Antitrust violations without getting into specific, and Washington Post ran an article saying trump posed as a publicist to generate stories, a claim trump denies. Bezos would offer trump a ride to space. Would he field any questions at the meeting about trump . Well wait for that. The brawl has not worried investors yet. Look at amazon stock, outperforming the market this year, and still up more than 60 over the past 12 months. Adding to the drama today, though, ultra violet, a Group Fighting sexism, lhas a petitio to ask amazon to stop selling trumps line of mens waear. Why is amazon continuing to support the trump empire, and now, ultraviolet says 1500 shareholders signed the petition and commissioned a plane that will be circlingover head today at the meeting with a banner saying, dumptrump. For its part, amazon declining to comment on that. Ill head into the meeting right now, listen to bezos and bring you headlines as they come. Josh, back to you. Maybe political fireworks to watch for today. The stock is the story, not so much the politics. Absolutely. We were talking about this yesterday, talking about jeff bezos, the man, what hes done in innovation, and someone gave me flak on twitter yesterday saying, pete, hes not done everything right. Thats why he did it right. In failure, hes had success, great job of cutting when they needed to cut and moves on. When they get themselves into private label, the youtube competition, everything, they are going after everybody and every industry. Thats a guy on tv you dont want to bet against. Convinced Value Investors to buy his stock. Right. You bought the stock. Of all the people on the desk who would have argued, look, i cant touch it because the valuation is too rich, you finally got in. I got in. Im market weight from underweight looking from a pullback no disclaimer, you bought the stock. Underweight to market weight. They are a disrupter. The gross merchandise volumes in the quarter grew 38 year over aeroyear, an acceleration, and number of prime users went from 11 to 19 . They are real numbers. They continue to drive the story and continue to disrupt, thats not to Say Department stores are over. I do believe you can pick at those names in the carnage, but i wanted to involved in amazon because they are a leader and i want to be with a leader. A firsthand look at the disrupter over the last week to ten days, killing everybody, but today, theres a reminder of what e what we talked about every day leading up to home dep depots earnings, a few Companies Amazon cant touch, and theres more representation of that today. Comps up 7 preponder7. 5 . You want to be a buyer of this stock. Back to amazon, why you want to own the stock is because they have spent over the last couple years, but they are seeing a high return on their spending, something that a lot of companies, in particular in the large cap tech space, they do not have or share that kind of success, so i think thats the bullish argument for amazon, and that continues lifting margins going forward. Back to home depot, clearly we talked about it yesterday, they seem insulated to what amazon could do to them. Stock selling off a little bit today, but if they give it to you below 130, take it. Why is it selling off today . A great quarter, comps were 7. 5, expectations were 4 . They crushed it. Everybody knew they were. Looking for a surprise when everybody else already is. I think home depot is probably the best retailer in america right now. Theyve been for years. The stock is consistently in above market multiple, but deservedly so with the Company Growing faster than anyone. They are amazonproof, im not sure about, but they are incredible at their own ecommerce game. They really know what they are doing. They really have blended the instore versus out of store combination for the customers, probably better than almost anyone else i can think of, and that showing up in the quarterly numbers, not just the fact that no ones ordering 2 x 4s on the internet. If you need advice for the house, you go to the store to get it. Spring planting season, youre likely going to home depot to get it. They are maybe the most of the amazonproofs out there. Yes. But they are continue by the way, macys is good too. They latched on the idea of being in communication with the customers, even when not in the store. Moment depot does it better than most, frankly, and they do ecommerce, frankly, and a lot of heavy promoting on the internet and do a good job. Innovator. Online sales grew 21 in the quarter and spent a long time talking about that. They can grow online, but, obviously, they are more proofed than some of the other retailers. Tjx, pete, you were here from the getgo as many of you were at the desk. Comps up 7 , and that blew it away also. Look in the earnings growth, 10 , a home run. They have gone through a transition themselves and this is a company doing everything right. As a matter of fact, scott, they exfapanded themselves 5 more i terms of square footage, and yet they continue to grow. Look what they are doing in europe, canada, and, obviously, the united states, its tj maxx and home goods and marshalls. Seeing the growth there. Where are people willing to spend . For their homes in one way or another. People love home goods. Their guidance is not like it was knock you on the floor amazing guidance. Always conservativconservati. It was good enough, but a positive effect in the overall market. People talked about the particular selloff, sell in play may, go away for the summer, market down 10 . Theres a kcomeback from apple, and then you see retailers, home depot, tjx, offering to the consumer and economy an argument thats maybe not as bearish as we talked about last week at having this broad negative tough to say that. Why . Heres why. They are in a completely different category. That changes dynamic what another category . Home depot. They are spending money. Home depot is not macys. They are not in competition, joe. Im not saying they are. You cant categorize a hundred bucks in the wallet, concern last week of what i was told is that consumers not spending the hundred dollars. We knew that was wrong. Thats the argument. Hes not spending this does hes spending at home depot spending at lowes tj maxx. It doesnt mean it makes the Department Stores looking up any better because thats the problem. No. Thats part of the dynamic to understand. Heres the one that said Department Stores out there are not as dead as they look. Well or are they . No. They have secular issues for sure. Their valuations have been they have been hammered, and they are hated, and everybody says they are getting amazoned, including me, but some companies are doing the right things. I think nordstrom spent a lot of money to get it right. They have a long way to go, but at 13 times forward estimates with returns strong as they are buying 3 of the shares each year, thats what you pick at for a longer term horizon. I said i think you can pick your spots, just be careful where you do it. The question, tjx at this level, trading 22, can you chase it . I love the name, but im out as it got to 70, and now here it is, over 78 today, and you look, go, they are doing everything right, do i own it . Well, do ya . I sold two months ago too, at this level actually, and it fell a little bit, but not cheap enough to buy back in, but its not a trend going away in terms of offprice, and they are leading. So impressive, every single concept, every region, two year stack basis accelerated. Thats something you cannot ignore, and i think if this pulls back, i would absolutely pick at it. Stock pulled back flawlessly. This is the last point. Sorry. Its pulled back, it can be bought, and if its above 79, resistance going back to march, mash much is triestraight to tr digits. I thought i was serious about that. This is what else is coming up on the Halftime Report. Still ahead, the short seller who called the valeant reveals hes going long on the staff. Levitt joins us exclusively to explain a change of heart and discuss the stock he thinks has even bigger problems. Plus, our call of the day is . Sell on intel. Well debate it. And magic mirror on the wall, who is the fairest one of all . Josh says hes found the best looking chart in the market right now. Hale envail the sector he finds appealing these days. Thats all coming up on the Halftime Report. No one surface. No one speed. No one way of driving on each and every road. But there is one car that can conquer them all. The mercedesbenz cclass. Five driving modes let you customize the steering, shift points, and suspension to fit the mood youre in. And the road youre on. The 2016 cclass. Lease the c300 for 359 a month at your local mercedesbenz dealer. Valeant shares moving higher after andrew left said hes now long the stock. What makes the investment so intriguing is that mr. Left was largely responsible for the big slide in the first place releasing a report last year questioning whether the company was the next enron. Why the change of heart and position now, andrew left, joining us now in a cnbc exclusive interview. Andrew, welcome back. Hi, how are you today in. You said it was uninvestble. Those were your words, what changed . Uninvestble and untradeable are two different things. You could say its uninvestble. Its cut back another 30 . I bought some stock, protected myself, and bought out of the money puts. I saw the news flow from valeant increasingly negative, and then they installed papa, they were not getting ready for bankruptcy. Whether or not the stock stabilizes here seemed like something that could have. A decent proposition for stabilization, obviously, i dont believe valeant is going back to 60 a share. It was a trade i thought good, not to mention when you finish saying all the negativity come out on the stock. Are you most importantly, its a pear tree. Listen, because im short melon. Right. Well get to that in a minute, but as it relates to valeant, are you an opportunist or believ believ believer . They are two different things, could be in the for the short term as a trader. Well, listen, i mean, were were cnbc right here, all about calming the market on minute by minute. Im not in the stock minute by minute, but opportunist . Yeah. It was an opportunity to buy a stock hated by everyone at a price i thought attractive, and at the same time, i hedged myself by buying out of the money puts. I thought it was a Good Opportunity. Would i hold this for the next 18 months . I would need more information on it, but i think right here, its a Good Opportunity to buy some as a larger portfolio. I cant help but notice, andrew, pull the stock chart back up. As we have the conversation, a stock that was at the highest levels of the day immediately started to go lower when you said i dont think its going back to 60, in fact, you pointed out quite clearly, i think, the market place is taking it as such that this is for a trade. That you dont think, perhaps, the worst is over for valeant despite the fact that the board, and joes in the drivers seat. Saying the worst is over and saying 60 are completely two different things, scott. The worst can be over and stock go back to 40 bucks, still a good rate of appreciation from here. Two different arguments. Do you think the fears, though, about valeant at this point, 31 billion in debt, for example, those sorts of facts, do you think thats overblown at this point . I need more information from the company. Coming to the job, not bringing in nip who looks like they prepare for bankruptcy could be conceived as a positive. I dont think anyones going to happen. I dont believe the company is going to go under in the next 12 months. Now, what plays out over time . A lot depends on how serious the government is, on the insurance companies, and pushback on insurance and so forth. You are long valeant now short, you take it as you are short in the same size of position you had before . Not covered it all there . I really dont discuss the size of the position, but its simple. If, in fact, valeant goes lower, ma mallincrot goes lower. The problems are here, then their problems are here. You know, everyone night sit around, talk about increasing prices, but we never discuss the efficacy of them. 40 of the income not tested, and i said it before, and it got to a point, actually, i figured im going to put my money where my mouth is, and i got 1 million check, cashiers check, to the ms society, and this is my money, not the money of my hedge fund or investers, and all i want mallinckrodt to do is test the drug, test it against the same synthetic you bought to put on a shelf. I can tell you one thing, if valeant did what kmeemallinckro doing, they would have water boarded him. This is really bad. For claire, the way she talked to bill ackman and the way she talked to pier son, all she had to do was walk across st. Louis, nine miles away from her office, and she would find mallinckrodt and find the real offenders of the system. On what basis do you have to make the suggestion that the drug mallinckrodt uses, doesnt work . The fda approved it for 13 different uses. What studies have you looked at . Scott, scott, how about this . Ill give you one better. What studies have i not looked at . Every major clinical journal discussed that this has no proper clinical test. This was approved as an orphan drug 50 years ago where you did not have a prove that a drug worked. You had to prove that a drug was safe. Those are two different things. It comes out weekly. As a matter of fact, three years ago, when the insurance policy companies had pushback on mallinckrodt, it was not because of the priesh, even though we talk about a drug thats 36,000 a vile. Used to be under a thousand. Its 36,000. Insurance policy Companies Said scott, very important, we should practice evidence based medicine, there is no evidence based medicine here. I will give you the fact that the approval was grandfathered in a long time ago when the fda acted in another way in which it does now. The fact of the matter is that the fda approved use for 13 doimpbt thing, and hospitals and doctors continue to prescribe it and use it. Why hospitals prescribe it is a complete different argument. I think i was on the not your show, but cnbc, with the ceo, and i asked them about how many of these dinners he was buying people at olive garden to get this prescribed, not to mention if you look at the number of honors they give out to doctors. Why its prescribed is two different things. Its a simple thing. Everyone made valeant the poster child of whats wrong with the american pharmaceutical industry. So bad, valeant is thinking about changing their names right now because its become a bad word. Youre talking about two companies what i say before anyone looks at that, the real offender, e and its amazing that mallinckrodt donated money to the mckaskills campaign. If shes serious on cracking down, you have to look no further than across your city and look at mallinckrodt. They are two entirely different companies. Hillary clinton, the Presumptive Democratic nominee for president targeted valeant in some of her ads. It is, by all indications, and fairly characterized that it has been the poster child of the drug pricing issue. They took their numbers they let me finish. They took the numbers down. Mallinckrodt for two straight quarters has beaten and raised, not having the Business Issues that valeant has. Why do they have to be so linked in your mind . Exactly. Thats why every day you have to imagine they go to work, hoping he doesnt pick up the newspaper and people actually realize what the Business Model is and discuss it. Valeant is not just the poster child. Valeant has become the pinatta for it all. And one day, if people understand that mallinckrodt is not clumped in as a company that raises prices, but, rather, its a company that raises prices, bought competition to put on a shelf, and then is going never done a proper clinical trial, once people realize that, then hopefully this will become the poster child, and when that happens, unlike the thousands of products that valeant has that becomes more difficult to actually analyze the business going forward, mallinckrodt, everythings based on two drugs. The main one is over 45 of the income. Let me finish by asking you one more question. What do you say to those who say that specialty pharma in general, valeant, mallinckrodt, those embroiled in the issue of drug pricing and the like, that thats a tinderbox right now, and youre the guy running around with the match, and thats why stocks like this are and continue to be under pressure. How do you respond to that . Respond to the fact that we have a country paying a billion dollars a year for 36,000 a vile for a drug thats 50 years old and never been tested. A tinderbox and match means for someone in the tinderbox did nothing wrong and the match stirs things up. To stir things up for the sake of stirring things up is minimizing the importance of rising price of pharmaceuticals and people profiting off our system unfairly. Well, i think the issue, look, has been raised on capitol hill. People like bill ackman sat on this set, and admitted the fact some of the prices raised at valeant may be reversed, and they may reduce prices on drugs in question. By the way, its a simple thing. Last ly if they reduce the pric to 17,000, which is still ridiculous, and all the sudden prescriptions fall off between 30 and 40 and go back to the initial indications of five years ago, the company could be a donut. Thats it. Very simple. And theres no reason why valeant should have to reduce pricing and mallinckrodt doesnt. Thats it. Do your testing, make sure the drug works, fairly price it to america, and see where the stock price is. All right. Well see where that check that you brought with you goes. I hope i want i would like to give it away. Andrew left, we appreciate the time. I should let you know, we reached out to mallinckrodt for comment, and they wanted to siosee what he had to say before responding, and if they respond, youll be the first to know as soon as we hear, if we do, from that company. How do you proceed with this . He sees an opportunity in valeant. Yeah. Guys . I think people see theres aspects of it that make some sense on why theres value there, scott, and with the value, you have to understand that hes hedging himself a little bit by going out into the future somewhere. He wont say where and how far out or the strike, but hes buying protection, scott, because hes not 100 belief that this company is completely turned around. A great run to the downside. I thought the stock move was telling in the conversation saying, look, its not going back to 60, the stock immediately went from the highs of the day, starting to tick lower. Is there opportunity in valeant . No clue. Sometimes thats the best trade. No clue. Its too volatile. The stor