with what joseph pop-out told us during an interview. he told us he was very confident that shareholders would reject a bid. its price target to $59 on the news and there were some high-profile investors affected, including john paulson. foras been a tough year mylan. shares are on pace for the worst year since 2008. betty: thank you. we will have more on this story. a health care reporter will be joining us to get more perspective on this. on to banking, women business leaders are continuing to crack the glass ceiling, but somewhat argue there is still a long way to go. goldman sachs just reported -- promoted 425 employees to management positions yesterday, and a quarter of those were women. it is the highest number of title sincehat 1996, when bill clinton was president. does this make the percentage the highest among goldman compared to other banks? >> certainly, it is a record for goldman. , buts bee

maybe we can quickly do perrigo. that stock back to 154. >> why not?edible stunning win to remain independent shocking the bankers and lawyers who advised mylan and all the hedge funds in valeant, they all sold out in the low 140s, perrigo back to 154. >> papa is doing a good job. target breaking down. >> is it. >> yeah. >> as for the faber report, we mentioned norfolk southern a bit. we'll do it again. >> wow. >> double intro. norfolk southern, you saw they were up earlier. this after yesterday, canadian pacific does come with a letter, a bear hug saying we want to buy you. norfolk southern outs them on the price. cp didn't have the price in their release. norfolk southern put it in, saying it's a 9% premium. we have the details for you. worth about 46 bucks, 72 cents in cash. 46.72. there it is. then this morning cp following with a longer release saying, yeah, that's what we're offering you. as i reported previously, people familiar with the situation say norfolk southern has no interest in pursuing a deal here. the key question is would canadian pa

perrigo walks away, perrigo gets crushed. >> mylan goes up a lot. >> mylan goes up. here, i'm confident if marriott would go away, starwood would go higher. as bad as starwood's numbers may have been because of china. the company is worth a great deal more than 70. >> you're also getting a piece of the timeshare business that they're merging into another company. about 780. total value for starwood shareholders, almost $80. 79.88. >> itwhen you look at it, was ia worse job than what these guys are doing now? i know adam marin. he's trying hard to brick out value. this is a take under. we are now in paerd where when you make an acquisition, there was a time when i think the deal would have been greeted positively by the market. >> 12 times presynergy. the multiple is not that high. hyatt, they were not any higher. it was not like they were coming up with -- they were going to have to -- they were willing at hyatt to make a single class of stock. try do things that would have helped solidify their own stock price. in either one of these deals you were taking the curren

elliott: if mylan fails to win perrigo, what is plan b?ury: we are not reliant external activity. our balance sheet so billions of dollars in free cash flow, a record in her last earnings call. our balance sheet is so well positioned that i think that we have options all over the place. the greatest value of mylan is the internal organic capabilities we have incubated over the years. if you look at epipen him and the opportunities, and the fact that we will have the first generic application by the end of the year -- if you look at the bridge and other catalysts that will be launched, we are not relying our growth solely on the m&a. that is all additives. elliott: drug prices is a hot issue in the presidential campaign. are you concerned you may have to reduce your drug prices? i think that will only happen on the brand side. anything that happens on the genericde is on the side. i see that as an opportunity. i think the government should get more involved. i think they need to spend more time understanding the food chain and not do it pie

. >> breaking news, milan is losing its bid perrigo.o acquire the company that makes allergy drugs and it's attractive because of the domicile and a lot of the hedge funds jumping in such as paulson and company roughly 5 million. elegant management. highfield capital each with $300 million invested and this was supposed to be a $26 billion dollar deal, but wrapping up and not happening, a rare outcome here and so with that, we're seeing mylan stock higher and perrigo, some say a takeover target, because of its come domicile in ireland. maria: we'll see an impact. we see the perrigo bid and ask. and don't forget to catch nicole at 5 p.m. eastern and the show airs right before "mornings with maria" here on fox business. facebook is experimenting with a new feature that could stack up close to snapchat's claim to fame. jo. >> it's more about attractis millennials. it's testing within the messenger app that would directly compete with snapchat and allow people to send messages that automatically disappear after an hour and that feature can

withzeneca has agreed perrigo to do best u.s. rights. it will help it focus on its three main there be areas and it's quarter guidance for this year has been maintained. i want to give you a check on the commodities. crude holding below $42 a barrel. gold up as well by six has a 1%. copper has dropped to a 2009 low. a little bit of a pullback. the back of the commodity mine this morning. french pmi, manufacturing is much better than last month. a slip on the services pmi coming in at 51.3. below the survey. that brings down the opposite to 51 point three and that is a mix on the survey of 52.5. a lot of numbers to dig through. we will do that again in 30 minutes when we get the german pmi. yvonne: asia stocks falling on a inonger dollar and a drop commodity and japan on holiday. --not let these in this is indices confuse you. it is the miners and oil producers that have brought down the regional markets. bhp, the biggest drag in the region. scrapmpany will need to its policy to preserve its credit rating. the korean session led gains on

then there's john paulson taking new stakes in the drug giant perrigo and cit and boosting stake in tevarmaceuticals and starwood hostings as well. a lot of these names prehaped involved in deals. he also decreased stakes in petroleum and computer sciences. and then there's leon cooperman taking a small new stake in retailer jcpenney as well as boosting his stake in facebook. so when we talk about this it's interesting here because dave einhorn, john paulson, all of these hedge fund managers have to disclose the data for their long holdings once every quarter but again the big caveat here is the data is about 45 days old. it does mean some of the hedge fund managers can and do trade around these positions even after they have been disclosed so we'll have to see for the next round of quarterly filings whether or not they made any changes to this past batch. back to you. >> and the biggest of them all, berkshire hathaway. buying up more of big blue. but he also cut his goldman sachs by 7%. they're looking back at his rescue in 2008. providing liquidity for goldman but that's done. cutting

drugmaker perrigo has issued a letter to reject a bid from mylan.rading. and dean foods beating estimates. the milk processor were helped by higher prices and gave an upbeat full year forecast and that will help the stock up 10% this morning. u.s. equity futures have been in negative territory albeit slightly so for the majority of the morning. dow down 37 points. s&p down by six, nasdaq down by 12. >> gop candidates crisscrossing new hampshire in an effort gain support ahead of the primary including our next step spent a great deal of time in the granite state. new jersey governor chris christie, with every debate comes with all the nuances, all the swirling around. do we call at any time undercard. >> call it whatever you want. i have to tell the truth. obviously we would rather not have it happen but it's up to me now. it's up to me to go out and perform and talk about issues people care about. the next day i'll be back in iowa and working in places where it matters the most. it's in iowa and new hampshire. >> eight or nine debates. correct me if

to hit it again, it comes up -- this mylan perrigo, one day closer. we had joe papa on yesterday.s to know anything, it's liked are hollywood. nobody knows anything. in this environment given all the constraints in healthcare, if you are given the chance to make 10%, it's surprising you wouldn't take it. >> i found him earnest. i liked joe papa in that interview. i like him. >> he's a likable man. this is business. >> dhi the big effort gainer, 64 beats by two cents, revenue ahead, new orders up 18. >> i was surprised that stock held up given the fact that the chatter about a rate hike would -- that was a very good quarter. i'm so glad you mentioned it one thing that's put a bid under today's market is the horton number. it was very, very strong. it showed that i think there could be a blip up in buying ahead of a rate hike that will -- guys will come and buy houses. >> it's a miss on the top end the bottom line for evh. >> toll brothers has been under pressure. lennar under pressure. if this can alleviate the pressure and people feel better about housing. housing and autos have b

mylan says it is confident of a successful completion of its tender offer for perrigo, even as that companysuch offers. gap shares, an earnings warning. gap right now is trading down, about 7%. i got through all of those. >> well done. >> i still have time. >> and rackspace, if you want to know what that is about, join us. >> join us tomorrow. "squawk on the street" is next. ♪ >>> good tuesday morning. welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. premarket is weak as the s&p takes aim at a fifth consecutive down session. that would match a streak from september. you heard them talking about gap, smartphones and more. bonds are one to watch. china cpi below expectations. oil relatively steady despite the iea saying it mayec

and milan won't win it's hostile bid for perrigo.e should get news on that while squawk is on the air around 8:00 this morning. >> other stocks on the move today, you might want to watch, implied materials posting quarterly results in line with estimates and offering a solid outlook gain a boost from companies making smartphone and memory chips and shares trading higher a little bit. almost 3% after hours. we'll talk to an analyst in a moment but shares are under pressure. earnings and revenue are both above consensus but the network equipment maker forecasting current quarter revenue and profits below estimates citing a slow down in order growth and this was a leading technology indicator many times and there's some warning signs. we will talk to an analyst in about 20 minutes and don't miss cisco's ceo at 9:00 eastern. usually we think john. >> he's still there as the chairman. >> yeah. but it's chuck robins and same store sales in china rising 5% last month. they're backing the china comps sales forecast for the 4th quarter. remem