stick with cramer. >>> specially pharma. remember those two words. specially pharma. that's the hottest category in the market right now. portfolio managers are scrambling to own one or two. what is a specially pharma company? a drug enterprise that is propriety drugs and generic drugs. they are in a race to merge with each other in order to become as large as possible. i talked about them at the top of the show. they are oftentimes domiciled overseas to take advantage of the lower tax regimes that exist beyond our high-tax borders. take mylan's bid for perrigo yesterday. they make prescription drugs. these two would be a match made in hen. i don't think perrigo wants to sell at any price. it's worth it for mylan to go beyond the offer because they stumbled on one time only issues that interrupted the fabulous long-term trajectory. it is at a big discount from where it could be next year. for the record if you are drinking a guinness right now, you are more irish than this company. don't forget i've been recommending perrigo for years because of its link to the new fr

they are not little pharma opposed to big pharma, they are just as big and multinational in the construction as any other brand-name pharmaceutical company's. part of part of it in the history of generic is the transformation happening. and still treat generic as if they are still somehow small farmer compared to big pharma command we need to recognize they are effectively globalized. the generic giants are increasingly a reality. after one are of people going into the doctors because of advertising on tv and saying i want that drug? >> guest: yes yes most definitely. i'm glad you bring this up. the question is directed a consumer advertising in this important. it's part of why i as a physician and historian find myself drawn to this project. i entered medical school in 1797 command that year, as you might remember, was the year that the fda changed its regulations regarding broadcast advertising direct to consumer advertising for consumer drugs. but the kings have not been worked out. you might remember's heavily marketed at the time and was really brand-new at the time, the ads were segmen

now a big pharma deal, scott. see you in a few moments. the hour tesla announcing major update to its model s car. phil lebeau is live in chicago with details. good morning once again, if phil. >> hey, carl. this is for the base model of the model s. it's no longer going to have a 60 kilowatt battery. what will the new entry level version have? they're calling it the 70 d. a new battery pack, 70 kilowatt hour that provides greater range and also greater horsepower. horsepower over 500. all-wheel drive not rear wheel drive and start 5,000 more than the previous entry level model at 75,000. what's the reaction on wall street? jamie al berteen at stifle said we believe tesla is a supply constrained and not one demand cup strained and would view these product developments as support of that position. they're seeing greater demand for all-wheel drive as well as advanced technology therefore they are going to be upgrading the entry level model. what about sales year to date. we get this question from people. how does the model s do relative to i

what's ahead for these two pharma giants? meg is about to speak exclusively with the ceo of the two companies here on "power lunch." hi, meg. >> reporter: yes, we're here in washington for the annual pharma board meeting where later we'll talk with pfizer ceo ian reed. the company stock in the last year is up 17% so we'll talk with him of course about the year behind for the industry and for pfizer and what's coming up in terms of where the industry and pfizer will find growth. then we'll talk to merck's ceo ken frazier. that stock up about 3% over the last year. the company has doubled down on research and is at the forefront of this area of cancer immune owe oncology so we'll talk with them both about what's exciting for the year ahead, what's challenging and whether we should see a consolidation in health care to continue. that's been driving a lot of the valuation. a lot to talk about. tune in later this hour. >> so many big ceo interviews during these two hours of "power lunch." >>> it is the million dollar housing marke

big pharma earnings.e little number thing. -- >> hashtag. >> keep squawking or post it on our facebook page. >> facebook page. you been there? >> no. i can't get in. we'll read them all. and then share the best of the bunch at 7:40 eastern. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. when a moment spontaneously turns romantic why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell

this has been a political hot-button and pharma the main lobby is very strongly entrenchedn washington with congress. would that help keep the lid on price increases in a major way? >> tyler, i think you are right. this is primarily a political talking point. the ability to negotiate or not wouldn't skt prices that much. what is happening is most new products as if they are monopolies and if you require medicare or other insurers to include the drugs, the starting point of negotiation is the end of it. you have to have the drugs and you have to take the price the manufacturer charges. >> you have fought back personally as i understand it as my reading of your work indicates, about some of the cases where drug companies will come to you with what is described as an important new medicine but you don't see the value so you have fought against including them in your therapies. is that true? >> well i don't like to call it fighting. >> like to call it using evidence to make good prescribing conditions and my hospital rejected an expensive cancer drug because we saw no benefit to it compare

. >> and as investors question the pharma business it is the company's medical devices unit that is lagging. it was the only unit of the three to decline on an operational business in the first quarter. in march they sold courtis to health for $2 billion. >> they have been focused on getting out of the lower, slower-growth, lower operating margin portion of the business and will they in fact do m&a and pharma. >> as j&j slims down the question is will it expand in othe the company has more than $30 billion in cash causing some analysts to wo whet plans to make a large acquisition. we may get more insight next month when it hosts the analyst month focusing on the fastest part of the business. for "nighlty business report," i'm megan torrell. >> and markets biggest buy reported a better than expected profit of nearly $6 billion on the investment banking and asset banking and mortgage banking sending shares up 1.5%. >>> and wells fargo fargo reported a decline in profits from a year ago. the first drop in more than four years. the largest lender cited a rise in employee costs as mar pressure f

pharma sales up 6.9.hanks to a strong cold and flu season. >> perrigo said it wasn't a strong cold and flu season. you had to be on the other side of the street to catch the flu. >> apparently. >> a lot more to get to this morning, including of course reaction to alcoa's results last flight. later on today, imf's chief, christine lagarde, whose group received the loan payment from greece. stay tuned for sara eisen's live interview. a look at the premarket. more to get to. more "squawk on the street" from post 9 when we return. it took tennis legend serena williams, fencing champion tim morehouse and the rockettes years to master their craft. but only moments to master paying bills at chase.com. depositing checks at the atm and transferring funds on the mobile app. technology designed for you. so you can easily master the way you bank. hello. i am here to offer sophisticated investing strategies. my technology can help you choose the right portfolio. monitor it. and automatically rebalance it. all without

>> all large pharma abandoned women's health research. >> why?> they all went the nonhormonal route. >> because they're worried about cancer and cardio? >> fun you i saw pfizer. i actually have the director of worldwide's women research that developed duavi. it's not selling yet. one of the big issues are women just want natural hormones and they don't exist. and that's what we look to do. >> okay. you are in many ways involved in things where it seems like throughout the literature you're trying to get women in tests, trying to get people to test. if people knew there was something -- these are terrible things that happen. >> oh, yeah. >> if they knew there were trials and things are pretty safe, they would want to be in. yet throughout the -- you try to say listen we need more visibility. what do people do? >> well from a visibility stand point, if you need hormones the only option you have to s. to go to your doctor and go to a compounding pharmacy. >> there are only two of them in the whole state. >> well. >> i know. you know how hard it is.

let's keep the conversation on pharma. we had novartis this morning.eat sales estimates yesterday. we are joined now by an analyst from geneva. great to have you with us this morning. the numbers from novartis great. let's skip all that and talk about how busy this company has been in the last 12 months. they wrap up a deal with glaxo. they bought the glaxo cancer drugs as well. they formed a joint venture for their consumer health care products. how long does it take to shake this out and carry on delivering? >> you are right. the last year has been a transformational year for novartis. i would say they started the year very strongly, especially on the productivity side beating estimates by some 12% encore operating profit. as you said, glaxo oncology business only contributed one month, but we've seen now a big contribution from this business which is around $2 billion. as you said they've invested on the vaccine business. that will also help on the margin. i would say that they are really improving. they have created novartis business services. that

. >> does that means there'll have to be a revolution in pharma. is anyone taking it on. do we have drugs that will take the place of some of the ones that we over time found are no longer effective. >> that is one of the no so hidden problems. the reality is 20 years ago, 20 pharmaceutical companies were involved in the darch and development of antibiotics. since that time, and the recognise that antibiotics are not as propertible as other lines, most pharmaceutical companies exited the field. there are smaller companies out there trying to develop antibiotics. they don't have the capital. we are in a difficult position with resistant c.r.e.s . that there's not a lot in the pipeline treating them for 5-10 years. the federal government has got ebb involved and nia is interested in the area. the now. >> over the years i've down a lot of stories in africa, asia and africa america. a lot of the poorest, the cheapest drugs are taken off line by the use of drugs in a way that creates the resistance. is that the case with some of the most dangerous diseases. >> it is certainly

pharma is very hot right now.deep, all industries are taking place. the high growth in technology health care will be big drivers for him in a driver particularly. olivia: the ipo market is not so hot. number of ipo's in the fourth quarter is down from the first quarter of last year. what is the significance of that convergence? mr. mcgee: i do not know. a lot of times i feel activity is just relative to appetite in the market at a particular point in time, so i would not read too much of the first quarter results to suggest that is going to portend full-year activity. brendan: all right, thank you so much for coming in. we will take a look at our agenda right now. my agenda is him as it always is, tom's agenda, everybody's agenda. tom: it is greece. we heard that from francine lacqua earlier. what i am interested in is haircuts. is that the first half to what everybody is talking about which is restructuring, i do not know, 2020? olivia: every morning, we cannot figure out -- do we leave the show with greece? tom

. >> when purdue pharma launched oxycontin, they launched a marketing campaign and an educational campaign to convince the medical community that we had been under-prescribing opioids. >> there's no question that our best strongest medicines are the opioids. >> to convince us that we had been allowing patients to suffer needlessly because of what they called an overblown fear of addiction. >> the culture actually of the time was lets treat everyone with opioids at whatever dose necessary and if some doesn't work we'll give a higher dose. many of the patients i would have to keep increasing the dose that brought them up to doses that i didn't feel were safe. i consider it a population-wide experiment on american citizens that let's just give them all opiates. >> here in seattle doctor david tauben is part of a group of physicians who are changing their approach to treating pain. >> okay, so when i just slightly press does that hurt? >> it's a response to a staggering reality: in 2010, doctors prescribed enough opioid painkillers to medicate every american adult around the clock for an entir

and big pharma is behind a lot of these small companies.y i think you're getting these pops and people are moving into them. >> i agree, i think the results from the early-stage trials are remarkable. it's breathtaking what it will mean to you and i and others with respect to our lifespan and it's fundamentally important to our society. so we're glad to provide the venue, the capital market activity to help support that. >> now you're seeing big pharma behind these companies, a couple companies behind aduro pharmaceuticals, is that also helping stabilize these companies? in other words they're not falling apart a few weeks after, like in the late 1990s, when we saw everything just die. >> i tie back to your comment. i think the science is there. where it might not have been so developed back a decade or so ago. think that's the primary value. to the extent that they have built-in distribution when they develop a product. that certainly also helps. >> i know you're a big market-watcher. we're essentially at new highs, a few points away from

m&a and pharma. obviously there's going to be m&a in financial services.d to be doing this, at least among companies that have high growth like a linkedin? >> when you look at the nasdaq half of the gains from year to date came in the past week. it's very much one of the flip flop type markets where investors are not sure what to make. some of the companies like a google have a slowing growth, some like a facebook, the sky seems like the limit. a whole new set of data on engagement and growth with earnings. coming out of earnings we'll have a sense of where we're headed. >> faber had news the talk about twitter being acquired not as hot as a lot assumed or thought. >> we discussed it earlier, seemed hard to believe to see google doing something like that. google does not throw down tens of billions for acquisitions like facebook does. certainly possible with the $100 billion in cash they will have on the balance sheet by the end of '16. i don't see it. >> finally we often get accused of overcovering apple probably guilty to some degree. the watch a new cat

. >> you see the trends sector-wise continuing to 2015 could be more health care and pharma. big ones there. energy. we had the big one earlier this week and several others real estate as you mentioned including word today tt general electric may be wanting to sell off some of its real estate holdings. more on that a little bit later. does the strong dollar rich argue that u.s. companies may be going in and buying up companies in europe more? we saw some activity along those lines recently. >> well i think it's less the dollars affected. many companies have resources in terms of cash abroad. now, the $2.1 trillion i mentioned, worth about a third to about a quarter held overseas. so in technology company especially in drug companies have those resources available to make deals abroad. >> we compared this year with the last sort of high water mark year which was 2007. we all know what happened in 2008. is this wave of deals different or should we be a little bit war ri for what it might auger for the future? >> there's different benchmarks. if you look at the average valuation

look at pharma big pharma not doing much, with the exception of pfizer and lilly. >> biotech. >> numbersome through on of the ones that are big. people at home would be saying i guess i've got to sell darden. well, no. i've got to sell jack-in-the-box. no. i've got to sell dillard, no. >> as you said yesterday on twitter, the economy is not on its last legs when kohl's is leading the s&p. >> it's not working. the s&p, it's -- talking about yesterday the hedge funds making money. that's because what's happening the s&p is no longer trading together. there are -- even within subsectors dramatic differences. unless you realize that look if you're an s&p trader sell's right. but it doesn't advance the ball in our world where sky works, nxpi you know and the incredible corvo merger takes the place of what intel's doing and microsoft. they're going to miss. >> still waiting on intel doing something with altera. >> that's a done deal. i read it in the papers friday night. i go to david on friday trying to do my show i say listen, i'm not going to pick one like "the journal" or anybody says the

a whole host of questions and those questions created doubts for large pharma, and dissuade large pharma to really enter into this market in a significant way. for companies such as a merchant, the mid-cap and small-cap companies, capital markets were very good difficult but we wanted to access the capital markets to grow our business. with a new manufacturing facility that we wanted to build, to expand our production. we wanted to grow organically so the products we have in developed and wanted to grow through a mandate. capital markets is really the only way to go about doing that. we were successful by the way incomplete our public offering. other companies were not so successful and, therefore, remained undercapitalized. as a result of that being financially challenged even though they may have had contracts to produce or develop medical countermeasures with the u.s. government support they were challenging the milestones in some the goals and expectations that were set upon them, and those failures created further down in the general population in terms of the capital markets about

then finally just earlier this week horizon pharma making an acquisition itself.. the question is this is always a volatile sector. people are looking over their shoulders about whether the end of the biotech bubble is coming. they say that m&a and also these very, very positive pipelines we keep seeing on big drugs is going to continue to drive it. actually, bringing in now our guest is ceo bob mullwright. you guys did just have a positive phase three read-out, and we're talking now about your first drug applying to the fda this year. maybe you can tell us before we get to that what to you think about biotech valuations right now? you guys have more than doubled in the last year. >> yeah. it's been a very good year for us. if i think back to the genomics level it's based on the last year. there are no drugs from genomics. people hope it would turn into new medicines. the current enthusiasm is around clinical data. it's very different than past biotech rises where we're seeing actually results in the clinic and hepatitis and cancer and things that are actually you

let's move the agenda on now from pharma to banking.ts rise by 73%, 4.83 billion kronin. time to take a closer look at the numbers. joining us from copenhagen, it is the c.f.o. henrik great to have you with us this morning. what a splendid reading for the newspapers. fee up come up 19 -- fee income up 19% and others. is it a success tableable? >> it is not fully sustainable for long run, but we have had a good start in 2015. we have had turbulence in europe we have had a change of interest rates. we have had a real good sflow of business especially among our corporate and institutional. so trading is doing well here in q 1. we have or to a very good start on the year 2015. manus: i suppose that you share that with everybody out there. some people would say we didn't need an attack on our currency to help on trading revenue. let's talk about the trading currency. negative interest rates in denmark of .74%. is the selling of the euro, buying the dayne us crona down, is the battle over? >> you should ask the central bank whether it is over

hungry pharma giants are to slowing down after last year's failed takeover attempts. they may bring their piles of cash next on "in the loop." ♪ matt: tomorrow we will have coverage of the march jobs report with a special "bloomberg surveillance." even though it is good friday tom keene and olivia sterns will come to work. tune in at 7:00 a.m. eastern on good friday. let's turn to julie hyman for a look at the early morning action. jules? julie: one of the stocks that was having early action was micron technology. just a little to down. it forecast third-quarter sales short of analyst estimates. we are seeing more movement in the stock. the company has said revenue would be the $20 billion to $1.4 billion. we have seen some chipmakers say they are under pressure because of weakening demands for computers. we're looking at tobacco companies, specifically two of the best performers in the s&p 500 today. according to reports in a publication deborah feinstein, the head of the bureau of competition is for approving the deal between these two tobacco companies with some do

pharma? energy?et us. ♪ [office phone chatter] [frogs croaking] you know what, let me call you back. what are you doing?! [scream] [frogs croaking] [yelling and screaming] it's back! xfinity watchathon week. the biggest week in television history. it's your all-access binge-watching pass to tv's hottest shows, free with xfinity on demand. xfinity watchathon week. now through april 12th. perfect for people who really love tv. olivia: good morning. this is "bloomberg surveillance." let's get you straight to our top headlines. greece is running out of cash. we have said it before. today, it managed to repay its debt to the imf. prime minister alexis tsipras wants european lenders to unlock more than $7 billion in bailout funds that greece desperately needs. tsipras has not come up with economic reforms that the lenders want to see. the head of the oecd said those reforms are not just for the lenders. >> the structural changes have not been taken. some steps continue to be needed going forward and it is

big pharma are trying to identify potential targets as they try to book up their operations.ylan, it could make sense to buy perrigo. at the same time, it could be seen as a defensive move if other companies decided to give it a try. anna: put this deal in the context of any broader m&a that might take place. there is a company that might be interested in buying one or both of these businesses? manuel: exactly. they have said they want to grow through acquisitions this year. they want to do more deals. mylan would be a perfect fit. it would get them out of exposure in the u.s. and emerging markets, which sits nicely with the strategy as well. anna: last year, we were talking about deals when u.s. companies come to europe to try today get advantage of favorable tax regimes. this is a broader story. why are we seeing so many deals in the pharmaceutical sector right now? manuel: i think we are poised to see a lot more. as big pharma are faced -- [indiscernible] they have to look for acquisitions to rapidly move and bulk up their pipeline. i think we are going to see more. it is

you are seeing, in the pharma space i know peggy is here, the incredible piece of our health care system i think one of the most incredible, is the innovation. some would say that is also does contribute to the cost. and again if you look back at those rankings which always don't sit well with me because we are different in this country we're different on how we treat the start of life in neonatal care and what counts as live birth versus what doesn't versus other countries. in the same way we value life at the end of the spectrum as well which, you know, cost some contentiousness in the debate. but i believe that's a good thing that we value life like that. but we also are the leaders on innovation and the first to adapt the innovative measures are the first to pay. and so when you look at the incredible amount of capital going in to biotech and all of this, all of the new type of medicines that are out there that are tailored to the disease and the person, just phenomenal. went i served was always very free focused on seeing that the government place a proper role in funding basic rese

you are seeing, in the pharma space -- i know peggy is here, the incredible piece of our health care system i think -- one of the most incredible, is the innovation. some would say that is also does contribute to the cost. and again if you look back at those rankings which always don't sit well with me because we are different in this country. we're different on how we treat the start of life in neonatal care and what counts as live birth versus what doesn't versus other countries. in the same way we value life at the end of the spectrum as well which, you know, causes some contentiousness in the debate. but i believe that's a good thing that we value life like that. but we also are the leaders on innovation and the first to adapt the innovative measures are the first to pay. and so when you look at the incredible amount of capital going in to biotech and all of this, all of the new type of medicines that are out there that are tailored to the disease and the person, just phenomenal. i, went i served, was always very free focused on seeing that the government place a proper role in f

duncan: the interesting thing is that they are actually buying companies, as we just saw with the pharma. there was no m&a and china, but that has changed. one reason we have seen this huge equity investment is that you are not just going for an ipo. you are gunning for an exit with one of the big guys. but not everybody can win. what will happen if there is a downturn is the valuations will drop off quickly for those third, fourth, fifth place people. but will the deal be done with the bigger guys and will they be able to list? the question is how long does it continue? emily: that is my next question -- how far are we away from a bubble bursting? duncan: as we heard earlier, the chinese macro situation is getting more difficult. it's the lowest for many years. but there is excitement about these new economy in place. some of them are really profitable. in a sense, we may see a shift away from the companies that are hit by a downturn. the state companies, and a shift into these large tech challengers. ultimately, there will be a connection if the economy continues to slow and consumer s

bayer is one of those companies that if you look at the large cap pharma world and compare it with theustry, in terms of pharmaceutical growth they are at the top of that. they are a very diversified company. it's exactly the right thing to do for this company. the market has responded to that. mark: we talked about the currency effect. are they masking some of the problems generating growth? >> yes, no company is hiding it. it is hurting because of pressures in the u.s. sales were down 13%. that's a big hit for a company that is about 20% of the revenue. i don't think there is anything going on. mark: after the break we will do it over again. join us in two minutes. ♪ . jonathan: good morning and welcome back to "on the move." i'm jonathan ferro. 30 minutes into your trading day and this is a picture of the equity markets right now. more losses. the ftse 100 off by 20 points. the dax 5% losses. let's switch the board and get to the other asset classes. bonds selling off once again. yesterday the biggest selloff in german bonds in terms of yields and basis points since 2013. you strip

they have a market by you of over 33 billion and it could be the pharma's largest takeover attempt early years. run us through what this could look like. >> the tire between mylan and cap up -- teva has been here for a while. the combination would create a bigger beast. what we might see is if the deal being tabled was the mylan's over fourfor -- it happens to be listed in israel. that was seen as a defensive move by mylan to defend off offers from teva. mylan's worth could be the biggest you of the year if it goes through, t ifeva makes it. they could make that offer as early as today. we will wait and see what they have to say about it. we have no comment from teva or barclays, which would be advising teva on this deal. mylan is yet to get back to us. caroline: give us a feeling of what mylan seems to have projected the deal even before was tabled. they have tried to preserve it to an extent. elliott: a bit of an unusual step. there is speculation that such a deal might come about. what mylan said on friday after bloomberg reported that teva was considering making a bid, the chairman c

biotech, pharma. as we have seen in the past, these are like quick close. they go higher. >> it is like catching the falling knife. the pendulous swings. stocks and commodities. we have seen quite a bit of green. oil has had an amazing comeback. stocks have never fallen financially for the better of two years. a healthy correction. not changing a big-time trend. melissa: united airlines wants to offer a three course meal to some of its passengers as well as free beer and wine. scott martin, are you signing up? >> free beer and wine absolutely. i don't know if it will be on a plane, though. we have people getting stabbed with a pen for snoring. the peppercorn filet mignon. i do not think so. >> airlines have become accustomed to competing on price. try to find some way not on price. they are doing it on international fares. melissa: when you pay a fortune you are fine for hours and hours and they are like, oh, here are your pretzels. you really are not serving any food at all? we need to know to bring a grocery bag on with us. the next time you order a starb

edmund: i love pharma. i think there will be more m&a activity.ou have seen -- we will buy mylan, what is going on -- it tells you that they are threatened, they will no longer be the leading world generics maker, and i think they will respond. mark: good to see you. edmund shing. coming up ericsson reports earnings -- we will break down the numbers. ♪ mark:manus: welcome back. we are looking at risk this morning. no huge reaction in the australian dollar. we dipped when we saw the index come out as a contraction. but we are balancing off those low levels -- 7757 is where you are. again, just trying to put in a base level. the bank of australia, the what be surprised if he goes lower. analysts have been running the numbers. they use an analytic system called regression analysis. the australian dollar should fall by another 6%. we can change the image in a flash. let's have a look at kiwi. you are getting a bit of bang for your buck. we have the central bank -- .7757 is where we are. rates remain for a prolonged period of time. consider cutting rat

a potential $40 billion pharma deal, teva has offered to buy myallan. a 23% premium to the closing price last thursday. that is when bloomberg reported that teva was considering a bid. mylan publicly rejected them before they made the offer. it recently made an unsolicited $29 billion bid for another company. european policymakers are growing more resistant to helping greek banks. people familiar with the matter say the ecb may reduce the amount of cash banks can borrow for a given amount of collateral. all of us is happening while you're at ways to see if greece will agree to new packages of reforms in return for more bailout money. without new funds, greece may run out of money. in an interview with bloomberg news, the former ecb president says no one is optimistic about greece. >> we have to be totally realistic. it all depends on the maturing of the position of the government. understanding that if it wants to deliver growth and jobs which is the main goal, of course, the government, it has to produce recovery programs. mark: the former president sa

a lot of cancer drugs from these big pharma companies >>> meg tirrell, thanks so much. >> i own all three don't even bat an eye. >> you donnell trade them, long term? >> yes. >> meaning lie regular people's -- >> yes. >> not tuesday? >> yes, many years. >> karen, you're in pfizer? we're in pfizer. we've been in it for maybe six months or so. we like them going back to conversions. the valuation is attractive, so we also are going to be long-term holders here. >> pete just talking about bmy. if they say anything in line, this stock trades -- they will sell this stock off. we've seen it before you buy the dip, because i think the stock will push towards the $80 level. >> all right. time for pops and drops, big movers of the day. guy. >> nelson pelts made noise about a month or so ago, traded all the way back to 70. go aheadup today, you twak a plant now from the long side, guess the recent low. >> applied materials down 8%. >> a huge move today. they scrapped the deal. this is something that's been in the work for a year and a half. investors were expecting big, big costs here. on relative

the prescription drug arena, the pharma the biotech arena, there is nothing more valuable, i believe, long-term than two guard our resources, to create incentives for the private sector to continue to risk capital to create life-saving drugs we have become accustomed to in this country. you're right, other countries are living off us. i don't know what the answer is. if we say, we're not going to do it unless you do it, we are all going to be out of luck. i always oppose the government coming in and saying i am going to, as medicare negotiator, and a pricing. then he begin to play with the risk-reward the country is based on and your snuff out some of the life-saving drugs we have seen. it is part of the debate on the fiscal and as we dealt with the sequester and the trade-offs. i believe we have got to be very mindful. i hope we did not get there with the government does not end up dictating what the prices are. steve mcmahon: that is it. we are out of time. we have a few minutes for questions from the audience, if i'm not mistaken. mr. mcintyre? five minutes. if you have a question,

the action has been in the speciality pharma space. growing it the fastest rate.h the manufacturers. secondly coordinating the care with the practicing physicians. that's key to long-term success. this will be a cost driver for the company going forward. the key is that clinical integration and working with managers to have performance based rewards as opposed to volume base rewards. >> the debate about health care policy in this country, will it go away? a viewer writes isn't it fun to be a ceo of a company. >> the vast majority of our business sits in the service space. for example, the public exchange business that came out of aca is less than 3% of our overall revenue for our company. we position our products for employer government individuals to engage individuals, lower health risks, improve health outcomes. that's the core of what we pivoted our company to be. we did that inside the united states as well as outside the united states. lastly, the core message here is that the overall cost and health profile in the united states is not sustainable. we need t

and big pharma needs new potential revenues so that's why there's rumors but we have growing revenueshe market one of the greatest pipelines in the orphan drug business. >> i think you have multiple years of growth. he's biomarin's ceo. thank you for coming on the show. >> thank you. >>> tomorrow kick off the trading day with "squawk on the street." live from post 9 at the nyse. >> i like companies that are verbs >>> it all starts at 9:00 a.m. eastern. all starts at 9:00 a.m. eastern. ♪ if you're looking for a car that drives you... ...and takes the wheel right from your very hands... ...this isn't that car. the first and only car with direct adaptive steering. ♪ the 328 horsepower q50 from infiniti. there's some facts about seaworld we'd like you to know. we don't collect killer whales from the wild. and haven't for 35 years. with the hightest standard of animal care in the world, our whales are healthy. they're thriving. i wouldn't work here if they weren't. and government research shows they live just as long as whales in the wild. caring for these whales, we have a great responsib

it has gotten' bad when isis pharma got to the mid-70s, the all time high i told people i would no longer defend its stock and that no one should complain because everyone even the late comers now had a profit. so no one could say, i bought it 20 points ago, because of you. because it was at its high. but you know what i couldn't be gary freedman. i couldn't say, get the heck out of my stock. well isis isn't my stock. but i was sick and tired of people in 140 characters or less why i liked it. sick and tired of telling him why i liked it and what drug you had in the pine line 47bd and u is u. no you either physical out what you got or you don't. i'm done holding hands. isis. and that's why with the biotechs running most of the day, this is a good moment for anyone who owns biotech stocks to reassess them. ask yourself do you know why other than the searing momentum other than the good looking chart, do you know why you own shares in this company? what are the catalysts? what's the pipeline look like? what's at stage two? what's at phase 3? do you understand the ceos vision and what has to

pharma coming into this market for the urbanization and densification. the same market all about recruitment. then tech coming in here wanting to recruit as well so they're fighting for the same urban campuses. >> how much are you guys tied to the biotech market in general? >> luckily when we have long term leases that have good duration we have constant and solid cash flow but we're diversified. we have pharma biotech, and we have a lot of companies actually looking at the same land for future buildings. >> you guys are known as a life sciences company, but you're also really getting big in tech. tell us about how big. >> we think if we're in the best innovation markets all about recruitment, 24/7 lifestyle, you're going to see housing, education and work kind of melding together with play. you have technology firms that want to be there and you have life science firms so now they're kind of competing against each other and it is a great benefit to landlords. we have pricing power which any landlord would say would be the best of all markets. >> absolut

another pharma zeal with mylan -- >> we didn't get it. a proposal. >> a proposal. >> a proposal from mylan to acquire perrigo. >> the market's risen 4 days out of the last 5 sessions. a bull irk signal of confidence from corporate america, or a signal that the window's closing on low interest rates. >> that back to the idea of why now is the right time to potential potentially sell financial assets given the low rate environment, it's a great time to do that. those that have a yield, which are many of them are in that portfolio, to your point. but, yeah, it's been active -- not a lot of earnings yet, next week they come in force. >> at 26.5 billion, it is blackstone's biggest acquisition, i'm told out of the s&p capital. >> larger than eeop when they bought from sam zell. it's not insignificant for them. >> can i mention the level that we're at on the s&p? for eight days we traded below 2090 and couldn't break through it. yesterday on the ge rumor we got a pop, we've traded significantly above 2090. that's a major breakout to the point th

they're not the biotechs that trade like pharma. it's all about what you have in the pipeline. it, it will fly to the upside. if not, you'll see days like this. >> celladon is down 66% from the ipo priced to its lowest point ever. just putting a -- >> it's a tough day. now tomorrow they'll start coming out with takeover rumors and -- >> 50% of all russell 2000 biotech stocks were down in 2014. so the market is somewhat -- >> dom chu, you're at the wall with a look at what we should have our eyes on today. >> it is the worst performing s&p 500 industry group today down by 2%, 3%. something to watch for sure. when we talk about the consumer, that's a lot bigger of a deal for many investors because consumer spending makes up two-thirds of our u.s. gdp. this earnings calendar for this week is stacked with consumer spending pictures where discretionary or on the staple side of things. you have coach and kraft, both -- one's a staple, kraft, the other, discretionary. you have colgate and clorox to round out the weekend. >> winding down to the end of the program. three hours to go unt