down in florida with the orioles playing as the home team. they will also if necessary, reschedule monday and tuesday games to be single admission, double-header type plays so they can exchange their ticket on a dollar for dollar basis for any other game during the course ft season. again, more interesting news here. this time on the pop culture sports front because of what's happening in baltimore. >> i'll see you tonight at 25k. brian, i'll see you tomorrow. "closing bell" starts right now. thanks guys. welcome to "the closing bell". i'm kelly evans at the new york stock exchange. >> i'm bill griffith. volatility today for a time after a minor rally on the open this morning. there was what turned out to be erroneous report out that iranians had seized and boarded a u.s. cargo ship and a game became a big loss.

then when more word got out object this story that it was actually a ship flying the marshall islands flag not the u.s. flag ally of ours but it's not our ship market came back again and resumed the day as if nothing happened. >> and yet that still tells you something about where the market's worry spots are. meantime apple hit an all-time high today on the back of its blowout earnings report. that was early on. it has since moved lower. it's down 1.9% now but we have the details plus why you might own apple without even knowing it. >> earnings also getting a boost from obamacare. rising drug prices could be cause for concern. we have the aetna ceo joining us with more details. i love this story, we both do. would you trust a robot with your financial future? one hedge fund manager says that day is coming sooner than you think. we have more on that story. both sides, the hedge fund

manager who likes the idea we have a fund manager who really really doesn't like that idea. >> no robot joining the segment yet. with an hour to go the dow is up about 50 points on the session. the s&p 500 lagging a little bit, up 0.2. the nasdaq down by apple's performance there. it's off just 0.10%. it's at 50.54. as we discussed apple pretty much giving back the gains it saw yesterday. >> yep. we'll talk about that in a little bit. first, closing bell exchange for today. joining us today is quincy crosby from prudential financial and peter costas is here at the new york stock exchange. peter anderson from congress wealth management and our own rick santelli in chicago. peter costa, let's talk about this report today. as kelly said this really showed what you know, concerns the market these days. you had the sell-off in stocks. you had a big rally in oil at

the same time which was then wiped out. what did you make of that? >> it just shows that the market is at a very tenuous level here. i think it's topee. any time you will see any kind of news reports that might impact the market they just get -- it gets exerbiated. >> we knew what you meant. >> the market will sell off quickly because we're at a level where, you know anything that can move the market is going to move it very quickly and you know, it rebounded because obviously the reports were false. >> right. >> but it just shows that we are at a toppy level. >> quincy, what are your concerns? do you see all this as an opportunity to buy names on your list? >> probably not yet. we want to see what the fed is going to say tomorrow in the statement but even though everyone expects it to be a very neutral statement it has been clear, kelly, that they are getting the message out that

they would like to begin normalization sometime this year all things being equal. and they are worried about the market reaction. the fact of the matter is there will be a market reaction and if we don't get the growth that goes along with this toppy market you have a market that is due for a nice pullback. that's when we would like to add to our positions. >> you know peter anderson, i'm glad quincy just said that because a lot of people feel like there will be market rekz when the fed does begin raising interest rates. you point out an interesting -- you ask an interesting question about that don't you? >> well, i hope it's interesting. you know i think we've lost our perspective just maybe a little bit on this interest rate question. we've spent a lot of time over the past couple of years, right? and then you really put it in perspective, if you look at many companies and you just model their financials their income statement, and you add in a 25 basis point increase you know it really doesn't impact the

operations of the company that much. 25 basis points according to my estimation is probably about a 2% increase in interest costs. so most companies can take that in stride. case in point today, perfect dmas point is apple. i mean they're rated aa plus. so if rates go up 25 basis points, that's not going to be an issue to them. however, the caveat here is if there are increasing campaigns of interest rates getting hiked, sequentially, then i start to worry worry. if it's just one rate increase i'm not so sure that it's really going to impact most of the companyies out there. >> many people pointing to when the fed hiked rates in 2004 saying that was hardly the end of the stock market rally the last time around. >> this is not the new 2004. this is 2015 with 35 trillion more go ebl than 2007 with central bankers and pointy

merlin hats making strange brews and test tubes, it is not all a comparison. if it was the notion that the markets were going to price in 25 basis points but they're going to be much more digital about normalization in general. what if apple stock drops $100? what about all the companies that bought their stock at all-time highs, should there be a correction? there's a lot of ways we can go on this and nobody knows the answer. but we will get a chance to live through the answer. i will tell you, if you look at today's 30th day since the march 15 statement, we have 1989 ten, range for the 30 sessions has been 186 to 199. we've snugged right back up as if on queue. we seem to go up in rates when you get to the meeting and dribble back down and steepen the curve meaning nobody sells the short end after the meeting. >> yeah. peter andersen we're going to get more on apple in a moment here but what you're assuming is the market is going to act rationally even when the fed begins to raise interest rates,

right? >> well, yes. i mean that is an si sump shun of course. i think there will be a lot of fear and a loathing frankly, when rates are raised. first 25 basis points. but i think if we just step back and say, okay what does this really mean materialistically to companies i think that you will probably just shrug it off and say most of these company, except if you're a heavily levered company like a high-yield company where your interest coverage is so razor thin, of course you're going to be watching every basis point increase. otherwise, i think take it in stride. >> all right. let's talk about apple. touching all-time highs early in this session on the heels of that blowout earnings report that you had last night on the show. >> massive stock buyback to give vend to toot. dom has a special report on all of that. how widely held apple is? >> the f. you take about the guy, apple numbers were massive. we talking about a $200 billion

stock or share repurchase program and dividend payout, its capital allocation plans are huge. let's put it in perspective to give you a sense of the numbers here. the apple cash pile and investment pile is $194 billion. now, just to put it in perspective, one of the other biggest cash hoarders out there right now is microsoft. they've got $107 billion in cash and investments. and then you've got google at $67 billion. so apple has more cash than microsoft and google combined just to give you an idea of how much cash that is. now, if you talk about the stock buybackses. that's big part of the story but let's talk about the dividend payments as well. over at snp dow jones indices, apple is on an annualized payout basis the biggest dividend payer in america. pay out $12.1 billion a year in dividends. that beats out exxonmobil paying out $11.5 million. they report later this week. and then there's microsoft which

pays out about $10.2 billion. important part of the story. if you own an mutual fund or nasdaq out there you probably own apple. that's how widely held it is. as for maybe the stock pickers do they have as much of a favorable viewen of apple? look at this because we asked the folks at morningstar about the three biggest equity mutual funds in america, the ones that invest in u.s. stocks and have people actively managing or picking stocks. check this out. the american funds growth fund of america, the biggest one out there. apple is not in their top ten holdings. interesting point there. the fidelity contra fund, it does have a 4% waiting there. number two holding. but then another american funds, washington mutual investors fund, again, apple not in their top ten holdings. so even with the biggest mutual funds, bill kelly in america, if you're picking stocks not every one of them is as high on apple as the index funds are. apple is the biggest weighted stock in the s&p and in the

nasdaq so of course if you're index investor it's going to be a big part of your portfolio whether you own the stock out right or through a fund. >> this is fascinating. >> it is. not always a must have stock despite its stature for those actively managed funds. quincy crosby do you own apple? would you buy it here? >> well, you know we have portfolios within the company that some have apple, some don't. but i want to just say one thing that happenle showed us that's very important because we talk about emerging markets all the time. nearly 40% of their revenue comes from that middle class and emerging markets, particularly china. there is room for american companys to sell into emerging markets as the middle class continues to grow. that's why would like to say about what apple showed us yesterday. >> here's the thing. yesterday on the program we had this debate between dan greenhouse and ross. ross is saying apple is an underowned name. apple was one of the widely knowned names a couple of years

ago. today karmcarl icahn tweeting, saying people still don't understand how howe valuable it is. apple is still undervalued and misunderstood. expect to put out another in-depth report in two weeks. this underscores your point that carl would probably make as well. there are probably a lot of big active fund managers out there who don't see the opportunity in this name and maybe have missed the move. >> that's what makes a market. there are so many -- with get so many viewer tweets and e-mails from viewers saying why is everyone talking about a all the time? it's so over hyped and everything else. then there are those out there -- carl icahn has an ax to grind. he owns a stake in the company. there are investors out there who say that on a valuation basis apple is still not that expensive to the overall market. now, the bare case is this is the most valuable company in the world. it could be due for a pullback. again, that's what make the markets here guys. i don't know what's going to happen with apple stock but this

is certainly a divergent view. we just showed you a small example of the funds actively managed ones in america. only the contrafund has apple in top ten. that says something about how divergent some of the views are to the big money managers out there. >> peter costa, before we go what are you guys expecting to hear from the fed tomorrow? and what do you think the market is going to do about it? this is -- i've been saying yesterday, this is sort of the forgotten fed meeting. also focused on junior september or december but we got this one to go flew first, right? >> i have to tell you, bill i would be very surprised if they say anything more than they've said in the last three meetings. i think that that seems to be the pattern with the fed. they have not really going to give you much of anything. >> you're not expecting stronger smoke signals that would tell us when they think they're going to start raising rates? >> you know what? if they were -- if they were going to say anything or at least indicate anything to that extent, they probably would do it in this one or the next one. i just don't see it yet.

i think there's still a lot of mixed data out there. not enough data to tell them to go one way or the other or to have a rate hike in junior have it in september. i think that we still have to wait another month before you will start getting a better indication. i don't think you're going see much of anything tomorrow. >> all right. very good. thank you all, folks. appreciate your time today interesting day. around 45 minutes to go into that close approximately the markets are moving higher. dow is almost up 70 points on the session. that's good for almost 0.4%. let's see if the nasdaq can turn positive. pay have to go with how apple trades. more earnings heading our way. after the bell tonight, it's twitter and gopro leading the front and center. we'll bring you those results the second they hit the tape. plus the instant analysis market response outlook, all of that coming your way. the ceos of aetna and biogen. we're going to talk earnings and soaring drug costs. coming up on "the closing bell."

♪ if you're looking for a car that drives you... ...and takes the wheel right from your very hands... ...this isn't that car. the first and only car with direct adaptive steering. ♪ the 328 horsepower q50 from infiniti. all of the problems of the world could be settled easily if men were only willing to think. all of the problems of the world all of the inefficiencies could be settled easily all of the opportunities could be realized if we were only willing to see patterns in data we could never see before. to design a machine that thinks like we do. track epidemics. predict breakdowns before they occur. to become smarter every day. if men women machines were only willing to think.

♪ ♪ [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ ♪ she can print amazing things right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. ♪ ♪ my mom works at ge. ♪ ♪

all right. we've had quite a day. i'm just thinking of the trading range now. the dow was down 108 points or

there abouts at the morning session on that erroneous report an iranian port boarded a u.s. cargo ship. that's not true. now i think these are highs for the day. up 73 points at 18,111. the s&p is up 5 plus and nasdaq is threatening to go positive looking a t the dow 30. no these are the ten sectors within the s&p 500 index. only one is negative today. consumer discretionary. financials are leading the day today. >> health care up another half of 1%. aetna soaring to new highs after the boosting the outlook. >> joining us now, we welcome back mark, the chairman and ceo of aetna. plft mr. bertilini. let's start with your earnings on the quarter. how did you do? >> we did really well. record earnings, record revenue in large part because we're beginning to see a consumer market develop in health care. i think we're on the front edge

of that. our top line grew largely because we had individuals selecting us to buy insurance. medicare medicaid and in the public exchanges. earnings were spread more evenly across the business because the establishmented but all in all, it gave us enough happenings to raise your guidance at the mid point by 30 cents a share by the year. >> speaking of obamacare and these enrollments, mark do you have a plan "b" if the supreme court strikes down what's happening with the state exchanges? >> i think we should pay attention to what the supreme court has to say but i think in the end analysis this will get fixed. i don't think anyone wants to see pick your number 10 9, 10 11 million people thrown out of insurance because of subsidies. i think we're going get to the bottom of this one way or the other. and we're going to solve it. i wouldn't spend too much time wondering what the apocalyptic scenarios are going to be. >> clearly it would be disruptive. one of the supreme court justices a six six-month cooling

off period to allow states to create their own exchanges to fix the problem but the states are saying we need a lot more time than that. you're quite right in that you know, this thing could be fixed but there will be a period of disruption, no doubt, right? >> no i think there will be a ledgegislateive fix. i think we'll figure this out well before we're require the states to build their own exchanges. that won't happen in six months. i don't think it's a feasible solution in any way, shape, or form. >> drug pricing, especially with the "wall street journal"le article this week about how the first thing some companies have done upon a big takeover is to raise those prices. you guys have tried to negotiate with gilead and others to bring these down. how much more pressure can we expect from you across the industry to push drug prices lower? >> well, i think it's less about pushing drug prices ss lower and making sure what they're spending on drugs is for the benefit of our member our customers. i think for the hepc drugs that

is in the value, in the long run getting hep c cured is what we want. over time as we change the way we pay for health care individual prices of individual units used during the health care process won't be as alarming or as difficult to deal with. so we have to get to a very different payment model if we're ever going to solve this model. >> wait a minute. i'm thinking of the valeant story. you know when they bought a company, they got two drugs in the deal and they immediately raised the prices by 500% in one case, 200% in another case because they said those drugs were undervalued. what is an undervalued drug if it's effective and people are paying a price they can afford? isn't that working? i mean how do you define undervalued when it comes to drug pricing? >> well, the very first thing we do is we evaluate whether or not it's clinically effective. that is the first and most important choice that we make. once we decide if it's

clinically effective then we go about the process of understanding what the economic value should be and that's where the negotiations begin. now, when there's only one drug available, it's a much more difficult conversation because we really do need to take care of people. when there are multiple drugs available there are a lot of opportunities that come up with a better value for our customers. >> all right. >> mark, can you give us an update on you guys notably raised wages and interested as many executives are in the impact that's having across the business and whether we can expect more to come. >> well, i think i've had fellow ceos reach out to me and say, wow, how did you do that? and we've actually got a kit we offer to other ceo toss look at how to evaluate this and how to make that decision. there are a number of ceos in a number of sectors who are taking a look at who are my front line employees, how do i take care of them what do they need? it's different for every company. the number will be different for every company. we we put into our paychecks

this last monday that raise. i can tell you the places pretty happy place today. >> i'll bet. before we let you know another hat you wear you recently elected to the board of verizon. that was back in february. and we know that espn has sued verizon over the packaging of their fios programming. do you have any comment on what or what the board is thinking about right now on that? >> no, i wouldn't have any comment at this time bill thanks. >> i didn't think so but that's our job. thanks, mark. >> thank you. >> mark bertolini, ceo of aetna. shares are moving lower. what's going on? >> they're down by about 4 1/2, almost 5% now towards their lowest levels today. what has happened the reason why you're seeing this spike lower is that there has been a possible leak of its earnings report. now, this is all coming from a financial intelligence and data firm called solarity. they tweeted out on their

twitter feed they have actually seen the twitter numbers. these are not confirmed, again, not confirmed numbers. these are from solarity saying that q1 earnings, gap earnings were 7 cents versus 4 cents expectations. they also talk about the idea that their revenues missed analyst estimates coming in at $436 million versus estimates for $457 million. they also talk abouten monthly active users. again, these are unconfirmed reports from a company called solarity that tweeted out the earnings possible again, results results. we have reached out to both twitter and solarity for a candidate. cnbc has yet to hear back. that is what's causing this sharp intraday move in the stock. we're going to stay on top of this as best we can here with any developments. of course, all of this is happening, they were supposed to do it after the bell. we'll see if there's any kind of

a comment from the company and bring you that when it becomes available to us here. guys, but that's the reason for the twitter drop intraday right before the closing bell. back over to you. >> trades right behind us here. a lot of buzz when we saw that drop there. so now we know the reason why apparently. >> we've seen accidents happen especially as companies have moved their reporting online where data miners might find them or there's -- they simply upload them too quickly. what's interesting about this case is how this might have been leaked or reported before twitter intended it to. of course that report supposed to hit just a couple of minutes after the market closed as with all afternoon earnings reports. we'll wait to hear from comment from the company. right now it is apparently just reports though that won't be verified until we hear from twitter itself. >> traders are trading on this just in case. something to keep an eye on as we head toward the close. 35 minutes left in the trading session. dow is up 66 points. the s&p up 5. nasdaq down 5. up next it's a state of emergency. we'll go live to baltimore where

residents and businesses trying to pick up the pieces from last night's rioting and looting. and the national guard trying to help restore order. today, the latest when we come right back.

welcome back. looking at shares of twitter which we understand than halted. >> just this second. the specialist just walked over and told us they have halted trading on twitter. >> we should mention up to this

point solarity tweeted them halfen hour early. no explanation, no comment from twitter or anybody else. >> glen glen glen did the company ask for that? okay. so i just asked the specialist if twitter asked for the -- if it was news pending or what. and he says the company he believes did ask for this halt in trading on twitter. so i think that's a good move on their part right? >> of course. >> stop the trading until the news actually is out. that doesn't say they're going to bring it out early but at least wait until the time when they were going to bring this news out and let the market settle down while they're waiting. you can see the guys waiting around on floor to see watts going on. >> pretty unusual if we have of course seen from time to time from the season a company inadvertently release early or data mining firm finds them and able to communicate that information as with el. what's far less common at least in my experience is to see a

company like solarity selerti on the twitter account tweeting the numbers for twitter. there has been no further explanation from this company as to a what has happened. >> we're getting ben willis miked up here. he was standing in the crowd there. pretty smart for them to ask for this halt in trading until they get the news out, right? >> it's interesting because if it was a sharper move a circuit breaker would have kicked in any way way. but right now if twitter is now halted for news pending, they have to address this in some way. if the number are legitimate they're going to confirm the numbers are legitimate. if they're not they're going to come out and say they're in the. we have a trading pause for right now obviously seems like the right thing to do. how the data mining company, right, have really come to the

forefront, a company like selerity is well-known for provide that investing edge or the idea they can provide event driven data for traders to act on. this was back in 2011. this company scooped some news from microsoft back in 2011 and that was interesting here because, again, selerity is not an unknown company on wall street for many traders out there and going back to that 2011 release, was the fact that microsoft's earnings release was actually scraped up by selerity before intended to be released. these types of companies yes, they do function and other firms these days with computers that have the ability to kind of algorithmically search for data wherever it's housed do have an affect on the market the this is an interesting situation for the traders there. again, the fact that it's done here on the new york stock exchange floor and this idea that traders are gathering around it at least is a sign that that perhaps the system in

some way does actually work when there is this kind of a data issue or this kind of a leak guys. >> pointing out, thank you, dom, 90% of shares that are halted, bill, are done so at the company's request here. >> ben willis is joining us. you were standing in the crowd. >> this is the way stock markets are supposed to work. when something comes out and markets move the humans should be able to step in and intervene. what happened, twitter is actually affected by their own universe. this story started to break on twitter. >> on twitter. >> selerity is a firm known for triangulation of data they're culling. it's not technically research but suggesting on what they gather fred all the other servers they pulled together that this could be the affect on earnings. the blogs, i watched one blog in particular when i came over and said there's something going on in twitter. there's rumors they may have earnings may have leaked. that may not turn out to be the case that they may have been leaked. selerity saying based on the

information we have been able to derive from the marketplace, we think this is doing to happen. >> that seems like a different conclusion than you might otherwise draw selerity might somehow mined from twitter itself. >> they mined it from the information that twitter releases or has exposed to the marketplace, if you will. and whether deriving their revenue stream. you asked about the revenue number before so this is a suggestion that their technique of they were right on the market, microsoft once before. so this is a kind of thing that keep people wanting to pay the subscription to selerity. >> i want to be clear, ben. selerity doesn't seem to be guessing about numbers. this quite clearly looks like twitter's results. is there any reason we shouldn't take this as face value as something they culled from a server instead of some kind of estimate? >> traders were taking it at face value. the stock got crushed on the news. the proof is going to be in the pudding when twitter finally reannounces and find out how

exactly -- how precise selerity's techniques are. >> what's happened here we're wait for twitter's earnings reports at the top of the hour. that's when it's supposed to come out. in the meantime shares of twitter plunged down as much as 5% just like that. and then word got out that this company selerity said it figure ud out what they're likely to report in terms of their revenue and other metrics they will be reporting and that's what brought the stock down. so in the meantime twitter has asked the new york stock exchange to halt trading of the stock until they can get their report out. what are these guys waiting for here that are standing around here ben? >> waiting to find out if twitter will make an announcement before the top of the hour. and if that's the case then we'll go to an indication process with the supply and demand at the point of sale to reprise it. so everybody has the information. >> we're going the get a price before they can get this open again? >> exactly. >> it may go lower or come back

again. >> the people who don't have the selerity or the twitter feed will have a chance to decide whether to buy or sell twitter when they reopen the stock. >> selerity twitter feed has breakings earnings figures, #breaking, then the headlines, that's exactly how the twitter numbers appear when they came on selerity's feed about 26 minutes ago, ben, which is why with say is that they somehow got the results early from somewhere and were looking at those results in a formula almost automated way as opposed to this being an estimate as they would otherwise due as preview of a company's results. >> what your people will have to understand, my very minor understanding of selerity is they are a data mining firm and they will churn out and it's your choice to trade on it. whether or not they are considered in the realm of sec is really a legitimate estimator

of earnings. this is just coming out and saying, and because they have microsoft once before as dominic chu said on air they've been right before this is going to carry some weight. >> did i just hear somebody in the booth say the release is out? okay. we do not -- we do not have -- okay. twitter's results are going to come out early. we know that. we don't know what they are yet though. >> we also have another tweet from selerity. the first one since 27 minutes ago they tweeted what appeared to be twitter's financial results. they say, twitter's earnings release was from the source investor website. no link period no hack period. >> there you go. >> on solving themselves in that record. do you want to trade here? >> i do. >> okay. why don't we let you go then. thank you very much. >> thank you. my pleasure. >> ben willis we appreciate that very much.

dom chu, they decided to bring the numbers out earlier than anticipated to get this thing back on an even keel. >> you've got to at this.. the damage has been done. you can't unring this bell. so here we are, the numbers confirmed by twitter via press release, nongap or adjusted earnings per share does in fact come in at 7 cents. that's what was previously reported in this possible leak by selerity. 7 cents on nongap eps does beat average analyst estimates. also q1 revenues coming in $436 million. also again coming in in line with what that previous report was. estimates were $457 million. they also go on to say that first quarter revenuefrigerators revenues by newer director repons product. the company expects the revenue impact to continue for the remainder of the fiscal year by outlined in the section below. this is a substantial report. they also talk about monthly

active users here. average monthly active users, maus, $302 million for the first quarter. they say up 18% year over year compared to $288 million in the previous quarter. average mobile monthly active users, maus, represented approximately 80% of total maus. again, 4/5 of all of that $302 million were mobile active users. we'll go through this again for more details, but for right now we do know again, we do have something more here. we have weaker q2 revenue outlooks here than analysts were expecting as we kind of go through this report here as well. so we do have an earnings beat a sales or revenue slight miss monthly active users coming in at $302 million. 80% are which of mobile monthly active users and the q2 sales outlook is perhaps weak thaern analysts expected. so these shares again still

halted for news pending but we will see once this news kind of makes its way and people get a chance to sit down and analyze it as quickly as they can. the last trade on this stock here was around $48.67 i want to say. it was $48.67 that's down 0.8%. still halted for news. we'll see how opens up when it reopens for trade. there are the numbers. back to you. >> we can tell you, dom, the folks standing behind us here in front of the post where they trade twitter have been watching your report very carefully. and they are now waiting for those indications that ben willis talked about. they want to see what the bid and the ask are, what they're willing to buy and sell this stock before before they can get this thing open again. >> we're going the take a quick break but the company that began all of this with a series of tweets appears to have gotten twitter's financial results and that company said they got them from twitter's website

themselves. quote, no leak no hack. >> don't misa first on cnbc interview with twitter ceo dick costolo tomorrow morning on st. squawk alley." that should be very very interesting. we'll hear dick's version of what happened just now. and we'll keep watching to see when this stock can get open once again. >> twitter shares hadded. we did now receive the news from the company waerp waiting for. watching to see where they reopen here on what looks like an earnings disappointment. 20 minutes left in the session. dow jones industrial average holding on to a gain of about 70 points. >> much more on the breaking news when we come back. if you're running a business legalzoom has your back. over the last 10 years we've helped one million business owners get started. visit legalzoom today for the legal help you need to start and run your business. legalzoom. legal help is here.

[ male announcer ] legalzoom has helped start over 1 million businesses. if you have a business idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reality. start your business today with legalzoom. - saving money is as simple as making small changes in your routine. if you make coffee at home instead of buying it every day you can save over $1,000 a year. trust me no coffee's that good. the more you know. you're looking there at twitter which right behind us here bill, we're waiting for the company's trading shares to reopen. they were halted after this snafu with the earnings. >> now what you just saw there when scott pulled back our cameraman, were the indications of the bid and the ask on this stock.

so right now the stock which was halted at $48.67 the bid is essentially around $45. so it looks hike this may open lower. right now they're trying to narrow the spread between the bid and the ask price. there's still about a $3 spread in there. mary thompson is standing in the middle of all this on the floor. what can you tell us, mary? >> what we've seen remember, twitter was halted for trading at $38.67. the indications is they've started to come out started around 47 then moved to 46. this is on the low end. now at $44 to $47. as you indicated, bill it looks like we are going to see additional down when the stock starts trading again. hold on a minute. we're seeing some -- still $44 to $47. hang on. >> we're watching capitalism at work again. look at this. this is humans trading the stock

the way it used to be done. this is good old-fashioned capitalism here on the floor of the new york stock exchange as they're trying to find an opening price for twitter based on the bids and the asks coming in right now. and the gentleman right there that we are zooming in on, glen is the specialist. he's trying to match the buyers and sellers to get that opening price. he's going through the order book very carefully right now to see what he can get done. the gentleman in front of him, okay glen is starting to show the traders now what he's got on the books and what the opening price may be. >> look how much lower this range just moved, bill to between $40 and $45. remember, this name was above $50 before. what looks like this earnings miss of revenue weak guidance came out. >> and in the mix there, one of the gentleman stand ing there with the gray hair and the glasses, he's the floor governors to make sure that everybody is doing what they're supposed to be doing. so he's watching this very

carefully as glen gets these bids and the asks together and gives the indication to the traders of where they are. >> the earnings number did meet as you can see there, adjusted basis 7 cents versus 4 cents but with a company like twitter it's always going to be the revenue number that everyone is honing in on. revenue guidance as well is going to fit into this concern about its growth. >> exactly. they're still seeking that price that they can start trading this stock at. and the bid ask is going. the bid is at $40 even. the asking price still at $45, mary thompson. >> 40 to 40.25. >> another consideration is what the volume is at those particular prices. i keep hearing guys ask what's the volume at that price. they want to know if they're

stepping into a liquid market at that particular price at well. >> exactly. >> so we're looking still at 40 to 40.25 on twitter. it's going to take another leg down. we're halted for trading, i should say at $48.67. as kelly indicated bedid see better than expected earnings initially rest lood. the xaern confirming the problem is a revenue on twitter weaker than expected. and the revenue guidance lower as well. so again, right now the indication $40 to $45. we're trying to narrow that gap and get this stock open before the closing bell here. but that's the situation right now. >> and of course the fact that this number was apparently off investor relations website. people who are jittery already about the results. >> i think i just heard them yell there was a seller at $42.50. they were willing to split the difference. >> indication just moved lower.

>> the bid has just gone to $38 now. so this continues to move lower. nourgs b again, understand that's just the bid. that's what something is willing to buy this stock for. the asking price is now at $43, mary. >> i can tell you dennis gartman noting he's trying to buy 2,000 shares at $43.50 a punt on his side, as he calls it. >> you're going to get it for lower than that dennis if you hang in there. >> a move like this on the low end, or even if we take the mid point is about a 20% drop. 22% drop from the highs of the session today. that tells you what happens when a company like this not only has the earnings report released inadvertently early but misses on the revenue side for the quarter and also for its guidance. >> again, okay there's the floor governor yelling out the indications just so everybody is clear on what they've got. if you're just joining us and wondering what what in the world is happening, twitter's earnings were released inadvertently

early by a third party and the stock had to be halted in trading and then twitter took the measure to go ahead and release their earnings essentially a half hour before they were scheduled to be reported. they beat on the bottom line. they were light on the top line. and their second quarter guidance was disappointing. so now they're paying the price. and this is a stock that's going to be traded now rather than tomorrow morning or in the after market when it would have otherwise had a chance to respond to that. >> appears it's reopened. mary? >> yes. >> $40.85. keep in mind before it was halted it was at $48.67. so right now we're looking at about another million shares having changed hands. again, it opened when it reopened for trading it was at $40.48. weak revenue numbers for twitter this quarter and weak guidance as well. so again, after being halted for trading, we do have it opening lower.

it has moved from the levels where it opened at $40.85 currently trading at $41.15. >> down 20% roughly right now. >> we've been having this discussion for quite some time about the newer companies. shouldn't even be giving guide defense guidance. it's one of the reasons why the shares have been hammered on the session. dick costolo,again, he will be here tomorrow on this network. it must be quite a mess at headquarters right new. >> can you imagine? what a history twitter has had as a tub blikically traded company. from the ipo on down. this has been a roller coaster ride for anybody who believes in this company and then there are plenty of those but there are plenty of skeptics and dick's job in trying to turn this thing around. >> the irony is it was a tweet, a series of tweets from a third-party company called selerity breaking the numbers 40 minutes early. twitter was supposed to report after the bell. selerity on its twitter feed 41

minutes ago was out with the numbers, which ones twitter released financials were exactly what the company was going to report. selerity take nothing responsibility for, you know doing something below the belt here. it's basically just saying this was source from twitter's investor relations website. it was not a leak. there was not a hack. this is a kind of company which does a lot of data scraping. it is going to raise serious concerns about whether it should have -- i would imagine, about whether or not this should be allowed. >> and some familiar faces in front of the camera there. again, kudos to glen carol, the specialist who got the stock open. and he was the specialist who opened twitter on its very first day of trade. and now it fell to him to get this thing open again after this earnings release snafu. and now it's open and trading down about 20 -- now 18%. it's coming off the lows right now. just under $42 per share. wow. >> huge move. >> human beings.

to julia boarstein, what do you have for us julia? >> i think the stock moved lower right now is really about a couple of things. one is the user numbers. those use ur numbers, that's right in line with expectations. i think there was a little bit of a hope on wall street's part that after last quarter cfo anthony said in this quarter in q1 user growth would reaccelerate and we might see a big upside surprise in terms of monthly user numbers, which is so important as an indicator as how well twitter doing in engagement and rolling out new products. another thing pushing the stock lower, it is the guidance. the fact the guidance is lower than expected on both the top and bottom line could raise concerns for investors. >> julia, they certainly could. also let's put in this in some perspective. we've been having aer is is of beats from the biggerst internet

companies. what does this tell you about twitter? >> well, this really ipd indicates that twitter is sorting out its business model. the fact there is an earnings per share beat, that is better than expected. i do think it's worth pointing that out. twitter is in a transition right now. they're both in the process of trying to improve the product to make it more inengaging more stick sticky. they are doing things like having a home page that's easier to use if you haven't logged into the service. they made a lot of changes to automatically populate your twitter feed the very first time you sign on. they're trying to make it easy to add more users but at the same time they're trying to expand beyond reliance on that logged in user base and make it more accessible to everyone even if you haven't gone through the process of signing up for twitter. it is in a bit of a transition period. the past quarter has been marked by a huge number of product innovations. we hope to hear more on the earnings call today about what the result of the new product

spro introductions are and whether or not we see a noticeable impact but we'll see. i think investors want to see that these changes are making a real difference. >> there will be a lot to talk about on that earnings call. thank you very much. we're going to go to break, guys? okay. all right. we will take this quick break here after what has been an eventful financial hour of trade. again, specialist glen carol sorting things out as they finally get this stock open after that long halt. >> general market holding up here. the dow is up 60 points. the s&p up 5. we're back in two. being a keen observer of the world has gotten you far but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing

experience. call our specialists today to get up and running. good. very good. you see something moving off the shelves and your first thought is to investigate the company. you are type e*. yes, investment opportunities can be anywhere... or not. but you know the difference. e*trade's bar code scanner. shorten the distance between intuition and action. e*trade opportunity is everywhere.

there's some facts about seaworld we'd like you to know. we don't collect killer whales from the wild. and haven't for 35 years. with the hightest standard of animal care in the world, our whales are healthy. they're thriving. i wouldn't work here if they weren't. and government research shows they live just as long as whales in the wild. caring for these whales, we have a great responsibility to get that right. and we take it very seriously. because we love them. and we know you love them too.

okay. well, if you're just joining us you've missed a lot ear. it's all about twitter this last hour. the stock finally opening again through a third party, the earnings were inadvertently released. it's something that dick costolo, the ceo of twitter is going to have to talk about in a conference call tomorrow on "squawk alley" from our new san francisco bureau at 11:00 a.m. eastern time. you will not want to miss that. that should be very instructive. but as we head toward the close here with the stock down 18% right now i got mary thompson with me terry from benjamin and gerald and katie stockton, chief market technician from btig. terry, i saw you in the crowd there. >> i wanted to see how low they were going tooic it what kind of pressure they were going to

have. i felt as though it was really over done in the opening. and grateful that the buyer came in and kept it at 40. obviously you see it was a great buy at $40. >> 41 and change and then come back a little bit. >> talking 39 to half then $40.25. so they were waiting to see how they could pair off the imbalances. it was a great scoop on the opening. it looked like it was well overdone especially in my view they missed on revenue but it looked like the margins might have increased for them. we'll see how this could turn into a positive. >> katie i had them build a two-year chart of the stock. i don't know if we can put it back on the monitor. what do you make of just the stock itself overall and -- it's had a very volatile two years and now what it's doing right now. >> well, over all the stock has been range bound really. just long-term neutral set up. in fact, our firm has a fundamental neutral rating on the stock as it gaps down. there could be a short-term opportunity like he says.

sometimes it gets very over sold on the opening print and snaps right back and fills the gap. oftentimes, a short-term opportunity there is some support around 35 for it the stock, and resistance was right around 55. >> lost in all of this, the history on anything historyonics. >> i think tomorrow when mr. costolo comes on the air he will have to explain why the numbers were roweleased but he's going to have to explain the numbers. revenue was weak and guidance has been weak. he's been under a lot of pressure for a long time and even though the company is transitioning he's going to have a lot of tough questions to answer. >> i rarely ask you about an individual stock. i mean, you and i always talk about the general market but is this the kind of a company you would be wanting to buy if it gets to a reasonable price? >> i was never a believer in twitter at no point did i think it was a buy because you know almost like a buffett type of comment when i didn't understand the revenue model, where they

were going to get their revenue long term, this is when they first came out. the price range kept going up for popularity reasons because people are using it and twitter is just not a revenue picture for me. it's a stock and generally an area i stay away from. >> i got a little less than a minute. what about the overall market? the s&p has been buffering against all-time highs again. are we over valued or what do you see right now? >> i don't think we're overvalued at all. the s&p 500 did break out from a triangle formation that does tend to see upside follow through from a technical sand point and there's nothing bearish about new all this time highs. more often than not we see gaps up from response to earnings unlike twitter. there have been far more breakouts than breakdowns. >> what role the dollar plays in that that? more upside to comfort dollar? >> the dollar is breaking down below versus the 50-day moving average. i think that's a big deal. >> all right. thank you, terry. thank you, katie, very much. mary thompson thanks. a lot of fun watching human

beings trade the way it always is here at the new york stock exchange. there is more to come. we have more earnings more ceo interviews. more to come on the twitter story as well on the second hour of "the closing bell." have a good show, kelly. welcome to "the closing bell." i'm kelly evans. what a trading session it's been for twitter. quick look another how the markets are closing here because it's been a pretty good day with the dow up 73 points. the highs of the session on the close there. the s&p adding 6 points to 21.14 up about 0 .3%. that nasdaq couldn't turn positive if giving up five points. apple was under pressure despite the strong earning last night. it was a different earnings story for twitter before i bring in today's panel, twitter's earnings were leaked. they were leaked about 40 minutes guy.

remember they were supposed to be reporting right about now on "the closing bell." stock getting hit hard because the revenue number missed the guidance was a little bit light. perhaps because of the manner which these results were leaked as well. down 18% on the close. $42.20 is the closing price for twitter there. we barely got it open before we had to close. the guys down here did manage to do that. let's get to the panel now with more reaction joining me is cnbc contributor evan, our very own steve liesman and kenny from liesman. and tim see more and for reaction for the huge twitter news we have max wolf joining us. and chris sinkristina warren. kevin, first to you. you pretty shocked by what happened here at twitter? >> yeah it's -- it looks a little bit out of control, i guess. and then of course add in to that the basic news is

disappointing to people and that amplifies things. easy to get amplified in the world of tech stocks. >> that's for sure especially when expectations were so high. is that the problem for this name, that expectations were so high or is it what just happened down here? >> i think it's a little bit of both. i think this visceral reaction you saw is the fact the numbers were leaked prior to -- prior to the close because they were supposed to call after the close and somehow they came out before the close. and so it created -- i don't think people were ready for it and it created a visceral reaction you saw. stock traded down almost 11 points from where it had been trading all day. right? now, i haven't gone through the numbers yet. i just have the report here. certainly there is some disappointment. i think this reaction might have been a little bit overdone just based on how the news came out. >> max, did you think it's overdone? having now had a chance to look through the numbers? >> sure. look, i continue to think that this is the better story than wall street appreciates. that being said i was prepared before this to come and tell you that, look execution is everything and the stock's over

priced even though it's a great company. well, now it's not over priced because it just went through the meat grinder. i think two-thirds of this sell-off is really about what happened in the way the news was received because while it was a bit disa pointing obviously the forward guidance will be everything, this isn't a fundamentally different story than it was before unless we get some sort of crazy palace intrigue here about the number leak. >> i'm glad you brought this up. i would love to know what everybody thinks about selerity. this company has done this before. they did this with microsoft'sernings released a couple years ago. this afternoon they said it was not a leak. it was not a hack. they simply scraped this report early off of twitter's investor relations website. evan, what's your reaction to that? >> look i don't -- you know, it's either illegal or it's not. when it comes to the markets that's going to be standard people use. i'm not a lawyer. i'm not with the s.e.c. i can't say whether it's illegal or not. >> on principle should this be illegal

illegal? >> on what principle? >> for a data mining company to scrape information -- what do you mean by scrape? >> i'm guessing that's what they've done. pulled it off twitter's website. >> scraping means they penetrated a security wall then it should be illegal. if it's out there for them to see and they put it out there -- i talked to these guys selerity after the last incident. they walked me through the process. it sounded like it was out there to be had. and what their software does is look for it. that to me seems okay. >> right. >> if it's out there, if in fact, you're right, they went behind the wall and somehow acted to get it it's wrong. but if, in fact the news was out there, then it's out there. >> it's interesting that twitter, quote, unquote, allowed this to happen only because of the previous releases that there have been, you know this has happened to microsoft happened to google although google's case it wasn't actually google's fault. you would think twitter would have better procedures to protect the information. >> that just means that somebody made a mistake.

somebody put it there before it was supposed to have been put there. >> i actually think the more interesting question here is sort of what happened to the results and the fact that the company is now trading below where it closed on the first day of trading. >> kelly, can we turn to the question here because there's a line -- we have some twitter experts, right? >> we do. maxwell and kristina and kevin. >> i can send out tweets expertly. what does this mean when they say they -- they had lower than expected contribution from newer direct response products. >> hold that question for just a second. we've got more news from the company itself on what just happened and then we will get to our experts. julia joining us now. hi julia. >> hi, that's right. twitter ir tweeting, we are investigating the source of the leak saying we asked the new york stock exchange to halt trading once we discovered our qurks1 earnings numbers leaked and published our results as soon as possible. so twitter weighing in on the source of the leak here.

also noting to us that the company does not manage its ir page. this is clearly mistake of an outside organization and in these tweets here note that they did everything to manage the situation as quickly as they could. kelly? >> julia, say that one more time. they say they don't manage their own investor relations page? >> no it is managed by an outside organization. so we're just looking into what this means exactly. but they say their site is run by a third party. >> okay. >> i think it's fairly typical of companies like this to have third parties manage some of the logistical elements of this. they obviously provide the information themselves. >> okay. and attorneys weighing in mark saying, you know as far as he's concerned this is not illegal. >> well, because if it was out there that goes back to somebody nad a mistake and probably put it out before it should have gotten out. allowing these data mining companies to scrape that data. >> have you ever been involved in a release, which i've been. you put something sometimes on a page and cow have it linked back to your home page.

i don't know how the software works but my guess is they can find that page before it's linked back to the place you might normally direct from it or direct it to. >> i think -- i think -- i don't want to -- i don't want to kind of put a damper on the fact that the stock closed so badly. but i'm a great believer in the markets. and it will find its natural price here. i'm sure there are people in the interim who are going to feel left out. >> for your question, what were you going to raise? >> twitter is something that's here to stay. i don't think twitter going anywhere. it's established. now we're arguing over the price, right? that's really where we are right now. so the question i have is the ceo says they missed because of lower than expected contribution from newer direct response products. i don't know what those direct response products are because if you want to know what's going to happen in the future are they going to be able to make this work? >> with the shares down under more pressure about 1.25%, what's your response there to

steve's question? >> to the direct response destructs they sell are advertising products they're offering to brands to basically try to get them to -- initiate an action, whether it's to buy a product or subscribe to a newsletter or take some other sorts of action. if they're not getting a good enough response that's basically saying some of the new ad products are not selling as well as they expected them to. in looking forward, it look likes for their projections for the future you know they're talking about new double click deal with google and trying to have some more juice for this direct response stuff. but it's not a good sign that some of these new products that they are trying to put out there are not performing to expectations. >> is that -- >> kevin, do you want to weigh in? >> sure. sur. so so. >> if you outsource your service, investor relations services to a third party, i can understand that. it gives you nice firewall. they can't give away things that they don't already know. once they know it if they screw

up, guess what it comes back to you. and one way or another this kind of looks like a tech company got out smarted by somebody. and is that going to make the stock go up? unlikely. as for the new products this goes to kind of the longer term and more the theme that you will be talking about a month from now when today's excitement blows over. and that is basically twitter's struggle to monetize and facebook has done a great job of it. their monthly arpu is much higher than twitter's. they've done a great job of getting lots of users, healthy engagement monetizing it well. and twitter is still going through the growing pains of getting there. >> do you agree with that max? what are they going to do now? >> i definitely agree with it. i think we make a little bit of a mistake. it's habitual and i'm sure i do it, too. twitter is not facebook. it's not like facebook. we learned about them at the same time. they're both sort of social.

so is pointerest and snapchat. twitter is a smaller more niche product. the big problem for twitter, they figured out how to make money off their ec okay system late in their evolution as facebook. facebook's problem was figuring out mobile. twitter did that well. figuring out how to milk that eco system for maximum dollars nape hit their stride. twitter is a different more kind of specialized use case butting looks, the wind, the tail winds for twitter with enormous in part because of they are smaller, they are earlier. i think this company has a huge future with will have execution issues. >> hold that thought. more earnings to get to. let's get to the routes and try to pick up the conversation. joshua lipton on gopro, what can you tell us? >> well, kelly, gopro just reporting so let's get you the numbers. gopro reporting 24 cents on $363 million.

the street was looking, kelly, for 18 cents on $341 million. that's a b on the bottom and the top. gross margin clocking in at 45.1%. that is a beat. on this conference call, i'm going to want more color about the number of cameraing shipped. the mix of the cameras, hero 4 and the cheaper models also expect a lot of questions about the in roads this company is making to scale overseas especially in china. there's a local competition there but bulls believe the growth prospects are strong for gopro and china that kalugins at 5:00 p.m. eastern. we'll be on it and bring you headlines as they come. back to you. >> josh thanks. the shares are down about 6%. let me come back to you for one second. there was some concern especially after last quarter. this company might see you know, come modization of these camera products. is there indication of that and the results, as you can see it? >> not that i've seen so far, kelly. you know i think that in terms of come modization the company has -- the company's bulls would

argue that in the u.s. they dominate this market. by dominate more than 90% share. the bull thesis was that they would go overseas and not just europe, australia, japan, but china. this is the first quarter where we would see real results from china. the hope was that gopro's camera was so superior it would show competitive distinction and advantage. >> thanks for that. steve, the shares are under pressure here as well? >> what i think is interesting is i don't know what the business plan here is but i'm involved in a project that we're shooting some film for something that's going to happen in july. >> does it involve a drone? >> no it doesn't. i will tell you in the correspondence that goes back and forth that one of the camera guys said, well, we'll get some gopros and put them in there. and everybody talks about gopros. gopro is the xerox of the portable camera. and what i don't know about the business plan is xerox didn't like that. xerox wanted to be xerox, not be

the genetic xerox. right now as far as i know there's nobody else that anybody even mentions when it comes to it. but the producer of the director says, yeah we'll get a couple gopros and shoot it that way. i don't know if that's good for business or not. >> you know what a lot of this stuff, we're not questioning the products of gopro. a lot of this comes down to valuation, kelly. and gopro was a $95 stock six months ago. >> wow. >> so, you know if you're paying -- if you're saying gopro is worth $12 billion six months ago and now worth $6 billion it's not questioning whether or not gopro is a well run company with good products. the same for twitter. we're talking about crazy valuations for the companies. >> max, do you think that's what's ailing gopro here? >> yeah the story here is that gopro is doing well at what it does easy to knock off and hard to stay on top doing. what gave it this crazy valuation is the kind of over the moon bull case about becoming a major content supplier with their own networks of extreme sports and

advertising to younger, higher more affluent males and getting a global empire on content here. maybe but that strikes me as every built of dang us and uber trying to deliver food today. maybe you can become something else and be successful at it. >> tim see more taking all of this in. thanks for all of your patience. >> my plea sur. >> listen, this is the first day of the earning season where we've had big high-profile misses. some real downward moves in the shares. what does that tell you? >> well, i tell you what in the case of both of these companies, companies that have had big rallies off of the recent bottoms and so sentiment i think had improved dramatically even for gopro where almost 50% is free flow to short. i think what we're seeing is it's a decent place to be picking stocks. i think if you look at what's working right now it's the stuff that largely was not working last year. so if we look at the markets with the dollar pulling back a little bit you've seen enormous moves in industrial metals in

some of the mining companies, in emerging markets. i think these are places a lot of this is reallocation. i think big cap tech is absolutely a destination for money right now and i think what you're seeing though is a little bit of reallocation and fatigue in some of these names. i think the twitter move makes it a very interesting move. i think it's a way significant over reaction to the early release. early stage of monetization. i don't know that you need to jump in tomorrow but i think you start to look at the number and say this company is starting to monetize in the early stages of that and i would give them a little more time. >> tim thank you so much. thanks, everybody, as well for weighing in on twitter and gopro here. be sure to stick around to catch tim coming up with the rest of the fast money crew here at 5:00. also talking to jetblue's new ceo and president robert hayes in his first tv interview. up next we'll have much more on twitter and gopro's results. also some big downward moves in buffalo wild wings. we'll get to the other names

after hours. we'll also speak to twitter's earliest investors about how pair scope is to the company's bottom line. and don't miss an cnbc interview with dick costolo tomorrow morning 11:00 a.m. eastern time from our new san francisco digs out there at one market and how much could biogen charge for experimental alzheimer's drug if it is eventually approved? ceo george scangos joining us here coming up on "the closing bell."

another 2345i78 upname under pressure. >> wynn is dragging down the entire gaming sector. missed on the top line. big miss on the bottom line. it is reducing the dividend the culprit, of course is macaw where it's bleaker than people had expected. the revenues for the quarter came in at $1.1 billion, that is short of the $1.16 billion that was expected. i just did prop ebitda which is earnings before taxes and depreciation. came in at $323 million. the street was looking for $366 million. here's the big miss. the adjusted eps was 70 cents a

share, the street was looking for $1.30. the company approved a cash dividend of 50 cents per common share, quote, a reduction from the previous quarterly dividend. the problem, macaw where net revenues fell 38% to $705 million. and the adjusted ebitda from macaw was $212 million, far shy of the $246 million the street expected. the one bright spot in all this las vegas where net revenues were up a point and1/2 percent and net casino avenues rose. macaw is where most of the money comes from now. back to you. >> jane, thank you so much. dividend cut, big news. jane wells, thank you. wynn under pressure after hours. a lot of companies are, in fact. lots of news out of twitter in the past hour and that has seen the company under serious pressure. julia boorstin has more for us

now. >> i know you have been talking about the company saying that revenues were effected by a lower than expected contributions. the company making two announcements that mayhem address some of that weakness. one is that twitter announced a partnership with google's double click to help improve advertising performance measurement for those direct response marketers. as part of that partnership twitter is going to make ad inventory available through double click. so advertisers who want to centralize all their ad buying will have access to twitter ad inventory as well. the second piece of news is that twitter announced it has agreed to acquire telepart marketing technology company for retailers and e-commerce advertisers. its specialty is retargeting through ad products and e-mail marketing to retarget people who are specifically making purchases. now, one key thing to note there is twitter ceo dec costoloick costolo.

so two big pieces of news there as twitter tries to improve its results through better targeting. kelly? >> julia thank you so much. twitter shares off their lows after hours. now up 1% after dropping 18% today. some investors out there are waiting to hear more about what twitter has in store for platest acquisition of periscope. chris was an angel investor in twitter's first ever fund-raising. welcome back. >> it's fun to be in your new studio. >> at one market. say hello to everybody out there. we can see the bay behind you. what about these results though for twitter and the way in which they were released early which the company says it had nothing to do with, it was a third party. but what do you make of all of this? >> the qua they were released is bad luck right? nobody wants to be caught off sgard like

guard like that. it was a mess in the market today. i'm glad the stock got halted. i'm glad everyone is going to have a chance to breathe and have a conversation about this. and listen to the company coming up in just a little bit. >> i'm guessing you think this was a huge over reaction then to send the shares down almost 20%. are you still invested, chris, in twitter? >> i'm still deeply invested. i don't sell the stock. this is a long-term investment. their assets are just starting to get going. this is a company that is still experimenting with parts of monetization across many different fronts. so i think these are still very very early days. i'm definitely a holder of this stock. in fact, i might accumulate at these levels. i'm just a big believer in the scale to business right now and where it's going. >> still, you've got to be a little disappointed in the monthly active user numbers. maybe the revenue growth. i understand they might be in the early stages still of their expansion. there's no doubt this company, any company would want to eis the user count grow quickly when it still has a lot of user share

to take. >> i'm guessing what we're going to hear on the call is the overall audience of twitter continues to grow at a very healthy clip. as company said over and over again, as we've said even before the ipo, monthly active users is probably not the best 345e measure of the health of the company. so many people interact with twitter both on a nonlogged in basis as well as on ancillary properties when people are embedding tweets around the web. those are monetizable experiences so i think we're going the hear that the audience is still growing at a good clip. i'm not that worried about that. the impact of twitter as some of your other guests have said and you see here on the show is not -- it's not going anywhere. it's continuing to grow at a really really good pace. >> as steve liesman was saying it's here to stay. going back to the point you in the p past made with us about twitter's power as an advertising platform. especially in mobile devices, do you still see that as one reason to be optimistic about it long term and what about these

so-called direct response products? some of the acquisitions twitter is trying to make to double down in this space? >> well, one of the things i think has been on our minds since the earliest days of twitter is what are all the various ways we can make money? twitter knows they can do well with display advertising and mopa acquisition and advertising across mobile and engagement advertising within the stream. those are -- we know -- as twitter user we've shared so much with ourselves with the company about what our interests are, what we want to know more about and as a result we get better targeted ads than basically anywhere else in the ad other than google. what else can we do in terms of lee generation, direct response? that's all interesting but early days. the company was probably bullish and incorporating the expectations and other revenue numbers but i know there's going to be great things there. one of the things i saw lauchlked a few days ago, former ceo of ticket master now works

at twitter, head of commerce. we saw him launch ticket sales. twitter was selling tickets to the nba playoff, selling tickets to concerts. i have no doubt that will be a big business. >> putting your money where your mouth is too we know chris. thank you for being here this afternoon. chris sacca from lower case capital. don't miss twitter's ceo dick costolo on "squal alley" live from that same location where we just saw chris. our new san francisco digs out at one market. up next here exclusive interview with biogen ceo. find out how much they're promising alzheimer's treatment could add to bottom line when we come right back.u anthem ♪ ♪ ♪ ♪ ♪

call 1-800-royal caribbean or your travel agent today

qo:é@d8j8j8j

wak back, keeping you. dated on twitter, shares up 1.3% of hours. this after moving down 18% today. all all of that happened in the hour before the close there on a leaked earpings report from some measures that disappointed the market. obviously. still 1 1/2% move off the lows as people comb through the results. the nasdaq biotech index moving lower today. slipping 1% after a couple of big down sessions. let's send it out to the world medical innovation forum in boston where meg terrell is joined by the biogen ceo in an exclusive interview. take it away meg. >> kelly, thank you. we're here with dr. george scangos. thank you for joining us. we're here at the world medical

innovation forum. there couldn't be a better person to talk with about this because you just had tremendous data in alzheimer's disease. tell us about the drug and what it showed. >> very exciting data. aity body to protein called beta ama lks lo yks, protein in the backs of brains of alzheimer's patients an early to show in an early clinical study the antibody was able to remove the plk from the brain and as the m plaque got removed the cognition of the people declined more slowly. >> this is something that's never been seen before with an antibody, being able to slow the cognitive decline in alzheimer's disease. >> that's correct. >> you saw some safety issues. maybe you can tell us about that. >> side effect of many antibodies called aria and it's a little microhemorrhages in the brain. they also increase with the dose. and so but we think we have a dose where those are minimize and they're still effectiveness at removing the plaque and

improveingeing cognition. >> you guys have said you're moving into phase three this year. but there's still so much doubt about alzheimer's eprograms because we've seen so many phase three big trial failures. >> you have to understand why those trails failed. there were a couple of 2r50i8trials that did not meet their end point. one of them is lilly's antibody in another trial and it very well may work in that trial. so the approach i think is valid. if you have the right antibody and the right patients you can remove plaque from the brains of alzheimer's' paints. if you do that you are likely to slow the cognitive decline. the data are very encouraging. >> i want to ask you about tech your gigantic murmt approximately. >>er multiple sclerosis drug.

i think it pay be slowing. how do you approach that? is that slowing down? >> i still think it's a great drug. it's efficacious. we have new data we just presented at big neurological meeting on long-term safety. we still think it's a wonderful option for m.s. patients. the first quarter, there were some one-time events and some headwinds. but i think we can hopefully get that back on track. so we're still quite optimistic about our drug. >> this may be a longer out question but i think drug pricing is one of the biggest issues in the drug industry now. you even said in comments here today your alzheimer's drug could blow the hepatitis c cost out of the water given the number of patients. how are you thinking already about price that? >> we are thinking about how we would introduce this on to the market before we even start the phase three trials. which i think is the important issue, that question can't just develop it and spring it on the market as some price. we have shareholders we have to think about.

we also need to be responsible members of the health care community. and there are millions of people who will need treatment for alzheimer's disease. so we have to be able to introduce this in a way that's responsible for both patients and health care system and our shareholders. that's a very complicated undertaking, a tightrope to walk there. the important thing is we're thinking about it now, not two weeks before we introduce it and we have time to work it out. >> last question for you about digital health. our anchor kelly actually found this cool app that seems to help alzheimer's patients recognize family and friends. you guys are using digital health in clinical trials. can you tell us about that? >> we're using it in a number of ways and we also have apps that we're working with the cleveland clinic on an app that will measure cognitive ability and m.s. patients. we've also put fitness devices rng fit bit fit bits and other high-end medical devices on patients to measure their mobility and movements and neurodegenerative

diseases that impact cognition and movement. those are useful and i think we'll get more information about our patients and understand their disease much better. >> so much more to talk about, but george scangos, thank you so much. kelly, back over to you. >> meg, thank you so much. time now for a cnbc news update with our courtney reagan this hour. >> good afternoon. here's what's happening that the hour. president obama and japanese prime minister abe holding a joint news conference on the white house lawn earlier today. they declared progress in the trade talks between the two nations but the president conceded the obstacles both faced. >> the politics around trade can be hard in both our countries. it's never fun passing a trade bill in this town. >> nepal's prime minister has pledged to give free medical treatment to everyone injured in the devastating earthquake that hit the country over the weekend. a nationwide address to the nation he said the government was making the well-being of the people its first priority.

potential presidential candidate jeb bush spoke in puerto rico today. the senate bid to gain more support from the latino community ahead of the 2016 election. he discussed the importance of immigration in the united states. and a professional ballroom dancer who lost a portion of her leg in the boston marathon bombing showcased her talents at the race's finish line. adrian was wearing a floor rl ball gown as he danced the foxtrot with her partner. the event was part of a commercial shoot. that's the cnbc news update for this hour. kelly, for now, back to you. >> courtney thank you so much. the riots in baltimore continue for a second day. that's forcing many business toes close, also threatening the city's economy as it continues. we'll speak to the city's former mayor when we come right back.

excellent looking below the surface, researching a hunch... and making a decision you are type e*. time for a change of menu. research and invest from any website. with e*trade's browser trading. e*trade. opportunity is everywhere. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time?

♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver?

welcome back. social media a buzz over twitter which released earnings a short while ago inadvertently at first. .com dominic chu with that. >> that's right, kelly. there are other earnings stories

besides twitter even though that's grabbing the headline here. 3-d maker stratasys down after company estimated first quarter profits came in below expectations citing a strong dollar particularly in the north american markets. so those earnings having a real factor. buffalo wild wings also miss to think sales and profit lines here. the restaurant blaming chicken wing costs up 41% as well as costs tied to minimum wage. you can see those shares down by 9%. another restaurant company panera trading lower as the company missed on the top and bottom line. you can see down by 3% there. cloud services company kakmai came in line with estimates at 61 cents in terms of adjusted earnings per share. revenues beat with $520 approximately analysts are expecting $526 million. those shares are down by 3% 4% here. of course, shares of twitter which are, we should say, in

context, up. you see by 2%. the stock did though fall by 18% to close the day after the company's disappointing quarterly report that leaked early during the regular session. twitter missed first quarter sales expectations and offered weaker outlook for the second quarter and the full year. it's a mouthful but there's still a lot of stuff going on after hours besides twitter. baltimore in a state of emergency, protesters destroying buildings and looting businesses after freddie gray was arrested by baltimore police. it's businesses and its people on the cnbc news line is curt schmoke former mayor of baltimore and current president of university of baltimore. welcome, kurt to the program. >> thank you. >> how wide spread from your assessments being in the middle of it today, how wide spread is the damage? >> well, it was located primarily in the west side of

our city but unfortunately it was focused on one of the shopping malls that had really made a comeback after years of decline. and it was viewed as a great symbol of economic development in the community. and so that particular area was hit pretty hard. and then there were small stores along a corridor that runs east/west in our city. the main problem was at this mall. >> kurt, as we look at the knock-on effects here the white sox game tomorrow i guess that's in town there won't be any -- there won't be any spectators in the stadium. is there an overreaction, these kinds of decisions or given not given the flaming images we're looking at? >> unfortunate thing is it's uncertain. see, what's happened is that most of the community leaders that the mayor and police commissioner normally look to have been calling for peace. and we've had some really

outstanding demonstrations calling for justice but they were all very very peaceful. then you had these splinter groups that came yesterday and split off from the regular community leaders and so it lends a sense of unpredictability. tonight is the first night of the imposed curfew by the mayor. so i think people are just become cautious to wait and see how the city is going to react and citizens are going to react to a curfew. >> steve what kind of economic impact would we expect? >> it's serious. and unfortunately, i know the mayor and the governor knew when they called up the national guard that that would have a ripple effect for quite a while. that's very -- it is the last resort that any city wants to turn to. so you can count the dollars in damaged property right now, but the future impact the business

that's not going to come here or conferences that were thinking about baltimore, now going elsewhere. >> sure. >> it's hard to predict. >> kurt, that's very important what you're saying because there's an incredible opportunity cost here. every city in america, because of the trends that are going on in population has a chance to renew itself and a chance to have a renaissance in the inner city. baltimore has worked as hard as any city i know of to bring about its own resurrection. and it's a shame to see this. my only hope here is that they address both the immediate violence issue and the underlying causes that are here because this did not erupt from nowhere. >> no. in some respects we're a tale of two cities. we've got some of the best in urban america and yet we've got these pockets of poverty and, of course, about half the state's welfare resip yebtcipients live in

our city. so addressing the economic development -- the strong economic development trends as well as those poverty trends is something that is a real challenge for elected officials. >> it would be a shame if america needs to have riots in its cities to address its inner city problems. >> there are a lot of things going on in a very positive way, though. >> right. >> that, you know, didn't get a lot of publicity. unfortunately with these guys that took an opportunity there to wreak havoc on the city highlight some very serious problems. >> mr. mayor, thanks for being with us. appreciate it. >> thank you. >> kurt schmoke. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about

80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans it helps pick up some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. to me, relationships matter. i've been with my doctor for 12 years. now i know i'll be able to stick with him. [ male announcer ] with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and virtually no referrals needed. so don't wait. call now and request this free decision guide to help you better understand medicare... and which aarp medicare supplement plan might be best for you. there's a wide range to choose from. we love to travel -- and there's so much more to see. so we found a plan that can travel

with us. anywhere in the country. [ male announcer ] join the millions of people who have already enrolled in the only medicare supplement insurance plans endorsed by aarp an organization serving the needs of people 50 and over for generations. remember, all medicare supplement insurance plans help cover what medicare doesn't pay. and could save you in out-of-pocket medical costs. call now to request your free decision guide. and learn more about the kinds of plans that will be here for you now -- and down the road. i have a lifetime of experience. so i know how important that is. man: you run a business. could be any kind of business. and every day you've got important decisions to make, like hiring. where are you gonna find those essential people you need? with ziprecruiter, it's simple. we post your job to over 100 job boards with just a single click, so you can reach millions of qualified candidates. then we'll give you the tools to help you manage, screen

and rank your applicants all so you can find the right one. try zip recruiter for free today. twitter shares gaining back some ground after hours after the earnings report was released an hour early today. let's get more on this news and reaction from cnbc contributor herb greenberg. herb, welcome. we wanted to get your take in particular because you were upset about a whole host of things including their guidance. >> well, the fact that they give guidance is just absurd. twitter and any emerging company should not give guidance because the numbers are a moving target. it shouldn't be quarterly guidance. it should be annual guidance. even then it's hard because look at what is happening at this company. it's just, you know an every which direction. so i think that's the -- when they say they missed their guidance, come on don't even

give the guidance. you're giving people a reason to throw egg back on your faces. >> sure. i'm looking at the panel and in a way it's information telling you they kind of are all over the place. >> i kind of like what herb has to say here. look -- >> no surprise. >> what we're seeing here with all of these companies that have released, you know down 10%, whatever, is that these are high growth companies. there's a lot of volatility to their actual results. and the fact that company ceo or cfo is going to pretend like he really knows what's going to happen -- >> we're talking about a quarter or two. shouldn't they give youen sight into their growth projections? how can they lead the company? >> the whole thing is is that for fast growth companies, it's like -- what's -- the reason why the stock was down 20% is because all that happens is a bunch of wall street analysts go back to their excel models and tweak a couple of numbers and produce a lower number at the end. it's not about the underlying

business. >> i think -- >> i want to point out hypocrisy on the part of herb. herb is here giving guidance on twitter that he will be on cnbc "closing bell" in 15 minutes. now, herb, if it's not worth it why are you giving guidance on twitter? herb i think that's hypocritical of you. >> steve, knowing full well given history that they -- i may have been killed and that guidance would have been wrong. look. >> yes. >> i also should point out, i also say that twitter should be a private company because all the cool things are doing like parascope, very significant, it all gets sort of lost in the shuffle of the quarterly mess and the management gets distracted by the stock. that concerns me management getting distracted by wall street. >> herb, you know what i think happens now at 5:00 conference call. there is where i think you're going to get the information. that gives him the opportunity to talk about the broader trend what's going on. when people see the numbers come out an hour ahead of schedule

and they're not prepared. >> herb, kenny raises an interesting question based on what you're saying. is a company like twitter public too early in its existence here? if you can't -- if the street requires guidance street requires guide answer guide answer and you're saying emerging companies can't give meaningful guidance. >> i think some companies come public too early. >> that's it in 140 characters. thanks. closing bell is back in a second. and with my cash back, you are money. forget him. my airline miles will take your game worldwide. what i'm really looking for is -- i got two words for you -- re-wards. ♪ ♪ there's got to be better cards than this. [ male announcer ] there's a better way with creditcards.com. compare hundreds of cards from all the major banks to find the one that's right for you. it's simple. search, compare, and apply at creditcards.com. first round's

on me.

welcome back. dominic chewu has an earnings alert. >> trading down u.s. steel, company posting a surprise first quarter loss and it also cut its earnings forecast after steel imports prompted the producer to curtail some of its production. so again, those shares down by about 7%. >> thanks, dom. lincoln park songs, but members of the band are also venture

capitalists. up next they weigh in from everything from their latest investments to the streaming music wars. qo:é@d8j8j8j

welcome back. rock band lincoln park rocking

out the stage and now planning to rock startups. the bapd membernd members started machine shop ventures and it invests in early startups. joining me now are mike and brad of lincoln park. gentlemen, welcome to closing bell. >> thanks for having us. we're stoked to be here. >> you're about to plan a big investment. can you give us some hints? >> we're excited. we're a rock band we're not experts in finance or tech beyond the fact that we're experts in communicating with a global fan base. if we can engage directly with really smart people building companies that are innovating or are have potential to become a global category of one, this is just a way for us to support those organizations that we really care about.

>> any further hints? that's pretty broad. >> we're working on four deals right now, they will be our first investments and we'll announce those in about a week or two. >> and mike i understand you're working as well in the advisory board of spotify, is that right? we're curious how spotify is in the middle of the changing music landscape and these streams wars we see going on. how significant has that been for you to be both a member of this band and now involved in the venture capital world? >> i'd say first of all my involvement with spotify came back before they entered the u.s.. and just like anything that we invest in, it's something that i was passionate about as a fan first and foremost. that's how we approach our fund and our business from day one. so looking at it now that space has been moving very quickly and a lot has been happening lately as you know. to be honest our philosophy is

we go where our fans are. they will tell us where to go. if they're collecting at facebook, we're on facebook. if they're on twitter, we're on twitter. so forth. >> as musicians, people who like having a big fan base what do you think if they go to a concert is are more important, listening to the music or trying to capture it on a digital device? >> it's funny, because people describe for me early on that going to a concert is actually for a lot of people more of a visual medium than auditory. i tell myself that so if i mess up, i don't feel bad. but mike is anrtist, joe, they both went to art school. creating a rich visual experience is certainly part of the whole experience for fans and we take that really seriously. >> and also since we are talking about tech technology plays a

very important role in every aspect of what we do from the moment we start creating music, i mean i'm creating music on my phone, i create it on my laptop we've always been digital recording artists. and when we take to the stage or video, it's allegeways music technology. >> love having you on the program. best of luck. we'll be watching and listening. "fast money" begins right now. live from the nasdaq market site this is "fast money". i'm made wliselissa lee. we have two huge stories we're following for you tonight. twitter's nightmare, shares in free fall in the after hours. having its second worst day ever. results getting leaked early. just plain ugly. and gopro beating on top and bottom line. cnbc o