pfizer says it's going to buy it for $5.2 billion. that a sickly gives it control of an experimental eczema drug expected to be excited -- decided on by january 7. pfizer says that could bring in sales of $2 billion. betty: what about safe havens? what are they doing? you would expect, safe havens are losing a little favor. herean see a leg down versus where we had been. let's take a look at where the 10 year has been going. 1.75%.ld is up betty: thank you so much. let's get a check quick on the headlines with the bloomberg first word news. shery ahn has more from our first word news. sherry: the u.s. up in court issued decisions today that justice is reached a compromise in the case over contraceptive coverage under obamacare. decision, the justices ruled investors can pursue securities fraud suit in state court, a decision seen as a setback to the financial services industry. the court rejected an appeal leaving intact the award to the state of new hampshire. handed themcourt and award so that more money goes to the estate of a smok

pfizer was the biggest and most iconic company to go for it.he government did everything they could to stop it. were,mments around that he was unclear how the government would carry out their own regulations, so he would touch ryan again now. if pfizer splits into two smaller companies, maybe some inversions on the table in the next couple of years. maybe there is corporate tax reform before that. i don't think we will see many large-scale inversions. i think the industry knows that they cannot quite pull them off in this environment. david: thank you. learningad, meet ai that can learn just like you. google takes their car out for a test drive. ♪ david: this is "bloomberg markets." i'm david gura. you ever wondered what happened if you allowed google to smart reply to all of your e-mails? with me now.s this is a feature of the google inbox. it gives me choices of what my responses would be? reply will read incoming e-mails and present you with three. in replies. say soundsit may great. then you can hit send and move on to the next stage. david

>> well, i don't think that it's so much that pfizer is one of the last, but pfizer recently purchaseddrug company whose drugs are identified in the execution protocols of many states. pfizer has been with the other drug companies in opposing the use of medicines to kill prisoners, but with the purchase of another company they felt this was a time to go forward and to strengthen the preexisting restrictions they already had in place. >> would you say that was pretty much a business decision over a moral one by pfizer? >> no. i wouldn't say that. all of the pharmaceutical manufacturers have made it clear their corporate mission is to save lives, not take lives. they find the misuse of their medicines by state correctional institutions to take the lives of prisoners to be contrary fundamentally to their medical mission, so in that sense it is an ethical and a moral decision. that's not to say it doesn't have a business component as well because the large corporations are extremely interested in protecting their good name. and since their name is based on saving lives, they think it is di

betty: sales have declined 13% since pfizer walked away from the takeover. back instead of merger? what else could they have done without money? it's a good question. why not another merger. >> they have been one of the most prolific acquirers out there. they are with these pharmaceutical giants. i think they are taking a pause right now. they are going to continue to pay down debt. i think they are also going to see me to focus on the company. there has been a ton of growth through m&a that they have done. it's an opportunity to take some the cash and i think they looked around the landscape. they reported results. betty: that can't be overlooked. we mentioned this earlier. they are so large at this point. the type of asset they would have to buy, every time you do one of these things, the next thing has to be huge. they didn't rule out doing a transformational deal. there is a limit to how big you can get through deals of the certain point unless you're going to get taken out by pfizer. mark: could they be taken out by some deals? drew: that they were will

pfizer is back with a new multibillion-dollar purchase.etails after the break. ♪ betty: there has been plenty of m&a action this morning. pfizer agreeing to buy anacor pharmaceuticals for $5.2 billion. it is walking away from the $160 billion takeover of allegan. joining us now is cynthia. is this what is to come from pfizer, smaller acquisitions? >> this is what we will see a lot of this year. they will decide by the end of the year whether they will split the company. this fits the bill in terms of the kind of deal they want to do. they want deals with assets fully developed. they don't want to buy early on in the development cycle to take out risk. do not haver assets nearly as much competition. this is a perfect fit for them. i would not be surprised to see a number of deals like this throughout the year. betty: what do they get? >> the main thing is a drug for atopic dermatitis. it is a very competitive market. this drug goes after mild to moderate patients. this could be a niche market for them to dominate. they also get a drug which

let's talk about pfizer. and core is surging. pfizer has made a deal.y were worth about $3 billion on friday. that was the main product. it's a toenail fungus product. something for eczema which should be approved in the next few months. that's what pfizer is paying for, something that's come in in a few months down the road. david: it's a relatively small company. is this about intellectual property? pfizer, this is the next best option to break in two or three companies. they've got an established products business. the have future drugs. this will probably fall into the future business. you will probably see a lot of deals like this for pfizer. they create another company that will move forward. lisa: how much money is there in toenail fungus? isn't there an empire over there? why is now a good time for pfizer to be buying? jeff: in some ways, it's a bad time. they have a lot of money and resources to buy other things. this seems small relative to pfizer. it will add up to what the future is going to be. i don't know about tongue -- toenail fungus. t

i think earnings season has seen differentiation. >>> a bidding war brewing in the pfizer second, pfizerpproaching medivation. to challenge a 9.3 billion offer when satapy went public. of course, this is all still on reports. and it's also after pfizer's deal was blocked for allergen, which would have changed its tax address to ireland when the treasury imposed new laws on inversions. this is a smaller deal but it shows that pfizer is still hungry. by the way, pfizer reported earnings, solid revenue growth, profit growth, raising its outlook partly on better exchange rates because of the weaker dollar. >> a smaller deal but important to see whether this deal or another deal come through sometime soon. so many big deals cancelled raises questions about the m and a environment on a structural basis. certainly through november, is it hard to get deals through. >>> and takata is expected to announce it's recalling 35 million more air bags in the u.s. this already doubled what is the largest and most complex safety recall in u.s. history. an official announcement could come as soon as today.

the pfizer and valeant deals. what was lacking was really good ideas, good talent and liquidity. it ishings go bad particularly ugly for equity investors stuck in the same names. david: one explanation is it's a crowded train. is there another explanation? when you take down the yield it gets really hard to justify that compensation system. 4% -- a 4% orit a 5% yield, you have to get even. if you are long g.m. and short ford -- in the have the olden days -- in the happy olden days, you still made the 10% cash which you charged 20% of the performance on. now the managers are quite cruel. not getting 20% on any deposit amount. if you are long and short and had a cash balance, setting aside the short rebate, you actually ended up with a positive cash balance. in that respect it was better mechanically. low ittes are this drives people into doing silly things. things that are very only marginally profitable. megan: let's hear what chris had to say about fees. >> one of our board members said reducing fees is the best

read the fda's responses and those from pfizer in their entirety on our website at wjla.com. leon: nice going. you certainly hit the ground running. lisa indeed. alison: it's good to have you back. lisa: it's great to be here. leon: welcome home. wants toad -- metro make your ride safer, but in the process, there could be service headaches. what you need to know about the changes ahead. alison: a scandal over tabs. the candidate involved is speaking out. leon: fairfax county police are looking for leads in a fatal hit and run pedestrian accident. officers canvassed the area where the 33-year-old man was killed one week ago tonight. they handed out flyers with information and urged anyone with information to contact the police. alison: a woman admits to torturing her ex-boyfriend's new car because she thought he was cheating. last week, the 24-year-old germantown man was taking out the trash when he saw flames coming from his car. when he looked closer, he saw his ex-girlfriend 18-year-old, standing beside it. the man says he is working through the insurance process to get the

pfizer has ample cash. >> exactly. pfizer is looking to do big deals.hey are the most aggressive pharma company out there in terms of transactions. not just pfizer. a lot of companies have said .hey are doing good ec see the jazz deal today. here we are, they use the capital that they have and do some sort of deal. it could be licensing deals. >> carl icahn, it looks like they are trying to give the impression that he will not get involved so much in changing the company. do you think that is the case? >> it is hard to say. i would say look at investing. right now, there is a lot of interest in allergan. people can become more of an r&d folk's company. will golike carl icahn and it will be an interesting few months. what we are all gearing up for right now is the american society -- probably the biggest hereal meeting there is and we have all of these companies coming out and releasing interesting data. they will show some impressive data, some improvement in aml patients. data theyhave key will present us with as well. they're looking to help justify t

but you can ask what does pfizer get out of it in the longer term. does it matter who they team up with this at this stage or are they trying to build scale? is it more about the scale building with them? you can ask whether they've been engaged with pfizer. >> they said it was too low. they basically said, look, we've got no funds wait until medivation decides to auction it off. and then to overcome resistance from these contingent values based on cash to shareholders. the problem here they've got a lack of performance in cancer drugs. and structure to get by with medivation here. >>> taking this into david sullivan, co-head of investment banking the goldman sachs, he told us what has driven atma activity. >> the biggest root is that growth is sluggish and if you're you're a ceo you're trying to pull all the levers you can do. buying growth is one of those levers. ceos would like to do that. shareholders would like them do that. so if the market environment stays reasonably balanced, i do think we will see a pickup continue as we go through the year

. >>> major m&a deals, pfizer making a $4.5 million purchase.ut first, berkshire hathaway has revealed a new $9.8 million stake in apple. meanwhile, apple ceo tim cook visiting china in an effort to reinvigorate sales in that country. he's expected to meet with chinese officials and is already met with the president of didi just days after apple announced that billion dollar investment in the ride hailing start-up. met with some other start-up creators as well, posted waebo which has gone viral already. >> i think the story is the app store. $7 billion in business that regular chinese people have done on the app store. between that billion and billion last year and i think what that's about is to say you may think that we just come and make parts here, but you have many people who have made millions off of the store. and we are better partners than you think. and i understand that after this. maybe he's headed to india, another country that's very strong. is it a charm offensive? how about it's a recognition that apple's a better citizen than yo

pfizer is the leader to the upside with a gain of 2.7% on the earnings beat. the giant also raised its full year earnings forecast as it boosts sales of new cancer treatments. stock to $33.67 today. >>> we have auto sales. how did we do, phil lebeau? >> not a bad month.

. >>> pfizer is buying anacore pharmaceuticals. this deal comes one month after pfizer scrapped plans to purchase allergan for $160 billion. some day the deal represents a shift in strategy, one that focuses on strengthening its pipeline of drugs ahead of the decision to sell or spin off the generic business. shares soared 57% today. pfizer shares rose fractionally. >>> the dow component and verizon will strike negotiations tomorrow after meeting with labor secretary tom perez over the weekend. nearly 40,000 workers walked off the job last month. the grievances include the outsources of some jobs and the capping of pension. >>> it has been nearly a year since the stock market hit record highs and since then the indices have made little progress and enduring wild swings along the way. account bull market resume after a 12-month break in mike santolli take as look. >> a year anniversary from the all-time high and a couple of scary plunges along the way. the index is about 3% below the may 21st, 2015, high of 2130. given the circumsta

pfizer is now the last legitimate source of these drugs in the united states. facebook's founder responds to allegations that it is biased. and a family with a few hundred million reasons to celebrate when the cbs evening news continues. zantac works in as little as 30 minutes. nexium can take 24 hours. try cool mint zantac. no pill relieves heartburn faster. unless you have allergies. flonase is the first and only nasal spray approved to relieve both itchy, watery eyes and congestion. no other nasal allergy spray can say that. go ahead, embrace those beautiful moments. flonase changes everything. and i'm still struggling with my diabetes. i do my best to manage. but it's hard to keep up with it. your body and your diabetes change over time. your treatment plan may too. know your options. once-daily toujeo® is a long-acting insulin from the makers of lantus®. it releases slowly to provide consistent insulin levels for a full 24 hours. toujeo® also provides proven full 24-hour blood sugar control and significant a1c reduction. toujeo® is a long-acting, man-made

pfizer was one of the only companies out there with the appetite inability to do this kind of deal. >syjet reporting a pretax loss of 24 million pounds for six months ending march. losses less than expected. full year profit in line. why are you raising the dividend when life looks this tough? >> i think we have done a rigorous balance sheet review. we do that on an annual basis. we have enough cash to do this. and we would not be raising our dividend, to 50% if we did not believe in the long-term success of this airline and it really does underline the confidence we have in our growth prospects ongoing. so, we can do this. it is the right thing for now. we have returned over one billion pounds to shareholders since 2011. we have done a couple of specials. we have now raised it to 50%. it is the right thing to do. scarlet: let's dig in to german insurer allianz. profit did drop to 17%. >> in asset management, outflows, the outflows actually now at market level and pimco i think is fully on track with -- in the field of active fixed income management. the costs will naturally be better

. >> shares of allegan have declined 30% since pfizer walked away from the proposed takeover.backs instead of another merger? >> allergan has been one of the most prolific acquirers out there. they have done deal after deal after deal to get to be one of the pharmaceutical giants. i think they are probably taking a pause. they had levered up substantially. they are continuing to pay down debt. i think they are also going to say we need to focus on the company. this has been a ton of growth through m&a that they have done. it is an opportunity for them to take some of the cash and i think they've probably looked around the landscape inside the best thing to buy is our own stock. there is a limit to how big you can get through deals, unless you are taken out by somebody like pfizer. mark: could they be taken up by somebody else? >> the fact they were willing to do the pfizer deal at one point suggests that maybe they would be again. at the same time, they are now also so large the potential acquirer has to be truly massive. pfizer was one of the only companies out there with the

pfizer at 23 billion dollars. we will see who will prevail.f names mentioned, too, that were not in today -- hyman, thank you so much. it is time to check in with our colleagues in canada where firefighters are fighting a wildfire. alix: canadian prime minister justin trudeau said that there is no need to accept international assistance for the fires. pamela ritchie joins us with the latest. what is happening right now? , there wasyou heard glad a mere putin's offer of lending some water bombers. the trudeau government has not responded to that -- they just have. we see temperatures a bit cooler today, even a little light rain over the weekend, and generally winds moving away from the town of fort mcmurray. the overall optimism for firefighters and water bombers is they might get control of the fire. it is expected to burn for weeks, as you probably know, but the control is lending a little optimism to the story. alix: how quickly can oil producers get back to work and restart production? pamela: the discussion today, the reports from ihs, mac

now is it going to do something like a megamerger with pfizer?they are positioning themselves to pay down some of their debt. they are going to have more firepower to close out this deal. they will have a lot of capacity to doing the type of deals that the have been doing. charles: i think the key here is the debt capacity given the cell of teva. timesbt will be about two assuming they get all the cash from teva. you cannotspeaks -- fix a bad balance sheet could . they will have a strong balance sheet. the buybacks will be perceived to be an undervalued security. what you know the most is what you want today. it still leaves them with flexibility to do m&a down the line. amanda: you are positive compared to value. charles: valeant was an example of tax arbitrage, rmb arbitrage, balancing arbitrage. allergan spent 8% of their revenues on r&d. that is your future revenue down the line. when you look at the balance sheet that is fundamentally different, while there business strategy is better now, given the cards that were dealt, it seems sensible c

it's going to be $160 billion due to the pfizer transaction stop it's almost too large to get hot.e the do their own sort of thing, but it would be a rare player who could go after it and not run in to the types of policy hurdles pfizer did. scarlet: how is the underlying business performing? guest: things seem to be headed in the right direction. botox is their big one and the underlying business is reasonably healthy. they redid their guidance today. why big oilahead, companies are abandoning the arctic after spending aliens on drilling rights. that story after the break. ♪ alix: after spending more than $2.5 billion in drilling arctic waters, big oil has walked away from millions of acres of untapped oil and gas. could be years, if ever, if they get another chance to buy drilling rights in the region. set this up for us. companies are spending all of this money when oil prices were rising and teams like they could continue to move higher. when the oil companies bought these leases in 2008, prices were $88 a barrel and there was a concern about nabbing resources. this was before

the pfizer was one more about scale. >> ever since the blow to pfizer, we have seen the stock price of allergan tick down more than 10% now. what does the chief executive have to do to prove it can survive and be profitable for shareholders going forward. >> he needs to show there's going to be profitability in the business long-term. this has been a story of forest acquire i acquiring this, and what he to show is that this has growth potential without potentially as much rnd as some of the big former investing. >> interesting you mentioned valiant. they would say they are very different, but to what extent would they like to say they are in the same class as phrma? >> you can see the way the share prices have performed. some of that valiant effect has had an effect on the allergan price. the similarities are not all the same but there are similarities that have affected the stock. >> i do find the sector fascinating when you look at their drugs portfolio and how many drugs are company should have in their portfolio and how many they are working on at the same time. you point out as an

. >>> also, first in, giant pfizer is out of the lethal injection business. we will tell what you states where executions are still legal may have to do. >>> german shepard puts himself between hi his seven year-old owner and rattlesnake. how complete strangers are helping that wonderful dog to heel. >>> now the details, eight people were killed and dozens were injured when a bus headed for a casino in texas lost control and then flipped over. story from abc's adrian anchor. >> reporter: it happened here on a remet stretch of highway, eight three, outside of laredo. >> an accident occurred with the tour bus coming from the grand valley heading for eagle pass, texas. >> reporter: authorities don't know what caused this bus to roll over and crash early saturday afternoon. the fire department says that no other vehicles was involved. the bus left with about 50 people on board, bound for a casino about 125 miles northwest of laredo. seven people were killed at the scene and eight died later at the hospital among dozens of victims rushed to at least three hospital

fair point, pediatrics, we'll grant you that one, pfizer.t i wanted to point out, jim, was that it did give a bid to biotech overall yesterday. >> yes, it did. regeneron was up big. it reminded you these companies have pipelines. do you know that i didn't -- i said that they overpaid? i must have gotten half a dozen people who said they didn't overpay. to me pfizer they overpaid because the stock was the premium. but a lot of people said -- >> stock's trading above the big price right now. >> yeah. >> and i don't know, but we said this yesterday of course this seemed like a deal that might have been better for an allergan. perhaps some people speculating, nothing to offer there as to whether there's any shot of somebody trying to come up with a top for this name. but interesting it is trading a bit above -- >> anacor say the regeneron competitor is not nearly as efficient. this is terrible if you have something for humans, especially for pediatric, it's going to be a big seller. i don't know. people come up with -- they come up with very jus

they probably see this as an notable at this point. >> they are focused of pfizer on margins.this a better breaking of the company into two different companies? is that part of the strategy? >> that is probably what's going to happen going forward. it will include consumer vaccines, oncology, areas where there are r&d and growth around the world. there is still a consistent market. there has been talk about if they split into three. i think the best way is for two and it's a more real sick way to -- realistic way to look at pfizer. >> global health care company merc topping analyst estimates. as pharmaceutical sales slowed once again what sticks out to you in this report? >> they are still getting solid sales from their growing cancer drug in they are defending their diabetes portfolio pretty well against some stiff competition from lily. -- from eli lily. the ceo said they're looking for business development, meaning deals. in the biotech industry valuations are down a lot since this past summer. i think a lot of big pharma which has cash of the books is looking to spend it a

pfizer rising in the premarket after posting quarterly earnings that beat estimates.sales rose more than expected. this is their first quarterly reports of the drugmaker walked away from its $160 billion megamerger last month. i think what you see these numbers today is strong growth in the business. there are some factors that play into it. there are some selling days in the quarter and some benefits. when you look at the two divisions established product business is pretty stagnant. there are divisions making it look like it's growing but truly the growth is not innovative. i think investors will not seen any other options -- they have , in termsiled m&a's of the large-scale deal they want to do. they probably see this as an notable at this point. >> they are focused of pfizer on margins. is this a better breaking of the company into two different companies? is that part of the strategy? >> that is probably what's going to happen going forward. it will include consumer vaccines, oncology, areas where there are rmb and growth around andworld -- rmb --r and d growth a

pfizer shares rose more than 2.5%. >>> martin chiarelli appeared in court today where prosecutors told a federal judge they were considering additional fraud charges. he's known for raising the price of a decades-old medication. but this case relates to alleged securities fraud and conspiracy to commit securities fraud during his time as ceo of the pharmaceutical company retrofin. he was arrested late last year. >>> johnson & johnson is facing a growing threat of losses related to a product that many of us have or have used in the past, talcum powder. a jury ruled against the pharmaceutical company for the second time in three months. bertha coombs looks at the legal issue and potential risk for j&j shareholders. >> reporter: johnson & johnson's baby powder has been one of the company's iconic products for more than a century. but now j&j faces more than $100 million in damages and potentially a lot more from lawsuits claiming its talcum causes cancer in women. monday a jury awarded $55 million to a south dakota woman who claimed j&j's baby powder caused her ovarian cancer. three month

anne: we are working on lupus with pfizer.e doing a number of partnerships with pharma companies. lupus, inflammatory bowel disease, parkinson's is a big initiative. we are about to launch a few others. emily: are you going to do human testing yourself here? anne: what we want to do and what we've learned with pharma is pharma will react best if we come to them with a target or a compound with some clinical background, some data about how that's functioning. there is a higher likelihood of success, if we can come with that level of information and help move that forward. emily: so that means you would do human testing here? anne: not physically right here. we would start doing some of our own clinical research for sure. emily: there is competition out there. ancestry.com does some similar things. they have a partnership with calico, which is google's project to end death or cure death. do you see google and calico as competition? anne: no. everything we do here is focused on genetics and engaging the consumer and making really

. >>> and pfizer will no longer allow its drugs to be used in lethal injections saying its products are meant to save lives. it is the latest u.s. drugmaker to impose such controls which means the drugs used in executions are no longer legally available to authorities. shares of pfizer were unchanged for the day at 33.19. >>> our market monitor tonight is a value investor. she likes companies she says are misunderstood by the market and names that belong in your portfolio for the long-term. joining us for the first time is our guest kim forrest, senior equity analyst at fort pick capital, good to see you. >> thanks for having me. >> let's start with your stock picks. it's retail which really got slammed this week. urban outfitters, why do you like them? >> well, they're misunderstood like all the stocks that we're going to talk about today. they are cast as a teen retailer and malbased, and they're not really either one of those things. about 50% of their revenues are from the teen market but it's the older teen and college age. then the rest is for women's clothing. and that tends to b

pfizer moving higher by nearly 3%. up next, the auto industry revving its engines for the month of april. car sales back on track, but which american model on all these roads on your screen has stalled out really badly? one particular model. you've got to hear which one. plus, we take it to the floor show on what car sales are saying right now about the u.s. economy. "countdown" coming back in a minute. these guys represent blood cells. if you have afib not caused by a heart valve problem, pradaxa helps stop blood cells from pooling in the heart... forming a clot... which can travel to the brain and cause a stroke. pradaxa was better than warfarin at reducing stroke risk in a study. in the rare event of an emergency, pradaxa has a specific reversal treatment to help you clot normally again. pradaxa is not for people who have had a heart valve replacement. don't stop taking pradaxa without talking to your doctor. stopping increases your risk of stroke or blood clots. ask your doctor if you need to stop pradaxa before an

pfizer's decision now means fda-approved drugs are no longer allowed to be used in lethal injections >>> overseas tonight, to an abc news exclusive. on the ground with american troops fighting isis in iraq, six people killed today there in a suicide bomb attack outside baghdad. this week alone, more than a hundred dead in a string of bombings. our team traveling into the heart of the battle zone and abc's martha raddatz takes us inside this fight. >> reporter: we arrived at the al assad airbase 150 miles west of baghdad. to meet the u.s. marines on the fight against isis. >> it's been very very different, how we are doing it through and by the iraqi military. >> reporter: and leading the charge on the ground, these elite iraqi counterterrorism forces. their goal -- recapture mosul, iraq's second-largest city and isis' de facto capital in iraq. they train for an assault. rappel down buildings. and set off an explosion. this may be an exercise to train all these new recruits, but these counterterrorism forces have been in the fight for year. on friday, we got a firsthand view of what t

llergan-pfizer.ransactions that involve real agglomeration and market share gain, which both of these healthcare services deals represent come are getting more careful concern. you have a lot of capital licking their wounds. david: ralph, you will be with us. --an: coming up, the return ♪ megan: time for bloomberg trends. still with us, evercore ceo ralph schlosstein. jon: barclays put out a press release and there it is, the 100% mortgage has returned u.k. can you believe we've got back to the old ways? ralph: that is not a good sign come in my view. megan: how many of those mortgages actually defaulted? you have more than the actual cost of your mortgage, you picks up the house, then sell and trade up the property ladder. david: what is driving this? wethis european banks saying will make money off retail mortgages? jon: the bank of england has put limitations in place. out spreading these 100% mortgages everywhere. the bank of england has done a lot here, but it is not a good sign. david: it is mo

immunoncology has a big part in our strategic operation with pfizer. 2015, we entered with pfizer withclinical development programs. there are additional studies, and we are continuing that way into 2016. guy: do you think this is the model now? this is the way he will pursue drug development? obviously, partnerships and strategic weels are good for us, and are carefully evaluating further opportunities in that field going forward. guy: the cfo of merck, thank you very much for your time. congratulations on the numbers; we look forward to hearing more details. -- of our other big stories the federal reserve saying officials want to raise interest rates in june. now it is up to the u.s. economy to confirm the views. the slow growth in q1 was effectively temporary. minutes of the fomc april meeting used the word june 6 times in a policy context. oft follows several warnings not dismissing a midyear hike as they moved close to zero. jonathan bell joins us now. why did the market this crisis? has it? >> the news coming out at april , sowe are going to hold off the market was hearing what t

you think pfizer, huge. huge! huge!than apple. >>> we'll talk social media. companies across the globe missing a key strategy to boost sales. calling for a new book to help top execs to appeal to the always connected consumer. 68% of fortune 500 ceos are not apparently socially engaged. joining us is clara shih, the author of the book ""the social business imperitive." what do you want them to be doing? >> they're on twitter, they're wondering why they are not seeing a return. the reason is because the way they're using it is typically just for marketing and they're scratching the surface. so i believe that social is everyone's job. starting with the ceo. >> the amount of time that i see -- the people who are successful at social online, it's like a full-time job. >> how do they do anything else? it's ridiculous. >> what i've seen you say before is you have to do it yourself, it has to be authentic. you can't outsource it to a social media manager. >> it's a lot of work. >> if you're supposed to run a company all day, h

we have pfizer, the drugmaker, and halliburton.er issuing their first quarter guidance, better than expected. ,arnings-per-share was above and remember it was back in april that tax inversion m&a with allergan -- it does not seem to have the routed pfizer. 6.3%.ock has gained it is all about energy and engineering services. already better than expected. tom: foreign-exchange right now, folks. the forex report is huge off the australian news, the yen ever stronger. at 1.16, stunning, an hour ago. more than brexit, anti-brexit, elevated this morning. francine? francine: coming up shortly, it is bloomberg with david west and a jonathan ferro. jon, i know you will be studying milken and it is all about the markets. jon: the real story was renewed dollar weakness in the european session. handle, a with a 1.05 euro-dollar with a 1.16 high. if it is a pain trade for corona, i will say it is a pain trade for draghi as well. i would say look at the wealth management unit. the down point -- look at this for a headline -- the gold standa

pfizer with emma quarter pharmaceuticals. north of $5 billion. not exactly earning pfizer.are keeping an eye on that. amazon, earlier in the broadcast in this notion. a lot of people are saying, spreading its wings a little too aggressively. a little too fast. going upscale. showing a lot of private label brands. a lot of upscale brands. hyperdrive in the months ahead. looking at that. the retailers that are not having nearly as dandy of a time. >> i think that it is a brilliant move by amazon. probably the next evolution. a safe play or the public or any of the grocery stores. you see more and more of their private rands. that is where their margins are. they have the shelf space with their amazon prime channel. people are kind of locked into. not going anywhere else. i would say number two of the three legs. have you gone into a bricks and mortar retailer lately? it is depressing, to be honest with you. this kind of a dismal experience to turn around. you may be see the thing that you want. you go back to amazon and find it cheaper. >> i may argue with you. a wonderful ex

. >>> pfizer taking a step against the death penalty.not heart break hill. if you're running 7-plus miles you can see they're kind of -- >> quad break hill. >> your quads are screaming after you go up and down. but you have walkers now. earlier in the morning, just like, what, 15 minutes ago, they were all -- >> these are people that i can relate to. >> yeah. these are the folks that i want to run with. >> yes. >> rosemary is out there of course. >> dressed as storm. she will have your forecast out on the route during the bay to breakers. >>> the red hot chili peppers had to cancel a show because the lead singer was taken to the hospital. it's not known why he was taken to the hospital. they were supposed to be part of the kroq weiner roast there. the other members of the statementing tack too the stage saying they could not perform that night. they are scheduled to play in tuesday in burbank. >>> pfizer is taking a stand against loathe he will injections. it has taken steps to make sure that none of its products are used in executions.

dropped sinces pfizer walked away.llergan is focusing on completing the $40 million sale of its generic business. volkswagen closing in on a fix for the tainted diesel engines in the u.s. they say the fix would resolve part of the testing scandal and reduce the risk of an expensive buyback program. bloomberg business flash. let's go to the market desk where julie hyman is looking at the corporate movers. julie: a lot of them having to do with earnings. : minera earnings after the close of trading. --: minera earnings after the close of trading's pretty can see shares plunging by 12%. by 7%.ore sales fell old navy was down 10% incomparable terms in april, 2.6% increase is what analysts estimated. i used our bloomberg intelligence tools to look at comparable sales for the three chains, banana republic in blue am in orange, gap in white. old navy was the only one holding of well for a while. that has changed as the lowest price of the three chains has turned to the downside. speaking of declines, solar city shares almost

investors are going to hear from pfizer tomorrow. it's a dow component. growth and new treatment for cancer and art arthritis. at thetesla is going to report and also expected to discuss for model three. that is tesla's mass market car. analysts expecting disappointing profits. a daibt cause it had company for growth. lauren: liz claman is in shareholder meeting in omaha. usually he does not say who is going to succeed as ceo but he did talk about that with liz. >> will will be a successor. [laughter] >> you don't want to give a name ever, do you? >> might change. lauren: hasn't happened in over 50 years. we will tell you why this cruise ship is doing something very special. you're watching fbn:am, first look at morning markets and breaking news. keep it here. or becoming the next highly-unlikely dotcom superstar. and us, we'll be right there with you, helping with the questions you need answered to get your brand new business started. we're legalzoom and we've already partnered with over a million new business owners to do just that. check us out today t