pharma companies give huge contributions to these charities.n unnamed company gave $170 million to one of these charities in 2014. that money just gets allocated back to patients quite often who were on that company's drugs. the money circles around and goes back to themselves. david: let's give them the benefit of the dought here, we think there is some benevolence there. there are also economic motivations? ben: absolutely. what we have seen is an astronomical rise in drug prices. this works for drug companies as long as it does not erode their patient base. a big chunk cannot afford the drug and won't be signing up to take it, they will start to lose revenue. they need to find a way where they can raise the prices of drugs, yet keep their customer base from eroding. carol: you profiled one company in particular, patient services incorporated. they are one of the players. tell us about the history. ben: we look at them because they are the grandfather of this. they have been around for 27 years. most of these other charities have been around

the pharma companies over time have left.hey have also attracted finance people because they have tax advantages for finance people. that has created resentment because people live there don't have the same advantages. it is what is puerto rico going to be able to live on? >> pharma companies have left, a lot of people have left. >> one of the stats we have is the rate at which doctors are leaving. it is a lot of doctors leaving. of course, they are all citizens of the u.s.. all they have to do is get on a plane. david: no passport needed. the cover story, the head of the republican national committee is facing a tough task, uniting this party line presented nominee donald trump. >> at first, there was a lot of speculation whether the party would reunite behind trump. the job to figure out how to make that happen. david: the reporter who wrote that piece, josh green. >> initially, the worry is that trump would get beaten and go awol and run a third-party bid. all of these professions of loyalty were originally meant to cap tr

to dole out money from pharma companies to patients.is not allowed to happen, drug companies cannot be exerting sway over the charities. charities cannot be favoring patients from donor companies over patients from companies that don't donate to these companies. it's pretty clear that's probably what they are looking into. shery: which drugmakers are we talking about right now being targeted? ben: the ones that have disclosed recently have been gilead, biogen, and jazz pharmaceuticals. the first one that really came the end ofeant at last year, with the first indication that this probe is going on. david: remind us why companies do this. there could be altruistic motives here, but there is certainly more to it than that. these companies are giving tens of hundreds of millions of dollars to these charities, and it helps these charities pay money to patients who need help with their out-of-pocket costs. there seemingly is this all through his degrees and. drug companies are raising prices and normatively i'm what this could potentially do

who has challenged and confronted and defied the advertising push and message and the lies of big pharma and their shameless profiteering that they are doing. he has managed to take some 300 dangerous drugs off the market in his tenure at the health research group.

the xlv is obviously heavy pharma, is only down 8%, 8.5%.hink we're all speaking the same language here. we don't need the xbi a lot of that biotech to really go on a massive ramp. we need it to start performing better. the ones that are acting better -- you know, to break out to new all-time highs. >> trade very specifically in the xlv. when you look at the price of options, it's very cheap. that makes a lot of sense for a whole host of reasons. you could look out to july expiration, the xlv, by the july 71 calls. breaks even at 72 1/4. that is your max risk. the trade is here, you get a move back towards the highs in the xlv, about 5%, 6%, 7%, that sort of movement. if you think the s&p is going to break out, i think you have a lot of laggard sectors perform well. >> you mentioned device makers, stocks performed well coming out of that. i take a look at this. i actually like the trade. it's a good way to make a decksal bet. >> just a flow. if there is momentum in the market, money is always looking for the next thing, you've done it with b

anne: what we want to do and what we've learned with pharma is pharma will react best if we come to thema 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 interesting, engaging products for them. calico is purely focused on anti-aging. i always wish all these companies well. i think it will expand the entire industry. i want to translate this information into really meaningful therapeutics so we can come and say, the same way hepatitis-c has been cured, i want to come and say

that xlv we're talking about, which is obviously very heavy pharma is only down 8.5%.e're speaking the same language. we don't need the xbi, we don't need a lot of biotech to go on a massive rant. we need it to start performing better. the ones that are acting well perform to break out. a trade very specifically in the xlv, when you look at implied volatility, the price of options is very cheap. that makes sense for a host of reasons. you could look out to july expiration, the xlv with the stock trading at 71. just by the july 71 calls paying $1.55 for those, breaks even at 72.25. that $1.25 is your max risk. you get a move back toward the highs in the xlv, 5%, 7%, that sort of movement. if you think the s&p's going to break out i think you're going to have a lot of lagguard sectors. >> thermo scientific announcing that acquisition, both stocks performing well. i take a look at this and like the trade. it's a good way to make a directional bet, not taking a lot of risk, taking advantage of cheap options. >> if there's momentum in the market, money is always looking for

the pharma companies over time have left.hey have also attracted finance people because they have tax advantages for finance people. that has created resentment because people live there don't have the same advantages. it is what is puerto rico going to be able to live on? david pharma companies have : left. a lot of people have left. ellen: one of the stats we have is the rate at which doctors are leaving. it is a lot of doctors leaving. of course, they are all citizens of the u.s. all they have to do is get on a plane. david: no passport needed. the cover story, the head of the republican national committee is facing a tough task, uniting this party behind the presumptive nominee donald trump. ellen: at first, there was a lot of speculation whether the party would reunite behind trump. it is his job to figure out how to make that happen. david: you talked to the reporter who wrote that piece, josh green. josh: initially, the worry is that trump would get beaten and go awol and run a third-party bid. all of these professions

>> in this case, the first part of the headline is big pharma is here to help. we wanted the image to play to that so we thought of the color and the brightness and the hearts would play at that effect. david: there is some silliness to this. >> it is extremely silly. this ari is not silly but in order to bring you in, it's a lot to explain especially on the cover. we had to boil it down to something eye-catching and draw you into the details later. up next, how to build your business without a sales force and what the best ma numbers at the end of the quarter. lassian hasething at never done. inspiring other people to take a look and see whether they can do this to some extent. this company is based in australia and they did not have the pressure from venture capitalists from the get go. >> i think that's part of the question. thinkenture capitalists is not possible for a company to replicate this to that extent. it is fairly religious of doubt in the sense that there are no exceptions. they don't have any salespeople. a customer we spoke to who reached out to

it is here that space pharma has set out to make interstellar drugs.humanity would like to move out of earth, they must learn the microgravity conditions in order to survive on their way to mars and two other places. head thehe ceo used to idf tellite program. then he and his comrades hit on a big profitable idea, they assembled some space software and science experts and set to work trying to make life easier on astronauts. >> the astronaut is not the scientist. he needs to survive, eat, pray, sleep. he cannot do too much science. pharma has built a shoebox sized laboratory that will hitch rides into orbit on rockets from companies like spacex with the goal of shirking done state-of-the-art scientific equipment and automating how it runs experiment. this would allow a great deal of science that take place on the international space station. >> we are going to go in a laboratory here. small laboratory but the equipment is big. this, you cannot bring to the idea of what we are try to do and what we are looking at is how we take this equipment and bring

ashlee: space pharma has built a shoebox-sized laboratory that will hitch rides into orbit on rocketsmpanies like spacex with the goal of shirking -- the goal is to shrink down state-of-the-art scientific equipment and automating how it runs experiment. -- experiments. this would allow a great deal of science to take place on the international space station. >> so we are going to go in a laboratory here. it is a pretty small laboratory but the equipment is big. , and this you can't bring to space. what we are try to do and what we are looking at is how we take this equipment and bring it down to a small scale. ashlee: a typical laboratory has refrigerator, sized machines, -- refrigerator-sized machines, microscopes, pipettes, liquids, and chemicals. it is a very messy process that is tough enough to pull off on earth. >> we just looked at all the large equipment, this is will be fit it in. ashlee: research has only led to the development of new drugs and insights about organisms, molecules floating about freely in solutions can behave more naturally than when they are smeared flat on

and so the pharma companies over time have left.y also have attracted finance people because they have tax advantages for finance people. but that has created resentment because people who live there don't have the same advantages. and so the question is, what is puerto rico going to be able to live on? david: pharma companies have left. a lot of people have left as well. ellen: a lot of people have left. one of the stats we have is the rate at which doctors are leaving. and it is a lot of doctors leaving. of course, they are all citizens of the u.s. all they have to do is get on a plane. david: no passport needed. the cover story, the head of the republican national committee is faced with a really tough task, uniting this party behind the presumptive nominee donald trump. ellen: at first, there was a lot of speculation whether the party would unite behind trump. it is his job to figure out how to make that happen. david: you talked to the reporter who wrote that piece, josh green. josh: initially, the worry is that trump would get

a specialty pharma company that has been beat up recently.hares have had a seven-day slide but you can see that they are rebounding today. earnings-per-share in sales beating estimates, saying that cash flow should improve through the balance of the rest of the year. in the past hour we heard from reuters that there was a nondisclosure agreement on a potential bid for the company. a lot going on. david: what about other assets, movement there? yes.: i wanted to take a look at what's going on with the u.s. dollar and the rally that's continuing. even though analysts don't expect it to continue. that is what we have been seeing in recent days from fed officials and the steady drumbeat that june should potentially be on the table. note onat the 10 year the flipside, the yields there are going down and that's part of the recent divergence we have seen between the dollar and rates. normally they would move more in lockstep but that is not what has been happening. finally, oil and gold, we've seen this commodities selloff as the weather changes in

and physicians and patient feedback showed that oxycontin didn't last for that full period, perdue pharma refused to explore other dosing intervals. instead, they couraged doctors to increase the dosage, leading to highs and lows of crippling addiction and overdose. now, the recent guidelines released by the center for disease control and prevention recommended against using opioids for chronic noncancer pain management, but by this point, perdue pharma had opened the doors for others to follow. from 1972-2015, the food and drug administration has approved more than 400 different opioid products, 100 brand name drugs and more than 300 generic versions. the pharmaceutical industry is flooding our communities with greater and greater quantities of these drugs. between 1993 and 2015, the production of hydrocodone increased twelvefold. the production of hydromorfone increased 23-fold. the production of fentanyl increased 25-fold. there are 14 billion, 14 billion prescription opioid pills on the market in america every year. what has been the result of this overproduction? and overprescribing?

and i'm pretty hopeful that the pharma company will -- pharma industry will play as well. >> fascinating. the whole industry of antibiotics and that. >> so much work to be done and those proposals are extremely ambitio ambitious. but they need global coordination. i think that will be the uphill struggle. >> and i've spoken to jim before and other people looking at that and one of the things they are really pushing is that within very few years we could become even more immune to these antibiotics we intake. through our food. through meats and etc. >> the cost of some people say are too high now. >> moving on. the shares in publisher bloomsbury have been trading lower despite year over year in crease in pre tax profits. nigel newton is ceo of bloomsbury. welcome. talk us through the points you think stand out. >> it's been a good news story. revenues are up 11% in the year and profits are up 8% and the dividend is growing and growing. so i think the reason for the share price, that simply reflecting actually another good news story, which is a major initiative we announced today to launc

other pharma names getting hit. these are also large hedge fund holdings. >> it wasn't just specialty pharma that got hit, it was really the top holdings in the hedge fund world. if you look at the pfizers, amgens, everything got smoked. it was just a de-risking across the board. if you go to the bottom tranche of that, those are the names that are actually fine in the morning. there really wasn't any movement. they were flattish on the day, if not up, which suggested they were probably short. so i look at the space and say, we are at a level right now where there's been a tremendous amount of de-risking. the hedge funds are taking stuff off. look at large cap biotechs only. small names, very small cap names that had a year or less in cash. walk away from or you can basically stand there and sell them short with both. >> what will get investors to take a look at the multiples in the pipelines and start investing on fundamentals. you did make the case, actually, a month ago? >> but there needs to be a big acquisition

>> the big pharmas have a difficult time for them. they all have to show growth and how they are dealing with patent expires, so the sector is valued at a level where the investors say what is going on for this sector? >> thank you so much for joining us. that is john rountree. partner at novasecta. >>> going rogue for donald trump as he breaks the republican leadership saying he would raise taxes on the wealthy. we'll have the full story after this short break. >>> good morning. welcome back to "street signs." here are your headlines this morning, the so-called oil maestro is gone. al-naimi is replace in a major shakeup ending a career spanning two decades. >>> and officials are warning that they could be fighting the wildfires for months. >>> europe shrugs off an ugly session in china on disappointing trade data. but the miners are underperforming. >>> and a tax u-turn. donald trump says he would raise taxes on the rich in a major break with party ranks. >> i'm going to fight very hard for business. for the wealthy, i think frankly

they are the most aggressive pharma company out there in terms of transactions. not just pfizer. 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 the deal. >> thank you for joining us and talking about the pharma, just the drug industry in gene

. >> if you are a health care investor going to big pharma or a company like this, and you are seeing the business model has to change because while only 13% of the business you say has been priced, actually if you look at all last eight quarters, price has exceeded volume in terms of bringing in the revenues. i'm looking at other companies that had investment grade ratings now that aren't that much more expensive than a p.e. basis but giving 3% or 4% dividend. why buy valeant instead of one of those? >> not sure which companies you're referring to. next 12 month's trading at three times earnings. >> you have to change the model to get there. >> no, no, no. no, no, no. the numbers the company put out today is not -- the projections for the next 12 months that were put out on the call on march 15th reflect the meaningful price concessions the company has taken, reflect the 30% reduction and also the company not raising price over the course of the year. i think three times earnings, a lot of bad things can happen. you can still make a lot of money. also, three times earnings and a leve

and valeant without any improvement became pharma public enemy number one. these stocks have indeed been in the dog house. another one has been getting a huge amount of love. i'm talking about the medical device companies which are in bull market mode. that begs the question. how is it possible that this market adores the medical device place even as it loathes more biotech names? the answer may seem counter intuitive. money managers are pouring cash into the medical device segment because pharma and biotech have gone out of style on the wall street fashion. what do i mean by? okay. most portfolio managers feel the need to own some kind of stock. they will mirror the s&p 500. that way if a given sector takes off, and they didn't see it coming, they'll still participate in the upside. if a sector breaks down, the bench mark will go down too which means it won't be blamed for the weaknes not. right now the s&p is 15% health care which means a huge number of funds are desperate to have some health care exposure. but remember, everybody knows that pharmaand biot

similarly, medicine and health has been about big pharma companies. look at all of the involved, the technologies involved, and the fact that health care is 24 hours a day from when you are born to when you die, it is a convergence that is like the internet has done for information. biotech research is more expensive to fund. will it scale as quickly as the digital revolution? joi ito it is harder. you have to do fda trials. there are more safety concerns. it is a huge market that requires real science. to of the reasons i decided come to m.i.t., kendall square and cambridge is the center of biotech. just like the computer companies the people to silicon valley, we are seeing ge bringing headquarters here. you are seeing the emergence of a new field. the ecosystem has to be built in a different way than we did for computers. emily: you think that because the bio revolution is next that austen will surpass silicon valley? is boston the next silicon valley? zhen is then hardware. silicon valley will be good at internet software. more software and artifi

and pharma were two areas we were seeing a little more fireworks.rtainly some fireworks and one financial lending club. i just want to note that lending below five falling dollars, a record low since the ipo. it plunged through the five dollar level. this was after the stunning news to investors. the founder and ceo had resigned, owing it to some discrepancies with loans as wellly invested in as some by the company itself. outside of that, i want to talk more about the stock market as we are heading toward the closing bell. i want to bring in danny. make sense of the reaction today after the jobs report on friday. i say bifurcated market today. there was some sense with the jobs number that there was a bit of an overreaction and we ended friday upward. at the same time, you look at what is going on, you have health care leading today, and on the other side, you have energy down. two completely different pictures there. on a day like today when you have broad losses across the commodity market, you see stocks follow suit and generally all stocks will

david: there are some big health and pharma deals that came out.laboratories has agreed to buy st. jude medical at $25 million. and abbie will buy stem centrex. 45 $.8 million. these started he deals? jeff: it begin with the thing up and down. it really got slow. today is a pretty busy day, health care is leading the way. that is not a surprise. with the obamacare and the push for consolidation, you will see more companies whether we are talking about pharma companies or device companies or insurance companies or hospital companies. there will be consolidation. comes a topany that of mind considering health care? jeff: sunopi and astrazeneca will get aggressive. this will be in play for a while. scarlet: comcast plans to buy dreamworks animation. we have been reporting it is a $3.8 billion price tag, about a 50% premium over dreamworks'last close. do you think this could be a potentially rich evaluation? >> i think this is a surprise that comcast is the one doing it. in part because dreamworks animation has been for sale for years, and part of what

one that has seen continual selling like tech, banks and pharma. the bottom line, earnings are driving these bull and bear market rotations. let's hope next week gives us a sedge of what's alive and well, at least this moment. about the only time span this market currently cares about. keith in illinois. >> caller: good afternoon. my question is. the stock ran up. it looks like it is charging again. >> ulta has held up very well because they sell make-up which you can't walk outside your door anymore. all you're doing is taking selfies. because of that phenomena, i think they'll do well. sephora does well too. >> hey, sid. >> caller: greetings from indianapolis. i hope you're well. >> i am doing really well. >> caller: it's great to talk to the guy who has had my back all these years. i'm really be26th and between on hershey. i built a small position of 125 shares. i'm a few dollars ahead. but selling 40 times earnings. and i know that it has been solid for many years but i don't know which way the rotations are going. >> i think you're okay at her

pharma sometimes gets a bad rap over drug pricing issues.n do you see things like that getting resolved? what is it going to take? >> what do people want? people want to live long, healthy lives. afford the best technology ion medicine. >> right. the general compacts we have had in society is that if society rewards the fundamental innovation that lets people have those long healthy lives, bringing those important therapies to people that make that big difference, i think the ecosystem has worked. there is obviously strains on it. we need to make sure whatever changes we make to it, we keep the part that works intact. emily: i want to talk about regulation. there are questions about whether the technology stands up . regulators are looking at it even more closely than they were. who is right? >> i think the feds are on that one. i will leave that one to the feds. the bedrock of making this important breakthrough therapy available for patients is about data. can you really show that things make a fundamental difference in the clinic? that is

. >>> pharma fight. pfizer making a play for drugmaker medivation. >>> and life in the fast lane, google and fiat chrysler teaming up on self-driving minivans. it's wednesday, may the 4th, 2016. and "worldwide exchange" begins right now. ♪ my house we control now >>> good morning, welcome to "worldwide exchange." on cnbc. i'm sara eisen. >> and i'm wilfred frost. good morning from me as well. first, today's political story, ted cruz dropping out of the race after losing yesterday's indiana primary. >> with a heavy heart, but with boundless optimism for the long-term future of our nation, we are suspending our campaign. but hear me now, i am not suspending our fight for liberty. >> the move effectively makes donald trump the gop's candidate for president. in a tweet rnc chairman reince priebus calls trump the presumptive republican nominee and calls on the party to unite and focus on defeating hillary clinton. as for the democrats, bernie sanders got a surprise victory in indiana. much more on the politic

david: there are some big health and pharma deals that came out.t laboratories has agreed to buy st. jude medical at $25 billion dollars. and abbie will buy stem centrex. $5.8 billion. carol: what do you think happened? jeff: it begin with the thing up and down. that slowed a lot of deals. the deals that happened or once we were working on last year and he got slow. today is a pretty busy day, healthcare is leading the way. that is not a surprise. with the obamacare and the push for consolidation, you will see more companies, whether we are talking about pharma companies or device companies or insurance and hospitals. you will see consolidation going on. carol: that is like top of mind in the health care. jeff: sunopi and astrazeneca will get aggressive. this medivation will be in play for a while. scarlet: comcast plans to buy dreamworks animation. we have been reporting it is a $3.8 billion price tag, if you -- about a 50% premium over dreamworks' last close. do you think this might be a potentially rich valuation? alex: no question, it is comcas

. >>> now, staying with pharma, drugmaker is shrugging off one suitor. can find us on e-mail and twitter. "street signs" @cnbc on e-mail and twitter as well. we'll see you in just a minute. >>> american pharmaceutical company pfizer has reportedly approached medivation about to take over according to reuters. this comes after the cancer struggle specialist rejected the multibillion dollar offer last week. this is pfizer trying to get into the patent drugs following the tax deal in the u.s. we'll have to wait and see -- >> i'm open to talking to anybody who will talk to us as long as it makes sense, right? >> yeah. >> it is an important market for them, the oncology market is massive. especially there's one drug that's critical for prostate karnes. but you can ask what does pfizer get out of it in the longer term. and 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,

everyone in russia is on pharma."d anti-doping agency steered the stepanovs to a reporter at the german television network a-r-d. their tapes became the centerpiece of this documentary which aired in december 2014 and sent shockwaves through the world of sports. >> travis tygart: you know, we don't pick who our heroes are. but at the end of the day, they stood up. and they did the right thing to ensure that clean athletes' rights are protected around the globe. >> keteyian: travis tygart, the c.e.o. of the u.s. anti-doping agency, has been advising the stepanovs since they fled russia. tygart has built a reputation taking down some of the world's most notorious dopers including lance armstrong. you have called what the stepanovs have uncovered a defining moment in the anti- doping movement. why is that? >> tygart: the evidence confirmed what a lot of people have believed over the years. this is not just a few athletes obtaining performance-enhancing drugs. this was a system orchestrated by the sport leaders to ensure

i've got pharma, i've got banks. i want to be able to give myself the proper -- >> have you been selling anything though? >> i have been trimming a lot of things. but there are names i want to hold on to for quite a while. i believe in bank of america. >> what are you trimming? >> i took off all of my gold. maybe that's wrong. but i want to see where that's going. i don't think it will necessarily continue. i just decided to take that off the table. >> i think you have to take all of your energy positions off the table. i think you'll see a knee-jerk reaction, see them sell utilities, reits, you'll see them sell the staples. then they'll look back and say, we're still at abnormally low rates for the environment. so i think you buy those at a discount. i would get out of energy. but i'm also still saying in my housing bets, phm, and i still own my apple. >> let's go back to the dawn dri list. >> you like my list. >> i do. very long list. i have it down two sides of paper. >> typically you don't need to do a list when

look at the etf and what it's made up of, big pharma stock. they have good yields. some of them are cheap, some are very reasonable. if you ever get the pickup like guy is talking about in some of the beaten-up biotex, you have the xlt making the move back to the 52-week high. >> welcome. great to have you. we didn't welcome you. i apologize. >> thank you. listen, talking about the 15% correction, what would biotech do through that? would it move with the market? would it do worse? would it do better? >> i would think they're a little more protected. >> you would think, right? let's say, play 9 game, 15% correction. ibb given the run that it's had might underperform in that scenario in a 15% down scenario. >> i disagree. i think you want to stay away from the xbi, the ibb. i think we're in a market here where you actually want to own and keep oeng strength. you probably want to keep selling weakness, especially when the broad market -- >> you do get the biotech mixed in with the pharma. >>> tesla's annual shareholder meeting kicked off literally moments ago. what ab

the financial industry and big pharma are usually the number one lobbyists.t is part and parcel of what i'm talking about in my book. as finance has gotten stronger and more powerful, business has become weaker. that is the opposite of what it should the. if you think about what adam smith expected the capital markets to do, it was to support business. iny 15% of the money american financial institutions right now is making its way into business investment. the rest of it is existing in a closed loop of trading and speculation. katty: another statistic that was extraordinary was financial institutions account for 24% of profits but 4% of jobs. rana: if you want to look at who is sucking the economic oxygen out of the room, look at that figure. as finance has gotten bigger over a 40 year process, business startups have decreased . entrepreneurialism, the foundation of economic growth in america, is going down. nonfinancialggest businesses are starting to behave like financial institutions, keeping money overseas, not doing the job creating things that they use

the fear is when big pharma or big tobacco comes into an industry. to fight that, you want to build a brand, and the best way to do that is to expand beyond your home state to other states. we'll see a lot of already existing dispensaries from out west to our neighboring states try to get a license. >> we're talking about a lot of competition here. >> yes. >> if you're joe smith or joan smith and you want to get involved and you want to figure out how can i break into this, what are the steps you have to take? >> it's knowing what your strengths are specifically. so just because someone's coming in with experience out west doesn't mean you can't get involved, because essentially this is agriculture. if you have any type of experience in agriculture that you've been doing, it's an easy transfer over, you're still growing a plant. that speaks volumes. if you can show that what you're bringing to the table team-wise is a qualified team, because in the end it's about the team and what the team can do and how the team can lead the business. if your team i

finally, interesting note on the beaten down pharma stock valeant, they had a filing of nearly 1 million shares in the first quarter. it turns out that according to someone familiar with the matter, he has already sold those, melissa. a short-lived burst of enthusiasm. >> kay kelly, thanks for that. this is on top of developments we learned earlier today. >> yeah, i mean -- >> where are you in terms of these trades? >> in general, what it tells you some of the biggest players are at least taking profits. maybe they're not as bearish as b.k. i think the apple exit is interesting. >> it tells you also that there's a lot of action together. i'm not saying the guys are doing the same thing. frankly, if i get a lot of news that people like appaloosa is out of the names like apple, it's not because people are worried about the release of the i-7. we've seen that. that's also been the tale of the consumer stocks this week. we know what happened to macy's. this doesn't happen if there isn't mass allocation all at once. >> last part is that when you see a big fish come out of these stock names, m

declared certifiably insane to move from idyllic monterey bay to washington, d.c., to take a china pharma aype and salary -- to take it ginormous cut in salary to obtain an equally large increase in bureaucracy. save for one person. an old friend of mine who was a former science advisor, i saw it out his advice right after i met with the secretary of the interior to discuss the position. i told him that secretary salazar, who is also a warmer he, grad, was willing to meet all of my request for elevating the visibility and the prestige of the usgs in terms of its position in the u.s. government. this mentor that i met with told me, and i quote, in this case, he said, you cannot turned on the position. -- turned down the position. it is not about you anymore. it is what is in the best interests for the nation. if you turn down the position, there will not be another opportunity like this to help the usgs and the nation. so, i took the job. so, that is all i am going to say about advice given to me. now let me turn to advice i'm going to give to hear which -- you were all going to forget tom

farm equipment -- pharma can a companyr that has been restructuring for eight years, has not launched a new drug in over a decade, but the 5%lders will welcome increase in the share price today. the biggest wealth managers has net new money from clients -- ited to less than 3% its call for a 4% increase through net new money. according toopardy julius baer. shares are unchanged on the day. some big data we had out of the u.k. today. a turnaround in retail sales after two months of declines. that was ahead of expectations. it paints a stronger story of what is happening that is surveys, disappointing trading statements. this is the economic surprise index for the u.k. anything above zero shows the data beating forecasts. anything below zero shows it has been missing. we are at the lowest level in two years. a bit of a pickup today because of retail sales. the trend from april has very much been a down one. something the bank of england is all too aware of ahead of the referendum in five weeks time. betty: let's check in on the first word news. taylor: egypt and france trying to figure

trump and turn everything upside down because, believe me -- they fda, vacuum cleans records from pharma companies with a lot less using administrative subpoenas with a lot less oversight. . he does it to everybody. if you don't like this. the essence of reasonable risk assessment is to look at things across the board. can i just say, i don't like this. there are three things that present greater danger, that's okay with me. the final thing about the threat, look, there's no connection, i know of, when you technical person i heard tells me in simple terms between cyber threat and the kind of surveillance i'm talking about. it's a classical straw man. i think the government should harden up as well as possible against cyber penetration, but have nothing to do with it. that's not an issue. and the final point is this, i don't care if terrorism is number one or two. it's a huge fret. and the only game in town, ladies and gentlemen, we have a surveillance, we do not have as cold war. . impossible any intelligent professional will talk about why, believe me they don't defect, unfortunately, t

pharma does not expect an inquiry to have adverse effects on results.ion 2030 will introduce an unprecedented shakeup of a country that looks to a future beyond oil. citigroup says it offers a huge opportunity on everything from loans to ipo's. saudi arabia will privatize several companies, including one worth as much as $2 trillion. still ahead, the risk of a chain reaction. we have details coming up next. ♪ ♪ our top a look at stories, japanese shares driving grains as talks of a fed rise are encouraging signs. the senses global markets are well prepared for a rate increase. meanwhile, gold down for a ninth straight session. philippine long and global telecom making strong agreed to byhey san miguel's telecom business, allowing significant improvements in internet and data services. airasia says the company had received an offer of $1 billion for its aircraft leasing unit. speaking to bloomberg, the must be discussed with the board. a positive morning session in japan. we are seeing a bit of a turnaround as well for equities in this part of the world.

healthly, medicine and has been about small molecules, hospitals and big pharma companies.ools involved and the fact that health care is 24 hours a day from when you born to when you die, it's becoming this convergence, a lot like the internet has done for information. biotech research and information is harder to fund. will it scale? joi: it will scale differently. it is harder. there are more safety concerns then launching an app. it's a huge market that requires real science and one of the reasons i decided to come to m.i.t. is cambridge is the center of biotech. just like the computer companies drag doll of these other companies and people into silicon valley, what we see is this emergence of a new field. this ecosystem has to be built in a different way than we did for computers. think the bio revolution is next and boston will surpass silicon valley? is boston the next silicon valley? shenzhen is the hardware of silicon valley now. and i think we will be the bio of silicon valley. and more software and artificial intelligence and robotics is all required for bio and b

see the pharma dealmaking novartis as predator or pray? plus, as bank of england flags the dangers of recession, we talked brexit and bring you the best of our exclusive interview with ireland's prime minister. and the sun rises on a new government in brazil. we will look at the entree for the acting president. ♪ francine: welcome back. let's get to the bloomberg business flash with nejra cehic. ubea: apple has invested in r's china rival, dd. the platform handles more than 11 million rides sunday and serves about 300 million users. idi also counts alibaba among its investors. deutsche bank is to cut clients according to a report. citing unidentified persons close to the bank, the paper said it is accelerating plans to eliminate investment banking quires. clients bank has 65,000 , but most of them exist only on paper. royal dutch shell has shut all oil and gas wells flowing to its platform in the gulf of mexico after an oil spill. the company reported a sheen and 97 miles south of louisiana. the spill was estimated to be 2100 barrels. shal