Today investors dont seem to care about that. Theyre happy with the results. The stock is moving, having its best day in two years. Well speak to a major shareholder and ask how long that will last. That 7 for 1 split i think a lot will agree is a move to make it more eligible to be a member of the Dow Jones Industrial average if they have a smaller stock price at that time. Later this hour well be joined by qualcomms brandnew ceo, his very First Television interview. Also etnas ceo mark bertolinp. Dunkin brand ceos. Weather was a problem. But people need coffee still in the bad weather. And the Union Pacific ceo, jack koraleski. And there are a lot of earnings after the bell. Mega earnings news continues. Amazon, starbucks, microsoft, visa, pandora, just to name a few of the names that we will be getting Earnings Reports. She may be small, folks, but shell have it all for you in this 4 00 hour. Weve got our reporters geared up, instant numbers, instant analysis, know how it affects your money, your stocks and your prfl portfolios. Dow jones industrial average for the day, final hour of trading. The nasdaq is in the lead. It is up about 20 points off the highs of the day. But certainly higher as well as the s p 500. Apple certainly the standout performer here up 8 . The Biggest Company by market value. Lets get to our Closing Bell Exchange talk about todays market action. Heather hughes, jim lowell, greg epp, David Trainer and Rick Santelli standing by in chicago. David, what to make of apples earnings and the i mean 90 billion is their Share Buyback. Thats 90 billion is bigger than 90 of the s p 500 companies out there. They are buying back a whole company. What do you make of all that . Thats the most innovation weve seen from apple in a long time. Zing at least we got something to smile about, right . Cant get it from products, i guess you might as well get it from Financial Engineering. End of the day, unfortunately, is not going to add any real value for shareholders. So youre not impressed. Im not impressed at all. Ipad sales are declining even though tablet market sales are going up. Theyre losing share in that space. Iphone franchise is strong but it is not going to be strong forever. And the same thing ive said for a long time with the current valuation does not mean the stock is cheap. This is not a value stock. Thats the question, do we need a new product or new technology from apple, can we just penetrate the current market with all of our smartphones . Is that enough . Theres no new Technology Innovation may reward shareholders. What have you done for me lately . Whats your answer to that question you asked . Yeah. So were saying as david alluded Financial Engineering, Share Buybacks, increasing the dividend even. They raised their Quarterly Dividend i 3w4r50e6sh8 to 329 a share so it looks like right now were up 8 on the day, up 43 and change so well take it. Jim, investors dont agree. Theyre clearly bidding up apple shares, having the best day in more than two years. Does it make you want to perhaps go back into technology which has been so beaten up lately with the selloffs and momentum stocks, tech and biotech . We never exited technology. It is a big component of the of the fund investors. Even in medical Equipment Systems stocks that have a lot of technology in them. The reality Going Forward is that apple may or may not be able to invent its way towards better Earnings Growth rather than just Financial Engineering but it is just one stock in the universe of stocks that we continue to like. Jim, i wonder, you raise a good question. This is the current debate, value versus growth. Which one is apple . Look at it. To me it is still a growth stock. It may be trading as if it is a value stock but the reality on it is it has to invent its way forward with products, with sales, with topline innovation if it is going to continue to remain the Iconic Technology stock that it is. Rick santelli, stocks trying to wade through the flood of earnings that have been coming out this week. The treasury markets. Youve had a flood of paper coming to market this week and the first two auctions this week are sort of lackluster. How did you do today . All three were pretty close. The twoyear on tuesday was a little weak. Yesterdays five and todays seven were arguably slightly above average. But it doesnt dissipate the notion that if you have junk bonds to sell whether are you a french company, they sold 0. 9 billion junk, thats an alltime record. 10. 9 billion record. Whether you look at 2014, m and a announcements topping 1 trillion. When you look at the Financial Engineering of whats going on in the equities via apple, the 10years still look pretty good to me. Now it its whats in the pipeline for the u. S. Economy. Everybodys cash being out and were rearranging the deck chairs with the economy, were making prices go up and issuing debt to buy stock but were really not putting positive type products that are going to help create more jobs down the road. A couple of things very quickly. A new record of flattening going back to september of 09. 5s to 30s. Whats 12, 12, 12 mean . Thats the last time you saw the dollar against this level at the chinese currency. We continue to see that currency get weak. 14month low for the chinese yuan. Greg, on the u. S. Economy, we did get better durable goods numbers out this morning. Best jump since back in november. Thats a pretty good gauge of capital business investment. I think the best thick you can say for the durable goods report is that it does strongly suggest that all the weakness in the First Quarter was heavily weather related. Now we have a key Central Economic game telling us that weakness is behind us for the reason you dont want to get carried away with it is because it is not telling us there is any underlying acceleration in the economy. Were just getting back to that sort of sluggish 2 to 2. 5 growth pace weve had over the last four or five years. Im totally with rick with apple. All of its social media friends are not creating brandnew Business Models that are ais being sell rating underlying growth. Instead its around 1. 5 , 1 to 1. 5 . Thats the story of a sluggishly growing economy over the very long term and one that will be tough to eke out additional valuation gains in the stock market. We get a reduction in production with a rise in social media. Heather hughes, admit it. No no, i dont even have my phone right now i cant bring no phone, no notes on the set. No, i didnt today. I promise. But i would say that i guess while rick and greg probably stuff all their cash under the mattress or in bonds, i think the average investor out there still should remain diversified. There is of course a piece or portion of investments that should be in bonds but i guess there is so greg, you say do you like the equity markets maybe as well or stocks here also . Well, a slower growing economy depresses all asset classes. Thats one reason why treasuries are 2. 5 . Even though we arent looking at traditional returns in equities as 8 Going Forward, the 6 we are likely to get is still better than the low return we are getting on bonds. Okay. Would inflation if the 10year ticks up above lets say goes to 3 , would inflation help this economy, hence wage growth which you alluded to i guess has to come from the productivity sides also, so that would help us out for sure. Sarah, you guys talk amongst yourselves. Sarah and i are going to have some Starbucks Coffee as we get ready for the Earnings Report tonight. David, are you buying anything . What do you like . Is there we like big names that have consistent returns on capit capital, j j, walmart, Companies Whose profits have always been good, always been high and who valuations imply almost no sometimes negative profit growth. Were really focused on risk reward. We think there is a lot of risk in a lot of tech names and different parts of the market, cloud stocks. We dont see a big Market Correction but we do see corrections in certain spots and we think it is time to kind of roll up your sleeves and be a real stockbroker these days. You cant just ride momentum anymore. Jim, now that weve gotten a little less than half of the s p 500 reporting earnings, most of them beating, is it enough to carry this stock market forward and higher . Probably but i definitely agree in the main cap space, still undervalued on a historic basis. Looks very attractive. Real products that have real consumers demanding at least the same amount, if not more of them, they are clearly likely to benefit Going Forward. While other companies especially the momentum stocks, they sold off for a reason a few weeks ago. We think that reason still exists. Just if youre keeping store, 203 companies reported. 138 of them beat. 45 misses. Two met expectations. Thats all that matters. But beating what . Beating expectations but theyve come down anyway. Gang, thank you for joining us. Appreciate it very much. Thank you. Thanks for your contributions today. And look at this. About 50 minutes left in the trading session. The market has moved higher the dow is back in positive territory. Now 68 points away from an alltime high. It was the panel talking up the markets. Et cetera th. Up next, the ceo of aetna tells us how they managed to do it, where the growth in subscribers is coming from and whats next for aetna. Speaking of coffee, the coffee at Dunkin Donuts could not warm up the earnings picture last quarter for the report. Blame being the weather for less than stellar results. Qualcomm has a new ceo and only on closing bell will you hear from him. It is his First Television interview ever. Hell tell you his plans Going Forward for the chipmaker and the shrinking mobile market. Also on china. Big news for qualcomm. Sfx car unlock beep. Vo davids heart attack didnt come with a warning. Today his doctor has him on a bayer aspirin regimen to help reduce the risk of another one. If youve had a heart attack be sure to talk to your doctor before you begin an aspirin regimen. Markets struggling, kind of held back today, maybe due to the new reports of tensions between russia and ukraine that included some ominous and very direct threats from russian president vladimir putin. For a look at todays big movers in the session, lets check in with dominic. A big tugofwar in the market. Caterpillar posted better than expected quarterly profits boosted by expense cuts. Cat currently trading 2 to the up side. Then zimmer holdings, the best performer in the s p 500 as it acquires biomet for 13. 4 billion creating a powerhouse orthopedic devicemaker currently trading up 11. 5 . On the the flip side, United Continental one of the few airlines posting a loss in the First Quarter. Carrier blamed brutal weather in the midwest and northeast. You can see those shares down to 9. 5 . Aetna reporting better than expected First Quarter profits helped by a surge in profits from its commercial business an by adding new customers. As a result it raised its forecast for the full year. Aetna shares, session highs up 6. 5 . Back over to you. Well pick up right there on aetna. Do these great Earnings Results mean that the giant Health Insurer is no longer concerned about the facts that obamacare will have on its bottom line . Joining us in a first on cnbc interview, mark bertolini, the ceo, welcome back. Hi. We always look at obamacare through your eyes. As your experience on sort of a front row seat. First, overall, quarter, how did you do . We had a great quarter. We were up 40 year over year on operating earnings, 47 on eps. Our revenues up to 14 billion for the quarter and we raised our guidance for the year 20 cents eps to the middle point and took our revenue up by almost 2 billion. How much is that of that is obamacare . Not a lot. We had in the First Quarter 230,000 paid Exchange Members. Quite frankly, those Exchange Members we recorded as a loss in the First Quarter. So they were actually negative to our earnings. Give us a little more color on what you saw. I know are you participating in 17 states on the health exchanges. What did you see in terms of signups, the numbers, the ages, the health costs of those that actually came to sign up . So to date weve seen over 600,000 enrolled, i think the average age of the population came down in the last month. Age is still higher than we priced for but we expect those prices to come in relative to our rates that we put into the market. Were in the process now of doing our 2015 rate structure and for submission into 132 different rating areas. So we have a lot of work to do between now and act when the rates go public. So in your assessment, is it working . Is it doing what it is suppose dodd by attracting those younger workers in to the insurance arena to bring the demographic numbers down and thereby bringing the premiums down . Is that working in your view . Too early to tell. Are premiums going up . Premiums are going up. What type of are you seeing doubledigit increases in premiums . So on the exchanges we have preliminary rates that are anywhere from low Single Digits to double digits. Again, it is 132 different rating areas. Each of those was affected by the amount of information we have, number of enrollees, the demographics, and every market is a little different. So it is not as easy to say what the overall market looks like. We have the ceo of biogen on yesterday, i was sort of busting his chops about the price of drugs and we were discussing gileads 1,000 pill thats been such an instant blockbuster for them but at what price to the patient out there. And he said, you know, he felt drugs themselves, drug prices are unfairly singled out as a reason for the increase in health care costs. He said medical costs are much more to blame for that rather than drug costs. Where do you stand on all that . So our costs for the first qua quarter were about 30 million but i think we expect them to rise higher. A treatment in the United States costs 84,000. That same treatment in europe costs 30,000 and that same treatment in india costs 3,000. Those differences are kind of hard to explain. With all due respect, some of that wouldnt that be insurance because the producers themselves know that there will be a reimbursement by depocketed insurers so they can charge more than they would otherwise. Otherwise, if there was no insurance they wouldnt get that kind of money from uninsured patients. That has something to do with it, bill. And thats all hes going to give us on. Sounds like he agrees those costs are way too high and expect them to continue. Thanks, mark. Always good to see you. Looks like about 40 minutes left before the closing bell. Were seeing the dow actually in positive territory right now. There you can see its been flipping around all day. S p 500 also stronger with the nasdaq. Apple leading the charge there. Later in the show were riding the rails with the ceo of Union Pacific. His company a big proxy for the global economy. Well get the at least the domestic economy. Well get a read later on in the show. Then hot coffee combatting cold winter but sometimes the winter wins. That seems to be what Dunkin Donuts is saying in its Earnings Report with less than impressive numbers when we come back. Ceo nigel travis talks about the impact the harsh weather in the last quarter had on his fast food chain coming back with more on closing bell. Os ing bell. Ameriprise asked people a simple question can you keep your lifestyle in retirement . I dont want to think about the alternative. I dont even know how to answer that. I mean, no one knows how long their money is going to last. I try not to worry, but you worry. What happens when your paychecks stop . Because everyone has retirement questions. 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