What's On: Biotech, Big Pharma and Co's With Economic Immunity
Here's what's up on Monday's Squawk on the Street:
We're covering the American Society of Clinical Oncology's annual meeting. This one is a big stock mover for biotech and big pharma. Merck, Sanofi-Aventis and GlaxoSmithKline all with market caps of over $100 billion will be in attendance. We'll watch those stocks and we have the CEOs of both Ariad Pharmaceuticals and Exelixis.
--The Street Poll asks if you think we’ll see a cure for cancer in the next generation? Share your opinion.
--The unemployment rate was a big loser in the month of May, far below expectations. Companies are already playing the blame game as we inch towards the next earnings season. Newell Rubbermaid slashing outlook citing “softness in the economy.” The stock dropped more than eleven percent on the news. Will other consumer products follow suit? Analysts say Target, Staples and Wal-Mart could be next.
--Poor economic data? No problem. Apple and Netflix show no signs of slowing down. Which other companies are immune to bad economic news? We're naming names.
--Snooki opposes it. And Sen. John McCain (R, Arizona) agrees with her. There is currently a 10 percent federal tax on tanning beds which was part of President Obama’s Health Reform Law. Do we need it? We are taking it to the ring, and you know when Snooki gets involved, it’s going to be a Situation.
Squawk on the Street comes to you live from the New York Stock Exchange each weekday morning at 9 a.m. ET.