pfizer and smith klein create theorld's largest seller of over-the-counter medicines. that story and more tonight on wednesday, december 19tev gooding, ink and welcome. bill griffeth is off tonight. it felt likel wreet revolt. investor ds not react kindly to the federal reserve outloo interest rates. the central bank today raised rates as expected. it also signalled that it would likely not hike as manyimes next year as previously thought. but the market wanted more than got. volatility set in and stocks took a dive. the doungs industrial average droppeds 351 poi to 23323. a new low for the year. theq down 147 points or more than 2%.&p and the fiefd fell 39. we have two reports tonight, steve liesman is covering the fed decision from washington. but we begin with bob pisani at the new york stock exchange. >> stocks rallied ahead of federal reserve decision today but sold off in a notable way. once the announcement was made. the fed raised interest rates by a quartermu point prett anticipated by the market. but the fed trimmed t rate hike forecast from three to two. the

pfizer and smith klein create the world's largest seller of over-the-counter medicines. that story and more tonight on wednesday, december 19t

glad to hear you shout it out to your cohorts sitting beside you i'm calling you about glasgow smith klein011 and paid $46.59. >> all right well, it's down. we don't care where a stock has been, we care where it's going it's got a 5% yield. i have not seen what i would like to see from that company. as far as i'm concerned, there are much better drug stocks. thank you for the kind comment about the federal reserve, bought in the end, the october fed knew nothing steve in wisconsin, steve. >> caller: hello, mr. cramer first off, i want to tell you how beneficial it's been watching your show throughout the years. >> thank you >> caller: very much appreciate it and as a matter of fact, i tell my friend, i say, just remember there's always a bull market out there. jim cramer is always going to find it for us anyway stock is abt >> abt or adt? abt. abbot labs i think that is terrific he's done a remarkable job the device business is red hot they have fantastic balance sheet. ladies and gentlemen, the conclusion of the lightning round. >> the lightning round is sponsored by td ameritrade >>> goo

is moving a lot of that -- people are saying enough, this group is too hated verses big pharm >> smith klein the decline there in the stocks because they are paying this large premium. they are doing other things, i know you saw as well other consumer healthcare to uni lever. paul pallman is stepping aside he did not do i. >> he did not know what his shareholders wanted and now he's out. >> he's out. >> he's most important issue to be remembered is sustainability and buying food key brands that proof is so split you got mccormick that's doing so well which is spices. that was a mistake it was good. then you have the kraft. maybe no one wants to sell >> maybe no one wants to sell and you got to do it friendly. nobody is coming out well. it was the key -- it is almost two years and a big fail for them we have been talking about it ever since even though the stock had been fairly good. that departure of home is a big deal >> yeah. >> it is a plan resignation, planning for retirement. >> i think that had been the one that people liked and proctor has had a remarkable move. truly remarkable i thi