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tv   Squawk Alley  CNBC  March 15, 2016 11:00am-12:01pm EDT

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11:00 a.m. on wall street and squawk alley is live. ♪ welcome to squawk alley. join john forte and myself this morning. kayla at south by southwest in austin texas. we'll see her in a few moments with the governor of texas.
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back here, he co-founded aol ventures. another $106 million. and 100 point loss of this morning and first up it's apple and apple's counsel was on this program and criticized the governments rhetoric. >> we are working on a replay to the government right now and i think that there is some disconnect between the rhetoric we saw in the justice department's brief and what you heard from the director and president obama about the fact that this is a policy issue. and work through as a policy matter. and got a little bit carried away with rhetoric.
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and the government can make the appropriate modification to the ios to get what they need. backdrop of all of this is morgan stanley saying. i expect the up roar across tech land to be like nothing we have ever seen. can you imagine them demanding the source code for windows for demanding google's algorithm? all of the crown jewels of these major companies that they protect so fiercely, if they go after ios source code oh my -- i can't even think beyond that. a lot of other interesting stuff. morgan stanley, yes. iphone poimportant, but source code. >> where ever you stand on and if you didn't own an apple product before, if you didn't have that before it's just more
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secure. they're fighting for maintaining the security of the system itself. so i think for consumers there is definitely to apple beyond sort of protecting their property they're also telegraphing to consumers, look, this is good for you. >> source code plus sign in key is the posturing here. it feels more palatable in the negotiation. >> so percentage likelihood that happens. >> approaching nil. >> i don't think it's going to get that far. >> there was so bipartisan backlash against the fbi when this was front of the congressional committee a couple of weeks ago and they were talking about this being overreaching what the government is asking for now, if they want the crown jewels from all of tech land, and it will allow us
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to do our jobs to keep the country safe from terrorist and criminals and fine, maybe this isn't the solution but you need to come up with one. i think that's what they're also saying between the lines there. >> you pointed out this morning stocks up 11% in a month and now morgan stanley looking for 56 million iphone units or implied guidance of 52. >> if you look at what the s&p has done since it's february lows an 11% move isn't that impressive. it's in line with the market but apple had been underperforming up into this point so when you keep that in mind, look at apple's chart. how it dipped down into the 90s and stayed there and then you look at this iphone demand reading out of morgan stanley. does it matter that much? we're mid cycle. late in the cycle on the 6s and 6s plus. we're already starting to talk about iphone 7 rumors. will it have that head phone jack or won't it? a bigger camera? what sort of features might that allow but still a little
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positivity at this point when we're talking about apple fbi it doesn't hurt. especially on this product. >> fast company did a piece. used to talk about whenever apple came up, right? not legal jargon, product. >> well, look, 56.5 million iphones ship every million is $640 million in revenue so pretty material there. i don't expect a huge announcement but i think we might see the ability to use multiple watches with one iphone. maybe some advancements in apple maps which would be terrific but i wouldn't expect ios or apple watch. >> does monday feel big or not? >> no, it feels biggish. i'll put the ish on there because it's a step up announcement. other devices, sort of incremental improvements and for some people that might make the difference in terms of what that
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i wanted all along. monday is big for investors and i expect to see this iphone se. the first time apple is coming out with a lower end product that's more targeted toward emerging markets. they aged down the older iphones. >> like hand me downs. >> like your older brothers close. >> yes it feels like they're redesigning in essence the 5s at least in terms of screen size. giving it rounded corners a little bit more like the six has had and upgrading the processor so people will be able to use the software that the rest of the world is using. >> i think that was exactly right and that's where android has won a lot and market share is at the lower end because i can't afford the nicer thing but if this is good good price. >> it matters in india and china with the middle class. >> in addition to emerging
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markets you have to remember that between 40 and 50% of the people in the u.s. are still using iphones that are two years old or older so you have the engine of a 6 with the price point of a 5s which we hope and think will allow more people to upgrade. and meanwhile a large number of dell fwats at stake today. five states holding their primaries. swr john is in washington with more on that. >> republican hopes of stopping donald trump from getting the republican nomination this year now rest with one man. if he can follow the polls and hold his lead and sustain in this race beyond tonight. >> i know my daughters are and my wife. i will be however forced going
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forward to talk about some of the deep concerns i have about the way this campaign has been run by some others. by one other in particular. but today is not the day to do that. >> look at these delegate numbers. donald trump has a lead. not quite 100 over ted cruz. the polls show him way ahead of marco rubio. republicans need to try to stop him from getting that majority on the democratic side. 200 delegates behind hillary clinton. he has to begin making up that ground and to do that he needs not just to win states as he hopes to do in illinois and ohio but he has to start trying to grab big blocks of delegates. republican side has winner take allstates and the democratic side does not. that means even if he loses she can maintain her delegate lead
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going forward guys. >> we'll be talking to you soon. speaking of the election, elizabeth homes, the ceo of the blood testing start up is hosting a fund-raiser for hillary clinton. josh is in san francisco with the latest on that, josh. >> well, carl, hillary clinton has been under fire from presidential democratic rival bernie sanders who has been saying she is too close to corporate interest so the fact that the clinton campaign is now supporting a fund-raiser by the ceo he ceoelizabeth homes has people scratching their head. she will host a fund-raiser for the presidential campaign in the company's headquaters in palo alto. clinton herself will not be in attendance but the event includes a conversation with chelsea clinton and participants that paid $2,700 to attend a host reception with chelsea.
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holmes has come under scrutiny. once the darling of silicon valley, she finds her credibility under attack. the wall street journal has reported that the $9 billion company is not the successful blood testing medical pioneer it portrayed itself as and remember earlier this year, inspectors from the centers of medicare and medicaid services said that a lab operated in california posed what they called immediate jeopardy to patient health and safety. it made personal changes in providing additional support to the lab. it's worth noting that theranos boasts a board of directors and counsels and a who's who of power brokers and neither clinton nor theranos responding to our request for comment. guys, back to you. >> thank you for that. i'm curious how you guys are thinking about the intersection between tech and politics right now. >> no, that's a great question.
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especially now more than ever with the election heating up and also with issues like privacy with apple versus the fbi and microsoft and google have been power houses there but in general there's a big disconnect between what they need to understand. conversely, same goes on the other side. for people in d.c. they're not necessarily understanding how a lot of the start ups work or the politics around how things get funded. who's hot and who is not. that kind of thing. this is a clear example of the disconnect. i think journal reporting has been spot on. i think it's been really good and the concern is that she's selling snake oil, right? >> certainly. did you guys see john oliver this week and lindsey graham's u-turn on apple privacy. a lot are getting briefed late in the process. >> late in the process. these are complex issues and more complex by the fact that some of these technical things,
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a little thing here and little thing there makes all the difference for the product or consequence of the product. getting up to speed on that is difficult. >> good to see you. thank you so much. covered a lot of ground. >> indeed. a check on the markets right now. trading dow is about flat. the s&p down about .5% and the nasdaq also having difficulty around .5%. valeant shares down 43% after reporting an earnings miss. also reporting guidance for the year. a stunning move and we're also keeping an eye on oracle. that stock off a fraction. the company is expected to report after the bell today and guidance will be key. their big quarter is what they're guiding to and that may quarter after that report but the question is what is enterprise demand going to look like going forward for the rest of the year and how the crowd
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changed the equation as far as how their earnings and revenues flow? >> we'll see what they say. google is heading to the hill today. lobbying senators to get more driverless cars to the market. me dpgan smith, the chief technology for the country and fighting isis online but after the break, the governor of texas live from austin where south by southwest is underway. we're back in a moment.
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>> thank you, john. we are joined by a very special guest today. texas governor greg abbott who has endorsed ted cruz, senator from the state of texas who you worked with personally for five years with so many important primaries taking place today and the polls the way they are, do you see a path forward for cruz? >> i do. first i did work with ted cruz. he was my solicitor general so i know ted cruz behind the scenes. he's aman of commitment and courage and conviction and he would do a fabulous job as president but here's the pathway forward and that is if he can win additional states and if the states are divided up tonight based upon the election outcome you're going to see a contested primary all the way to
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cleveland. >> well, the math is still too early for this reason. we don't know what is going to happen in missouri and north carolina and others but ted cruz is only about 100 delegates behind donald trump and there's a long way to go. it's like saying in a football game well one team is behind by ten points at halftime so the game must be over. we've all seen you can come from behind in the last half of the game. if after tonight the race is down to just two candidates, ted cruz and donald trump i think ted cruz has a very promising path way forward. in the senate and in the party himself you know him personally though. i'm curious why you think he
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would be the right leader for this country despite the favor b favorability ratings. >> he when to the united states senate and stood on principle doing exactly what he told the people of the state of texas he would do. when you hear ted cruz tell you he's going to go to washington d.c. and do something you can take that to the bank. when people cast a vote today or whenever for president they hope the person will live up to the promises they make. when i vote for ted cruz i know he'll live up to the promise of true conservative values. >> the american people are in favor of building a wall on the border with mexico. your state has 2-thirds of that border. what happens in a year. >> i have news for you. we have a wall down there. texas has more than 1,200 miles. much of it is protected by a
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wall. there are gaps in the wall. it was a true waste of money so you need to have a genuine wall. but also the reality of what we have seen in our efforts is you have to have true law enforcement down there to ensure that people are not coming in illegally. the fact s barrack obama and his administration have opened up the gates to these people coming in to the united states. and until they staunch that flow there's going to be a problem. >> i believe our colleague has a question back at the stock exchange. >> i do. thank you governor and welcome. my question has to do with the overall republican pact going forward. he has to have a very strong position as you pointed versions dond trump and and they will
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support him as soon as possible. are you comfortable with the whole field of republican candidates including dond trump so that you will endorse which ever one ends up being the nominee? >> yeah. the answer is absolutely because there's a choice, whoever the republican nominee is going to be, they're going to be running against hillary clinton and we view hillary clinton as being disastrous for our economy, for the future of this country and i know that any of those candidates that are running on the republican side for president will be far superior for the future of america than will be hillary clinton. >> our current president, president obama was here and apple and the fbi and to mover here, where do you fall in the
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battle that appears to be drawn between strong encryption and law enforcement. >> first about apple tying all of this together, we're proud, apple this year is going to be opening up the second largest campus in the world right here in austin texas so they have a huge presence here and we're proud about that and i think that this whole issue is going down the right pathway and that is that this is an issue for courts to decide and maybe potentially for congress to decide because this is a novel issue. when the founders write the fourth amendment they had no idea that we would lead to this type of situation so this is a very complex legal issue. there are facts about what is going on. about back door and all of that kind of stuff and i simply don know the details of. >> which outcome are you more confident in? that the supreme court would reach or congress would reach? >> i'm on the side of people being able to weigh in and set the policy of this country. i'm against rewriting what the
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policies are and the constitution is. so i'll always favor the side of the people. my hope is congress can do it but here's the deal, there's certain facts behind all of this that i simply don know. i haven't been able to follow details about what the fbi has access to and what the fbi can do with regard to writing their own software where they can find out this information. >> you're actively trying to diverse identify the texas economy away from energy but certain places are heavily leveraged but i just want to ask you about your outlook for recovery in the price of oil with cities like mid land reeling from wti which is at $36 barrel. >> sure. jobs continue to grow in january, we reported a net new 31,000 jobs. jobs will continue to grow here in the state of texas. every decade of my life we have seen oil go down and we have seen oil go up. it's pure demand and supply.
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once demand and supply get leveled off oil will con to go back up. we're dealing with a consequence of the innovation that we have seen in texas. it's a texan that came one the fracking that lead to the decade. >> thank you so much for your time today. >> back to you. >> thank you so much. senate is holding a hearing on autonomous driving vehicles later today. the google executive that heads up the self-driving car program is heading to the hill to testify. we'll get you all the details on that in a moment. wow, that was random. random? no. it's all about understanding patterns. like the mail guy at 3:12pm every day or jerry getting dumped every third tuesday. jerry: every third tuesday. we have pattern recognition technology on any chart plus over 300 customizable studies to help you anticipate potential price movement.
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there's no way to predict that. td ameritrade.
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>> it's really a remarkable story. the guidance came in way under people's estimate this morning
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and as they held the call which lasted for two hours things seem to be getting worse and now you're seeing analysts coming out saying this has been a very humbling call for them. they are finally downgrading the stock from neutral to underweight now. basically calling valeant a broken company with no easy answers. mike pearson returning is the first time he has addressed the public and wasn't able to reassure folks. there was a typo on some of their guidance for earnings for the next four quarters which they said it was different in the slides. people getting really worried about that. while it is going to try to cut costs as obviously revenues come down from where they thought it was going to be they're going to try to beef up in areas like financial reporting and public relations and government affairs and compliance and things like that. a lot of uncertainty about what's going on here and wondering where the bottom is and they have been wondering for months now carl.
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and lawmakers are meeting on the hill today to discuss that very topic and phil has the details. >> john to answer your question the rules do need to change because not all of the federal motor vehicle safety standards are applicable to self-driving cars and that's why you have the senate committee on siensd transportation and commerce meeting today talking with executives about what rules need to be adapted from self-driving cars. should drivers be required. do we need to have a steering wheel there in case somebody needs to take control of the vehicle? chris who was in charge of the google self-driving car program will be testifying today. he says congressional action is needed to keep pace with safety technologies being developed by vehicle manufacturers and technology innovators including
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fully self-driving cars. by the way, when you take a look at google and a google car some of the most up to date statistics they have been driving or testing the self-driving cars for seven years. now you're looking at the one that has steering wheel. i have been a chance to be in the google pod. . 17 minor questions and may have been caused by a google car in the last couple of weeks. the bottom line is this guys, google and other technology companies and auto manufacturers are saying you do not need a steer wheel in that car eventually. right now you do but even actually we're going to get past that. how do you control that in terms of federal regulations. that's going to be the key question today. >> so the municipalities are are quickly catching up, phil. >> megan smith the chief technology officer of the united states. we're back in a minute. know your financial plan
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a developing story we're following right now. belgian police are hunting for a gunman after shots range out in a raid linked to last year's paris terror attacks. officers had been searching a house in brussels when the sh t shooting began. three officers have been injured
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and one suspect has fled the scene. >> a group of migrants who illegally crossed into macedonia were brought back to a camp in greece. over 10,000 people have been stranded since countries closed their boarders last week. conditions at the camp have been deteriorating after days of very heavy rain. look at that. that's not snow you're looking at but hail. roads in arkansas covered with the tiny ice pellets following the latest round of severe storms to hit the south. and this year has a familiar champion, 29-year-old dallas seavy won for the first time. crossing the finish line just after 2:00 a.m. local time. that is the cnbc news update this hour. let's get back down to squawk alley. john over to you. >> thank you. i always thought the dogs didn't get enough credit for those wins. five states holding primaries including florida and governor john kasich's home state of ohio. scott is there with the latest.
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>> hi, john, just outside and like every other polling place in ohio when you come to the polls here you request the bout and a lot of people will be looking closely at what we call the cross over factor. some heavily democratic precincts of a lot of republican ballots being requested. donald trump attracted support along blue collar democrats but at the same time, governor john kasich is still very popular in his home state and there could be a lot of people choosing to vote for him. one vote is no mystery and that is john kasich in his hometown said that he was humbled by the experience of voting for himself for president and asked about his rival donald trump he didn't exactly take the bait. >> >> what do you have to say to donald trump today? >> you're not going to ruin my
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day after i voted myself for president. i have nothing to say to him. >> he has a chance to look at the super pact add airing about trumps quotes, things he said about women. kasich says that concerns him and something that he will talk about further in the campaign. that is when he doesn't win. he could have a big day. could live to see another day. and even closer. for the democrats, hillary clinton with a commanding lead going in today over bernie sanders. and normally be voting democratic cross over to the republican side and deprive either clinton or sanders of some votes they need. >> we have been turned on polls lately so we'll keep our eyes open tonight. scott in ohio this evening. despite apple's fight against
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the fbi the tech industry is working with the federal government more than ever. kayla is at south by southwest where she caught up with megan smith. hey, kayla. also on issues of technology. and we're here at south by southwest. she remained close to the president's home line. we did talk to her about fighting terrorism online. about the government relationship and about the progress the administration made on various issues. here she is. >> we made a lot of progress in the areas and the main thing the president has been doing is adding digital folks into the mix. so we have over 300 people since that time has come from austin and boston and amazon, facebook,
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twitter, drop box, this whole group of very talented americans. very much focused on service delivery. so we have those americans and let's ask them to rotate in a tour of service with other colleagues. >> how do you sell them oncoming to the government from what are often extremely lucrative and high profile positions at the 'canes. >> our government will be what we make it and we'll talk to our colleagues about these. we have some of the top employees from amazon and that team and other companies. what's your second act after you make something as awesome as amazon in the american veterans what an honor to get to do that so we're finding great reaccept activity. hundreds of people are are coming. more want to come when we ask. but we haven't been asked. >> why can't the fbi hire a s.w.a.t. team of six people to
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develop a code to try to fix this problem and not make it a constitutional issue? >> yeah. the president talked a lot when he was asked during his. and he makes these kinds of decisions. >> you're one of those people advising the president and you have a technology background and obvio obviously going from the valley to washington. and what should the public know about this debate.
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>> processes and say the people are in the middle and knowledge of these challenges. security and privacy are not different inside of the spectrum. they can be together so the president really articulated well. >> you were pointed to the next administration. >> sure, i think, in terms of us, say, i think of things like ipo, we come from the tech sector so we have been investing and how do we accelerate an ipo these ideas of a modern government. how do we bring these new methods there? i think we're seeing that across the board. >> so you wouldn't agree with people who say the relationship has deteriorated because of edward snowden and the big picture debates and that the trust level has eroded between
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the two bodies. >> no, i think those have been really crescendo moments and they have created conversation but we've seen so much engagement. there's so much opportunity. >> you were part of a very strategic meeting with a bunch of technology companies to try to figure out how to fight terrorist groups abroad and one of the results was twitter suspending 125,000 isis related accounts. what are some examples of ways that tech companies and the government can work better together on that front. >> i think that the companies have been working very well. there's ways to expand on that so having that classic work that we do, brainstorming sessions, getting everyone in the room from different sectors in this case, the terrorists are using technologies that we invented. we are good at these technologies on the united states. how do we bring those americans together to the design table to
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get everyone involved in countering this. as well as providing opportunity to everybody so that we don't, young people aren't getting pulled in to the propaganda of what, people reaching out to them online and trying to suck them into these terrible lives and what can we do to provide them an opportunity. so really working both sides of that issue and getting more people involved together in the innovative methods that we have. >> so she has a very long to do list, john, carl, in the ten months that she has left in this office. january 20th, 2017 is the date smith is very aware that her term ends but she is confident in their able to get some of these boxes checked off. >> kayla, two years ago, edward snowden appeared at south by southwest in front of a large crowd. last year in front of a smaller crowd advocating for things like end to end encryption which would make it harder for the government to snoop on people in a broadway.
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it seems to me to be curious. that president obama and meg smith are showing up this year. is this their attempt to reclaim the security narrative and if so do you think they have been successful there? >> you are either for strong encryption or law enforcement and i think that he is really trying to explain where the government is coming from. i'm sure there's some degree of the fact that there have been other arguments that have been presented here but he is trying to shape a legacy. this is real and a very heelted debate. we talk about it every at a and i'll be hosting a panel this afternoon about encryption with technology experts.
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it's going to be live stream and it's a conversation not close to being over. >> it's about your individual phone. we can't wait for that. kayla is in austin. meantime, two time gold medallist abby wombach is taking on facebook and apple as she fights for equal pay. she'll join us in a couple of minutes. but rick santelli what are you watching today? >> the aftermath of the bank of japan. it's the first day of our two-day policy meeting. you ever have your gps on and make the turn before your supposed to you hear that new famous sound and phrase. recalculating. we're going to talk about the market recalculating on policy after the break. [alarm beeps] ♪
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♪ the intelligent, all-new audi a4 is here. ♪ ♪ ain't got time to make no apologies...♪
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coming up an exclusive interview with famed investor leon cooper man. we get the take on that company's worst day ever plus we're talking super tuesday politics in the markets with new trades from the legendary hedge fund manager and why he says the market he grew up with no longer exists. he'll explain at the top of the hour. carl we'll see you in about 15. >> sounds good scott, thanks. let's get over to the cme group in the meantime and get the santelli exchange. >> i love what scott just said and he is an icon when it comes
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to trading. we have all the icons on, don't we? and what he said, if i had a dollar for every time somebody on this trading floor when i was in the new york stock exchange on that wonderful trading floor said the market i used to know is long gone. they're right and it isn't just the dynamics of the signals that we used to be able to read to interpret strategy for investing on fundamentals in the future, it's just a lot more than that which is the title of exactly what we're talking about today. recalculating. yes it's one of those things, you know, like siri that we're used to now let's consider japanese policy and weaker yen and integral into that. and let's look at the charts and
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realize that relative value of one major currency against another developing economy's major currency is really run out of its useful life but we'll find a way around that because let's look at dollar yen. last time we were in this neighborhood of dollar weakness was around 2014. that's when we're going to start the chart. let's swap out the dollar and swap in the euro versus the yen. it will go back further but i kept the time constant. you see the deterioration of the euro. you see the same thing. so it doesn't matter. their policy is being rejected for a whole structure of recalculations. not the least of which is the carry trade and the euro has some of that as well but that's going to deal with a different set of comps with regard to the currency spread. now let's consider another issue. growth. our growth. our growth trend actually completely reaffirms underscores, highlights, puts in
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bold print the notion of new normal. 20 quarters, five years of gdp. you see it on that chart, right? if you took the 20 points and added them up what you end up with is a whisker under 2% average for five years. >> i always like to take things to the extreme to kick the tires on strategy and let's say the next five years have the same basic area of growth. stay there for another five years. i don't hi it's highly likely in that time frame you're probably going to have a recession. these are all things to think about. i questioned putin yesterday but his strategy for whatever reason reached it's goal and he's done. now whether he delivers or not is another thing but part of policy is knowing when to end or change or recalculate. carl, back to you. >> we miss you back here
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already, rick. rick santelli in chicago. it's 142 since the summer olympics in rio. joining us after the break, abby wambach visited apple and facebook to fight for equal pay. we'll talk about that and the gains in just a minute. ♪ ♪ we built our factories here because of a huge natural resource. not the land. the water. or power sources. it's the people. american workers. they build world-class products. and that builds communities. and a better future. for all of us. because making something in america means so much, to so many. weathertech. proudly made in america.
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>> abby wambach is taking silicon valley head on fighting for equal pay. she is doing work for nintendo. it's good to have you back. good morning. >> good morning, carl, good morning, john, how are you guys doing? >> good, good. we can't wait for the games and the fact that you're doing stuff for nintendo shows that the sponsors are starting to ramp up. are you going to miss the build up to this? are you going to go to rio? what's your thinking about these games? >> i'm not missing anything about the build up from a perspective of being an athlete because they are killing themselves right now physically. i retired three months ago and i can't tell you how happy i have been not having to worry about my diet. i have been proactively trying to get unfit for the first time in 30 years. that will come to an end fairly soon because i have these things call love handles now that i'm like wait, what. but yeah, it's been really great the last couple of months. i have worked with some amazing
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companies. been on a speaking tour and now i get to work with a company like nintendo that they're selling this game. mario and sonic going to -- mario and sonic, the rio 2016 olympic games. there's nothing better. nothing better. >> abby, every game has to have some drama, right? and beijing it was the pollution. obviously zika. hope solo said she wasn't sure she would go if the games were today. how much of a concern should that be for athletes? >> to be honest, i have no idea about the medal side of things. so i kind of stay out of that. i don't even want to know because truthfully i might not go down there and i won't be of my concern but i'm sure that
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they're doing everything in their pow tore make sure that every athlete sent from the united states is going to be taken care of fully. >> abby, right now you're fighting for gender pay equity. taking that message to silicon valley among other places. i'm interested in your tactics. what do you feel is going to be the most effective method of pushing this issue. is it being transparent or pushing companies to be more transparent about what pay actually is for women. a lot of women don't know how their pay compares necessarily. is it pushing for more women in leadership positions as well? what's your checklist that you want to push for? >> i think that the biggest thing i want to push for and the biggest thing that i need to get across is that it's not just about gender inequality and the pay gap issue. it's about real equality. it's about looking at the
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boards, looking at the executive boards and the board of directors and the manager positions and how many minorities are on those boards making decisions and in those decision making rolls. not many. and it's a real problem. but the solution hasn't been solved yet. so i'm making my business and doing a lot of research right now and meeting with more ceos to create a plan for these businesses and my hope and my dream is that one day it can become policy through the government much like title 9 became a law in 1972 that i was a by product of and was able to build a life around i would love to be able to do that for big businesses and small businesses to incorporate true equality into their mission statements. >> certainly the companies.
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we hope you'll come back between now and rio. abby wambach for joining us. we'll be right back.
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>> markets down to 23 points.
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got the primaries tonight john and then the fed tomorrow. speculation about what they'll say about inflation and jobs. >> apple is up 2.5% leading the dow and all tax stocks i cover. >> oracle tonight after the bell. a big show with cooperman. let's get back to headquaters and the half. ♪ >> welcome. stunning drop in shares of valeant pharmaceuticals which are plunging as we come on the air. joe, stephanie, josh brown and pete are with us for the hour and also joining us today exclusively is leon cooperman. he is the investor and chairman and ceo of omega advisors. valeant suffering the worst day ever after lowering it's outlook and then seemed to be doing it again on a conference call with investors. meg is

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